Document:

EX-10.10 COMPENSATION ARRANGEMENTS, GREGORY

 

Exhibit 10.10

Compensation Arrangements with Bradley J. Gregory

     Georgia-Carolina Bancshares, Inc. (the “Company”) does not have a written employment agreement
with Bradley J. Gregory, Senior Vice President and Chief Financial Officer of the Company. Mr.
Gregory receives an annual salary of $130,000 per year (2008) with an annual incentive plan
enabling him to earn an additional $20,000. Mr. Gregory earned a bonus of $7,600 for 2007 under
the plan. Mr. Gregory will be eligible for annual stock option grants as determined by the Board
of Directors of the Company, and received an initial option grant to purchase 3,000 shares. In
addition, Mr. Gregory is entitled to the following fringe benefits: medical, dental, life and
disability insurance, and he may participate in the Company’s 401(k) plan after one year of
service.

     Mr. Gregory has entered into a Severance Protection Agreement with the Bank, which entitles
him to certain payments following a change in control of the Company. The Severance Protection
Agreement was filed with the Company’s Current Report on Form 8-K dated August 24, 2006 as Exhibit
10.1Ex-10.25 Form of Restricted Stock Agreement

 

Exhibit 10.25

CHICO’S FAS, INC.

2002 OMNIBUS STOCK AND INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT

Capitalized terms not defined herein have the meaning given such terms in the

Chico’s FAS, Inc. 2002 Omnibus Stock and Incentive Plan.

     This Restricted Stock Agreement (the “Agreement”) is dated as of March 7, 2008 (the “Grant
Date”), and is entered into between Chico’s FAS, Inc., a Florida corporation (the “Company”), and
NAME (the “Employee”).

     WHEREAS, the Compensation Committee of the Board of Directors of the Company (the “Committee”)
is authorized to make grants of Restricted Stock under the Company’s 2002 Omnibus Stock and
Incentive Plan, as amended (the “Plan”);

     WHEREAS, on or about March 7, 2008 the Committee approved the grant, pursuant to the Plan,
Restricted Stock to the Employee on the Grant Date provided that the Employee continued to be
employed as an employee of the Company on the Grant Date;

     NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises set forth
below, the parties hereto agree as follows:

     1. Grant of Restricted Stock. The Company hereby grants to the Employee all rights,
title and interest in the record and beneficial ownership of ## shares of common stock, $.01 par
value per share, of the Company (“Common Stock”) subject to the conditions described in Paragraphs
5 and 6 as well as the other provisions of this Restricted Stock Agreement (the “Restricted
Stock”). The Restricted Stock is granted pursuant to and to implement in part the Chico’s FAS,
Inc. 2002 Omnibus Stock and Incentive Plan (as amended and in effect from time to time, the “Plan”)
and is subject to the provisions of the Plan, which is hereby incorporated herein and is made a
part hereof, as well as the provisions of this Restricted Stock Agreement. The Employee agrees to
be bound by all of the terms, provisions, conditions and limitations of the Plan and this
Restricted Stock Agreement. All capitalized terms have the meanings set forth in the Plan unless
otherwise specifically provided in this Restricted Stock Agreement. All references to specified
paragraphs pertain to paragraphs of this Restricted Stock Agreement unless otherwise specifically
provided.

     2. No Transfer of Unvested Shares. During the period that any shares of Restricted
Stock are unvested as set forth in Paragraphs 3, 4, 5 and 6, such unvested shares shall not be
sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, other than by will,
the laws of descent and distribution, by qualified domestic relations order or as expressly
provided for in Paragraph 3. No right or benefit hereunder shall in any manner be liable for or
subject to any debts, contracts, liabilities, or torts of the Employee.

