Document:

EXHIBIT 10.2

 

Exhibit 10.2

NS GROUP, INC. EQUITY PLAN

RESTRICTED SHARES AGREEMENT

     This Agreement (the “Agreement”) is made as of ___, 20___(the “Date of Grant”), by and
between NS Group, Inc., a Kentucky corporation (the “Company”), and ___(the
“Grantee”).

     1. Grant of Restricted Shares. Subject to and upon the terms, conditions, and restrictions set
forth in this Agreement and in the NS Group, Inc. Equity Plan (the “Plan”), the Company hereby
grants to the Grantee as of the Date of Grant ___Common Shares as Restricted Shares (the
“Restricted Shares”). The Restricted Shares shall be fully paid and nonassessable and shall be
represented by a certificate or certificates registered in the Grantee’s name, endorsed with an
appropriate legend referring to the restrictions hereinafter set forth.

     2. Vesting of Restricted Shares.

          (a) All of the Restricted Shares covered by this Agreement become nonforfeitable if the
Grantee remains in the continuous employ of the Company or a Subsidiary for the period beginning on
the Date of Grant and ending on the third anniversary of the Date of Grant.

          (b) Notwithstanding the provisions of Section 2(a), all of the Restricted Shares covered by
this Agreement become nonforfeitable if, prior to the date the Restricted Shares become fully
nonforfeitable pursuant to Section 2(a), and while the Grantee is in the continuous employ of the
Company or a Subsidiary, (i) the Grantee dies or becomes permanently disabled (as determined by the
Committee), or (ii) a Change in Control occurs.

          (c) For purposes of this Agreement, the continuous employment of the Grantee with the Company
or a Subsidiary shall not be deemed to have been interrupted, and the Grantee shall not be deemed
to have ceased to be an employee of the Company or a Subsidiary, by reason of the transfer of his
employment among the Company or a Subsidiary or a leave of absence approved by the Committee.

     3. Forfeiture of Shares. The Restricted Shares shall be forfeited if the Grantee ceases to be
employed by the Company or a Subsidiary prior to the third anniversary of the Date of Grant, except
as otherwise provided in Section 2 above. In the event of a forfeiture, the certificates
representing the Restricted Shares covered by this Agreement shall be cancelled.

     4. Transferability. The Restricted Shares may not be sold, exchanged, assigned, transferred,
pledged, encumbered or otherwise disposed of by the Grantee, except to the Company, until the
Restricted Shares become nonforfeitable as provided in Section 2 hereof; provided,
however, that the Grantee’s rights with respect to such Common Shares may be transferred by
will or pursuant to the laws of descent and distribution. Any purported transfer or encumbrance in
violation of the provisions of this Section 4 shall be void, and the other party to any such
purported transaction shall not obtain any rights to or interest in such Common Shares.

     5. Dividend, Voting and Other Rights. Except as otherwise provided herein, from and after the
Date of Grant, the Grantee shall have all of the rights of a shareholder with respect to the
Restricted Shares, including the right to vote the Restricted Shares and receive any dividends that
may be paid thereon; provided, however, that any additional Common Shares or other
securities that the

Page 1 of 4

 

Exhibit 10.2

NS GROUP, INC. EQUITY PLAN

RESTRICTED SHARES AGREEMENT

Grantee may become entitled to receive pursuant to a stock dividend, stock
split, combination of shares, recapitalization, merger, consolidation, separation or reorganization
or any other change in the capital structure of the Company shall be subject to the same
restrictions as the Restricted Shares covered by this Agreement.

     6. Retention of Stock Certificate(s) by the Company. The certificate(s) representing the
Restricted Shares shall be held in custody by the Company, together with a stock power endorsed in
blank by the Grantee with respect thereto, until those shares have become nonforfeitable in
accordance with Section 2 of this Agreement.

