Document:

Exhibit 10.2

HOOKER FURNITURE CORPORATION

Performance-based Restricted Stock Unit (“PSU”) Grant

Name of Grantee: [______________]

Date of Grant: May 7, 2018

Performance Period:  January 29 , 2018 to January 31, 2021

	1.	
Grant of PSUs.  Hooker Furniture Corporation (the “Company”) hereby grants to you [____] Performance-based Restricted Stock Units (“PSUs”) based on the terms of this Grant Agreement . Each PSU entitles you to receive the Fair Market Value of one share of Company Stock, if and to the extent certain Performance Goals described in Section 2 and Appendix A are achieved for the Performance Period.  The PSUs are subject to terms and conditions set forth herein, including the terms set forth in the 2015 Amendment and Restatement of the Hooker Furniture Corporation Stock Incentive Plan (the “Plan”).  By signing below, you acknowledge that you agree to be bound by all the terms and conditions hereof and of the Plan with respect to the PSUs granted to you.  In the event of any conflict between the terms of this Grant Agreement and the terms of the Plan, the terms of the Plan shall control.  Capitalized terms not defined in this Grant Agreement shall have the meanings set forth in the Plan.

	2.	
Performance Goals and Payout/Settlement Amount.  The Company must achieve certain Performance Goals relating to growth in earnings per share during the Performance Period (as specified in Appendix A) and, except as provided in Section 4 or 5 below, you must remain in continuous employment with the Company or a Related Company to the last day of the Performance Period (the “Performance Period End Date”) in order for any amount to be payable to you under this grant of PSUs.  Except as otherwise provided in Section 4, no amount shall be payable to you unless a threshold level of performance with respect to the Performance Goals is met for the Performance Period, as described in Appendix A.  The amount, if any, payable to you under this grant of PSUs shall be referred to as the “Payout/Settlement Amount.”

	3.	
Time and Form of Payment.

	
(a)

	
The PSUs shall be settled by delivery of one share of Common Stock for each PSU earned based on the achievement of Performance Goals during the Performance Period.  The PSUs shall be settled as soon as practicable after the date that the Committee approves the Performance Goals have been achieved, but in no event later than 90 days following the Performance Period End Date.  Notwithstanding the foregoing, to the extent that the PSUs are subject to Section 409A of the Internal Revenue Code, all such payments shall be made in compliance with the requirements of Section 409A of the Internal Revenue Code.

	
(b)

	
Before the Payout/Settlement Amount may be paid, the Compensation Committee must approve in writing after the close of the Performance Period that the Performance Goals have been met and the levels that were attained, and any other material terms of the Grant Agreement have been satisfied.  The Payout/Settlement Amount may be adjusted to the extent necessary to comply with applicable law and with the terms of the Plan, as determined by the Compensation Committee.

	4.	
Change of Control.  Notwithstanding Section 3 to the contrary, if a Change of Control occurs during the Performance Period and you have been continuously employed with the Company or a Related Company from the Date of Grant through the date of the Change of Control, you shall receive a Payout/Settlement Amount equal to the amount that would have been payable or settled if you had remained in employment to the Performance Period End Date and (i) Target Level EPS Growth and (ii) Target Level Relative GPS Growth (as defined in Appendix A) each had been attained for the  Performance Period.  The Payout/Settlement Amount shall be paid in the manner described in Section 3, except that payment shall be made simultaneous with the occurrence of the Change of Control.

	5.	
Death, Disability or Retirement.  Notwithstanding Section 3 to the contrary, if your employment with the Company and its Related Companies terminates on account of your death, Disability or Retirement, you shall be deemed to have continued in employment with the Company and its Related Companies to the Performance Period End Date and your Payout/Settlement Amount (if any) shall be equal to the product of (a) and (b), where:

	
(a)

	
is the Payout/Settlement Amount determined in accordance with the Appendix A of this Grant Agreement, and

	
(b)

	
is a fraction, the numerator of which is the number of completed calendar months from the first day of the Performance Period to the date of your death, Disability or Retirement (as applicable), and the denominator of which is 36.

The Payout/Settlement Amount (if any) shall be paid in the manner described in Section 3.

