Document:

EX-10.2

 

Exhibit 10.2

NS GROUP, INC. EQUITY PLAN

NONQUALIFIED STOCK OPTION AGREEMENT

Notice of Stock Option Grant

     NS Group, Inc., a Kentucky corporation (the “Company”), grants to the Optionee named below, in
accordance with the terms of the NS Group, Inc. Equity Plan (the “Plan”) and this Nonqualified
Stock Option Agreement (the “Agreement”), an option (the “Option Right”) to purchase the number of
Common Shares at the option price per share (“Option Price) as follows:

	 	 	 
	      Name of Optionee:
	 	 
	 
	 	 
	      Number of Common Shares:
	 	 
	 
	 	 
	      Option Price:

	 	                     per share
	 
	 	 
	      Date of Grant:
	 	 

Terms of Agreement

     1. Grant of Option Right. Subject to and upon the terms, conditions and restrictions set forth
in this Agreement and in the Plan, the Company hereby grants to the Optionee as of the Date of
Grant the Option Right to purchase the number of Common Shares at the Option Price as set forth
above. 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. Vesting and Exercise of Option Right.

          (a) Unless and until terminated as hereinafter provided, the Option Right shall vest and
become exercisable if the Optionee shall have remained in the continuous employ of the Company or a
Subsidiary through the vesting dates set forth below with respect to the portion of Common Shares
set forth next to such date:

	 	 	 
	 	 	Portion of Common Shares
	Vesting Date	 	Vested and Exercisable
	 	 	 
	 	 	 

          (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 vested and
exercisable pursuant to Section 2(a), and while the Optionee is in the employ of the Company
and its Subsidiaries, (i) the Optionee dies or becomes permanently disabled (as determined by the
Committee), or (ii) a Change in Control occurs.

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NS GROUP, INC. EQUITY PLAN

NONQUALIFIED STOCK OPTION AGREEMENT

          (c) To the extent that the Option Right becomes vested and 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.

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

     3. Forfeiture of Option Right. The Option Right (or portion thereof) that has not yet vested
pursuant to Section 2 above shall be forfeited automatically without further notice if the Optionee
ceases to be employed by the Company or a Subsidiary other than as provided in Section 2(b)(i).

     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 Committee’s approval, by surrender of Common Shares (including by
attestation) owned by the Optionee, 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 Optionee ceases to be an employee of the Company or any Subsidiary as
a result of his death or permanent disability (as determined by the Committee);

          (b) Two years after the Optionee’s employment is terminated by the Company or any Subsidiary
for any reason other than for cause. For purposes of this provision, the term “cause” shall mean
(i) conviction or judicial admission by the Optionee of any felony criminal act, a crime involving
moral turpitude, or a crime of fraud or dishonesty; (ii) acts by the Optionee constituting gross
negligence or willful misconduct to the detriment of the Company; (iii) the Optionee’s misfeasance,
nonfeasance or malfeasance in the performance of his duties; or (iv) the Optionee’s failure or
refusal to comply with the lawful directions of the Board of Directors or with the policies,
standards and regulations of the Company after notice and failure to cure within thirty (30) days;

          (c) Ninety days after the Optionee ceases to be an employee of the Company or any Subsidiary
for any reason other than as described in Section 5(a) or 5(b); or

          (d) Ten years from the Date of Grant.

          Notwithstanding anything contained in this Section 5 to the contrary, in the event that the
Optionee ceases to be an employee of the Company or any Subsidiary for any reason (including any of
the reasons described in Sections 5(a) through 5(c) above) within three years following a Change in
Control, the Option Right will terminate on the earliest of the following dates: (i) five years

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NS GROUP, INC. EQUITY PLAN

NONQUALIFIED STOCK OPTION AGREEMENT

after the Optionee ceases to be an employee of the Company or any Subsidiary 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 Optionee as soon as administratively practicable following the date
the Optionee exercises the Option Right in accordance with Section 2 hereof and makes full payment
to the Company of the Option Price. The Optionee 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 Optionee in accordance with this Section 6.

     7. Transferability. The Option Right may not be sold, exchanged, assigned, transferred,
pledged, encumbered or otherwise disposed of by the Optionee; provided, however,
that the Optionee’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 Optionee, only by the Optionee, or in the event of his legal incapacity,
by his guardian or legal representative acting on behalf of the Optionee in a fiduciary capacity
under state law and court supervision.

     8. No Employment Contract. Nothing contained in this Agreement shall confer upon the Optionee
any right with respect to continuance of employment by the Company and its Subsidiaries, nor limit
or affect in any manner the right of the Company and its Subsidiaries to terminate the employment
or adjust the compensation of the Optionee.

