Document:

Form of operational performance vesting award agreement

 Exhibit 10.15 
 FORM 
 OF 
 OPTICAL CABLE CORPORATION 
 2005 STOCK INCENTIVE PLAN 
 FY              RESTRICTED STOCK AWARD 
 (Operational Performance Vesting—Company Financial Based) 
 [Note: This Form of Restricted Stock Award may change from time to time at the direction of the Compensation Committee of the Board of Directors or the Board of Directors.] 
  

									
	 GRANTED TO
	  	 GRANT DATE
	  	 NUMBER OF
 SHARES GRANTED
	  	 PRICE PER
 SHARE
	  	 SOCIAL
 SECURITY
 NUMBER

	 [Name]
	  	[Date]	  	[Number]	  	N/A	  	[  ]
			
	  	  	 GRANT NUMBER
	  	 VESTING AND RESTRICTION LAPSE SCHEDULE*

		  	RS-[    ]-[  ]	  	Shares granted hereunder will vest, in accordance with and subject
in all respects to the provisions of Sections 3 and 4 below, on
January 31st of each year (each such date, a “Vesting Date”), with
the first Vesting Date being
                     and the last Vesting Date
being
                        .

	*	Fractional shares shall be carried over to the last vesting period 

 OPTICAL CABLE CORPORATION and its successors and assigns (the “Company”) hereby grants to [Name] (the “Participant”) effective
                         (the “Grant Date”), a Restricted Stock Award (the “Award”), pursuant to its
2005 Stock Incentive Plan that is provided along herewith (the “Plan”), covering the above stated number of shares (the “Restricted Shares”) of common stock of the Company (“Common Stock”). 
 The Chief Executive Officer proposed this Award and recommended its approval to the Compensation Committee of the Board of Directors of the Company (the
“Compensation Committee”), and the Compensation Committee, pursuant to the terms of the Plan, granted the Award to the Participant. 
 The Plan is administered by the Compensation Committee, or alternatively and as appropriate, the Board of Directors (in either case, the “Committee”). Any controversy that arises concerning this Award or the Plan shall be resolved
by the Committee as it deems proper, and any decision of the Committee shall be final and conclusive. 
 The terms of the Plan are hereby
incorporated into this Award by this reference. In the case of any conflict between the Plan and this Award, the terms of the Plan shall control. Capitalized terms not defined in this Award shall have the meaning assigned to such terms in the Plan.

 Now, therefore, in consideration of the foregoing and the mutual covenants hereinafter set forth: 
 1. The Company hereby grants to the Participant an Award covering the Restricted Shares, subject to the terms and conditions of this Award and the Plan.

 2. Unless otherwise determined by the Committee [or unless as otherwise provided in Section 4(b) below], the Award will vest, and the
restrictions applicable to Restricted Shares shall lapse (with the shares no longer subject to the restrictions set forth herein being referred to as “Unrestricted Shares”), in accordance with Section 3 below. Except as otherwise
provided in the Plan or in Section 4 below or otherwise determined by the Committee, the Participant must be employed by the Company or a subsidiary at all times from the Grant Date through a Vesting Date in order for part of this Award to vest
on such Vesting Date, and the restrictions on that portion of the Restricted Shares to lapse. 
  

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 3. On each Vesting Date, a portion of the Award shall vest based on the Company’s gross profit (in
dollars) growth rate percentage (“GPGR”) achieved for the current fiscal year of the Company (November 1 to October 31) when compared to the prior fiscal year of the Company, with the vesting portion of the Award being determined in
accordance with the following table and vesting occurring on the next Vesting Date after the Company’s current fiscal year end and after the financial statements have been properly prepared and finalized: 
  

			
	 Gross Profit ($) Growth Rate percentage
 (GPGR) achieved for current fiscal year of
 Company compared to last fiscal year
 (fiscal years ending October 31)
	  	 Portion of total Restricted Shares vesting at each
 Vesting Date immediately following end of
 current fiscal year of the Company given the
 GPGR achieved for the current fiscal year (a)

	 GPGR is 25%
	  	70%
	 GPGR is 20%
	  	50%
	 GPGR is 15%
	  	34%
	 GPGR is 10%
	  	20%
	 GPGR is 5%
	  	10%
	 GPGR is less than 5%
	  	  0%

	(a)	Actual vesting percentage shall be calculated by interpolating the vesting percentages set forth in table above. 