For purposes of this grant of PSUs, “Retirement” shall mean the Company’s agreement to your voluntary separation from service on account of your retirement provided you (1) give the Company a minimum of 90 days advance written notice of your anticipated retirement date (unless waived by the Company), (2) enter into a mutually agreed upon written plan with the Company to effect the orderly transition of your duties and responsibilities, and (3) comply with such other guidelines as the Company may establish to ensure the uniform application of this provision.

	6.	
No Rights as a Shareholder.  The grant of PSUs to you shall not convey to you or any other person any rights as an owner of Company Stock, including (without limitation) any voting rights, dividend rights or any rights to receive any year-end or other reports from the Company.

	7.	
Nontransferability.  All rights associated with this grant of PSUs shall belong to you alone and may not be transferred, assigned, pledged, or hypothecated by you in any way (whether by operation of law or otherwise), other than by will or the laws of descent and distribution, and shall not be subject to execution, attachment, or similar process.  Upon any attempt by you to transfer, assign, pledge, hypothecate, or otherwise dispose of such rights contrary to the provisions in this Agreement, or upon the levy of any attachment or similar process upon such rights, such rights shall immediately become null and void.

	8.	
Withholding of Taxes.  The Participant (or the Participant’s successor) shall pay to the Company the Applicable Withholding Taxes for the PSUs, or the Participant (or the Participant’s successor) and the Company shall make satisfactory provision for the payment of such taxes (which may include having the Applicable Withholding Taxes withheld from other amounts currently payable by the Company to the Participant).  In the absence of such arrangements having been made for the payment of Applicable Withholding Taxes, the Company will retain from the payment due under the PSUs that number of shares of Company Stock (valued at their current Fair Market Value), cash or a combination of Company Stock and cash sufficient to satisfy the Applicable Withholding Taxes with respect to the PSUs.

	9.	
Beneficiary.  By written instrument signed and delivered to the Company, you may designate a beneficiary to receive any payments that are to be paid under this grant of PSUs after your death.  If you make no valid designation or if the designated beneficiary or beneficiaries fail to survive you or otherwise fail to receive the payments, your beneficiary will be the personal representative of your estate.

	10.	
Binding Effect.  This Grant Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and upon any person lawfully claiming under you.

	11.	
Entire Agreement.  This Grant Agreement, the Plan, and the rules and procedures adopted by the Committee or the Company (including the Company’s Compensation Recoupment Policy), contain all of the provisions applicable to the PSUs and no other statements, documents or practices may modify, waive or alter such provisions unless expressly set forth in writing, signed by an authorized officer of the Company and delivered to you.

	12.	
Modifications.  Except as otherwise provided in the Plan, any modification of this Grant Agreement shall be effective only if it is in writing and signed by both you and an authorized officer of the Company.

	13.	
No Right to Continued Service.  This Grant Agreement does not confer upon you any right with respect to continuance of service with the Company or any Related Company, nor shall it interfere in any way with the right of the Company or a Related Company to end your service at any time and for any reason.

	14.	
Recoupment.  This grant of PSUs is subject to the terms and conditions of the Company’s Compensation Recoupment Policy and any successor or replacement policy thereto, and the terms and conditions of the Compensation Recoupment Policy (and any successor or replacement thereto) are incorporated by reference and are made a part of this Award Agreement.

	15.	
Section 409A.

		(a)	
It is intended that this Grant Agreement either be exempt from or comply with the requirements of Sections 409A of the Code and applicable Treasury Regulations and other generally applicable guidance issued thereunder (collectively, “Section 409A”), and this Grant Agreement shall be interpreted for all purposes in accordance with that intent.

		(b)	
Notwithstanding any term or provision of this Grant Agreement (including any term or provision of the Plan incorporated herein by reference), the parties hereto agree that, from time to time, the Company may, without prior notice to or consent from you, amend this Grant Agreement to the extent determined by the Company, in the exercise of its discretion in good faith, to be necessary or advisable to prevent the inclusion in your gross income pursuant to Section 409A of any compensation payable under this Grant Agreement. The Company shall notify you as soon as reasonably practicable of any such amendment affecting you.

		(c)	
In the event that the amounts payable/settled under this Agreement are subject to any taxes, penalties or interest under Section 409A, you shall be solely liable for the payment of any such taxes, penalties or interest.

