Document:

EX-10.92

Exhibit 10.92

MEADE INSTRUMENTS CORP

RESTRICTED STOCK AWARD AGREEMENT

THIS RESTRICTED STOCK AWARD AGREEMENT (this “Award Agreement”) is dated as of June 1, 2007
(the “Award Date”) by and between Meade Instruments Corp., a Delaware corporation (the
“Corporation”), and Steve Muellner (“Employee”).

W I T N E S S E T H

WHEREAS, the Corporation has adopted and the stockholders of the Corporation have approved the
Meade Instruments Corp. 1997 Stock Incentive Plan (the “Plan”); and

WHEREAS, the Corporation has entered into that certain Performance Share Award Agreement with
Employee, dated as of October 18, 2006 (the “Bonus Agreement”), pursuant to which the Corporation
has agreed to grant to Employee that number of restricted shares of Common Stock of the Corporation
(“Restricted Shares”) as set forth in the Bonus Agreement; and

WHEREAS, pursuant to the Plan, the Corporation hereby grants to Employee, effective as of the
date hereof, a restricted stock award (the “Award”), in accordance with the terms and conditions
set forth in the Bonus Agreement and as set forth herein and in the Plan.

NOW THEREFORE, in consideration of the services rendered and to be rendered by Employee, and
the mutual promises made herein and the mutual benefits to be derived therefrom, the parties agree
as follows:

1. Defined Terms. Capitalized terms used herein and not otherwise defined herein
shall have the meaning assigned to such terms in the Plan.

2. Grant. Subject to the terms of this Award Agreement, the Corporation hereby grants
to Employee an Award of 38,946 Restricted Shares.

3. Vesting. Subject to Section 8 below, the Award shall vest, and restrictions (other
than those set forth in the Plan) shall lapse, on the six (6) month anniversary of the date hereof.

4. Continuance of Employment. Subject to Section 8 below, the vesting set forth above
requires continued employment or service through the vesting date as a condition to the vesting of
the Award and the rights and benefits under this Award Agreement. Partial employment or service,
even if substantial, during any vesting period will not entitle Employee to any proportionate
vesting or avoid or mitigate a termination of rights and benefits upon or following a termination
of employment or services as provided in Section 8 below or under the Plan.

Unless otherwise set forth in writing, nothing contained in this Award Agreement or the Plan
constitutes an employment or service commitment by the Corporation, affects Employee’s status as an
employee at will who is subject to termination without cause, confers upon Employee any right to
remain employed by or in service to the Corporation or any of its Subsidiaries, interferes in any
way with the right of the Corporation or any of its Subsidiaries at any time to terminate such
employment or services, or affects the right of the Corporation or any of its Subsidiaries to
increase or decrease Employee’s other compensation or benefits. Nothing in this paragraph,
however, is intended to adversely affect any independent contractual right of Employee without his
or her consent thereto.

5. Dividend and Voting Rights. After the Award Date, Employee shall be entitled to
cash dividends and voting rights with respect to the shares of Restricted Stock subject to the
Award even though such shares are not vested, provided that such rights shall terminate immediately
as to any shares of Restricted Stock that are forfeited pursuant to Section 8 below.

6. Restrictions on Transfer. Prior to the time that they have become vested pursuant
to Section 3, neither the Restricted Stock, nor any interest therein, amount payable in respect
thereof, or Restricted Property (as defined in Section 9 hereof) may be sold, assigned,
transferred, pledged or otherwise disposed of, alienated or encumbered, either voluntarily or
involuntarily. The transfer restrictions in the preceding sentence shall not apply to (a)
transfers to the Corporation, or (b) transfers by will or the laws of descent and distribution.

7. Stock Certificates.

(a) Book Entry Form. The Corporation shall issue the shares of Restricted Stock
subject to the Award either: (a) in certificate form as provided in Section 7(b) below; or (b) in
book entry form, registered in the name of Employee with notations regarding the applicable
restrictions on transfer imposed under this Award Agreement.

