Document:

Exhibit 10.28

 Exhibit 10.28 
  
 THE ROWE COMPANIES 
  
 2003 STOCK OPTION AND INCENTIVE PLAN 
  
 NON-QUALIFIED STOCK OPTION AGREEMENT 
  
 NQSO NO.
                                        

  
 This option is granted on
                     20      (the “Grant Date”) by The Rowe Companies, a Nevada corporation (the
“Corporation”), to                                 
(“Optionee”), in accordance with the following terms and conditions: 
  
 1. Option Grant and Exercise Period. The Corporation hereby grants to the Optionee a Non-Qualified Stock Option (this “Option”) to purchase, pursuant to The Rowe Companies 2003 Stock Option and
Incentive Plan (as the same may from time to time be amended, the “Plan”) and this Agreement, an aggregate of
                     (the “Option Shares”) of the common stock of the Corporation, par value $1.00 per share (“Common
Stock”), at the price of $  .       per share (the “Exercise Price”). A copy of the Plan, as currently in effect, is incorporated herein by reference and is attached to this
Agreement. 
  
 This Option shall be exercisable only during the
period (the “Exercise Period”) commencing on the [Grant Date], and ending at 5:00 p.m., Elliston, Virginia time on the date ten years after the Grant Date, such later time and date being referred to as the “Expiration Date,”
subject to earlier expiration in accordance with Section 5 in the event of a cessation of the Optionee’s Continuous Service. 
  
 2. Method of Exercise of this Option. Except as otherwise provided in this Agreement, this Option may be exercised at any time during the Exercise
Period by giving written notice to the Corporation as hereinafter provided specifying the number of Option Shares to be purchased. 
  
 The notice of exercise of this Option must be in the form prescribed by the Committee referred to in Section 3 of the Plan and directed to the address set
forth in Section 11 below. The date of exercise is the date on which such notice is received by the Corporation. Such notice must be accompanied by payment in full of the Exercise Price for the Option Shares to be purchased upon such exercise.
Payment shall be made (i) in cash, which may be in the form of a check, bank draft or money order payable to the Corporation, or (ii) by delivering shares of Common Stock already owned by the Optionee having an aggregate Market Value equal to the
aggregate Exercise Price, or (iii) a combination of cash and such shares. Payment instruments shall be received by the Corporation subject to collection. Promptly after such payment, subject to Section 3 below, the Corporation shall issue and
deliver to the Optionee or other person exercising this Option, a certificate or certificates representing the shares of Common Stock so purchased, registered in the name of the Optionee (or such other person), or upon request, in the name of the
Optionee (or such other person) and in the name of another in 

  

 
such form of joint ownership as requested by the Optionee (or such other person) pursuant to applicable state law 
  
 3. Delivery and Registration of Shares of Common Stock. The
Corporation’s obligation to deliver shares of Common Stock hereunder shall, if the Committee so requests, be conditioned upon the receipt of a representation as to the investment intention of the Optionee or any other person to whom such shares
are to be delivered, in such form as the Committee shall determine to be necessary or advisable to comply with the provisions of the Securities Act of 1933, as amended, or any other federal, state or local securities law or regulation. In requesting
such representation, it may be provided that such representation requirement shall become inoperative upon a registration of such shares or other action eliminating the necessity of such representation under the Securities Act of 1933, as amended,
or other securities law or regulation. The Corporation shall not be required to deliver any shares upon exercise of this Option prior to (i) the admission of such shares to listing on any stock exchange or automated quotation system on which the
shares of Common Stock may then be listed or quoted, and (ii) the completion of such registration or other qualification of such shares under any state or federal law, rule or regulation, as the Committee shall determine to be necessary or
advisable. 
  
 4. Transferability of this Option. This
Option may not be assigned, encumbered, or transferred except: (i) in the event of the death of the Optionee, by will or the laws of descent and distribution to the extent provided in Section 5 below; (ii) pursuant to a “domestic relations
order,” as defined in Section 414(p)(1)(B) of the Code; or (iii) by gift to any member of the Optionee’s immediate family (as defined in Section 9 of the Plan) or to a trust for the benefit of one or more of such immediate family members.
This Option is exercisable during the Optionee’s lifetime only by the Optionee or by a person acting with legal authority of the Optionee unless it has been transferred as permitted hereby, in which case it shall be exercisable only by such
transferee. The provisions of this Option shall be binding upon, inure to the benefit of and be enforceable by the parties hereto, the successors and assigns of the Corporation and any person acting with legal authority of the Optionee or to whom
this Option is transferred. 
  