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     3. Custody of Restricted Stock. The shares of Restricted Stock will be issued in the
name of the Employee and deposited with the Plan Administrator as escrow agent (the “Escrow Agent”)
together with a stock power endorsed in blank by the Employee, and will not
be sold, assigned, transferred, pledged or otherwise disposed of or encumbered unless and until the
expiration of the Restriction Period set forth in Paragraph 5 and satisfaction of the vesting
conditions set forth in Paragraph 5 or the occurrence of any of the events contemplated by
Paragraphs 6(b), 6(c) , 6(d) or 6(e). Notwithstanding the foregoing, while such restrictions
remain in effect, the Employee may transfer the shares of Restricted Stock to a trust created by
such Employee for the benefit of the Employee and the Employee’s family as part of the Employee’s
estate planning program, provided that prior to any such transfer, (a) the Employee must submit to
the Company a legal opinion of the Employee’s counsel, satisfactory to the Committee, that the
transfer to such trust and the holdings of the shares of Restricted Stock by such trust shall have
no adverse tax or securities law consequences for the Company and (b) the trust must execute and
deliver to the Company a joinder to this Agreement, satisfactory to the Committee, which shall,
among other things, acknowledge the terms of the grant of the Restricted Stock and the restrictions
on transfer of the shares of Restricted Stock imposed and established pursuant to the terms of this
Agreement and the Plan and the trust must continue the deposit of the shares of Restricted Stock
with the Escrow Agent and deposit with the Escrow Agent a stock power endorsed in blank by the
trustee on behalf of the trust. The Company may instruct the transfer agent for its Common Stock
to place a legend on the certificates representing the shares of Restricted Stock or otherwise
reflect in its records the restrictions on transfer set forth in this Agreement and the Plan. The
certificate or certificates representing such shares of Restricted Stock will not be delivered by
the Escrow Agent to the Employee unless and until the shares of Restricted Stock have vested and
all other terms and conditions in this Agreement and the Plan have been satisfied.

     4. Risk of Forfeiture. Subject to Paragraphs 6(b), 6(c), 6(d) and 6(e),
should the Employee’s employment (defined below) with Company and each subsidiary (as the term
“subsidiary” is defined in the Plan) terminate prior to the end of the Restriction Period set forth
in Paragraph 5, the Employee shall forfeit the right to receive the Restricted Stock that would
otherwise have vested at the end of the Restriction Period. The Employee hereby appoints the
Escrow Agent with full power of substitution, as the Employee’s true and lawful attorney-in-fact
with irrevocable power and authority in the name and on behalf of the Employee to take any action
and execute all documents and instruments, including, without limitation, stock powers which may be
necessary to transfer the certificate or certificates evidencing such unvested shares of Restricted
Stock to the Company upon such forfeiture.

     5. Vesting Dates. Subject to Paragraph 6, the restrictions applicable to the
Restricted Stock will lapse as follows: (i) the restrictions as to one-third of the Restricted
Stock will lapse one year after the Grant Date; (ii) the restrictions as to an additional one-third
of the Restricted Stock will lapse two years after the Grant Date; and (iii) the restrictions as to
the remaining one-third of the Restricted Stock will lapse three years after the Grant Date. The
table below sets forth such lapse date for the Restricted Stock:

	 	 	 
	Number of Shares	 	Date Restrictions
	of Common Stock	 	Lapse
	##

	 	March 7, 2009
	##

	 	March 7, 2010
	##

	 	March 7, 2011

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     6. Termination of Service; Change in Control. Voluntary or involuntary termination of
service as an Employee, retirement, death or disability of the Employee, or occurrence of a Change
in Control, shall affect the Employee’s rights under this Restricted Stock Agreement as follows:

          a. Voluntary Termination or Termination for or Without Cause. If, other than as
specified below, the Employee voluntarily terminates service as a Employee of the Company or if the
Employee’s position as an employee of the Company is terminated by the Company for or without cause
prior to the last day of the Restriction Period, then the Employee shall forfeit the right to
receive all shares of Restricted Stock.