 Gross profit dollars for purposes of this Award is calculated by taking net sales (in dollars) and subtracting cost of goods sold (in dollars) during any year, as
determined using generally accepted accounting principles applicable to the United States and as set forth in annual financial statements of the Company, properly prepared and finalized. Additionally, the effects on net sales and costs of goods sold
of the events set forth in Attachment A hereto, are specifically excluded from calculation of gross profit dollars for purposes of this Award. 
 GPGR
percentage is calculated by taking the amount of gross profit dollars earned by the Company during the current fiscal year and subtracting the gross profit dollars earned by the Company during the prior fiscal year, and then dividing that amount by
the amount of gross profit achieved during the prior fiscal year. 
 Additionally, after all of the annual vesting calculations are complete and appropriate
shares vested, if any shares would otherwise be forfeited, a total compounded GPGR percentage calculation for the Company will be made for the period from fiscal year          through fiscal year
         to determine the aggregate minimum number of total Restricted Shares that will vest pursuant to this Award, as determined based on the table below: 
  

			
	 Cumulative Compounded GPGR percentage of
 the Company (comparing fiscal year         
 through fiscal year             )
	 	 MINIMUM percentage of total Restricted
 Shares to vest irrespective of annual GPGR
 calculation (b)

	 GPGR is 10%
	 	100%
	 GPGR is 7.5%
	 	  50%
	 GPGR is less than 5%
	 	    0%

	(b)	Actual vesting percentage shall calculated by interpolating the vesting percentages set forth in table above. 

  

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 Participant shall not be entitled to receive more than the total number of Restricted Shares shown as the “Number of
Shares Granted” set forth at the top of this document. 
 Any Restricted Shares covered by the Award that have not vested in accordance herewith or
pursuant to Section 4 below on or before                     , 20     shall be irrevocably forfeited