(b) Certificates to be Held by Corporation; Legend. Any certificates representing
shares of Restricted Stock that may be delivered to Employee by the Corporation prior to vesting
shall be redelivered to the Corporation to be held by the Corporation until the restrictions on
such shares shall have lapsed and the shares shall thereby have become vested or the shares
represented thereby have been forfeited hereunder. Such certificates shall bear the following
legend:

“The ownership of this certificate and the shares of stock evidenced hereby and
any interest therein are subject to substantial restrictions on transfer under an
Agreement entered into between the registered owner and Meade Instruments Corp. A
copy of such Agreement is on file in the office of the Secretary of Meade
Instruments Corp.”

(c) Delivery of Certificates upon Vesting. Promptly after the vesting of any
shares of Restricted Stock pursuant to Section 3, the Corporation shall, as applicable, either
remove the notations on any shares of Restricted Stock issued in book entry form which have vested
or deliver to Employee a certificate or certificates evidencing the number of shares of Restricted
Stock which have vested. Employee (or the beneficiary or personal representative of Employee in
the event of Employee’s death or disability, as the case may be) shall deliver to the Corporation
any representations or other documents or assurances required pursuant to the Plan. The shares so
delivered shall no longer be restricted shares hereunder.

(d) Stock Power; Power of Attorney. Concurrently with the execution and delivery of
this Award Agreement, Employee shall deliver to the Corporation an executed stock power in the form
attached hereto as Exhibit A, in blank, with respect to such shares. Employee, by
acceptance of the Award, shall be deemed to appoint, and does so appoint by execution of this Award
Agreement, the Corporation and each of its authorized representatives as Employee’s
attorney(s)-in-fact to effect any transfer of unvested forfeited shares (or shares otherwise
reacquired by the Corporation hereunder) to the Corporation as may be required pursuant to the Plan
or this Award Agreement and to execute such documents as the Corporation or such representatives
deem necessary or advisable in connection with any such transfer.

8.  Effect of Termination of Employment or Services. Subject to earlier vesting as
provided in the Plan, Section 9 hereof, or in the event of a Change in Control (as discussed
below), if Employee ceases to be employed by or ceases to provide services to the Corporation or a
Subsidiary, Employee’s shares of Restricted Stock (and related Restricted Property as defined in
Section 9 hereof) shall be forfeited to the Corporation to the extent such shares have not become
vested pursuant to Section 3 upon the date Employee’s employment or services terminate. Upon the
occurrence of any forfeiture of shares of Restricted Stock hereunder, such unvested, forfeited
shares and related Restricted Property shall be automatically transferred to the Corporation,
without any other action by Employee (or Employee’s beneficiary or personal representative in the
event of Employee’s death or disability, as applicable) and the Corporation shall refund the
Purchase Price (if any) for such forfeited shares to Employee (or Employee’s beneficiary or
personal representative in the event of Employee’s death or disability, as applicable). No
additional consideration shall be paid by the Corporation with respect to such transfer. No
interest shall be credited with respect to nor shall any other adjustments be made to the Purchase
Price for fluctuations in the fair market value of the Common Stock either before or after the
transfer date (except for customary adjustments to reflect stock splits, reverse stock splits, and
stock dividends). The Corporation may exercise its powers under Section 7(d) hereof and take any
other action necessary or advisable to evidence such transfer. Employee (or Employee’s beneficiary
or personal representative in the event of Employee’s death or disability, as applicable) shall
deliver any additional documents of transfer that the Corporation may request to confirm the
transfer of such unvested, forfeited shares and related Restricted Property to the Corporation.

9. Adjustments upon Specified Events. Upon the occurrence of certain events relating
to the Corporation’s stock contemplated by the Plan, the Committee shall make adjustments if
appropriate in the number and kind of securities that may become vested under the Award. If any
adjustment shall be made under the Plan or an event described in the Plan shall occur and the
shares of Restricted Stock are not fully vested upon such event or prior thereto, the restrictions
applicable to such shares of Restricted Stock shall continue in effect with respect to any
consideration or other securities (the “Restricted Property” and, for the purposes of this Award
Agreement, “Restricted Stock” shall include “Restricted Property”, unless the context otherwise
requires) received in respect of such Restricted Stock. Such Restricted Property shall vest at
such times and in such proportion as the shares of Restricted Stock to which the Restricted
Property is attributable vest, or would have vested pursuant to the terms hereof if such shares of
Restricted Stock had remained outstanding.