		(d)	
If you are deemed on the date of a “separation from service” to be a “specified employee” (within the meaning of those terms under Section 409A and determined using any identification methodology and procedure selected by the Company from time to time), then with regard to any payment under this Grant Agreement that is “nonqualified deferred compensation” within the meaning of Section 409A and which is paid as a result of your separation from service, such payment or benefit shall not be made or provided prior to the date which is the earlier of (i) the expiration of the six (6)-month period measured from the date of such separation from service, and (ii) the date of your death (the “Delay Period”).  Upon the expiration of the Delay Period, all payments delayed pursuant to this clause (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid to you in a lump sum, and any remaining payments and benefits due under this Grant Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

	16.	
Governing Law.  The PSUs shall be governed by, and construed in accordance with, the laws of the Commonwealth of Virginia, without regard to conflicts of laws principles thereof.

HOOKER FURNITURE CORPORATION

By:                                                                     

Name:  Paul B. Toms, Jr.

Title:    Chief Executive Officer

GRANTEE

 

 

                                                                            

Name:          [____________________]

APPENDIX A

Performance Goals and Payout/Settlement Schedule

 

1.          Performance Goals.  Performance Goals for the Performance Period shall be based on the attainment of a specified level of the Company’s earnings per common share growth on an absolute and on a relative basis over the Performance Period, as described in this appendix.  

 

2.          Payout Tables.  The Payout/Settlement Amount shall be equal to the sum of (1) the earned amount (expressed in shares) determined from Table A below (based on the level of the Company’s EPS Growth for the Performance Period) and (2) the earned amount (expressed as shares) determined from Table B below (based on the level of the Company’s Relative EPS Growth for the Performance Period).

Table A – Absolute EPS Growth

	
Company’s EPS Growth for the Performance Period

	
Earned Amount

(expressed in shares)

	
Less than 5%

	
0

	
Threshold: At least 5% but less than 10%

	
xxxx  25%

	
At least 10% but less than 15%

	
xxxx 75%

	
Target = 15% : At least 15% but less than 20%

	
xxxxx  100%

	
     At least 20% but less than 25%

	
xxxxx 125%

	
  Maximum: 25% or greater

	
xxxxxx150%

Table B – Relative EPS Growth

	
Company’s Relative EPS Growth

 for the Performance Period

	
Earned Amount

(expressed in shares)

	
Threshold: Less than the 50th percentile

	
0

	
Target = 50th Percentile: At least the 50th percentile but less than the 75th percentile

	
xxxxxx 100%

	
Maximum: Equal to or greater than the 75th percentile

	
xxxxx 150%

3.          Definitions.  Capitalized terms not otherwise defined in this Grant Agreement or the Plan shall have the following meaning:

 

“EPS Growth” means the rate of growth of the Company’s earnings per share, computed by (a) adding together the fully diluted aggregated earnings per share from continuing operations (“EPS”) for each fiscal year of the Company that falls within the Performance Period, (b) dividing that sum by 3, and (c) dividing that result by the Company's EPS for the first fiscal year of the Company that ends immediately before the Performance Period.  EPS shall be calculated according to Generally Accepted Accounting Principles and, with respect to the Company, by excluding the impact of any write-down of the Company’s intangible assets. The foregoing calculation shall be made with respect to each of the companies comprising the Peer Group to the extent ascertainable from their public filings

“Peer Group” means the following companies: La-Z-Boy, Inc.; American Woodwork Corporation; Haverty Furniture Companies, Inc.; Ethan Allen Interiors Inc.; Cavco Industries, Inc.; Lifetime Brands, Inc.; Flexsteel Industries, Inc.; The Dixie Group, Inc.;  Trex Company, Inc.; Bassett Furniture Industries, Inc.; PGT, Inc.; Nautilus, Inc.; Culp, Inc.  If any of these companies ceases to exist as an independent entity during the Performance Period, that company shall be removed from the Peer Group and not be taken in consideration in determining Relative EPS Growth.  