 4. a. Unless otherwise determined by the Committee [or unless as otherwise provided in Section 4(b) below], in the event that
Participant’s employment with the Company and/or any subsidiaries terminates before the Award is fully vested and the restrictions on all of the Restricted Shares have lapsed, Participant will, upon the date of Participant’s termination of
employment (as reasonably fixed and determined by the Company), forfeit the remainder of the Restricted Shares and the Company will be the owner of such remaining Restricted Shares and will have the right, without further action by Participant, to
transfer such remaining Restricted Shares into its name. 
 [b. If a Triggering Event (as defined in Section 4 (c) below) occurs
while Participant is employed by the Company (or if Participant’s employment is terminated during the pendency of an event that, if consummated, would lead to a Triggering Event), but before the Award is fully vested and the restrictions
applicable to all of the Restricted Shares have lapsed, then the date upon which the Triggering Event (or the date of the termination of Participant’s employment if Participant’s employment is terminated during the pendency of an event
that, if consummated, would lead to a Triggering Event) occurs will be the Vesting Date with respect to the unvested portion of the Award, and such unvested portion of the Award shall thereupon immediately vest and all restrictions on the remaining
Restricted Shares shall lapse.] [Note: This paragraph is applicable to grants for executive officers only] 
 [c. For purposes of this Award,
a “Triggering Event” occurs if, after the date of this Award, (i) any person, including a “group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, becomes the owner or beneficial owner of Company
securities having 50% or more of the combined voting power of the then outstanding Company securities that may be cast for the election of the Company’s directors; or (ii) as the direct or indirect result of, or in connection with, a
tender or exchange offer, a merger or other business combination, a sale of assets, a contested election of directors, or any combination of these events, the persons who were directors of the Company before such events cease to constitute a
majority of the Corporation’s Board, or any successor’s board, within three years of the last of such transactions. For purposes of this Award, a Triggering Event occurs on the date on which an event described in (i) or
(ii) occurs. If a Triggering Event occurs on account of a series of transactions or events, the Triggering Event occurs on the date of the last of such transactions or events.] [Note: This paragraph is applicable to grants for executive
officers only] 
 5. Participant will not sell, transfer, pledge, hypothecate or otherwise dispose of any Restricted Shares (or any interest
in such shares) prior to the Vesting Date as to which the restrictions applicable to such shares lapse. 
 6. Prior to a Vesting Date, the
Company will, at its option, reflect Participant’s ownership of the Restricted Shares in book-entry form with the Company’s transfer agent or through the issuance of one or more stock certificates. If the Company elects to reflect
ownership through the issuance of stock certificates, such certificates will be held in escrow with the Corporate Secretary of the Company in accordance with the provisions of this Award and the Plan. Subject to terms of this Award and the Plan,
Participant will have all rights of a shareholder with respect to the Restricted Shares while they are held in escrow or in book-entry form, including, without limitation, the right to vote the Restricted Shares and receive any cash dividends
declared on such shares. If, from time to time prior to the date that the Award is fully vested and the restrictions on all of the Restricted Shares have lapsed, there is (i) any stock dividend, stock split or other change in the Restricted
Shares, or (ii) any merger or sale of all or substantially all of the assets or other acquisition of the Company, any and all new, substituted or additional securities to which Participant is entitled by reason of his ownership of the
Restricted Shares shall be held on his behalf by the Company in book-entry form or through the issuance of one or more stock certificates and held in escrow pursuant to this section until vesting pursuant to the schedule applicable to the underlying
Restricted Shares, at which time all restrictions shall lapse. 
  

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 7. As described in the Plan, in the event of certain corporate transactions or other actions or events,
the Committee may take such actions with respect to this Award as it deems appropriate and consistent with the Plan. 
 8. Participant
understands that Participant (and not the Company) is responsible for any tax liability that may arise as a result of the transaction contemplated by this Award. Participant understands that Section 83 of the Internal Revenue Code of 1986, as
amended (the “Code”) taxes as ordinary income the difference between the amount paid for the Restricted Shares and the fair market value of the Restricted Shares as of the date the restrictions on such shares lapse. Participant understands
that Participant may elect to be taxed at the time of the Award, rather than when the restrictions lapse, by filing an election under Section 83(b) of the Code with the Internal Revenue Service within 30 days from the Grant Date. 
 9. As a condition of accepting this Award, Participant agrees to make arrangements for the payment of withholding of income taxes and employment taxes
upon the vesting of the Award and the lapse of restrictions on the Restricted Shares. Until adequate arrangements have been made, certificates representing Unrestricted Shares will not be issued to Participant. Participant may satisfy applicable
withholding taxes by any manner permitted by the Plan, subject to the consent of the Committee, including, (i) delivering a sufficient number of shares of already owned Common Stock (which have been owned by Participant for more than six
(6) months), and/or (ii) having the Company retain a sufficient number of shares from the distribution to be made to Participant. 
 10. The fact that the Participant has been granted this Award will not affect or qualify the right of the Company or a subsidiary to terminate the Participant’s employment at any time. 
 11. If any provision of this Award should be deemed void or unenforceable for any reason, it shall be severed from the remainder of the agreement, which
shall otherwise remain in full force and effect. 
 12. The Company may, in its discretion, delay delivery of a certificate required upon
vesting of the Award until (i) the admission of such shares to list on any stock exchange (including NASDAQ) on which the Common Stock may then be listed, (ii) the completion of any registration or other qualification of such shares under
any state or federal law, ruling, or regulation of any governmental regulatory body that the Company shall, in its sole discretion, determine if necessary or advisable, and (iii) the Company shall have been advised by counsel that it has
complied with all applicable legal requirements. 
 13. Any notice to be given under the terms of this Award shall be addressed to Optical
Cable Corporation, to the attention of the Chief Financial Officer, 5290 Concourse Drive, Roanoke, VA 24019, and any notice to be given to Participant or to his or her personal representative shall be addressed to him or her at the address set forth
below or to such other address as either party may, hereafter, designate in writing to the other. Notices shall be deemed to have been duly given if mailed, postage prepaid, addressed as aforesaid. 
 14. You may accept this Award, subject to the registration and listing of the shares issueable under the Plan, by signing and returning the enclosed copy
of this Award. Your signature will also evidence your agreement to the terms and conditions set forth herein and to which this Award is subject. 
 15. Along with this Award, you hereby acknowledge receipt of a copy of the Plan and the Prospectus for the Plan. Also, if you have previously been granted an award under the Plan, you hereby acknowledge that you have received all of the
reports, proxy statements and other communications generally distributed to the holders of the Company’s securities since the date(s) of such grant(s) and no later than the times of such distributions. 
 [16. Note: With respect to any individual Award, Committee may insert required retention periods for shares received pursuant to an Award, applicable
even after such shares are Unrestricted Shares.] [Note: With respect to any individual Award, Committee may condition receipt of shares under this Award on other events or conditions.] 
  

