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PROVIDE COMMERCE, INC. AMENDED AND RESTATED 2003 STOCK INCENTIVE PLAN RESTRICTED STOCK AWARD GRANT NOTICE AND RESTRICTED STOCK AWARD AGREEMENT

Stock Restriction Agreement

PROVIDE COMMERCE, INC.    AMENDED AND RESTATED 2003 STOCK INCENTIVE PLAN    RESTRICTED STOCK AWARD GRANT NOTICE AND  RESTRICTED STOCK AWARD AGREEMENT | Document Parties: PROVIDE COMMERCE INC You are currently viewing:
This Stock Restriction Agreement involves

PROVIDE COMMERCE INC

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Title: PROVIDE COMMERCE, INC. AMENDED AND RESTATED 2003 STOCK INCENTIVE PLAN RESTRICTED STOCK AWARD GRANT NOTICE AND RESTRICTED STOCK AWARD AGREEMENT
Governing Law: Delaware     Date: 11/15/2005
Industry: Retail (Catalog and Mail Order)     Sector: Services

PROVIDE COMMERCE, INC.    AMENDED AND RESTATED 2003 STOCK INCENTIVE PLAN    RESTRICTED STOCK AWARD GRANT NOTICE AND  RESTRICTED STOCK AWARD AGREEMENT, Parties: provide commerce inc
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Exhibit 10.43

 

PROVIDE COMMERCE, INC.

 

AMENDED AND RESTATED 2003 STOCK INCENTIVE PLAN

 

RESTRICTED STOCK AWARD GRANT NOTICE AND

RESTRICTED STOCK AWARD AGREEMENT

 

Provide Commerce, Inc., a Delaware corporation (the “ Company ”), pursuant to its Amended and Restated 2003 Stock Incentive Plan (the “ Plan ”), hereby grants to the individual listed below (“ Participant ”), the right to purchase the number of shares of the Company’s Stock set forth below (the “ Shares ”) at the purchase price set forth below. This Restricted Stock award is subject to all of the terms and conditions as set forth herein and in the Restricted Stock Award Agreement attached hereto as Exhibit A (the “ Restricted Stock Agreement ”) and the Plan, which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Restricted Stock Agreement.

 

 

 

 

Participant:

  

___________________________________________________

 

 

Grant Date:

  

___________________________________________________

 

 

Purchase Price per Share:

  

$                      per share

 

 

Total Number of Shares of Restricted Stock:

  

___________________________________________________

 

 

 

 

 

 

Vesting Schedule:

  

[Vesting to be specified in individual agreements].

 

 

 

  

[The Shares shall also be subject to accelerated vesting in accordance with Section 3.2(b) of the Restricted Stock Agreement.]

 

By his or her signature, Participant agrees to be bound by the terms and conditions of the Plan, the Restricted Stock Agreement and this Grant Notice. Participant has reviewed the Restricted Stock Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of this Grant Notice, the Restricted Stock Agreement and the Plan. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator of the Plan upon any questions arising under the Plan, this Grant Notice or the Restricted Stock Agreement. If Participant is married, his or her spouse has signed the Consent of Spouse attached to this Grant Notice as Exhibit B .

 

 

 

 

 

 

 

 

 

 

PROVIDE COMMERCE, INC.

 

 

 

PARTICIPANT

 

 

 

 

 

By:

 

 

 

 

 

By:

 

 

Print Name: 

 

 

 

 

 

Print Name: 

 

 

Title:

 

 

 

 

 

 

 

 

Address:

 

5005 Wateridge Vista Drive

 

 

 

Address:

 

 

 

 

San Diego, CA 92121

 

 

 

 

 

 


EXHIBIT A

 

TO RESTRICTED STOCK AWARD GRANT NOTICE

 

RESTRICTED STOCK AWARD AGREEMENT

 

Pursuant to the Restricted Stock Award Grant Notice (“ Grant Notice ”) to which this Restricted Stock Award Agreement (this “ Agreement ”) is attached, Provide Commerce, Inc., a Delaware corporation (the “ Company ”), has granted to Participant the right to purchase the number of shares of Restricted Stock under the Company’s Amended and Restated 2003 Stock Incentive Plan (the “ Plan ”) indicated in the Grant Notice.

 

ARTICLE I

 

GENERAL

 

1.1 Defined Terms . Capitalized terms not specifically defined herein shall have the meanings specified in the Plan and the Grant Notice.

 

1.2 Incorporation of Terms of Plan . The Shares are subject to the terms and conditions of the Plan which are incorporated herein by reference.

