Symmetry Medical Inc. 2002 Stock Option Plan



 EXHIBIT 10.10 
  
 SYMMETRY MEDICAL, INC. 
 2002 STOCK OPTION PLAN 
  
 ARTICLE I 
  
 Purpose of Plan 
  
 The 2002 Stock Option Plan (the “Plan”) of Symmetry Medical,
Inc., a Delaware corporation (the “Company”), adopted by the Board of Directors of the Company on December 30, 2001, for present and future directors, officers and employees of, and consultants and advisors to, the Company, is
intended to advance the best interests of the Company by providing those persons who have a substantial responsibility for its management and growth with additional incentives by allowing them to acquire an ownership interest in the Company and
thereby encouraging them to contribute to the success of the Company. The availability and offering of stock options under the Plan also increases the Company’s ability to attract and retain individuals of exceptional managerial talent upon
whom, in large measure, the sustained progress, growth and profitability of the Company depends. 
  
 ARTICLE II 
  
 Definitions 
  
 For purposes of the Plan, except
where the context clearly indicates otherwise, the following terms shall have the meanings set forth below: 
  
 “Board” shall mean the Board of Directors of the Company. 
  
 “Cause” shall mean (i) a Participant’s theft or embezzlement, or attempted theft or embezzlement, of
money or property of the Company, a Participant’s perpetration or attempted perpetration of fraud, or a Participant’s participation in a fraud or attempted fraud, on the Company or a Participant’s unauthorized appropriation of, or a
Participant’s attempt to misappropriate, any tangible or intangible assets or property of the Company, (ii) any act or acts of disloyalty, misconduct or moral turpitude by a Participant injurious to the interest, property, operations, business
or reputation of the Company or a Participant’s conviction of a crime the commission of which results in injury to the Company or (iii) a Participant’s failure or inability (other than by reason of Disability) to carry out effectively his
duties and obligations to the Company or to participate effectively and actively in the management of the Company, as determined in the reasonable judgment of the Board. 
  
 “Code” shall mean the Internal Revenue Code of 1986, as amended, and any successor statute. 
  
 “Committee” shall mean the committee of the Board which may
be designated by the Board to administer the Plan. The Committee shall be composed of two or more directors as 







 appointed from time to time to serve by the Board. 
  
 “Common Stock” shall mean the Company’s Common Stock, par value $.01 per share, or if the outstanding
Common Stock is hereafter changed into or exchanged for different stock or securities of the Company, such other stock or securities. 
  
 “Company” shall mean Symmetry Medical, Inc., a Delaware corporation, and (except to the extent the context requires otherwise) my
subsidiary corporation of Symmetry Medical, Inc. as such term is defined in Section 424(f) of the Code. 
  
 “Disability” shall mean the inability, due to illness, accident, injury, physical or mental incapacity or other disability, of any
Participant to carry out effectively his duties and obligations to the Company or to participate effectively and actively in the management of the Company for a period of at least 90 consecutive days or for shorter periods aggregating at least 120
days (whether or not consecutive) during any twelve-month period, as determined in the reasonable judgment of the Board. 
  
 “Fair Market Value” of the Common Stock shall be determined by the Committee or, in the absence of the Committee, by the Board.

  
 “Independent Third Party” means any person
who, immediately prior to the contemplated transaction, does not own directly or indirectly in excess of 5% of the Company’s voting capital stock on a fully-diluted basis (a “5% Owner”), who does not control, is not controlled
by or under common control with any such 5% Owner and who is not the spouse or descendent (by birth or adoption) of any such 5% Owner or a trust for the benefit of such 5% Owner and/or such other persons. 
  
 “Options” shall have the meaning set forth in Article IV.

  
 “Participant” shall mean any director,
officer or employee of, or consultant or advisor to, the Company who has been selected to participate in the Plan by the Committee or the Board. 
  