10. Tax Withholding. The Corporation (or any of its Subsidiaries last employing
Employee) shall be entitled to require a cash payment by or on behalf of Employee and/or to deduct
from other compensation payable to Employee any sums required by federal, state or local tax law to
be withheld with respect to the vesting of any Restricted Stock. Alternatively, Employee or other
person in whom the Restricted Stock vests may irrevocably elect, in such manner and at such time or
times prior to any applicable tax date as may be permitted or required under the Plan and rules
established by the Committee, to have the Corporation withhold and reacquire shares of Restricted
Stock at their fair market value at the time of vesting to satisfy any withholding obligations of
the Corporation or its Subsidiaries with respect to such vesting. Any election to have shares so
held back and reacquired shall be subject to such rules and procedures, which may include prior
approval of the Committee, as the Committee may impose, and shall not be available if Employee
makes or has made an election pursuant to Section 83(b) of the Code with respect to such Award.

11. Notices. Any notice to be given under the terms of this Award Agreement shall be
in writing and addressed to the Corporation at its principal office to the attention of the
Secretary, and to Employee at Employee’s last address reflected on the Corporation’s payroll
records. Any notice shall be delivered in person or shall be enclosed in a properly sealed
envelope, addressed as aforesaid, registered or certified, and deposited (postage and registry or
certification fee prepaid) in a post office or branch post office regularly maintained by the
United States Government. Any such notice shall be deemed to have been duly given five business
days after the date mailed in accordance with the foregoing provisions of this Section 11.

12. Plan. The Award and all rights of Employee under this Award Agreement are subject
to the terms and conditions of the provisions of the Plan, incorporated herein by reference.
Employee agrees to be bound by the terms of the Plan and this Award Agreement. Employee
acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this Award
Agreement. Unless otherwise expressly provided in other sections of this Award Agreement,
provisions of the Plan that confer discretionary authority on the Board or the Committee do not
(and shall not be deemed to) create any rights in Employee unless such rights are expressly set
forth herein or are otherwise in the sole discretion of the Board or the Committee so conferred by
appropriate action of the Board or the Committee under the Plan after the date hereof.

13. Entire Agreement. This Award Agreement and the Plan together constitute the
entire agreement and supersede all prior understandings and agreements, written or oral, of the
parties hereto with respect to the subject matter hereof. The Plan and this Award Agreement may be
amended pursuant to the Plan. Such amendment must be in writing and signed by the Corporation.
The Corporation may, however, unilaterally waive any provision hereof in writing to the extent such
waiver does not adversely affect the interests of Employee hereunder, but no such waiver shall
operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other
provision hereof.

14. Counterparts. This Award Agreement may be executed simultaneously in any number
of counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

15. Section Headings. The section headings of this Award Agreement are for
convenience of reference only and shall not be deemed to alter or affect any provision hereof.

16. Governing Law. This Award Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of California without regard to conflict of law
principles thereunder.

IN WITNESS WHEREOF, the Corporation has caused this Award Agreement to be executed on its
behalf by a duly authorized officer and Employee has hereunto set his or her hand as of the date
and year first above written.

Meade Instruments Corp.,

a Delaware corporation

By: /s/ Paul Ross

	 	 	Print Name: Paul Ross

Its: SVP – Finance and CFO

Employee

/s/ Steve Muellner

	 	 	Signature

Steve Muellner

Print Name

1

CONSENT OF SPOUSE

In consideration of the execution of the foregoing Restricted Stock Award Agreement by Meade
Instruments Corp., I,      , the spouse of Employee therein named, do
hereby join with my spouse in executing the foregoing Restricted Stock Award Agreement and do
hereby agree to be bound by all of the terms and provisions thereof and of the Plan.