     7. No Employment Contract. Nothing contained in this Agreement shall confer upon the Grantee
any right with respect to continuance of employment by the Company or a Subsidiary, nor limit or
affect in any manner the right of the Company or a Subsidiary to terminate the employment or adjust
the compensation of the Grantee.

     8. Taxes and Withholding. If the Company is required to withhold any federal, state, local or
other taxes in connection with the delivery or vesting of the Restricted Shares (including in the
event of the Grantee making an election under Section 83(b) of the Code with respect to the
Restricted Shares), the Grantee shall pay the tax or make provisions that are satisfactory to the
Company for the payment thereof. The Grantee may elect to satisfy all or any part of such
withholding obligation by surrendering to the Company a portion of the Common Shares that become
nonforfeitable by the Grantee hereunder, and the Common Shares so surrendered by the Grantee shall
be credited against any such withholding obligation at the Market Value per Share of such Common
Shares on the date of such surrender. The Grantee shall promptly notify the Company of any
election made by the Grantee pursuant to Section 83(b) of the Code.

     9. Compliance with Law. The Company shall make reasonable efforts to comply with all
applicable federal and state securities laws and listing requirements of the New York Stock
Exchange or any national securities exchange; provided, however, notwithstanding
any other provision of this Agreement, the Restricted Shares shall not be delivered (or the
restrictions related thereto shall not cease) if the delivery or cessation thereof would result in
a violation of any such law or listing requirement.

     10. Amendments. Subject to the terms of the Plan, the Committee may modify this Agreement
upon written notice to the Grantee. Any amendment to the Plan shall be deemed to be an amendment
to this Agreement to the extent that the amendment is applicable hereto. Notwithstanding the
foregoing, no amendment of the Plan or this Agreement shall adversely affect the rights of the
Grantee under this Agreement without the Grantee’s consent.

     11. Severability. In the event that one or more of the provisions of this Agreement shall be
invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall
be deemed to be separable from the other provisions hereof, and the remaining provisions hereof
shall continue to be valid and fully enforceable.

     12. Relation to Plan. This Agreement is subject to the terms and conditions of the Plan.
This Agreement and the Plan contain the entire agreement and understanding of the parties with

Page 2 of 4

 

Exhibit 10.2

NS GROUP, INC. EQUITY PLAN

RESTRICTED SHARES AGREEMENT

respect to the subject matter contained in this Agreement, and supersede all prior written or oral
communications, representations and negotiations in respect thereto. In the event of any
inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern. Capitalized
terms used herein without definition shall have the meanings assigned to them in the Plan. The
Committee acting pursuant to the Plan, as constituted from time to time, shall, except as expressly
provided otherwise herein, have the right to determine any questions which arise in connection with
the grant of the Restricted Shares.

     13. Successors and Assigns. Without limiting Section 4 hereof, the provisions of this
Agreement shall inure to the benefit of, and be binding upon, the successors, administrators,
heirs, legal representatives and assigns of the Grantee, and the successors and assigns of the
Company.

     14. Governing Law. The interpretation, performance, and enforcement of this Agreement shall
be governed by the laws of the Commonwealth of Kentucky, without giving effect to the principles of
conflict of laws thereof.

     15. Notices. Any notice to the Company provided for herein shall be in writing to the Company
and any notice to the Grantee shall be addressed to the Grantee at his or her address on file with
the Company. Except as otherwise provided herein, any written notice shall be deemed to be duly
given if and when delivered personally or deposited in the United States mail, first class
certified or registered mail, postage and fees prepaid, return receipt requested, and addressed as
aforesaid. Any party may change the address to which notices are to be given hereunder by written
notice to the other party as herein specified (provided that for this purpose any mailed notice
shall be deemed given on the third business day following deposit of the same in the United States
mail).

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its
duly authorized officer and the Grantee has also executed this Agreement in duplicate, as of the
day and year first above written.

	 	 	 	 	 
	 	NS GROUP, INC.

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 

     The undersigned hereby acknowledges receipt of an executed original of this Agreement and
accepts the award of Restricted Shares granted thereunder on the terms and conditions set forth
herein and in the Plan.