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 IN WITNESS WHEREOF, the Company has caused this Award to be signed, as of the Grant Date shown above.

  

			
	OPTICAL CABLE CORPORATION
		
	By:	 	  

 I hereby acknowledge receipt of this Award, the Plan, and the Prospectus for the Plan, and I
agree to conform to all terms and conditions of this Award and the Plan. 
  

					
	  
	 		 	  

	Name	 		 	Date:
			
	  
	 		 	  

	Signature	 		 	Address

  

 5Redemption Agreement

 Exhibit 10.16 
 EXHIBIT A to 
 Optical Cable Corporation 
 Stock Redemption Program 
 OPTICAL CABLE CORPORATION 
 10b5-1 REPURCHASE AGREEMENT 
 This 10b5-1 Repurchase Agreement (this “Repurchase Agreement”) is dated as of March 27, 2007, between Optical Cable Corporation, a Virginia corporation
(the “Issuer”), and BB&T Investment Services, Inc. (the “Broker”). 
 WHEREAS, the Issuer desires to establish this Repurchase
Agreement to repurchase shares of its common stock (the “Stock”); and 
 WHEREAS, the Issuer desires to engage the Broker to effect repurchases of
shares of Stock in accordance with this Repurchase Agreement; 
 NOW, THEREFORE, the Issuer and the Broker hereby agree as follows: 
  

	1.	Repurchases 

 A. Subject to the Issuer’s
continued compliance with Section 2 hereof, the Broker shall (i) effect a purchase or purchases (each, a “Purchase”) of up to 300,100 shares of the Stock (the “Total Plan Shares”) as set forth in Attachment 1, and
(ii) effect each Purchase in accordance with the trade parameters and trade order set forth in Attachment 1. 
 Attachment 1 may be
amended from time to time by Issuer with any such amendment being effective the next business day after receipt by Broker. Any such amendment shall be in writing signed by the President or Chief Financial Officer and delivered to Broker via
telecopy, transmitted to (704-954-1344), Attention: Darren Earnhardt. 
 B. Purchases may be made in the open market or through privately
negotiated transactions. The Broker shall comply with all applicable requirements of Rule 10b-18 promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”), specifically the requirements of paragraphs (b)(2), (b)(3) and
(b)(4) of Rule 10b-18 under the Exchange Act, in connection with Purchases of Stock in the open market pursuant to this Repurchase Agreement. The Issuer agrees not to take any action that would cause Purchases not to comply with Rule 10b-18, Rule
10b5-1 or Regulation M. 
  

