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EXHIBIT 10.10
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Grantee:
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Date of Award:
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(" Date of Award ")
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Number of Shares:
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RESTRICTED STOCK
AGREEMENT
This Restricted Stock Agreement (" Agreement ") is
made as of
, between SPARTAN MOTORS, INC., a Michigan corporation ("
Spartan Motors "), and
(" Grantee
").
The Spartan Motors, Inc. Stock Incentive Plan of 200__ (the
" Plan ") is administered by the Compensation Committee of
Spartan Motors's Board of Directors (the " Committee "). The
Committee has determined that Grantee is eligible to participate in
the Plan. The Committee agrees to award restricted stock to
Grantee, subject to the terms and conditions contained in this
Agreement and in the Plan.
Grantee acknowledges receipt of a copy of the Plan and the
Plan Description, and accepts this restricted stock award subject
to all of the terms, conditions, and provisions of this Agreement
and the Plan.
1.
Award . Spartan Motors hereby awards to
Grantee, as of the Date of Award, ______ shares of Spartan Motors'
common stock, $.01 par value, subject to conditions and
restrictions imposed under this Agreement and the Plan (the "
Restricted Stock "). Spartan Motors may issue share
certificates with respect to the Restricted Stock or may issue
shares by depositing the Restricted Stock into an electronic
account maintained by a third party and may place an appropriate
legend upon any such issued shares as well as appropriate stop
transfer restrictions.
2.
Transferability . Until the restrictions
lapse as set forth in paragraph 3 below, the Plan provides that
Restricted Stock granted under this Agreement is generally not
transferable by Grantee except by will or according to the laws of
descent and distribution, and further provides that all rights with
respect to the Restricted Stock are exercisable during Grantee's
lifetime only by Grantee, Grantee's guardian, or legal
representative. Notwithstanding the preceding sentence, Restricted
Stock may be transferred to a revocable living trust established by
the Grantee under which Grantee is treated as the owner of property
held by the trust for tax purposes, and in such circumstances,
during Grantee's lifetime, ownership by the trust shall be treated
as ownership by Grantee for purposes of all actions taken or to be
taken under the terms or this Plan or the related Restricted Stock.
Spartan Motors may place an appropriate legend upon any certificate
representing shares of Restricted Stock awarded under this
Agreement and may also issue appropriate stop transfer instructions
to its transfer agent with respect to such shares.
3.
Lapsing of Restrictions
. Except as otherwise provided in this Agreement, the
restrictions imposed on the Restricted Stock awarded pursuant to
this Agreement shall lapse as follows: ______ shares of the
Restricted Stock will vest on _________________; _______ shares of
the Restricted Stock will vest on _________________ (_______ shares
vested) and ______ shares of the Restricted Stock will vest on
___________________ (______ shares vested). The periods during
which Restricted Stock is subject to restrictions imposed by th
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