	 	 	 	 	 
	 	 	 
	 	
 	 	 
	 	Grantee 	 
	 	 	 	 

Page 3 of 4

 

	 	 	 	 	 

Exhibit 10.2

NS GROUP, INC. EQUITY PLAN

RESTRICTED SHARES AGREEMENT

	 	 	 	 	 
	 	Date :	
 	 	 

Page 4 of 4EXHIBIT 10.3

 

Exhibit 10.3

NS GROUP, INC. NON-EMPLOYEE DIRECTOR EQUITY PLAN

(Amended and Restated Effective February 17, 2005)

NONQUALIFIED STOCK OPTION AGREEMENT

     This Agreement (the “Agreement”) is made as of , 20___(the “Date of Grant”) by and between NS
Group, Inc., a Kentucky corporation (the “Company”) and ___(the “Non-Employee Director”).

     1. Grant of Option Right. Subject to and upon the terms, conditions and restrictions set forth
in this Agreement and in the NS Group, Inc. Non-Employee Director Equity Plan (the “Plan”), the
Company hereby grants to the Non-Employee Director as of the Date of Grant an option (the “Option
Right”) to purchase ___Common Shares, at the price of ___per share (the “Option Price”).
This Option Right is intended to be a nonqualified stock option and shall not be treated as an
“incentive stock option” within the meaning of that term under Section 422 of the Code.

     2. Exercise of Option Right.

          (a) Unless and until terminated as hereinafter provided, and only for so long as the
Non-Employee Director continuously serves on the Board, the Option Right will become exercisable to
the extent of one-third of the Common Shares specified in Section 1, as follows:

               (i) The first installment shall vest on the earlier of (i) the first anniversary of the Date
of Grant or (ii) the annual meeting of the Company’s shareholders that occurs in the year following
the year in which the Date of Grant occurs;

               (ii) The second installment shall vest on the earlier of (i) the second anniversary of the
Date of Grant or (ii) the annual meeting of the Company’s shareholders that occurs in the second
year following the year in which the Date of Grant occurs; and

               (iii) The third installment shall vest on the earlier of (i) the third anniversary of the Date
of Grant or (ii) the annual meeting of the Company’s shareholders that occurs in the third year
following the year in which the Date of Grant occurs.

          (b) Notwithstanding the provisions of Section 2(a), the Option Right will become immediately
exercisable in full if, prior to the date the Option Right becomes fully exercisable pursuant to
Section 2(a), and while the Non-Employee Director serves on the Board, (i) the Non-Employee
Director dies, or (ii) a Change in Control occurs.

          (c) To the extent that the Option Right becomes exercisable in accordance with this Section 2,
it may be exercised in whole or in part from time to time by written notice to the Company stating
the number of Common Shares for which the Option Right is being exercised and the intended manner
of payment.

     3. Forfeiture of Option Right. The Option Right shall be forfeited (to the extent it has not
become exercisable pursuant to Section 2) if the Non-Employee Director ceases to continuously serve
on the Board.

     4. Payment of Option Price. The Option Price is payable (a) in cash or by certified or
cashier’s check or other cash equivalent acceptable to the Company payable to the order of the
Company, (b) with the Board’s approval, by surrender of Common Shares (including by attestation)

 Page 1 of 5

 

 

Exhibit 10.3

NS GROUP, INC. NON-EMPLOYEE DIRECTOR EQUITY PLAN

(Amended and Restated Effective February 17, 2005)

NONQUALIFIED STOCK OPTION AGREEMENT

owned by the Non-Employee Director, or (c) by a combination of surrender of Common Shares, and cash
or certified or cashier’s check.

     5. Term of Option Right. The Option Right will terminate on the earliest of the following
dates:

          (a) Two years after the Non-Employee Director ceases to serve on the Board as a result of his
death or Retirement;

          (b) Ninety days after the Non-Employee Director ceases to serve on the Board for any reason
other than as described in Section 5(a); or

          (c) Ten years from the Date of Grant.