Dated:      , 2007

Signature of Spouse

Print Name

2

STOCK POWER

FOR VALUE RECEIVED and pursuant to that certain Restricted Stock Award Agreement between Meade
Instruments Corp., a Delaware corporation (the “Corporation”), and the employee named below
(“Employee”) dated as of      , 200     , Employee, hereby sells, assigns and transfers
to the Corporation, an aggregate      shares of Common Stock of the Corporation, standing in
Employee’s name on the books of the Corporation and represented by stock certificate
number(s)     to which this instrument is attached, and hereby
irrevocably constitutes and appoints      as his or her attorney in fact
and agent to transfer such shares on the books of the Corporation, with full power of substitution
in the premises.

Dated      ,      

Signature

Print Name

(Instruction: Please do not fill in any blanks other than the signature line. The purpose of
the assignment is to enable the Corporation to exercise its sale/purchase option set forth in the
Restricted Stock Award Agreement without requiring additional signatures on the part of Employee.)

3EX-10.1

Exhibit 10.1

ERIC SALUS AGREEMENT

THIS AGREEMENT, dated as of June 1, 2007, (the “Effective Date”), is between ASHWORTH, INC., a
Delaware corporation and its successors or assignees (“Ashworth”) and ERIC SALUS, an individual
(“Mr. Salus”).

1. ENGAGEMENT OF SERVICES. Ashworth is engaging the services, advice, expertise and counsel
of Mr. Salus on subjects of corporate management and operations. All assignments to Mr. Salus must
be approved by mutual agreement of Mr. Salus and the Chief Executive Officer of Ashworth.
Mr. Salus agrees to provide such services for five (5) business days per calendar month and his
consulting engagement hereunder shall continue until March 30, 2008, but may be earlier terminated
by either party with 60-day notice. Ashworth will make its employees, facilities and equipment
reasonably available to Mr. Salus in order for him to perform his duties under this Agreement. Mr.
Salus may not subcontract or otherwise delegate or assign his obligations under this Agreement
without Ashworth’s prior written consent.

2. COMPENSATION. In view of the time commitments associated with his duties under this
Agreement, Mr. Salus shall be compensated for all services under this Agreement for the duration of
service under this Agreement with (a) an upfront, non-refundable, one-time cash retainer of
$25,000, and (b) an additional cash retainer of $15,500 per month, payable at the end of each month
of service. The foregoing cash compensation will be in addition to, and not in lieu of, any and
all cash compensation paid to Mr. Salus for his continuing service on the Board.

As additional compensation, Ashworth hereby grants to Mr. Salus a non-qualified stock option
grant covering 10,000 shares of Ashworth’s common stock, with an exercise price equal to 100% of
fair market value of the common stock on the date of grant. The foregoing option shall vest 50% on
September 30, 2007 and 50% on March 31, 2008. Except in the context of a “Change in Control” as
described below, vesting shall cease upon termination of this Agreement, for any reason, and the
vested portion of the option shall remain exercisable for a period of five (5) years after the date
of grant. The foregoing option grant is in addition to, and not in lieu of, any and all stock
option grants to Mr. Salus for his continuing service on the Board.

Mr. Salus will promptly be reimbursed for reasonable out-of-pocket expenses incurred in
connection with the performance of services under this Agreement provided Mr. Salus submits
verification of such expenses as Ashworth may reasonably require. Except in the context of a
“Change in Control” as described below, upon termination of this Agreement for any reason,
Mr. Salus will be paid fees and expenses earned or accrued through the date of termination.

Notwithstanding the foregoing, in the event that Ashworth terminates this Agreement effective
prior to March 31, 2008 but on or after a “Change in Control,” (a) all of Mr. Salus’ non-qualified
stock options granted under this Agreement shall immediately become vested, and (b) all monthly
retainers that are due and those that would become payable assuming this Agreement’s term extended
to March 31, 2008 shall immediately become due and payable. As used herein, “Change of Control”
shall have the meaning given it in Exhibit A attached hereto and incorporated by this
reference.