“Relative EPS Growth” means the percentile ranking of the Company’s EPS Growth with respect to the EPS Growth of the companies comprising the Peer Group for the Performance Period. Notwithstanding anything above to the contrary, if the Company fails to achieve positive EPS Growth for the Performance Period, the earned amount (if any) for purposes of Table B shall not exceed the earned amount for Relative EPS Growth at the 50th percentile for the Performance Period.

 

“Target Level EPS Growth” means EPS Growth of 15% for the Performance Period. 

“Target Level Relative EPS Growth” means Relative EPS Growth at the 50th percentile for the Performance Period.

4.          Miscellaneous.  This PSU is subject to the provisions of the Plan, and any applicable law or Company policy, including the Compensation Recoupment Policy (whether in effect on the Date of Grant or adopted or modified after the Date of Grant).CONVERSION AGREEMENT

 

THIS CONVERSION AGREEMENT (this “Agreement”)
is executed as of April 25, 2018 (the “Effective Date”) by and between LANS HOLDINGS, INC., a Nevada corporation (“LAHO”)
and Trevor Allen an individual (“TA”).

 

WHEREAS, LAHO and TA desire to convert
the TA Preferred Stock (as defined below) into ninety-six (96) shares of newly created Series C Preferred Stock, as set forth below;
and

 

NOW THEREFORE, in exchange for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, LAHO and TA agree as follows:

 

1.                 
Conversion. As of the Effective Date, TA hereby elects to exchange his one hundred thousand (100,000) shares of Series
A Preferred Stock (the “TA Preferred Stock”) into four hundred and four (404) shares of newly created Series C Preferred
Stock (the “NEW Preferred Stock”), which has the features contained in the Certificate of Designation, in the form
and substance to that attached hereto as Exhibit “A.” LAHO accepts the conversion of the TA Preferred Stock for the
NEW Preferred Stock.

 

2.                 
Representations, Warranties and Covenants.

 

a.                  
LAHO hereby makes the following representations, warranties and covenants in favor of TA:

 

i.                       
Authority. LAHO has full power and authority to enter into this Agreement, and this Agreement, when executed and
delivered, will constitute a valid and legally binding obligation of TA.

 

ii.                       
Authorized Warrant. There are sufficient authorized shares of common stock of LAHO to satisfy the exercise of the
Warrant, and the Warrant has been duly authorized by the board of directors of LAHO.

 

b.                 
TA hereby makes the following representations, warranties and covenants in favor of LAHO:

 

i.                       
Title to the TA Preferred Stock. TA is the owner of record of the TA Preferred Stock and owns such free and clear
of all liens, claims and encumbrances. TA has not transferred the TA Preferred Stock to any other party.

 

ii.                       
Authority. TA has full power and authority to enter into this Agreement, and this Agreement, when executed and delivered,
will constitute a valid and legally binding obligation of TA.

 

iii.                       
Purchase Entirely for Own Account. TA hereby confirms that the Warrant to be exchanged for the TA Preferred Stock
and any securities issuable upon exercise thereof (the Warrant and securities issuable upon conversion thereof being, collectively,
the "Securities") are being and will be acquired for investment for TA’s own account, not as nominee or agent,
and not with a view to the resale or distribution of any part thereof, and that neither TA nor any of its officers, members, managers
or representatives with the authority, responsibility or power to make a decision with regard to the purchase or sale of the Securities
or any portion thereof (collectively, such “TA Representatives”) has any present intention of selling, granting any
participation in or otherwise distributing the same. TA and TA Representatives are familiar with the phrase “acquired for
investment and not with a view to

 

    	 		 

    	 

    

 

distribution” as it relates to the Securities Act of
1933, as amended (the “Securities Act”) and state securities laws and the special meaning given to such term by the
Securities and Exchange Commission (the “SEC”). By executing this Agreement, TA further represents that it does not
have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person
or to any third person, with respect to any of the Securities.