 5. Termination of Service or
Death of the Optionee. Except as provided in this Section 5 and notwithstanding any other provision of this Option to the contrary, this Option shall be exercisable only if the Optionee not incurred a cessation of Continuous Service at the time
of such exercise. 
  
 If the Optionee shall cease to maintain
Continuous Service for any reason other than Normal Retirement, death, isability or for Cause, then this Option, to the extent it is then exercisable, shall remain exercisable for the lesser of (A) three months following such cessation of Continuous
Service and (B) the period of time remaining until the Expiration Date. If the Optionee shall cease to maintain Continuous Service due to Normal Retirement, then this Option, to the extent it is then exercisable, shall remain exercisable for the
lesser of (A) five years following such cessation of Continuous Service and (B) the period of time remaining until the Expiration Date. If the Optionee shall cease to maintain Continuous Service due to Disability, then this Option, to the extent it
is then exercisable, 

  

 NQSO-2 

 
shall remain exercisable for the lesser of (A) one year following such cessation of Continuous Service and (B) the period of time remaining until the
Expiration Date. If the Optionee shall cease to maintain Continuous Service due to termination for Cause, then this Option, to the extent not previously exercised, shall immediately be forfeited. 
  
 If the Optionee shall cease to maintain Continuous Service due to death, or
if the Optionee should die during the three month, five year or one year period referred to in the immediately preceding paragraph, whichever is applicable, then this Option, to the extent exercisable immediately prior to the Optionee’s death,
shall remain exercisable by the person to whom this Option has been transferred (whether prior to the Optionee’s death as permitted hereby or upon the Optionee’s death by will or by the laws of descent and distribution) for the lesser of
(A) one year following the death of the Optionee and (B) the Committee may, as an alternative means of settlement of this Option, elect to pay to the person to whom this Option has been transferred (whether prior to the Optionee’s death as
permitted hereby or upon the Optionee’s death by will or by the laws of descent and distribution), the amount by which the Market Value per share of Common Stock on the date of exercise of this Option exceeds the Exercise Price, multiplied by
the number of Option Shares with respect to which this Option is properly exercised. Any such settlement of this Option shall be considered an exercise of this Option for all purposes of this Option and of the Plan. 
  
 6. Adjustments for Change in Capitalization of the Corporation. In the
event of any change in the outstanding shares of Common Stock by reason of any reorganization, recapitalization, stock split, stock dividend, combination or exchange of shares, merger, consolidation or any change in the corporate structure of the
Corporation or in the shares of Common Stock, the number and class of shares covered by this Option and the Exercise Price shall be appropriately adjusted by the Committee, whose determination shall be conclusive. 
  
 7. Effect of Merger. In the event of any merger, consolidation or
combination of the Corporation with or into another corporation (other than a merger, consolidation, or combination in which the Corporation is the continuing corporation and which does not result in the outstanding shares of Common Stock being
converted into or exchanged for different securities, cash or other property, or any combination thereof), the Optionee shall have the right (subject to the provisions of the Plan and the limitations contained herein), thereafter and during the
Exercise Period, to receive upon exercise of this Option an amount equal to the excess of the fair market value on the date of such exercise of the securities, cash or other property, or combination thereof, receivable upon such merger,
consolidation or combination in respect of a share of Common Stock over the Exercise Price, multiplied by the number of Option Shares with respect to which this Option shall have been exercised. Such amount may be payable fully in cash, fully in one
or more of the kind or kinds of property payable in such merger, consolidation or combination, or partly in cash and partly in one or more of such kind or kinds of property, all in the discretion of the Committee. 
  
 8. Stockholders’ Rights not Granted by this Option. The Optionee
is not entitled by virtue hereof to any rights of a stockholder of the Corporation or to notice of meetings of stockholders or to notice of any other proceedings of the Corporation. 
  

 NQSO-3 

 9. Withholding Tax. Where the Optionee or another person is entitled to receive Option Shares
pursuant to the exercise of this Option, the Corporation shall have the right to require the Optionee or such other person to pay to the Corporation the amount of any taxes which the Corporation or any of its Affiliates is required to withhold with
respect to such Option Shares, or, in lieu thereof, to retain, or sell without notice, a sufficient number of shares to cover the amount required to be withheld or in lieu of any of the foregoing, to withhold a sufficient sum from the
Optionee’s compensation payable by the Corporation or any Affiliate to satisfy its withholding obligation, as determined in the sole discretion of the Corporation, subject to applicable federal, state and local law. 
  