          Notwithstanding anything contained in this Section 5 to the contrary, in the event of a Change
in Control, the Option Right will terminate on the earliest of the following dates: (i) five years
after the Change in Control or (ii) ten years from the Date of Grant.

     6. Issuance of Common Shares. Subject to the terms and conditions of this Agreement, Common
Shares shall be issuable to the Non-Employee Director as soon as administratively practicable
following the date the Non-Employee Director exercises the Option Right in accordance with Section
2 hereof and makes full payment to the Company of the Option Price. The Non-Employee Director
shall not possess any incidents of ownership (including, without limitation, dividend and voting
rights) in the Common Shares until such Common Shares have been issued to the Non-Employee Director
in accordance with this Section 6.

     7. Transferability. Except with the consent of the Board, the Option Right may not be sold,
exchanged, assigned, transferred, pledged, encumbered or otherwise disposed of by the Non-Employee
Director; provided, however, that the Non-Employee Director’s rights with respect
to such Option Right may be transferred by will or pursuant to the laws of descent and
distribution. Any purported transfer or encumbrance in violation of the provisions of this Section
7 shall be void, and the other party to any such purported transaction shall not obtain any rights
to or interest in such Option Right. The Option Right may be exercised, during the lifetime of the
Non-Employee Director, only by the Non-Employee Director, or in the event of his legal incapacity,
by his guardian or legal representative acting on behalf of the Non-Employee Director in a
fiduciary capacity under state law and court supervision.

     8. No Service Contract. Nothing contained in this Agreement shall confer upon the
Non-Employee Director any right with respect to continuance of service on the Board, nor limit or
affect in
any manner the right of the Company or its shareholders to terminate the service or adjust the
compensation of the Non-Employee Director.

     9. Taxes and Withholding. To the extent that the Company shall be required to withhold any
federal, state, local or other taxes in connection with Common Shares obtained upon the exercise of
the Option Right, it shall be a condition to the issuance of such Common Shares that the
Non-Employee Director shall pay such taxes or make provisions that are satisfactory to the Company
for the

 Page 2 of 5

 

 

Exhibit 10.3

NS GROUP, INC. NON-EMPLOYEE DIRECTOR EQUITY PLAN

(Amended and Restated Effective February 17, 2005)

NONQUALIFIED STOCK OPTION AGREEMENT

payment thereof. The Non-Employee Director may elect to satisfy all or any part of any
such withholding obligation by surrendering to the Company a portion of the Common Shares that are
issued or transferred to the Non-Employee Director upon the exercise of the Option Right, and the
Common Shares so surrendered by the Non-Employee Director shall be credited against any such
withholding obligation at the Market Value per Share of such shares on the date of such surrender.

     10. Compliance with Law. The Company shall make reasonable efforts to comply with all
applicable federal and state securities laws and listing requirements of the New York Stock
Exchange or any national securities exchange; provided, however, notwithstanding
any other provision of this Agreement, the Company will not be obligated to issue any Common Shares
pursuant to this Agreement if the issuance thereof would result in a violation of any such law or
listing requirement.

     11. Adjustments. The Board may make or provide for such adjustments in the Option Price and
in the number and kind of shares of stock covered by this Agreement, as the Board, in its sole
discretion, exercised in good faith, may determine is equitably required to prevent dilution or
enlargement of the Non-Employee Director’s rights that otherwise would result from (a) any stock
dividend, stock split, combination of shares, recapitalization, or other change in the capital
structure of the Company, (b) any merger, consolidation, spin-off, split-off, spin-out, split-up,
reorganization, partial or complete liquidation, or other distribution of assets (including,
without limitation, a special or large non-recurring dividend) or issuance of rights or warrants to
purchase securities, or (c) any other corporate transaction or event having an effect similar to
any of the foregoing. In the event of any such transaction or event, the Board, in its discretion,
may provide in substitution for the Common Shares such alternative consideration as it may
determine to be equitable in the circumstances and may require in connection therewith the
surrender of the Common Shares.