 “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 
  
 “Sale of the Company” shall mean a sale of all or substantially all of the Company’s assets determined on a consolidated basis or a
sale of all or substantially all of the Company’s outstanding capital stock (whether by merger, recapitalization, consolidation, reorganization, combination or otherwise) to an Independent Third Party. 
  

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 ARTICLE III 
  
 Administration 
  
 The Plan shall be administered by the Committee; provided that if for any reason the Committee shall not have been appointed by the Board, all authority
and duties of the Committee under the Plan shall be vested in and exercised by the Board. Subject to the limitations of the Plan, the Committee shall have the sole and complete authority to: (i) select Participants, (ii) grant Options (as defined in
Article IV below) to Participants in such forms and amounts as it shall determine, (iii) impose such limitations, restrictions and conditions upon such Options as it shall deem appropriate, (iv) interpret the Plan and adopt, amend and rescind
administrative guidelines and other rules and regulations relating to the Plan, (v) correct any defect or omission or reconcile any inconsistency in the Plan or in any Option granted hereunder and (vi) make all other determinations and take all
other actions necessary or advisable for the implementation and administration of the Plan. The Committee’s determinations on matters within its authority shall be conclusive and binding upon the Participants, the Company and all other Persons.
All expenses associated with the administration of the Plan shall be borne by the Company. The Committee may, as approved by the Board and to the extent permissible by law, delegate any of its authority hereunder to such persons as it deems
appropriate. 
  
 ARTICLE IV 
  
 Limitation on Aggregate Shares 
  
 The number of shares of Common Stock with respect to which options may be
granted under the Plan (the “Options”) and which may be issued upon the exercise thereof shall not exceed, in the aggregate, 7,200 shares; provided that the type and the aggregate number of shares which may be subject to Options
shall be subject to adjustment in accordance with the provisions of paragraph 6.8 below, and further provided that to the extent any Options expire unexercised or are canceled, terminated or forfeited in any manner without the issuance of Common
Stock thereunder, such shares shall again be available under the Plan. The shares of Common Stock available under the Plan may be either authorized and unissued shares, treasury shares or a combination thereof, as the Committee shall determine.

  
 ARTICLE V 
  
 Awards 
  
 5.1 Options. The Committee may grant Options to Participants in accordance with this Article V. 
  

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 5.2 Form of Option. Options granted under this Plan shall be nonqualified stock options and are
not intended to be “incentive stock options” within the meaning of Section 422 of the Code, or any successor provision. 
  
 5.3 Exercise Price. The option exercise price per share of Common Stock shall be fixed by the Committee at not less than 100% of the Fair Market
Value of a share of Common Stock on the date of grant. 
  
 5.4
Exercisability. Options shall be exercisable at such time or times as the Committee shall determine at or subsequent to grant. 
  
 5.5 Payment of Exercise Price. Options shall be exercised in whole or in part by written notice to the Company (to the attention of the
Company’s Secretary) accompanied by payment in full of the option exercise price. Payment of the option exercise price shall be made in cash (including check, bank draft or money order) or, in the discretion of the Committee, by delivery of a
promissory note or other consideration (if in accordance with policies approved by the Board). 
  
 5.6 Terms of Options. The Committee shall determine the term of each Option, which term shall in no event exceed ten years from the date of grant. 
  
 ARTICLE VI 
  
 General Provisions 
  
 6.1 Conditions and Limitations on Exercise. Options may be made exercisable in one or more installments, upon the happening of certain events, upon
the passage of a specified period of time, upon the fulfillment of certain conditions or upon the achievement by the Company of certain performance goals, as the Committee shall decide in each case when the Options are granted. 
  
 6.2 Sale of the Company. In the event of a Sale of the Company, the
Committee may provide, in its discretion, that the Options shall become immediately exercisable by any Participants who are employed or engaged as independent contractors by the Company at the time of the Sale of the Company and that such Options
shall terminate if not exercised as of the date of the Sale of the Company or other prescribed period of time. 
  