 

ARTICLE II

 

GRANT OF RESTRICTED STOCK

 

2.1 Grant of Restricted Stock . In consideration of Participant’s past and/or continued employment with or service to the Company or a Parent or Subsidiary and for other good and valuable consideration, effective as of the Grant Date set forth in the Grant Notice (the “ Grant Date ”), the Company irrevocably grants to Participant the right to purchase the number of shares of Stock set forth in the Grant Notice (the “ Shares ”), upon the terms and conditions set forth in the Plan and this Agreement.

 

2.2 Purchase Price . The purchase price per Share (the “ Purchase Price ”) shall be as set forth in the Grant Notice, without commission or other charge. The payment of the Purchase Price shall be paid by cash or check.

 

2.3 Issuance of Shares . The issuance of the Shares under this Agreement shall occur at the principal office of the Company, upon payment of the Purchase Price by Participant, simultaneously with the execution of this Agreement by the parties (the “ Issuance Date ”). Subject to the provisions of Article IV below, on the Issuance Date, the Company shall issue the Shares (which shall be issued in Participant’s name).

 

2.4 Conditions to Issuance of Stock Certificates . The Shares, or any portion thereof, may be either previously authorized but unissued shares or issued shares which have then been reacquired by the Company. Such Shares shall be fully paid and nonassessable. The Company shall not be required to issue or deliver any Shares prior to fulfillment of all of the following conditions:

 

(a) The admission of such Shares to listing on all stock exchanges on which such Stock is then listed; and

 

A-1


(b) The completion of any registration or other qualification of such shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable; and

 

(c) The obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its absolute discretion, determine to be necessary or advisable; and

 

(d) The receipt by the Company of full payment for such shares, including payment of all amounts which, under federal, state, local or foreign tax law, the Company (or other employer corporation) is required to withhold upon issuance of such Shares; and

 

(e) The lapse of such reasonable period of time following the Issuance Date as the Administrator may from time to time establish for reasons of administrative convenience.

 

2.5 Rights as Stockholder . Except as otherwise provided herein, upon delivery of the Shares to the escrow holder pursuant to Article IV, Participant shall have all the rights of a stockholder with respect to said Shares, subject to the restrictions herein, including the right to vote the Shares and to receive all dividends or other distributions paid or made with respect to the Shares; provided, however, that any and all cash dividends paid on such Shares and any and all shares of Stock, capital stock or other securities received by or distributed to Participant with respect to the Shares as a result of any stock dividend, stock split, reverse stock split, recapitalization, combination, reclassification, or similar change in the capital structure of the Company shall also be subject to the Repurchase Option (as defined in Section 3.1 below) and the restrictions on transfer in Section 3.4 below until such restrictions on the underlying Shares lapse or are removed pursuant to this Agreement.

 

2.6 Consideration to the Company . In consideration of the issuance of the Shares by the Company, Participant agrees to render faithful and efficient services to the Company or any Parent or Subsidiary. Nothing in the Plan or this Agreement shall confer upon Participant any right to (a) continue in the employ of the Company or any Parent or Subsidiary or shall interfere with or restrict in any way the rights of the Company and its Parents and Subsidiaries, which are hereby expressly reserved, to discharge Participant, if Participant is an Employee, or (b) continue to provide services to the Company or any Parent or Subsidiary or shall interfere with or restrict in any way the rights of the Company or its Parents and Subsidiaries, which are hereby expressly reserved, to terminate the services of Participant, if Participant is a consultant, at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company, a Parent or a Subsidiary and Participant, or (c) continue to serve as a member of the Board or shall interfere with or restrict in any way the rights of the Company, which are hereby expressly reserved, to discharge Participant in accordance with the Company’s Bylaws.

 

ARTICLE III

 

RESTRICTIONS ON SHARES

 

3.1 Repurchase Option . Subject to the provisions of Section 3.2 below, if Participant has a Termination of Employment, Termination of Directorship or Termination of Consultancy before all of the Shares are released from the Company’s Repurchase Option (as defined below), the Company shall, upon the date of such Termination of Employment, Termination of Directorship or Termination of Consultancy (as reasonably fixed and determined by the Company), have an irrevocable, exclusive option, but not the obligation, for a period of ninety days after the date Participant has a Termination of Employment,

 

A-2


Termination of Directorship or Termination of Consultancy, to repurchase all or any portion of the Unreleased Shares (as defined below in Section 3.3) at such time (the “ Repurchase Option ”) at the lesser of (a) the Purchase Price per Share or (b) the Fair Market Value per Share on the date of termination (the “ Repurchase Price ”). The Repurchase Option shall lapse and terminate ninety days after the Participant’s Termination of Employment, Termination of Directorship or Termination of Consultancy. The Repurchase Option shall be exercisable by the Company by written notice to Participant or Participant’s executor (with a copy to the escrow agent appointed pursuant to Section 4.1 below) and, at the Company’s option, by delivery to Participant or Participant’s executor with such notice of payment in cash or a check in the amount of the Repurchase Price times the number of Shares to be repurchased (the “ Aggregate Repurchase Price ”). Upon delivery of such notice and the payment of the Aggregate Repurchase Price, the Company shall become the legal and beneficial owner of the Shares being repurchased and all rights and interests therein or relating thereto, and the Company shall have the right to retain and transfer to its own name the number of Shares being repurchased by the Company. In the event the Company repurchases any Shares under this Section 3.1, any dividends or other distributions paid on such Shares and held by the escrow agent pursuant to Section 4.1 and the Joint Escrow Instructions shall be promptly paid by the escrow agent to the Company.