     12. Availability of Common Shares. The Company shall at all times until the expiration or
forfeiture of the Option Right reserve and keep available, either in its treasury or out of its
authorized but unissued Common Shares, the full number of Common Shares deliverable upon the
exercise of the Option Right awarded under this Agreement.

     13. Amendments. Subject to the terms of the Plan, the Board may modify this Agreement upon
written notice to the Non-Employee Director. Any amendment to the Plan shall be deemed to be an
amendment to this Agreement to the extent that the amendment is applicable hereto. Notwithstanding
the foregoing, no amendment of the Plan or this Agreement shall adversely affect the rights of the
Non-Employee Director under this Agreement without the Non-Employee Director’s consent.

     14. Severability. In the event that one or more of the provisions of this Agreement shall be
invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall
be deemed to be separable from the other provisions hereof, and the remaining provisions hereof
shall continue to be valid and fully enforceable.

     15. Relation to Plan. The Option Right granted under this Agreement and all the terms and
conditions hereof are subject to the terms and conditions of the Plan. This Agreement and the Plan
contain the entire agreement and understanding of the parties with respect to the subject matter

 Page 3 of 5

 

 

Exhibit 10.3

NS GROUP, INC. NON-EMPLOYEE DIRECTOR EQUITY PLAN

(Amended and Restated Effective February 17, 2005)

NONQUALIFIED STOCK OPTION AGREEMENT

contained in this Agreement, and supersede all prior written or oral communications,
representations and negotiations in respect thereto. In the event of any inconsistency between the
provisions of this Agreement and the Plan, the Plan shall govern. Capitalized terms used herein
without definition shall have the meanings assigned to them in the Plan. The Board acting pursuant
to the Plan, as constituted from time to time, shall, except as expressly provided otherwise
herein, have the right to determine any questions which arise in connection with the grant or
exercise of the Option Right.

     16. Successors and Assigns. Without limiting Section 7 hereof, the provisions of this
Agreement shall inure to the benefit of, and be binding upon, the successors, administrators,
heirs, legal representatives and assigns of the Non-Employee Director, and the successors and
assigns of the Company.

     17. Governing Law. The interpretation, performance, and enforcement of this Agreement shall
be governed by the laws of the Commonwealth of Kentucky, without giving effect to the principles of
conflict of laws thereof.

     18. Notices. Any notice to the Company provided for herein shall be in writing to the Company
and any notice to the Non-Employee Director shall be addressed to the Non-Employee Director at his
or her address on file with the Company. Except as otherwise provided herein, any written notice
shall be deemed to be duly given if and when delivered personally or deposited in the United States
mail, first class certified or registered mail, postage and fees prepaid, return receipt requested,
and addressed as aforesaid. Any party may change the address to which notices are to be given
hereunder by written notice to the other party as herein specified (provided that for this purpose
any mailed notice shall be deemed given on the third business day following deposit of the same in
the United States mail).

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its
duly authorized officer and the Non-Employee Director has also executed this Agreement in
duplicate, as of the day and year first above written.

	 	 	 	 	 
	 	NS GROUP, INC.

 	 
	 	By:  	_____________________________________
 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 
	 

     The undersigned hereby acknowledges receipt of an executed original of this Agreement and
accepts the award of the Option Right granted thereunder on the terms and conditions set forth
herein and in the Plan.

	 	 	 
	

	 	                                                                                                    
	

	 	Non-Employee Director

 Page 4 of 5

 

 

Exhibit 10.3

NS GROUP, INC. NON-EMPLOYEE DIRECTOR EQUITY PLAN

(Amended and Restated Effective February 17, 2005)

NONQUALIFIED STOCK OPTION AGREEMENT

	 	 	 
	

	 	Date:                                                                                                      

 Page 5 of 5

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