 6.3 Written Agreement. Each Option granted hereunder to a Participant shall be embodied in a written agreement (an “Option
Agreement”) which shall be signed by the Participant and by the President or Chief Executive Officer of the Company for and in the name and on behalf of the Company and shall be subject to the terms and conditions of the Plan prescribed in
the Agreement (including, but not limited to, (i) the right of the Company and such other Persons as the 
  

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 Committee shall designate (“Designees”) to repurchase from each Participant, and such Participant’s
transferees, all shares of Common Stock issued or issuable to such Participant on the exercise of an Option in the event of such Participant’s termination of employment, (ii) rights of first refusal granted to the Company and Designees, (iii)
holdback and other registration right restrictions in the event of a public registration of any equity securities of the Company and (iv) any other terns and conditions which the Committee shall deem necessary and desirable). 
  
 6.4 Listing, Registration and Compliance with Laws and Regulations.
Options shall be subject to the requirement that if at any time the Committee shall determine, in its discretion, that the listing, registration or qualification of the shares subject to the Options upon any securities exchange or under any state or
federal securities or other law or regulation, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition to or in connection with the granting of the Options or the issuance or purchase of shares
thereunder, no Options may be granted or exercised, in whole or in part, unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. The holders
of such Options shall supply the Company with such certificates, representations and information as the Company shall request and shall otherwise cooperate with the Company in obtaining such listing, registration, qualification, consent or approval.
In the case of officers and other Persons subject to Section 16(b) of the Securities Exchange Act of 1934, as amended, the Committee may at any time impose any limitations upon the exercise of an Option that, in the Committee’s discretion, are
necessary or desirable in order to comply with such Section 16(b) and the rules and regulations thereunder. If the Company, as part of an offering of securities or otherwise, finds it desirable because of federal or state regulatory requirements to
reduce the period during which any Options may be exercised, the Committee, may, in its discretion and without the Participant’s consent, so reduce such period on not less than 15 days written notice to the holders thereof. 
  
 6.5 Nontransferability. Options may not be transferred other than by
will or the laws of descent and distribution and, during the lifetime of the Participant, may be exercised only by such Participant (or his legal guardian or legal representative). In the event of the death of a Participant, exercise of Options
granted hereunder shall be made only: 
  
 (i) by
the executor or administrator of the estate of the deceased Participant or the Person or Persons to whom the deceased Participant’s rights under the Option shall pass by will or the laws of descent and distribution; and 
  
 (ii) to the extent that the deceased Participant was
entitled thereto at the date of his death, unless otherwise provided by the Committee in such Participant’s Option Agreement. 
  

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 6.6 Expiration of Options. 
  
 (a) Normal Expiration. In no event shall any part of any Option be exercisable after the date of expiration thereof
(the “Expiration Date”), as determined by the Committee pursuant to paragraph 5.6 above. 
  
 (b) Early Expiration Upon Termination of Employment or Engagement. Except as otherwise provided by the Committee in the Option Agreement, any
portion of a Participant’s Option that was not vested and exercisable on the date of the termination of such Participant’s employment shall expire and be forfeited as of such date, and any portion of a Participant’s Option that was
vested and exercisable on the date of the termination of such Participant’s employment shall expire and be forfeited as of such date, except that: (i) if any Participant dies or becomes subject to any Disability, such Participant’s Option
shall expire 180 days after the date of his death or Disability, but in no event after the Expiration Date, (ii) if any Participant retires (with the approval of the Board), his Option shall expire 90 days after the date of his retirement, but in no
event after the Expiration Date, and (iii) if any Participant is discharged other than for Cause, such Participant’s Option shall expire 30 days after the date of his discharge, but in no event after the Expiration Date. 
  
 6.7 Withholding of Taxes. The Company shall be entitled, if necessary
or desirable, to withhold from any Participant from any amounts due and payable by the Company to such Participant (or secure payment from such Participant in lieu of withholding) the amount of any withholding or other tax due from the Company with
respect to any shares issuable under the Options, and the Company may defer such issuance unless indemnified to its satisfaction. 
  
