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Exhibit 10(x)
[Missing Graphic Reference]
AWARD AGREEMENT
(For Non-Qualified Stock Option)
To:
Number:
(Name of
Optionee)
Date of
Grant:
There
hereby is granted to you, as a key employee of Invacare
Corporation ( “Invacare” )
or of a subsidiary, an option to
purchase ______ Invacare Common Shares, no par value, at an
option price of $_____ per Share. This option is granted to
you pursuant to the Invacare Corporation 2003 Performance Plan
(the “Plan”) and is subject to the terms and
conditions set forth below. This option is not an
incentive stock option as
defined in Section 422 of the Internal Revenue
Code
(the “Code”). Please acknowledge
your acceptance
of the terms of this option by signing
on the reverse side.
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/s/ A.
Malachi Mixon, III
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A.
Malachi Mixon, III
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Chairman
and Chief Executive Officer
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I.
PURCHASE RIGHTS
& EXERCISE DATES
You
shall be entitled to exercise this option with respect to the
percentage of shares indicated on or after the date shown
opposite such percentage, rounded to the nearest whole
share:
Cumulative Maximum
Percentage of Optioned
Shares which may be
purchased by
exercise Date
beginning on which
of
the Option
Option
may be exercised
25%
50%
75%
100%
To
the extent that the option becomes exercisable with respect to
any shares, as shown above, the option may thereafter be
exercised by you either with respect to all or any number of
such shares at any time or from time to time prior to the
expiration of the option. However, no fractional
shares may be purchased. Except as provided herein,
the option may not be exercised unless you are an employee at
the time of exercise.
II.
TERM
OF OPTION
The
term of the option shall be for a period of ten (10) years
commencing on the Date of Grant as set forth
above. The option shall expire at the close of
regular business hours at Invacare's principal office on the
last day of the term of the option, or, if earlier, on the
applicable expiration date provided in this
Agreement.
(a) Your
option shall not be affected by any temporary leave of absence
approved in writing by Invacare and described in Section
1.421- 7(h)
of the Federal Income Tax Regulations. If you cease
to be an employee
for any reason other than death or retirement
as defined by Invacare’s Compensation Committee (the
“Committee”), (in which case you shall become a
Retired employee), you may exercise your option only to the
extent of such purchase rights as may exist pursuant to
Paragraph I as of the date you cease to be an employee and
which have not been exercised. Upon your ceasing to
be an employee, other than by Retirement as defined by the
Committee, such purchase rights shall in any event terminate
upon the earlier of (a) three (3) months [one (1) year if you
ceased to be an employee, because of a disability (as such
term is defined in Section 72(m) (7) of the Code)] after the
date you ceased to be an employee, or (b) the last day of the
term of the option. If you become
a Retired employee, as defined, you retain your
purchase rights pursuant to Paragraph I, until the
option terminates pursuant to Paragraph II.
(b) If
you die while you are an employee, a Retired employee or
within three (3) months of your having ceased to be an
employee, a personal representative may exercise the option to
the extent of your purchase rights as may exist pursuant to
Paragraph I at the date of your death and which have not been
exercised; provided
, however, that such purchase rights shall in any event
terminate upon the earlier of: (i) one
(1) year after you cease to be an employee, unless you are a
Retired employee in which case you shall have one (1) year
subsequent to your death; or (ii) the last day of
the term of the option.
(c) If
the Committee finds that you intentionally committed an
a
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