 10. Notices. All notices hereunder to the Corporation shall be
delivered or mailed to it addressed to the Secretary of The Rowe Companies, 2121 Gardner Street, Elliston, Virginia 24087. Any notices hereunder to the Optionee shall be delivered personally or mailed to the Optionee’s address noted below. Such
addresses for the service of notices may be changed at any time provided written notice of the change is furnished in advance to the Corporation or the Optionee, as the case may be. 
  
 12. Plan and Plan Interpretations as Controlling. This Option and the terms and conditions herein set forth are
subject in all respects to the terms and conditions of the Plan, which are controlling. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Plan. All determinations and interpretations of the Committee shall
be binding and conclusive upon the Optionee or the Optionee’s legal representatives or any person to whom this Option is transferred as permitted hereby with regard to any question arising under this Agreement or under the Plan. 
  
 13. Optionee Service. Nothing in this Option shall limit the rights of
the Corporation or any of its Affiliates to terminate the Optionee’s service as an employee, officer or director or otherwise impose upon the Corporation or any of its Affiliates any obligation to employ or accept the services of the Optionee.

  
 14. Amendment. The Committee may waive any conditions
of or rights of the Corporation or modify or amend the terms of this Option consistent with the terms of the Plan, provided, however, that the Committee may not amend, alter, suspend, discontinue or terminate any provision hereof which may adversely
affect the Optionee without the Optionee’s (or the Optionee’s legal representative’s) written consent. 
  
 15. Optionee Acceptance. The Optionee shall signify the Optionee’s acceptance of the terms and conditions of this Option by signing in the
space provided below and returning a signed copy of this Agreement to the Corporation as the address set forth in Section 11 above. 
  

 NQSO-4 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first
above written. 
  

			
	THE ROWE COMPANIES
		
	BY:	 	 
	 	 	 Gerald M. Birnabach

	 	 	 President

  

	
	ATTEST:
	
	  
	 Deborah C. Jacks

  

	
	ACCEPTED:
	
	 
	 «NAME»

	
	 
	(Street Address)
	
	 
	(City, State and Zip Code)
	
	 
	(Social Security Number)

  

 NQSO-5Exhibit 10.29

 Exhibit 10.29 
  
 DEFERRED COMPENSATION AGREEMENT 
  
 THIS AGREEMENT, made and entered into this 31st day of August, 1978, by and between ROWE FURNITURE CORPORATION, a Virginia
corporation (hereinafter referred to as the “Company”), and BARRY A. BIRNBACH (hereinafter referred to as the “Employee”). 
  
 WITNESSETH: 
  
 WHEREAS, Employee is and has been employed by the Company and by reason of said employment has attained an important executive or managerial position,
and, further, acquired intimate knowledge and expertise of considerable value to the Company; and 
  
 WHEREAS, in recognition of Employee’s value to the Company, his past services, and as an inducement to secure his future services, the Company is
desirous of providing said Employee with certain benefits; and 
  
 WHEREAS, Employee is desirous of continuing in the employ of the Company until his retirement; 
  
 NOW, THEREFORE, in consideration of the forgoing and the mutual promises of the parties hereto, it is hereby agreed as follows: 
  

	 	1.	Employment 

  
 The Company shall continue to employ Employee until such time as said employment is terminated by: (a) Employee’s retirement; or (b) action of the
Company discharging Employee from his duties prior to any such retirement. 
  

	 	2.	Duties 

  
 Employee shall perform services for the Company 
  

 in accordance with his executive or managerial responsibilities, but may, from time to time, be called upon to serve the
Company in one or more different capacities. 
  

	 	3.	Compensation 

  
 As regular compensation for his services to the Company, Employee shall receive a salary as from time to time is determined by the Company. 
  

	 	4.	Normal Retirement 

  
 (a) If Employee remains in the continuous employ of the Company, he shall retire from active employment with the Company on his sixty-fifth (65th)
birthday (hereinafter, the “Normal Retirement Date”). 
  
 (b) Employee’s retirement date may be accelerated or extended by action of the President of the Company; provided, however, that any such acceleration or extension which is initiated by the Company shall in no way diminish
Employee’s rights or entitlements under any provision of this Agreement, and Employee shall be treated for all purposes hereunder as if he had retired as of the Normal Retirement Date. It is expressly understood that this provision shall not
apply to Employee if he is discharged from his duties prior to attaining age sixty-five (65). Such situation shall be governed by Paragraph 10 of this Agreement. 
  
 (c) Notwithstanding the forgoing provisions of Subparagraphs (a) and (b) hereinabove, if Employee remains in the continuous
employ of the Company, he may retire from active employment with the Company on or after his sixty-second (62nd) birthday (hereinafter, the “Accelerated Retirement Date”). 
  

