Document:

Exhibit 10.26

	
  Director Compensation for

  Non-Employee Members of Board

  this will include Stonington directors
  post-IPO

  	
   

  	
  REVISED APRIL 2007

  

 

	
  Cash Compensation

  	
   

  	
   

  	
   

  	
  Retainer

  	
   

  	
  per qtr

  	
   

  
	
  Annual BOD
  Retainer (payable quarterly in advance)

  	
   

  	
  $

  	
  30,000

  	
   

  	
  $

  	
  7,500

  	
   

  
	
  Annual Audit
  Committee Chair Retainer (payable quarterly in advance)

  	
   

  	
  $

  	
  10,000

  	
   

  	
  $

  	
  2,500

  	
   

  
	
  Annual Other Committee
  Chair Retainer (payable quarterly in advance)

  	
   

  	
  $

  	
  5,000

  	
   

  	
  $

  	
  1,250

  	
   

  

 

	
  Meeting Fees

  	
   

  	
   

  	
   

  	
  In Person

  	
   

  	
  Telephonic

  	
   

  
	
  BOD

  	
   

  	
   

  	
  $

  	
  1,500

  	
   

  	
   

  	
   

  	
  $

  	
  500

  	
   

  	
   

  
	
  Any Committee

  	
   

  	
   

  	
  $

  	
  500

  	
   

  	
   

  	
   

  	
  $

  	
  500

  	
   

  	
   

  

 

Restricted Stock

Any new non-employee
director who has not been in our prior employ will receive an initial grant of
restricted stock with a fair market value of $30,000. Each non-employee
director shall receive an annual grant of restricted stock with a fair market
value of $30,000. The restricted stock awards will be granted to each director
upon election and will be vested on the first anniversary of the date of grant.
Awards of restricted stock after the initial grant shall be prorated to
accommodate situations where a director is initially elected other than at an
annual meeting.

Non-employee directors shall be reimbursed for travel
expenses incurred in attending Board of Directors and Committee meetings.

New Outside Directors added 2005 received:

Grants of 3,000 shares (2,500 shares post
December 2006 reverse stock split) that vest in One Year at $9.00
valuation $27,000Exhibit 10.1

RESTRICTED STOCK AGREEMENT

THIS RESTRICTED STOCK AGREEMENT (this “Agreement”)
is made as of May    , 2007 between Symmetry Medical Inc.,
a Delaware corporation (the “Company”), and         (“Grantee”).

WHEREAS, the Grantee is an employee of the Company;
and

WHEREAS, the grant of the shares of restricted stock
(as governed by the Company’s Amended and Restated 2004 Equity Incentive Plan
(the “Plan”) to the Grantee described herein has been approved by the
Company’s Compensation Committee.

NOW, THEREFORE, pursuant to the Plan, the Company,
upon the terms and conditions set forth herein, hereby grants to you         
restricted shares of Common Stock, par value $.0001, (“Common Stock”) of
the Company (the “Restricted Shares”) effective as of the date hereof
(the “Date of Grant”), and subject to the terms and conditions of the
Plan and the terms and conditions of this Agreement.

1. Definitions. All capitalized terms used
herein and not otherwise defined herein shall have the meanings assigned to
them in the Plan.

2. Issuance of Shares. In consideration of the
Grantee’s service as an employee of the Company, the Restricted Shares shall be
issued to the Grantee, and, upon payment to the Company by the Grantee of the
aggregate par value thereof, which payment shall be made within 10 days of the
date hereof, shall be fully paid and nonassessable and shall be represented by
a certificate or certificates issued in the name of the Grantee and endorsed
with an appropriate legend referring to the restrictions hereinafter set forth.