	2.	Commission and Fees 

 The Issuer shall pay to the
Broker a commission of $.02 cents per share of Stock repurchased pursuant to this Repurchase Agreement. In addition, the Issuer shall pay to the Broker a $2.00 per transaction confirmation fee. In accordance with the Broker’s customary
procedures, the Broker will deposit shares of Stock purchased hereunder into an account established by the Broker for the Issuer against payment to the Broker of the purchase price therefor and commissions and other amounts in respect thereof
payable pursuant to this Section. The Issuer will be notified of all transactions pursuant to customary trade confirmations. 
  

 1 

	3.	Term of the Repurchase Agreement  

 A. This
Repurchase Agreement shall become effective immediately and shall terminate upon the first to occur of the following: 
  

	 	i.	the ending of the Trading Period, as set forth in Attachment 1; 

  

	 	ii.	the purchase of the number of Total Plan Shares pursuant to this Repurchase Agreement; 

  

	 	iii.	the end of the second business day following the date of receipt by the Broker of notice of early termination substantially in the form of Appendix A hereto, signed by the
Issuer’s President or Chief Financial Officer, delivered to the Broker by telecopy, transmitted to (704-954-1344), Attention: Darren Earnhardt; 

  

	 	iv.	the commencement of any voluntary or involuntary case or other proceeding seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or similar law or
seeking the appointment of a trustee, receiver or other similar official, or the taking of any corporate action by the Issuer to authorize or commence any of the foregoing; 

  

	 	v.	the public announcement of a tender or exchange offer for the Stock or of a merger, acquisition, recapitalization or other similar business combination or transaction as a result of
which the Stock would be exchanged for or converted into cash, securities or other property; or 

  

	 	vi.	the failure of the Issuer to comply with Section 2 hereof. 

 B. Sections 2 and 13 of this Repurchase Agreement shall survive any termination hereof. In addition, the Issuer’s obligation under Section 2 hereof in respect of any shares of Stock purchased prior to any termination hereof shall
survive any termination hereof. 
  

	4.	Market Disruptions and Restrictions 

 The Issuer
understands that the Broker may not be able to effect a Purchase due to a market disruption or a legal, regulatory or contractual restriction or internal policy applicable to the Broker or otherwise. If any Purchase cannot be executed as required by
Section 1 due to a market disruption, a legal, regulatory or contractual restriction or internal policy applicable to the Broker or any other event, such Purchase shall be cancelled and shall not be effected pursuant to this Repurchase
Agreement. 
  

	5.	Representations of Issuer 

 The Issuer represents
and warrants, on the date hereof and on the date of any amendment hereto, that: 
 A. it is not aware of material, nonpublic information with
respect to the Issuer or any securities of the Issuer (including the Stock); 
 B. it is entering into or amending, as the case may be, this
Repurchase Agreement in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1 under the Exchange Act or other applicable securities laws; and 
  

 2 

 C. its execution of this Repurchase Agreement or amendment hereto, as the case may be, and the Purchases
contemplated hereby do not and will not violate or conflict with the Issuer’s certificate of incorporation or by-laws or, if applicable, any similar constituent document, or any law, rule regulation or agreement binding on or applicable to the
Issuer or any of its subsidiaries or any of its or of their property or assets. 
  

	6.	Rules 10b5-1 and 10b-18 

 It is the intent of the
parties that this Repurchase Agreement comply with the requirements of Rule 10b5-1(c)(1)(i)(B) and Rule 10b-18 under the Exchange Act, and this Repurchase Agreement shall be interpreted to comply with the requirements thereof. 
  

