FORM OF
RESTRICTED STOCK
AWARD
RESTRICTED STOCK AWARD AGREEMENT
dated as of ____________ ,
between Wireless Ronin Technologies, Inc., a Minnesota corporation
(the "Corporation"), and ____________ , an _______ of the
Corporation (the "Holder").
WHEREAS, _____________________;
WHEREAS, the Board of Directors of the
Corporation has established and the shareholders have approved the
Corporation's 2006 Equity Incentive Plan (the "Plan");
and
WHEREAS, the Compensation Committee of the Board
of Directors of the Corporation (the "Committee"), in accordance
with the provisions of the Plan, has determined that the Holder is
entitled to a Restricted Stock Award under the Plan;
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.
Grant; Shares
. 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, ______
shares of Common Stock of the Corporation on the terms and
conditions herein set forth (the "Restricted Shares").
2.
Rights During Restriction
Period . The
certificates representing the Restricted Shares shall be registered
in the name of a nominee for the benefit 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 the Restricted Shares. In addition,
any dividends paid on the Restricted Shares shall, at the option of
the Corporation, either be (a) paid to the Holder in cash as
additional compensation, or (b) invested in additional shares of
Common Stock held in custody for the Holder, subject to the same
restrictions as the Restricted Shares, and to be delivered with the
Restricted Shares. Such additional shares of Common
Stock shall be deemed to be included in the definition of
"Restricted Shares".
3.
Delivery of the Restricted
Shares; Vesting . If the Holder is an employee, then
he or she shall have been continuously in the employment of the
Corporation through the close of business on _________, and
_______________________________________, the Corporation shall
deliver to the Holder at that time a certificate, registered in the
name of the Holder and free of restrictions hereunder, representing
the total number of Restricted Shares granted to the Holder
pursuant to this Agreement. No payment shall be required
from the Holder in connection with any delivery to the Holder of
shares hereunder.
4.
Events Causing
Delivery/Vesting . In the event of the termination of
the Holder's employment with the Corporation by reason of (a) the
Holder's Retirement at a time when the Holder is at least 55 years
of age, if Corporation approved, (b) the death of the Holder, (c)
Holder’s employment with the Corporation is terminated by the
Corporation without “Cause” as defined in his or her
Employment Agreement with the Corporation, or (d) if Holder dies
and if there then remain any undelivered Restricted Shares subject
to restrictions hereunder, then such restrictions shall be deemed
to have lapsed and the certificates for the remaining Restricted
Shares shall forthwith be delivered to the Holder (or the legatees
under the last will of the Holder, or to the personal
representatives or distributees of the Holder).
5.
Disability; Vesting
. In the event of the
termination of the Holder's employment or other relationship with
the Corporation by reason of the permanent and total disability of
the Holder (within the meaning of Section 22(e)(3) of the Code),
and if there then remain any undelivered Restricted Shares subject
to restrictions hereunder, then the Restricted Shares shall
continue to vest until such restrictions shall be deemed to have
lapsed.
6.
Key Holder
. Should the Holder be a
key employee as that term in defined in Section 416 of the Internal
Revenue Code, any payment hereunder resulting from termination of
employment pursuant to Section 4 or 5 shall be deferred until the
later of six months from the date of the Holder's termination of
employment or the date all restrictions applying to this award
lapse.
7.
Termination of Employment;
Forfeiture . Except as provided in Sections 4
and 5, if the Holder ceases to be an employee of the Corporation
during the Restriction Period, if an employee, or otherwise
terminates his or her relationship with the Corporation, then the
Restricted Shares to which the Holder has not theretofore become
entitled pursuant to Section 3 shall be forfeited, and all rights
of the Holder in and to such Restricted Shares shall
lapse. In addition, the Committee shall from time to
time determine in its sole discretion wh