 

3.2 Release of Shares from Repurchase Restriction .

 

(a) Subject to Section 3.2(b), the Shares shall be released from the Company’s Repurchase Option on such dates and in such amounts as the Shares become vested in accordance with the vesting schedule set forth in the Grant Notice. Any of the Shares released from the Company’s Repurchase Option shall thereupon be released from the restrictions on transfer under Section 3.4. In the event any of the Shares are released from the Company’s Repurchase Option, any dividends or other distributions paid on such Shares and held by the escrow agent pursuant to Section 4.1 and the Joint Escrow Instructions shall be promptly paid by the escrow agent to Participant.

 

[(b) To the extent the Company’s Repurchase Option does not lapse in its entirety in connection with a Change in Control, immediately upon an Involuntary Termination of Participant’s employment or service with the Company or any Parent or Subsidiary or successor within 18 months following such Change in Control, the Shares (or any cash dividends paid on such Shares and any and all shares of Stock, capital stock or other securities received by or distributed to Participant with respect to the Shares as a result of any stock dividend, stock split, reverse stock split, recapitalization, combination, reclassification, or similar change in the capital structure of the Company) shall be released from the Company’s Repurchase Option.]

 

3.3 Unreleased Shares . Any of the Shares which, from time to time, have not yet been released from the Company’s Repurchase Option are referred to herein as “ Unreleased Shares .”

 

3.4 Restrictions on Transfer .

 

(a) Subject to repurchase by the Company pursuant to Section 3.1 and Section 3.4(b), no Unreleased Shares or any dividends or other distributions thereon or any interest or right therein or part thereof, shall be liable for the debts, contracts or engagements of Participant or his or her successors in interest or shall be subject to sale or other disposition by Participant or his or her successors in interest by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such sale or other disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted sale or other disposition thereof shall be null and void and of no effect.

 

A-3


(b) Notwithstanding any other provision in this Agreement, with the consent of the Administrator, the Unreleased Shares may be transferred to certain Permitted Transferees, subject to the terms and conditions set forth in Section 11.3(b) of the Plan.

 

ARTICLE IV

 

ESCROW OF SHARES

 

4.1 Escrow of Shares . To ensure the availability for delivery of Participant’s Unreleased Shares upon repurchase by the Company pursuant to the Repurchase Option under Section 3.1, Participant hereby appoints the Secretary of the Company, or any other person designated by the Administrator as escrow agent, as his or her attorney-in-fact to assign and transfer unto the Company, such Unreleased Shares, if any, repurchased by the Company pursuant to the Repurchase Option pursuant to Section 3.1 and any dividends or other distributions thereon, and shall, upon execution of this Agreement, deliver and deposit with the Secretary of the Company, or such other person designated by the Administrator, any share certificates representing the Unreleased Shares, together with the stock assignment duly endorsed in blank, attached to the Grant Notice as Exhibit C to the Grant Notice. The Unreleased Shares and stock assignment shall be held by the Secretary of the Company, or such other person designated by the Administrator, in escrow, pursuant to the Joint Escrow Instructions of the Company and Participant attached as Exhibit D to the Grant Notice, until the Company exercises its Repurchase Option as provided in Section 3.1, until such Unreleased Shares are released from the Company’s Repurchase Option, or until such time as this Agreement no longer is in effect. Upon release of the Unreleased Shares from the Company’s Repurchase Option, the escrow agent shall deliver to Participant the certificate or certificates representing such Shares in the escrow agent’s possession belonging to Participant in accordance with the terms of the Joint Escrow Instructions attached as Exhibit D to the Grant Notice, and the escrow agent shall be discharged of all further obligations hereunder. If the Shares are held in book entry form, then such entry will reflect that the Shares are subject to the restrictions of this Agreement. If any dividends or other distributions are paid on the Unreleased Shares held by the escrow agent pursuant to this Section 4.1 and the Joint Escrow Instructions, such dividends or other distributions shall also be subject to the restrictions set forth in this Agreement and held in escrow pending release of the Unreleased Shares with respect to which such dividends or other distributions were paid from the Company’s Repurchase Option.

 

4.2 Transfer of Repurchased Shares . Participant hereby authorizes and directs the Secretary of the Company, or such other person designated


 
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