	 	5.	Deferred Compensation Benefit and Payments 

  
 The Employee’s deferred compensation benefit shall be the aggregate sum of One Hundred Thousand Dollars ($100,000.00) and shall be paid in accordance
with the following provisions: 
  
 (a) Upon the Employee actually
retiring on or after the Normal Retirement Date, he shall receive his deferred compensation benefit in one hundred twenty (120) equal monthly installments of Eight Hundred Thirty-Three Dollars and Thirty-Three Cents ($833.33), commencing on the
first day of the month next following his retirement. 
  
 (b) If
the Employee elects to voluntarily retire on or after the Accelerated Retirement Date, but prior to the Normal Retirement Date, then in that event, he shall receive his deferred compensation benefit in equal monthly installments, commencing
on the first day of the month next following his voluntary retirement and continuing until the month including the Employee’s seventy-fifth (75th) birthday. 
  
 (c) In the event of Employee’s death at a time when less than all such monthly payments have been made, the Company
shall continue to make identical monthly payments to such persons as he may have designated, pursuant to the provisions of Paragraph 6 below, until such time as all payments provided for in Subparagraph (a) or (b), as the case may be, have been made. 
  

	 	6.	Designation of Beneficiaries 

  
 The Employee may file with the Secretary of the Corporation a written designation of one or more primary 
  

 shall be made after his death.    Such payments will be divided among the primary beneficiaries who
survive the Employee in such proportions as designated or equally, if not so designated. If no primary beneficiary survives the Employee, such payments will be divided among the contingent beneficiaries who survive the Employee in such proportions
as may be designated or equally, if not so designated. If no primary or contingent beneficiary is named by Employee or survives the Employee, such payments shall be made to the Estate of the Employee. The Employee shall have the right to change the
beneficiary or beneficiaries from time to time, whether before or after severance of employment; provided, however, that any change shall not become effective until received in writing by the Secretary of the Corporation. 
  

	 	7.	Death of Employee Prior to Retirement 

  
 In the event that Employee should die while in the active employ of the Company, the Company agrees to pay to such persons as he may have designated (in
accordance with the provisions of Paragraph 6 above) a sum equal to One Hundred Thousand Dollars ($100,000.00), which sum shall be paid in one hundred twenty (120) monthly installments at the rate of Eight Hundred Thirty-Three Dollars and
Thirty-Three Cents ($833.33) per month, commencing on the first day of the month following Employee’s death. 
  

	 	8.	Termination of Employment by Employee Prior to Normal Retirement Date 

  

In the event that Employee voluntarily terminates his employment with the Company for reasons other than attaining age sixty-two (62), death, or
disability (as hereinafter defined), no payment shall be due to said 
  

 
Employee and/or his beneficiaries under any provision of this Agreement. 
  

	 	9.	Disability of Employee 

  
 In the event that Employee, while still in the active employ of the Company and prior to his attaining age sixty-two (62), should become physically
or mentally disabled to the extent that he is prevented from engaging in his customary activity in his executive or managerial position and such disability has continued on an uninterrupted basis for a period of at least six (6) months, and Employee
or Company terminates his employment, then in that event, Employee shall be entitled, upon termination of employment, to receive the benefits provided in Paragraph 5(a) in accordance with the provisions thereof. 
  

	 	10.	Discharge of Employee Prior to Normal Retirement Date 

  
 (a) If, prior to attaining age sixty-five (65), Employee is discharged from his employment by the Company, and at the time of such discharge he is less
than fifty-five (55) years of age, he shall be entitled to no benefits available under any provision of this Agreement; provided, however, that if Employee, at the time of such discharge, has completed at least fifteen (15) years of service with the
Company and his age plus years of service with the Company is equal to or greater than the sum of sixty (60), then in that event, Employee shall be entitled, upon attaining age 

 sixty-five (65) years or his death, whichever shall first occur, to receive the normal retirement benefits provided in
Paragraph 5, or death benefits provided in Paragraph 7 at his death, as though Employee was still in the active employ of the Company. 
  