     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 Optionee
shall pay such taxes or make provisions that are satisfactory to the Company for the payment
thereof. With the consent of the Committee, the Optionee 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 Optionee upon the exercise of the Option Right, and the Common
Shares so surrendered by the Optionee 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 with respect to the Option Right; 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 Committee 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 Committee, in
its sole discretion, exercised in good faith, may determine is equitably required to prevent
dilution or enlargement of the Optionee’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

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NS GROUP, INC. EQUITY PLAN

NONQUALIFIED STOCK OPTION AGREEMENT

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 Committee, in its
discretion, may provide in substitution for the Option Right such alternative consideration as it
may determine to be equitable in the circumstances and may require in connection therewith the
surrender of the Option Right.

     12. Amendments. Subject to the terms of the Plan, the Committee may modify this Agreement upon
written notice to the Optionee. 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
Optionee under this Agreement without the Optionee’s consent.

     13. 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.

     14. 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
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 or exercise of the Option Right.

     15. 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 Optionee, and the successors and assigns of the
Company.

     16. 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.

     17. Electronic Delivery. The Optionee hereby consents and agrees to electronic delivery of any
documents that the Company may elect to deliver (including, but not limited to, prospectuses,
prospectus supplements, grant or award notifications and agreements, account statements, annual and
quarterly reports, and all other forms of communications) in connection with this and any other
award made or offered under the Plan. The Optionee understands that, unless earlier revoked by the
Optionee by giving written notice to the Secretary of the Company, this consent shall be effective
for the duration of the Agreement. The Optionee also understands that he or she shall have the
right at any
time to request that the Company deliver written copies of any and all materials referred to
above at no charge. The Optionee hereby consents to any and all procedures the Company has
established or may establish for an electronic signature system for delivery and acceptance of any
such documents that the Company may elect to deliver, and agrees that his or her electronic
signature is the same as, and shall

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NS GROUP, INC. EQUITY PLAN

NONQUALIFIED STOCK OPTION AGREEMENT

have the same force and effect as, his or her manual signature.
The Optionee consents and agrees that any such procedures and delivery may be effected by a third
party engaged by the Company to provide administrative services related to the Plan.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its
duly authorized officer and the Optionee has also executed this Agreement, as of the Date of Grant.

	 	 	 	 	 
	 	NS GROUP, INC.

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

     The undersigned hereby acknowledges receipt of a copy of the Plan Summary and Prospectus, and
the Company’s most recent Annual Report and Proxy Statement (the “Prospectus Information”). The
Optionee represents that he or she is familiar with the terms and provisions of the Prospectus
Information and hereby accepts the Option Right on the terms and conditions set forth herein and in
the Plan.

	 	 	 	 	 
	 	 	 
	 	 	 
	 	Optionee 	 
	 
	 	Date:  	 	 

Page 5 of 5EX-10.3

 

Exhibit 10.3

NS GROUP, INC. NON-EMPLOYEE DIRECTOR EQUITY PLAN

(Amended and Restated Effective February 17, 2005)

NONQUALIFIED STOCK OPTION AGREEMENT

Notice of Stock Option Grant

     NS Group, Inc., a Kentucky corporation (the “Company”), grants to the Optionee named below, in
accordance with the terms of the NS Group, Inc. Non-Employee Director Equity Plan (the “Plan”) and
this Nonqualified Stock Option Agreement (the “Agreement”), an option (the “Option Right”) to
purchase the number of Common Shares at the option price per share (“Option Price) as follows:

	 	 	 
	      Name of Optionee:
	 	 
	 
	 	 
	      Number of Common Shares:
	 	 
	 
	 	 
	      Option Price:

	 	                     per share
	 
	 	 
	      Date of Grant:
	 	 

Terms of Agreement

     1. Grant of Option Right. Subject to and upon the terms, conditions and restrictions set forth
in this Agreement and in the Plan, the Company hereby grants to the Optionee as of the Date of
Grant the Option Right to purchase the number of Common Shares at the Option Price as set forth
above. 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. Vesting and Exercise of Option Right.

          (a) Unless and until terminated as hereinafter provided, the Option Right shall vest and
become exercisable if the Optionee shall have continued to serve on the Board through the vesting
dates set forth below with respect to the portion of Common Shares set forth next to such date:

	 	 	 
	 	 	Portion of Common Shares
	Vesting Date	 	Vested and Exercisable
	 
	 	 
	The earlier of (i) May 9, 2007, or
(ii) the annual meeting of the
Company’s stockholders in 2007

	 	1/3
	 
	 	 
	The earlier of (i) May 9, 2008, or
(ii) the annual meeting of the
Company’s stockholders in 2008

	 	1/3
	 
	 	 
	The earlier of (i) May 9, 2009, or
(ii) the annual meeting of the
Company’s stockholders in 2009

	 	1/3

          (b) Notwithstanding the provisions of Section 2(a), the Option Right will become immediately
vested and exercisable in full if, prior to the date the Option Right becomes fully

Page 1 of 5

 

NS GROUP, INC. NON-EMPLOYEE DIRECTOR EQUITY PLAN

(Amended and Restated Effective February 17, 2005)

NONQUALIFIED STOCK OPTION AGREEMENT

exercisable pursuant to Section 2(a), and while the Optionee serves on the Board, (i) the Optionee
dies or becomes permanently disabled (as determined by the Board), or (ii) a Change in Control
occurs.