3. Restrictions on Transfer of Shares. The
Restricted Shares may not be sold, assigned, transferred, conveyed, pledged,
exchanged or otherwise encumbered or disposed of (each, a “Transfer”) by
the Grantee, except to the Company, unless and until they have become
nonforfeitable as provided in Section 4 hereof. Any purported encumbrance or
disposition in violation of the provisions of this Section 3 shall be void AB INITIO, and the other party to any such
purported transaction shall not obtain any rights to or interest in the
Restricted Shares. As and when permitted by the Plan, the Committee may in its
sole discretion waive the restrictions on transferability with respect to all
or a portion of the Restricted Shares. Notwithstanding the foregoing, Grantee
may not Transfer Restricted Shares which have become nonforfeitable as provided
in Section 4 hereof unless such Restricted Shares are registered pursuant to
the Securities Act of 1933 (the “Securities Act”), are sold under Rule 144
promulgated under the Securities Act or unless the Company, after consultation
with counsel, and its counsel agree with Grantee that such Transfer is not
required to be registered under the Securities Act.

4. Vesting of Shares.

(a) Subject to paragraph (b) below and Section 5
hereof, the Restricted Shares shall vest and become nonforfeitable if the
Grantee remains an employee of the Company through the last day of the fiscal
year relating to calendar year 2009.

(b) Notwithstanding the provisions of Section 4(a)
above, the Restricted Shares shall vest and become nonforfeitable as set forth
in Section 4(a) above on the vesting date only if the Company achieves: (i) an
aggregate amount of Operating Income for the fiscal years relating to calendar
years 2007, 2008 and 2009, at least equal to (ii) the aggregate amount of
Minimum Operating Income for such three fiscal years. For purposes of the
Section 4, “Operating Income” shall mean, with respect to any Person(s)
for any period, the earnings of such Person(s) for such period before interest
and taxes for such period, determined on a consolidated basis in accordance
with United States generally accepted accounting principles as in effect from
time to time. “Minimum Operating Income” shall mean, with respect to any
fiscal year, targeted Operating Income with respect to such fiscal year as such
targeted Operating Income is (A) determined in accordance with the Company’s
budgeting and forecast procedures, and (B) approved by the Committee.
Determinations and interpretations of the Committee on all matters relating to
the Plan and this Agreement, including determinations and interpretations with
respect to Operating Income and Minimum Operating 

Income,
shall be in the Committee’s sole discretion and shall be conclusive and binding
on the Grantee and the Company.

(c) Notwithstanding the provisions of Section 4(a)
above, in connection with a Change in Control, the provisions set forth in
Section 13 of the Plan shall govern with respect to the acceleration of the
vesting of the Restricted Shares.

(d) Notwithstanding the provisions of Section 4(a) or
4(b) above, the Committee may, in its sole discretion, vest or accelerate the
vesting of shares of the Restricted Shares at any time.

(e) Notwithstanding the provisions of Section 4(a) or
4(b) above, the Restricted Shares shall automatically vest and become
nonforfeitable seven (7) years from the Date of Grant.

5. Forfeiture of Shares. If the Grantee ceases
to be an employee of the Company due to death or Disability during any period
of restriction, any non-vested Restricted Shares shall immediately vest and all
restrictions on the Restricted Shares shall lapse and certificate(s)
representing such Restricted Shares shall be delivered by the Company
reasonably promptly upon a request by the Grantee. If the Grantee ceases to be
an employee of the Company for any other reason, any non-vested Restricted
Shares shall be forfeited by the Grantee and the certificate(s) representing
the non-vested portion of the Restricted Shares so forfeited shall be canceled.

6. Dividend, Voting and Other Rights. Except as
otherwise provided in this Agreement, from and after the Date of Grant, the
Grantee shall have all of the rights of a stockholder with respect to the
Restricted Shares, including the right to vote the Restricted Shares and
receive any dividends that may be paid thereto, provided, however, that any
additional Common Stock or other securities that the Grantee may become
entitled to receive pursuant to a stock dividend, stock split, recapitalization,
combination of shares, merger, consolidation, separation or reorganization or
any other change in the capital structure of the Company shall be subject to
the same risk of forfeiture, certificate delivery provisions and restrictions
on transfer as the forfeitable Restricted Shares in respect of which they are
issued or transferred and shall become Restricted Shares for the purposes of
this Agreement.