	7.	Notification and Indemnification 

 The Issuer shall,
on the business day prior to the intended date of such purchase, notify the Broker of the intention on the part of any affiliated purchaser, as defined in Rule 10b-18, of the Issuer to purchase the Stock on any day if such purchase is to be effected
otherwise than through the Broker pursuant to this Repurchase Agreement and the Broker shall refrain from purchasing any Stock hereunder on the day following receipt of such notice. The Issuer shall be solely responsible for any purchases made by
the Broker as the Issuer’s agent prior to the Broker’s receipt of such written notice. Notwithstanding the foregoing, if the Broker receives such notice, the Broker may nevertheless be entitled to make, and the Issuer shall be solely
responsible for, a purchase hereunder pursuant to a bid made before such notice is received by the Broker. The Issuer shall be solely responsible for notifying the Broker of any purchases of the Stock by any such affiliated purchaser, and, without
limiting the generality of Section 14 hereof, the Issuer agrees to indemnify and hold harmless the Broker for any failure to so notify the Broker or any error in any such notification. The Issuer also acknowledges that any action that it takes
that causes or influences any such affiliated purchaser to purchase the Stock may cause the Daily Share Purchase Amount to be reduced. 
  

	8.	Exclusive Agreement 

 At the time of the
Issuer’s execution of this Repurchase Agreement, the Issuer has not entered into a similar agreement with respect to the Stock. The Issuer agrees not to enter into any such agreement while this Repurchase Agreement remains in effect.

  

	9.	Compliance 

 Except as specifically contemplated
hereby, the Issuer shall be solely responsible for compliance with all statutes, rules and regulations applicable to the Issuer and the transactions contemplated hereby, including, without limitation, reporting and filing requirements. 

 

	10.	Applicable Law 

 This Repurchase Agreement shall be
governed by and construed in accordance with the laws of the Commonwealth of Virginia (without regard to its conflicts of laws provisions), and may be modified or amended only by a writing signed by the parties hereto. 
  

 3 

	11.	Authorization of Program 

 The Issuer represents and
warrants that the transactions contemplated hereby are consistent with the Issuer’s publicly announced stock repurchase program (“Program”) and said Program has been duly authorized by the Issuer’s Board of Directors. 

 

	12.	Stock Splits 

 The number of Total Plan Shares,
other share amounts and prices, if applicable, set forth in section 1(a) shall be adjusted automatically on a proportionate basis to take into account any stock split, reverse stock split or stock dividend with respect to the Stock or any change in
capitalization with respect to the Issuer that occurs during the term of this Repurchase Agreement. 
  

	13.	Authority, Influence and Control 

 Except as
contemplated by Section 1.A. and Section 3.A. iii. of this Repurchase Agreement, the Issuer acknowledges and agrees that it will have limited authority, influence or control over any Purchase effected by the Broker pursuant to this
Repurchase Agreement and the Issuer will not attempt to exercise any authority, influence or control over Purchases. The Broker agrees not to seek advice from the Issuer with respect to the manner in which it effects Purchases under this Repurchase
Agreement. 
  

	14.	Indemnification 

 The Issuer agrees to indemnify and
hold harmless the Broker and its affiliates and their officers, directors, employees and representatives against any loss, claim, damage or liability, including legal fees and expenses, arising out of any action or proceeding relating to this
Repurchase Agreement or any Purchase, except to the extent that any such loss, claim, damage or liability is determined in a non-appealable determination of a court of competent jurisdiction to be solely the result of the indemnified person’s
willful misconduct or gross negligence. 
  

	15.	Counterparts 

 This Repurchase Agreement may be
executed in any number of counterparts, all of which, taken together, shall constitute one and the same agreement. 
 [END OF PAGE]

 [SIGNATURE PAGE FOLLOWS] 
  

 4 

 IN WITNESS WHEREOF, the undersigned have signed this Repurchase Agreement as of the date first written
above. 
  

			
	BB&T Investment Services, Inc.
	
	  

	Name: Darren Earnhardt
	Its: Chief Financial Officer
	
	OPTICAL CABLE CORPORATION
		
	By:	 	  

		 	Tracy G. Smith
		 	Chief Financial Officer

  

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