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Exhibit 10.89
IA GLOBAL, INC.
2007 STOCK INCENTIVE PLAN
RESTRICTED STOCK AGREEMENT
Restricted Stock Agreement (“Agreement”)
between IA Global, Inc. (the “Company”) and Derek
Schneideman (the “Grantee”) dated May 16, 2008 (the
“Date of Grant”).
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1.
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Grant; Plan Incorporated by Reference.
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(a)
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The shares of common stock, $0.01 par value, of the
Company listed on Exhibit A to this Agreement (the
“Restricted Stock”) are hereby issued pursuant to the
terms of the IA Global, Inc. 2007 Stock Incentive Plan (the
“Plan”) and constitute an Award under Section 8 of the
Plan. Upon execution of this Agreement, the Company shall cause the
shares of Restricted Stock to be issued in the Grantee’s
name. During the Restricted Period, the shares of Restricted Stock
issued hereunder shall contain the following legend:
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“This certificate and the shares of stock
represented hereby are subject to the terms and conditions
(including the risks of forfeiture and restrictions against
transfer) contained in the IA Global, Inc. 2007 Stock Incentive
Plan (“Plan”) and an agreement entered into between the
registered owner and IA Global, Inc. (“Agreement”).
Release from such terms and conditions shall be made only in
accordance with the provisions of the Plan and the Agreement, a
copy of each of which is on file in the office of the Secretary of
IA Global, Inc.”
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(b)
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Capitalized terms used and not otherwise defined in
this Agreement shall have the respective meanings ascribed to them
in the Plan. The Compensation Committee of the Board of Directors
of the Company (the “Committee”) administers the Plan
and its determinations regarding the interpretation and operation
of the Plan are final and binding. A copy of the Plan has been
provided to you.
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2.
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Schedule for Vesting of Rights
. The schedule for vesting of rights (i.e., the
date(s) upon which the restrictions, as set forth in this
Agreement, on Grantee’s rights with respect to the Restricted
Stock shall lapse such that the shares of Restricted Stock are
non-forfeitable) is set forth in Exhibit
A .
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3.
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Rights as a Stockholder or Employee
. The Grantee shall have all the rights of a
shareholder with respect to the Restricted Stock except as provided
in Section 4 hereof. Accordingly, the Grantee shall have the right
during the Restricted Period to vote the Restricted Stock and
to
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