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Restricted Stock Award Agreement

 

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Title:

Restricted Stock Award Agreement

Entities:

Midas, Inc.; Robert R. Schoeberl

Date:

2003

Size:

Preview shows 3KB of 12KB total

Price:

$31

ID:

#177675

 

 

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RESTRICTED STOCK AWARD AGREEMENT dated as of November 11, 2002, between MIDAS,
INC., a Delaware corporation (the "Corporation"), and ROBERT R. SCHOEBERL,
Non-Executive Chairman of the Board of Directors of the Corporation (the
"Holder").

WHEREAS, the Corporation desires, by granting to the Holder certain
restricted shares of the Corporation's Common Stock as hereinafter provided, to
carry out the purposes of the Corporation's Stock Incentive Plan (the "Plan"),
as adopted by the Board of Directors of the Corporation on November 21, 1997,
and approved by its shareholders; and

WHEREAS, the Compensation Committee of the Board of Directors of the
Corporation has duly made all determinations necessary or appropriate to the
grant hereof.

NOW, THEREFORE, in consideration of the foregoing and the Holder's
acceptance of the terms and conditions hereof, the parties hereto have agreed,
and do hereby agree, as follows:

1. The Corporation hereby grants to the Holder, as a matter of
separate agreement and not in lieu of salary or any other compensation for
services, FIFTEEN THOUSAND (15,000) shares of Common Stock of the Corporation on
the terms and conditions herein set forth.

2. The certificates representing the shares of Common Stock granted
to the Holder shall be registered in the name of the Holder and retained in the
custody of the Corporation until such time as they are delivered to the Holder
or forfeited to the Corporation in accordance with the terms hereof (the
"Restriction Period"). During the Restriction Period, the Holder will be
entitled to vote such shares and to receive dividends paid on such shares (less
any amounts, if any, which the Corporation is required to withhold for taxes).

3. If the Holder shall have been continuously a Director of the
Corporation for a period of one year from the date of grant of this Restricted
Stock Award, the Corporation shall deliver to the Holder on or about the first
anniversary thereof a certificate, registered in the name of the Holder and free
of restrictions hereunder, representing one-third of the total number of shares
granted to the Holder pursuant to this Agreement. Similarly, if the Holder shall
have been continuously a Director of the Corporation on each of the second and
third anniversaries thereof, the Corporation on or about each such anniversary
shall deliver additional certificates representing one-third of the total number
of such shares. No payment shall be required from the Holder in connection with
any delivery to the Holder of shares hereunder, except that Holder agrees to pay
whatever income withholding tax the Corporation is obligated to collect as a
part of the delivery of the shares.

4. In the event the Holder is no longer a Director of the
Corporation by reason of death or disability, and if there then remain any
undelivered shares subject to restrictions hereunder, then such restrictions
shall be deemed to have lapsed and the certificates for the remaining shares
shall forthwith be delivered to such Holder (or his beneficiary, estate or

 

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