EXHIBIT 10J

 

Form Grant Letter for Restricted Stock Award

1997 Employee Stock Plan

 

[ BASSETT FURNITURE INDUSTRIES LETTERHEAD ]

 

[DATE OF GRANT]

 

(NAME)

(STREET)

(CITY, STATE)

 

Dear (NAME):

 

You have been granted restricted shares of the common stock of the Company, as
explained below (“Restricted Stock”). The grant is made pursuant to the Bassett
Furniture Industries, Incorporated 1997 Employee Stock Plan (the “Plan”). All
capitalized terms used but not defined herein shall have the meanings set forth
in the Plan.

 

Number of shares of Restricted Stock granted: (                    )

 

Except as provided below, the shares of Restricted Stock are nontransferable and
are subject to a substantial risk of forfeiture. The shares will become
nonforfeitable (i.e., “Vested”) as of the earliest of the dates provided in
paragraphs 1, 2, 3 or 4 below (the “Vesting Date”). To become Vested, you must
continue to be an employee of the Company up through and including the Vesting
Date. If you cease to be an employee of the Company prior to the Vesting Date,
the Restricted Stock shall at that time be forfeited to the Company.

 

  (1) The Restricted Stock shares awarded are fully Vested as of
                    , unless the shares are Vested earlier as provided in
paragraphs 2, 3 or 4 below.

 

  (2) If you die or become Disabled while you are an employee of the Company,
all of the Restricted Stock shares shall be Vested as of the date of your death
or Disability.

 

  (3) All of the Restricted Stock shares shall be Vested as of a Change in
Control.

 

You may not sell, assign, transfer, pledge, hypothecate, or otherwise encumber
or dispose of the Restricted Stock shares, other than by the laws of descent and
distribution, unless such shares have Vested and until                     .

 

Before the Restricted Stock shares will be issued, you must deliver to the
Company a stock power, endorsed in blank, with respect to the shares. The
Company will retain custody of stock certificates evidencing the shares. On
                    , the Company will deliver to you the stock power and stock
certificates evidencing shares that have become Vested.

 

For both unvested and Vested Restricted Stock shares, you will have the right to
vote the shares and receive dividends and other distributions thereon.

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[DATE OF GRANT]

Page 2

 

This award and the Restricted Stock shares will be adjusted in the event of a
dividend, spin-off, stock split-up, subdivision or consolidation of shares of
Common Stock or due to other transactions involving the Company as provided in
the Plan.

 

The Board of the Company may, at any time and in its sole discretion, accelerate
the time at which any or all restrictions on the Restricted Stock shares lapse
or remove any and all such restrictions.

 

The Plan contains certain general terms applicable to all grants that are not
repeated in this agreement; however, such terms are incorporated herein by
reference. In the case of any conflict between the Plan and this letter, the
terms of the Plan will control. Copies of the Company’s annual report to
shareholders, Form 10-K for fiscal year 2005, as well as copies of the Plan are
available from [NAME], [TITLE], [PHONE NUMBER].

 

Please indicate your acceptance of the terms and conditions pertaining to the
Restricted Stock shares granted herein by signing your name in the space
provided below and returning one copy to:

 

(NAME)

(ADDRESS)

 

When signed by you, this letter will become the Company’s agreement with you.

 

Sincerely,

 

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(NAME) (TITLE)

 

ACCEPTED:

 

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Signature

 

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Printed Name

Date:  

 

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