 6.8 Adjustments. In the event of a reorganization, recapitalization, stock dividend or stock split, or combination or other change in the shares of
Common Stock, the Board or the Committee may, in order to prevent the dilution or enlargement of rights under outstanding Options, make such adjustments in the number and type of shares authorized by the Plan, the number and type of shares covered
by outstanding Options and the exercise prices specified therein as may be determined to be appropriate and equitable. 
  
 6.9 Rights of Participants. Nothing in this Plan or in any Option Agreement shall interfere with or limit in any way the right of the Company to
terminate any Participant’s employment at anytime (with or without Cause), or confer upon any Participant any right to continue in the service of the Company for any period of time or to continue his present (or any other) rate of compensation,
and except as otherwise provided under this Plan or by the Committee in the Option Agreement, in the event of any Participant’s termination of employment (including, but not limited to, the termination by the Company without Cause), any portion
of such Participant’s Option that was not previously vested and exercisable shall expire and be forfeited as of the date of such termination. No director, officer, employee, consultant or advisor shall have a right to be selected as a
Participant or, having been so selected, to be selected again as a Participant. 
  
 6.10 Amendment, Suspension and Termination of Plan. The Board or the Committee may suspend or terminate the Plan or any portion thereof at any time and may amend it from time to time in such respects as the
Board or the Committee may deem advisable; provided that 
  

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 no such amendment shall be made without stockholder approval to the extent such approval is required by law, agreement or
the rules of any exchange upon which the Common Stock is listed, and no such amendment, suspension or termination shall impair the rights of Participants under outstanding Options without the consent of the Participants affected thereby. No Options
shall be granted hereunder after the tenth anniversary of the adoption of the Plan. 
  
 6.11 Amendment, Modification and Cancellation of Outstanding Options. 
  
 (a) The Committee may amend or modify any Option in any manner to the extent that the Committee would have had the authority under the Plan initially to
grant such Option; provided that no such amendment or modification shall impair the rights of any Participant under any Option without the consent of such Participant. With the Participant’s consent, the Committee may cancel any Option and
issue a new Option to such Participant. 
  
 (b) Notwithstanding
anything herein to the contrary, in connection with a Sale of the Company, the Committee may, in its discretion, (i) cancel any or all outstanding Options under the Plan in consideration for payment to the holders thereof of an amount equal to the
portion of the consideration that would have been payable to such holders pursuant to such transaction if their Options had been fully exercised immediately prior to such transaction, less the aggregate exercise price that would have been payable
therefor, and (ii) if the amount that would have been payable to the option holders pursuant to such transaction if their Options had been fully exercised immediately prior thereto would be less than the aggregate exercise price that would have been
payable therefor, cancel any or all such options for no consideration or payment of any kind. Any amount due pursuant to the preceding sentence may be paid in cash or, in the event that the consideration to be received in such transaction includes
securities or other property, in cash and/or securities or other property in the Committee’s discretion. 
  
 6.12 Indemnification. In addition to such other rights of indemnification as they may have as members of the Board or the Committee, the members of
the Committee shall be indemnified by the Company against all costs and expenses reasonably incurred by them in connection with any action, suit or proceeding to which they or any of them may be party by reason of any action taken or failure to act
under or in connection with the Plan or any Option granted thereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in
satisfaction of a judgment in any such action, suit or proceeding; provided that any such Committee member shall be entitled to the indemnification rights set forth in this paragraph 6.12 only if such member has acted in good faith and in a manner
that such member reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe that such conduct was unlawful, and further provided that
upon the institution of any such action, suit or proceeding a Committee member shall give the Company written notice thereof and an opportunity, at its own expense, to handle and defend the same before such Committee member undertakes to handle and
defend it on his own behalf. 
  
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