3. NON-EXECUTIVE BOARD MEMBER. Mr. Salus’s relationship with Ashworth will be that of a
non-executive board member and nothing in this Agreement should be construed to create a
partnership, joint venture, or employer-employee relationship. Mr. Salus will not be entitled to
any of the benefits that Ashworth may make available to its employees, such as group insurance,
profit-sharing, vacation or retirement benefits. Mr. Salus will be solely responsible for all tax
returns and payments required to be filed with or made to any federal, state or local tax authority
with respect to his performance of services and receipt of fees under this Agreement. Ashworth
will report amounts paid to Mr. Salus by filing Form 1099-MISC with the Internal Revenue Service as
required by law. Because Mr. Salus is a non-executive board member, Ashworth will not withhold or
make payments for social security; make unemployment insurance or disability insurance
contributions; or obtain worker’s compensation insurance on Mr. Salus’s behalf. Mr. Salus agrees
to accept exclusive liability for complying with all applicable state and federal laws governing
self-employed individuals, including obligations such as payment of taxes, social security,
disability and other contributions based on fees paid to Mr. Salus, his agents or employees under
this Agreement. Mr. Salus hereby agrees to indemnify and defend Ashworth against any and all such
taxes or contributions, including penalties and interest.

4. NO CONFLICT OF INTEREST. Mr. Salus agrees during the term of this Agreement not to accept
work or enter into a contract or accept an obligation, inconsistent or incompatible with Mr.
Salus’s obligations under this Agreement or the scope of his duties rendered for Ashworth. Mr.
Salus warrants that there is no existing contract or duty on Mr. Salus’ part that may conflict with
the terms of this Agreement or the performance thereof.

5. GENERAL PROVISIONS.

5.1 Governing Law. This Agreement will be governed and construed in accordance with the
internal laws of the State of California. Mr. Salus hereby expressly and irrevocably consents to
the personal jurisdiction of the state and federal courts located in San Diego County or Orange
County, California for any lawsuit filed arising from or related to this Agreement and any suit
arising from this Agreement shall be brought in those courts.

5.2 Severability. In case any one or more of the provisions contained in this Agreement
shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement,
and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had
never been contained herein.

5.3 Counterparts. Facsimile transmission of any signed original of this Agreement will be
deemed the same as delivery of an original. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and each of which together shall be deemed
one and the same instrument.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representative as of the 5th day of June, 2007.

	 	 	 
	ASHWORTH, INC.	 	 
	By: /s/ Peter M. Weil	 	ERIC SALUS
	Name: Peter M. Weil

Title: Chief Executive Officer

	 	By: /s/Eric Salus

Eric Salus
	 
	 	 

1

Exhibit A

As used in this Agreement, the phrase “Change in Control” shall mean:

(a) Except as provided by subparagraph (c) hereof, the acquisition (other than from
Ashworth) by any person, entity or “group”, within the meaning of Section 13(d)(3) or
14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (excluding,
for this purpose, Ashworth or its subsidiaries, or any executive benefit plan of Ashworth or
its subsidiaries which acquires beneficial ownership of voting securities of Ashworth), of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
of forty percent (40%) or more of either the then outstanding shares of common stock or the
combined voting power of Ashworth’s then outstanding voting securities entitled to vote
generally in the election of directors; or

(b) Individuals who, as of the date hereof, constitute the Board of Directors of
Ashworth (as of the date hereof the “Incumbent Board”) cease for any reason to constitute at
least a majority of the Board of Directors of Ashworth, provided that any person becoming a
director subsequent to the date hereof whose election, or nomination for election by
Ashworth’s stockholders, is or was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board (other than an election or nomination of an
individual whose initial assumption of office is in connection with an actual or threatened
election contest relating to the election of the Directors of Ashworth, as such terms are
used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) shall be, for
purposes of this Agreement, considered as though such person were a member of the Incumbent
Board; or

(c) Approval by the members of Ashworth of a reorganization, merger or consolidation
with any other person, entity or corporation, other than

(i) a merger or consolidation which would result in the voting securities of
Ashworth outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of another
entity) more than fifty percent (50%) of the combined voting power of the voting
securities of Ashworth or such other entity outstanding immediately after such
merger or consolidation, or

(ii) a merger or consolidation effected to implement a recapitalization of
Ashworth (or similar transaction) in which no person acquires forty percent (40%) or
more of the combined voting power of Ashworth’s then outstanding voting securities;
or

Approval by the members of Ashworth of a plan of complete liquidation of Ashworth or an
agreement for the sale or other disposition by Ashworth of all or substantially all of Ashworth’s
assets.

2

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