          b. Change in Control. If a Change in Control shall occur, then immediately all
nonvested Restricted Stock shall fully vest, all restrictions (other than those described in
Paragraph 10) applicable to such Restricted Stock shall terminate and the Company shall release
from escrow or trust and shall issue and deliver to the Employee a certificate or certificates for
all shares of Restricted Stock.

          c. Death or Disability. If the Employee’s position as an employee of the Company is
terminated by death or disability, then immediately all nonvested Restricted Stock shall fully
vest, all restrictions (other than described in Paragraph 10) applicable to Restricted Stock shall
terminate and the Company shall release from escrow or trust and shall issue and deliver to the
Employee, or in the case of death, to the person or persons to whom the Employee’s rights under
this Restricted Stock Agreement shall pass by will or by the applicable laws of descent and
distribution, or in the case of Disability, to the Employee’s personal representative, a
certificate or certificates for all Restricted Stock.

          d. Retirement. If the Employee’s position as an employee of the Company is terminated
by retirement prior to the last day of the Restriction Period, then immediately such number of
shares of nonvested Restricted Stock equal to the Accelerated Portion shall fully vest, all
restrictions (other than those described in Paragraph 10) applicable to the Accelerated Portion of
the nonvested Restricted Stock shall terminate, the Company shall release from escrow or trust and
shall issue and deliver to the Employee a certificate or certificates for the Accelerated Portion
of the nonvested Restricted Stock and the Employee shall forfeit the right to receive all shares of
the nonvested Restricted Stock in excess of the Accelerated Portion. For these purposes, the
“Accelerated Portion” shall be equal to the number of shares which is the product of (i) a
fraction, the numerator of which is the number of completed months elapsed beginning on the Grant
Date and ending on the date of termination of service as a Employee of the Company and the
denominator of which is the total number of months in the Restriction Period, multiplied by (ii)
the total number of shares of nonvested Restricted Stock immediately prior to the date of
termination of the Employee’s position as a Employee of the Company. For these purposes, the
Employee’s position as a Employee of the Company will be considered to be terminated by
“retirement” if the Employee has (i) reached age 55, and, (ii) the Employee’s combined age and
years of service with the Company as a Employee is equal to 65 or greater.

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          f. Definition of Employment. For purposes of this Restricted Stock Agreement,
“employment” means employment by the Company or a subsidiary. In this regard, neither the transfer
of the Employee from employment by the Company to employment by a subsidiary nor the transfer of
the Employee from employment by a subsidiary to employment by the Company nor the transfer of the
Employee from employment by a subsidiary to employment by another subsidiary shall be deemed to be
a termination of employment of the Employee. Moreover, the employment of the Employee shall not be
deemed to have been terminated because of absence from active employment on account of temporary
illness or during authorized vacation or during temporary leaves of absence from active employment
granted by the Company or a subsidiary for reasons of professional advancement, education, health,
or government service, or during military leave for any period if the Employee returns to active
employment within 90 days after the termination of military leave, or during any period required to
be treated as a leave of absence by virtue of any valid law or agreement. The Plan Administrator’s
determination in good faith regarding whether a termination of employment of any type or Disability
has occurred shall be conclusive and determinative.

     7. Ownership Rights. Subject to the restrictions set forth herein and subject to
Paragraph 9, the Employee is entitled to all voting and ownership rights applicable to the
Restricted Stock, including the right to receive any dividends that may be paid on Restricted
Stock, whether or not vested.

     8. Reorganization of Company and Subsidiaries. The existence of this Restricted Stock
Agreement shall not affect in any way the right or power of the Company or its stockholders to make
or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the
Company’s capital structure or its business, or any merger or consolidation of the Company or any
issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the
Restricted Stock or the rights thereof, or the dissolution or liquidation of the Company, or any
sale or transfer of all or any part of its assets or business, or any other corporate act or
proceeding, whether of a similar character or otherwise.