 

iv.                       
Receipt of Information. TA and TA Representatives have received all the information they consider necessary or appropriate
for deciding whether to purchase the Securities. TA further represents that it and TA Representatives have had an opportunity to
ask questions and receive answers from LAHO regarding the terms and conditions of the offering of the Securities and the business,
properties, prospects and financial condition of LAHO and to obtain additional information necessary to verify the accuracy of
any information furnished to TA or TA Representatives or to which TA or TA Representatives had access. Neither TA nor any TA Representative
has received, or is relying upon, any representations, written or oral, from LAHO, or its officers, directors, employees, attorneys
or agents. TA further represents and affirms that none of the following information has ever been represented, guaranteed or warranted
to TA or any of its officers, members, managers or representatives, expressly or by implication, by any person: (1) the approximate
or exact length of time that TA will be required to remain a shareholder of LAHO, (2) the percentage of profit and/or amount of
or type of consideration, profit or loss to be realized, if any, as a result of an investment in LAHO; or (3) the possibility that
the past performance or experience on the part of LAHO or any affiliate, officer, director, employee or agent of LAHO, might in
any way indicate or predict the results of ownership of the Securities or the potential success of LAHO’s operations.

 

v.                       
Investment Experience. TA represents that it and TA Representatives are experienced in evaluating and investment
in private placement transactions of securities of companies in a similar stage of development as LAHO and acknowledges that TA
can bear the economic risk of TA’s investment and that TA Representatives have such knowledge and experience in financial
and business matters that they are capable of evaluating the merits and risks of the investment in the Securities.

 

vi.                       
Accredited Investor. TA is an Accredited Investor, as such term is defined in Regulation D promulgated under the
Securities Act.

 

vii.                       
Restricted Securities. TA and each of TA Representatives understands that neither the Securities nor any portion
thereof may be sold, transferred or otherwise disposed of without registration under the Securities Act or an exemption therefrom,
and that in the absence of an effective registration statement covering the Securities or an available exemption from registration
under the Securities Act, the Securities must be held indefinitely..

 

viii.                       
Legends. To the extent applicable, each certificate or other document evidencing any of the Securities shall be endorsed
with the legends substantially in the form set forth below:

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED UNLESS
AND UNTIL REGISTERED UNDER SUCH ACT, OR UNLESS LANS HOLDINGS, INC. (THE "COMPANY") HAS RECEIVED AN OPINION OF COUNSEL
OR OTHER EVIDENCE, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.

 

    	 	2	 

    	 

    

 

3.                 
Governing Law. The validity, construction and interpretation of this Agreement shall be governed by the laws of the
State of Nevada. Any dispute arising from or related to this Agreement shall be litigated in the state or federal courts sitting
in Clark County, Nevada. The prevailing party shall be entitled to recover the actual attorneys’ fees and costs incurred
in connection with that litigation.

 

4.                 
Further Actions. The parties agree to take such further action and execute such additional documents as may be necessary
to implement the terms and conditions of this Agreement.

 

5.                 
No Oral Modifications. No supplement, modification, waiver, or termination of this Agreement shall be binding unless
executed in writing by the party to be bound thereby.

 

6.                 
Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties, their representatives,
heirs, estates, parent and subsidiary entities, members, managers, shareholders, principals, affiliates, successors, officers,
directors, partners, administrators, trustees, receivers, agents, employees, executors, assigns, and all other persons and entities
that could in any way have legal responsibility for, or claim any rights through, any of them.

 

7.                 
Authority. Each of the parties represents and warrants to all the other parties that the person signing this document
on its behalf is duly authorized to execute this Agreement on its behalf.

 

8.                 
Severability. If any term of provision of this Agreement or any application thereof shall be held invalid or unenforceable,
the remainder of this Agreement and any other application of such term or provision shall not be affected thereby.

 

9.                 
Entire Agreement. This Agreement constitutes the entire agreement of the parties with respect to the subject matter
hereof, and may not be changed or modified except by an agreement in writing signed by the parties hereto.

 

10.             
Interpretation. All provisions of this Agreement shall be interpreted according to their fair meaning and shall not
be strictly construed against any party.

 

11.             
Counterparts; Facsimile Signature. This Agreement may be executed in one or more counterparts, each of which shall
be an original, but all of which, taken together, shall constitute one agreement. An original signature or copy thereof transmitted
by facsimile shall constitute an original signature for purposes of this Agreement.

 

	
        Lans Holdings, Inc.

         

         

        /s/ Anthony Ribas

        By: Anthony Ribas, President
	
        Trevor Allen 

         

         

        /s/ Trevor Allen

        By Trevor Allen, Individual

 

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