7. Retention of Stock Certificate(s) by the Company.
The certificate(s) representing the Restricted Shares shall be held in custody
by the Company, together with a stock power in the form of Exhibit A hereto
which shall be endorsed in blank by the Grantee and delivered to the Company
within 10 days of the date hereof, until such shares have become nonforfeitable
in accordance with Section 4.

8. Compliance with Law. The Company shall make
reasonable efforts to comply with all applicable federal and state securities
laws, provided, however, notwithstanding any other provision of this Agreement,
the Company shall not be obligated to issue or release from restrictions on
transfer any Restricted Shares pursuant to this Agreement if such issuance or
release would result in a violation of any such law.

9. Withholding Taxes. If the Company shall be
required to withhold any federal, state, local or foreign tax in connection
with any issuance or vesting of Restricted Shares or other securities pursuant
to this Agreement, and the amounts available to the Company for such
withholding are insufficient, the Grantee shall pay the tax or make provisions
that are satisfactory to the Company for the payment thereof. The Grantee may
elect to satisfy all or any part of any such withholding obligation by
surrendering to the Company a portion of the Restricted Shares that become
nonforfeitable hereunder, and the Restricted Shares so surrendered by the
Grantee shall be credited against any such withholding obligation at the market
value (determined with reference to the then current price of the Company’s
Common Stock as quoted on the New York Stock Exchange) per Share of such
Restricted Shares on the date of such surrender.

10. Conformity with Plan. The Agreement and the
Restricted Shares granted pursuant hereto are intended to conform in all
respects with, and are subject to all applicable provisions of, the Plan (which
is incorporated herein by reference). Inconsistencies between this letter
agreement and the Plan shall be

resolved
in accordance with the terms of the Plan. By executing this Agreement, you
acknowledge and agree to be bound by all of the terms of this Agreement and the
Plan.

11. Amendments. The provisions of this
Agreement may be amended and waived only with the prior written consent of the
Company and the Grantee.

12. Severability. In the event that one or more
of the provisions of this Agreement shall be invalidated for any reason by a
court of competent jurisdiction, any provision so invalidated shall be deemed
to be separable from the other provisions hereof, and the remaining provisions
hereof shall continue to be valid and fully enforceable.

13. Successors and Assigns. The provisions of
this Agreement shall inure to the benefit of, and be binding upon, the
successors, administrators, heirs, legal representatives and assigns of the
Grantee and the successors and assigns of the Company.

14. Notices. Any notice to the Company provided
for herein shall be in writing to the attention of the Secretary of the Company
at Symmetry Medical Inc., 220 W. Market Street, Warsaw, Indiana 46580, and any
notice to the Grantee shall be addressed to the Grantee at his address
currently on file with the Company. Except as otherwise provided herein, any
written notice shall be deemed to be duly given if and when hand delivered, or
five business days after having been mailed by United States registered or
certified mail, return receipt requested, postage prepaid, or three business
days after having been sent by a nationally recognized overnight courier
service, addressed as aforesaid. Any party may change the address to which notices
are to be given hereunder by written notice to the other party as herein
specified, except that notices of changes of address shall be effective only
upon receipt.

15. Governing Law. The laws of the State of New
York, without giving effect to the principles of conflict of laws thereof,
shall govern the interpretation, performance and enforcement of this Agreement.

IN WITNESS WHEREOF, the undersigned have executed this
Agreement as of the date first set forth above.

 

	
  

  	
  SYMMETRY MEDICAL INC.

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	 

	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	 

	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  ACKNOWLEDGED
  AND AGREED:

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  (Signature of
  Grantee)

  	
   

  	
   

  	 

							

 

EXHIBIT
“A”

FORM OF ASSIGNMENT SEPARATE FROM
CERTIFICATE

FOR VALUE RECEIVED,
                    
hereby sells, assigns and transfers unto
                    ,
             shares
of the Common Stock, par value $0.001 per share, of Symmetry Medical Inc., a
Delaware corporation (the “Company”) standing in its name on the books
of said Company represented by Certificate Number
            , and
does hereby irrevocably constitute and appoint
                    
as attorney to transfer the said stock on the books of the Company with full
power of substitution in the premises.

	
  Date:

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Holder

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