 (b) If Employee, at the time of such discharge, is fifty-five (55) years of age or older and has not completed at least fifteen (15) years of
service with the Company and his age plus years of service with the Company is not equal to or greater than the sum of sixty (60), then in that event, Employee shall be entitled to receive a reduced share of benefits accruing to an Employee who
remains in the continuous employ of the Company until his sixty-fifth (65th) birthday based on the following schedule: 
  

			
	 Age of Employee at the Date of Discharge

	  	Monthly Payment Equals the Following
Percentage of Monthly Payment Due
at Age 65 Under Paragraph 5(a)

	 55
	  	50%
	 56
	  	55%
	 57
	  	60%
	 58
	  	65%
	 59
	  	70%
	 60
	  	75%
	 61
	  	80%
	 62
	  	85%
	 63
	  	90%
	 64
	  	95%
	 65
	  	100%

  
 (c) The monthly
payment made at a discounted rate pursuant to the above schedule shall commence on the first day of the month following Employee’s sixty-fifth (65th) birthday, or his death, as the case may be, and shall be in full discharge of the
Company’s obligation for such monthly payments hereunder. 
  
 (d) In the event that Employee should die at a time when he is entitled to receive or is receiving monthly 
  

 payments at a discounted rate, payments shall commence or continue to be made to his designated beneficiary at the
applicable rate which would have prevailed had Employee remained alive, such payments to be made until such time as a total of one hundred twenty (120) monthly payments have been made. 
  

	 	11.	Noncompetition and Nondisclosure Agreement 

  
 (a) In consideration of Employee’s continued present employment by the Company, Employee agrees that, during or after his employment under
this Agreement, he shall not: (i) individually engage, either directly or indirectly, in competition with the Company; (ii) serve in the capacity of a director or employee of any corporation or business entity so engaged, without the express
consent of the Company’s Board of Directors; or (iii) disclose to anyone not legally entitled thereto any information of a confidential nature relative to any facet of the business of the Company. 
  
 (b) It is understood by Employee that, in the event of his failure to comply
with the forgoing in any respect within thirty (30) days following the Company’s request that he so comply, no further payments shall be due or payable by the Company to anyone under any provision of this Agreement, including Paragraph
10(b) above, and the Company shall have no further liability hereunder. 
  

	 	12.	Insurance Funding 

  
 It is contemplated that the Company will acquire an insurance policy in connection with the funding of the obligations assumed by it under this Agreement.
With respect to any such policy, the following shall obtain: 
  

 (a) Employee (or any designated beneficiary of Employee, as the case may be) shall have no rights with
respect to, or claim against, such policy, except as expressly provided by the terms of such policy. 
  
 (b) Such policy shall not be deemed held under any trust for the benefit of Employee or his beneficiaries, or held in any way as collateral security for
the fulfillment of any obligations of the Company under this Agreement, except as may be expressly provided by the terms of such policy. 
  
 (c) Such policy shall be and remain a general, unrestricted asset of the Company. 
  
 (d) In the event that the payment of benefits under any such policy shall be challenged as not payable for any reason other
than nonpayment of premiums by the Company, the Company shall assign such policy to the Employee (or to his designated beneficiary or his Estate, as the case may be) and such assignment shall be in discharge of any and all obligations accruing to
the Company under this Agreement. 
  

	 	13.	Company Obligations 

  
 Although it is contemplated that the Company will acquire an insurance policy in connection with the funding of the obligations assumed by it under this
Agreement, it is not required either to purchase or maintain such insurance policy. The obligations of this Agreement shall be payable from the general funds of the Company and no segregation of assets shall be required to insure payment hereunder.

  

	 	14.	Nonalienation of Benefits 

  
 No right or benefit or payment under this Agreement shall be subject to anticipation, sale, assignment, pledge, encumbrance, or charge, and any attempt to
anticipate, sell, assign, pledge, encumber, or charge the same shall be void. No right or benefit or payment hereunder shall in any manner be liable for or subject to the debts, contracts, liabilities, or torts of the person entitled to such
benefits. 
  

	 	15.	Termination of Prior Deferred Compensation Agreement 

  
 This Agreement supercedes and replaces the prior Deferred Compensation Agreement entered into the 28th day of February, 1973, and the First Amendment to
Deferred Compensation Agreement executed the 9th day of September, 1976, and such prior agreements are hereby deemed void and of no further force and effect. 
  
 IN WITNESS WHEREOF, the Company and Employee have executed this Agreement under seal, each intending to be legally bound hereby. 
  

							
	 	 	 	 	 ROWE FURNITURE CORPORATION

	 (Corporate Seal)
	 	 	 	 
	 	 	 	 	 By
	 	 /s/ Gerald M. Birnbach

	 	 	 	 	 	 	 Gerald M. Birnbach
 President

	ATTEST:	 	 	 	 	 	 
				
	 /s/ Joseph Skarbek

	 	 	 	 	 	 
	 Joseph Skarbek
 Secretary
	 	 	 	 	 	 
	 	 	 	 	 	 	 /s/ BARRY A. BIRNBACH

	 	 	 	 	 	 	 BARRY A. BIRNBACH

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