          (c) To the extent that the Option Right becomes vested and 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 (or portion thereof) that has not yet vested
pursuant to Section 2 above shall be forfeited automatically without further notice if the Optionee
ceases to serve on the Board other than as provided in Section 2(b)(i).

     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)
owned by the Optionee, 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 Optionee ceases to serve on the Board as a result of his death,
permanent disability (as determined by the Board) or Retirement;

          (b) Ninety days after the Optionee 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.

          For purposes of this Section 5, the term Retirement shall mean a voluntary resignation from
the Board by the Optionee at any time after at least five years of service as a Non-Employee
Director.

     6. Issuance of Common Shares. Subject to the terms and conditions of this Agreement, Common
Shares shall be issuable to the Optionee as soon as administratively practicable following the date
the Optionee exercises the Option Right in accordance with Section 2 hereof and makes full payment
to the Company of the Option Price. The Optionee 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 Optionee 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 Optionee;
provided, however, that the Optionee’s rights with respect to such Option Right may
be transferred by

Page 2 of 5

 

NS GROUP, INC. NON-EMPLOYEE DIRECTOR EQUITY PLAN

(Amended and Restated Effective February 17, 2005)

NONQUALIFIED STOCK OPTION AGREEMENT

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 Optionee, only by the Optionee, or in the event
of his legal incapacity, by his guardian or legal representative acting on behalf of the Optionee
in a fiduciary capacity under state law and court supervision.

     8. No Right to Reelection. Nothing contained in this Agreement shall confer upon the Optionee
any right to be nominated for reelection by the Company’s stockholders, or any right to remain a
member of the Board for any period of time, or at any particular rate of compensation.

     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 Optionee
shall pay such taxes or make provisions that are satisfactory to the Company for the payment
thereof.

     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 with respect to the Option Right; 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 Optionee’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 Option Right such alternative consideration as it may determine
to be equitable in the circumstances and may require in connection therewith the surrender of the
Option Right.

     12. Amendments. Subject to the terms of the Plan, the Board may modify this Agreement upon
written notice to the Optionee. 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
Optionee under this Agreement without the Optionee’s consent.

     13. 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.

Page 3 of 5

 

NS GROUP, INC. NON-EMPLOYEE DIRECTOR EQUITY PLAN

(Amended and Restated Effective February 17, 2005)

NONQUALIFIED STOCK OPTION AGREEMENT

     14. 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
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.

     15. 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 Optionee, and the successors and assigns of the
Company.

     16. 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.

     17. Electronic Delivery. The Optionee hereby consents and agrees to electronic delivery of any
documents that the Company may elect to deliver (including, but not limited to, prospectuses,
prospectus supplements, grant or award notifications and agreements, account statements, annual and
quarterly reports, and all other forms of communications) in connection with this and any other
award made or offered under the Plan. The Optionee understands that, unless earlier revoked by the
Optionee by giving written notice to the Secretary of the Company, this consent shall be effective
for the duration of the Agreement. The Optionee also understands that he or she shall have the
right at any time to request that the Company deliver written copies of any and all materials
referred to above at no charge. The Optionee hereby consents to any and all procedures the Company
has established or may establish for an electronic signature system for delivery and acceptance of
any such documents that the Company may elect to deliver, and agrees that his or her electronic
signature is the same as, and shall have the same force and effect as, his or her manual signature.
The Optionee consents and agrees that any such procedures and delivery may be effected by a third
party engaged by the Company to provide administrative services related to the Plan.

Page 4 of 5

 

NS GROUP, INC. NON-EMPLOYEE DIRECTOR EQUITY PLAN

(Amended and Restated Effective February 17, 2005)

NONQUALIFIED STOCK OPTION AGREEMENT

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its
duly authorized officer and the Optionee has also executed this Agreement, as of the Date of Grant.

	 	 	 	 	 
	 	NS GROUP, INC.

 	 
	 	By: 	 	 
	 	Name:  	 	 
	 	Title:  	 	 

     The undersigned hereby acknowledges receipt of a copy of the Plan Summary and Prospectus, and
the Company’s most recent Annual Report and Proxy Statement (the “Prospectus Information”). The
Optionee represents that he or she is familiar with the terms and provisions of the Prospectus
Information and hereby accepts the Option Right on the terms and conditions set forth herein and in
the Plan.

	 	 	 	 	 
	 	 	 
	 	Optionee 	 
	 
	 	Date:  	 	 

Page 5 of 5

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