     9. Adjustment of Shares. In the event of stock dividends, spin-offs of assets or
other extraordinary dividends, stock splits, combinations of shares, recapitalizations, mergers,
consolidations, reorganizations, liquidations, issuances of rights or warrants and similar
transactions or events involving the Company (“Recapitalization Events”), then for all purposes
references herein to Common Stock or to Restricted Stock shall mean and include all securities or
other property (other than cash) that holders of Common Stock of the Company are entitled to
receive in respect of Common Stock by reason of each successive Recapitalization Event, which
securities or other property (other than cash) shall be treated in the same manner and shall be
subject to the same restrictions as the underlying Restricted Stock.

     10. Certain Restrictions. By accepting the Restricted Stock, the Employee agrees that
if at the time of delivery of certificates for shares of Restricted Stock issued hereunder any sale
of such shares is not covered by an effective registration statement filed under the Securities Act
of 1933 (the “Act”), the Employee will acquire the Restricted Stock for the Employee’s own account
and without a view to resale or distribution in violation of the Act or any other securities law,
and upon any such acquisition the Employee will enter into such written representations,
warranties and agreements as the Company may reasonably request in order to comply with the Act or
any other securities law or with this Restricted Stock Agreement.

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     11. Amendment and Termination. No amendment or termination of this Restricted Stock
Agreement which would impair the rights of the Employee shall be made by the Board, the Committee
or the Plan Administrator at any time without the written consent of the Employee. No amendment or
termination of the Plan will adversely affect the right, title and interest of the Employee under
this Restricted Stock Agreement or to Restricted Stock granted hereunder without the written
consent of the Employee.

     12. No Guarantee of Employment. This Restricted Stock Agreement shall not confer upon
the Employee any right with respect to continuance of employment or other service with the Company
or any subsidiary, nor shall it interfere in any way with any right the Company or any subsidiary
would otherwise have to terminate such Employee’s employment or other service at any time.

     13. Withholding of Taxes. The Company shall have the right to (i) make deductions
from the number of shares of Restricted Stock otherwise deliverable upon satisfaction of the
conditions precedent under this Restricted Stock Agreement (and other amounts payable under this
Restricted Stock Agreement) in an amount sufficient to satisfy withholding of any federal, state or
local taxes required by law, or (ii) take such other action as may be necessary or appropriate to
satisfy any such tax withholding obligations.

     14. No Guarantee of Tax Consequences. Neither the Company nor any subsidiary nor the
Plan Administrator makes any commitment or guarantee that any federal or state tax treatment will
apply or be available to any person eligible for benefits under this Restricted Stock Agreement.

     15. Severability. In the event that any provision of this Restricted Stock Agreement
shall be held illegal, invalid, or unenforceable for any reason, such provision shall be fully
severable, but shall not affect the remaining provisions of this Restricted Stock Agreement and
this Restricted Stock Agreement shall be construed and enforced as if the illegal, invalid, or
unenforceable provision had never been included herein.

     16. Governing Law. The Restricted Stock Agreement shall be construed in accordance
with the laws of the State of Florida to the extent federal law does not supersede and preempt
Florida law.

     17. Miscellaneous Provisions.

          (a) Not a Part of Salary. The grant of an Award under the Plan is not
intended to be a part of the salary of the Employee.

          (b) Conflicts With Any Employment Agreement. If the Employee has an employment
agreement with the Company or any of its subsidiaries which contains different or additional
provisions relating to vesting of restricted stock awards, or otherwise conflicts with
the terms of this Restricted Stock Agreement, the provisions of the employment agreement shall
govern.

          (c) Electronic Delivery and Signatures. The Employee hereby consents and agrees to
electronic delivery of any Plan documents, proxy materials, annual reports and other related
documents. If the Company establishes procedures for an electronic signature system for delivery
and acceptance of Plan documents (including documents relating to any programs adopted under the
Plan), the Employee hereby consents to such procedures and agrees that his or her electronic
signature is the same as, and shall have the same force and effect as, his or her manual signature.
The Employee consents and agrees that any such procedures and delivery may be effected by a third
party engaged by the Company to provide administrative services related to the Plan, including any
program adopted under the Plan.

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