Document:

EXHIBIT 10.2

 

BODY CENTRAL CORP.

NON-QUALIFIED STOCK OPTION AGREEMENT

NON-PLAN INDUCEMENT GRANT

 

THIS AGREEMENT dated as of February 5, 2013, between Body Central Corp., a corporation organized under the laws of the State of Delaware (the “Company”), and the individual identified in paragraph 1 below, currently residing at the address set out at the end of this Agreement (the “Optionee”).

 

1.                                      Grant of Option. The Company grants to you, the Optionee identified in the table below, an option (the “Option”) to purchase from the Company all or any part of a total of the number of shares identified in the table below (the “Optioned Shares”) of the common stock, par value $0.001 per share, of the Company (the “Stock”), at the exercise price per share set out in the table below as an inducement grant made pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.  For the avoidance of doubt, this Option is not issued under the Body Central Corp. Amended and Restated 2006 Equity Incentive Plan, as amended (the “Plan”) and does not reduce the share reserve under the Plan.  However, for interpreting the applicable provisions of this Option, the terms and conditions of the Plan (other than those applicable to the share reserve) shall govern and apply to this Option as if such Option had actually been issued under the Plan.

 

Optionee                                                                                                                                             Brian P. Woolf

 

Number of Shares                                                                                          300,000

 

Exercise Price Per Share                                                   $7.94

 

Grant Date                                                                                                                                 February 5, 2013

 

Expiration Date                                                                                                     February 5, 2023

 

2.                                      Character of Option.  This Option is not intended to be treated as an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended.

 

3.                                      Expiration of Option.  This Option shall expire at 5:00 p.m. Eastern Time on the Expiration Date identified in the table above or, if earlier, the earliest of the dates specified in whichever of the following applies:

 

(a)                                 If the termination of your employment or other association is on account of your death or disability, the first anniversary of the date your employment or other association ends.

 

(b)                                 If the termination of your employment or other association is due to any other reason (other than for cause), three (3) months after your employment or other association ends.

 

 

(c)                                  If the Company terminates your employment or other association for cause, or if at the termination of your employment or other association the Company had grounds to terminate your employment or other association for cause (whether then or thereafter determined), immediately upon the termination of your employment or other association.

 

4.                                      Exercise of Option. Until this Option expires, you may exercise it as to the number of Optioned Shares identified in the table below, in full or in part, at any time on or after the applicable exercise date or dates identified in the table. However, during any period that this Option remains outstanding after your employment or other association with the Company and its Affiliates ends, you may exercise it only to the extent it was exercisable immediately prior to the end of your employment or other association. The procedure for exercising this Option is described in Section 7 of the Plan; provided that you may also exercise by a “net exercise” arrangement pursuant to which the Company will reduce the number of Optioned Shares issuable upon exercise by the largest whole number of Optioned Shares with a Market Value that does not exceed the aggregate exercise price.

 

	
Number of Shares
   in Each Installment
    	
 
    	
Initial Exercise Date
   for Shares in Installment
    
	
75,000
    	
 
    	
February 5, 2014
    
	
18,750
    	
 
    	
May 5, 2014
    
	
18,750
    	
 
    	
August 5, 2014
    
	
18,750
    	
 
    	
November 5, 2014
    
	
18,750
    	
 
    	
February 5, 2015
    
	
18,750
    	
 
    	
May 5, 2015
    
	
18,750
    	
 
    	
August 5, 2015
    
	
18,750
    	
 
    	
November 5, 2015
    
	
18,750
    	
 
    	
February 5, 2016
    
	
18,750
    	
 
    	
May 5, 2016
    
	
18,750
    	
 
    	
August 5, 2016
    
	
18,750
    	
 
    	
November 5, 2016
    
	
18,750
    	
 
    	
February 5, 2017
    

 

5.                                      Transfer of Option.  The right to transfer this Option is subject to the terms of Section 7.6 of the Plan.

 

6.                                      Incorporation of Plan Terms. As set forth above, this Option is not granted under the Plan but is subject to all of the applicable terms and provisions of the Plan, including but not limited to the limitations on the Company’s obligation to deliver Optioned Shares upon exercise set forth in Section 10 (Settlement of Awards).

 

7.                                      Miscellaneous.  This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without regard to the conflict of laws principles thereof and shall be binding upon and inure to the benefit of any successor or assign of the Company and any executor, administrator, trustee, guardian, or other legal representative of you. Capitalized terms used but not defined herein shall have the meaning assigned under the Plan. This

 

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Agreement may be executed in one or more counterparts all of which together shall constitute but one instrument.

 

8.                                      Tax Consequences; Withholding.  The Company makes no representation or warranty as to the tax treatment to you of your receipt or exercise of this Option or upon your sale or other disposition of the Optioned Shares. You should rely on your own tax advisors for such advice. You understand that you (and not the Company or any Affiliate) shall be responsible for your own federal, state, local or foreign tax liability and any other tax consequences that may arise as a result of the transactions contemplated by this Option. You shall rely solely on the determinations of your tax advisors or your own determinations, and not on any statements or representations by the Company or any of its agents, with regard to all such tax matters.  You may elect to have the minimum required tax withholding obligation satisfied, in whole or in part, by authorizing the Company to withhold from shares of Stock to be issued a number of shares with an aggregate Market Value that would satisfy the minimum withholding amount due.

 

9.                                      Acknowledgment.  By accepting this Option you hereby agree and acknowledge to abide by the Company’s corporate governance and employment policies including, but not limited to, the Policy on Insider Trading Policy and the Code of Business Conduct and Ethics for Employees, Executive Officers and Directors, each as amended and in effect from time to time.

 

[Remainder of the Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, the parties have executed this Agreement as a sealed instrument as of the date first above written.

 

	
BODY   CENTRAL CORP.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Donna R. Ecton
    	
 
    	
/s/   Brian P. Woolf
    
	
 
    	
 
    	
Brian   P. Woolf
    
	
 
    	
 
    	
 
    
	
Title:  Chairman   of Compensation Committee of Body Central Corp.’s Board of Directors
    	
 
    	
 
    
				

 

[Signature Page to Non-Qualified Stock Option Agreement]EXHIBIT 10.3

 

BODY CENTRAL CORP.

RESTRICTED STOCK AWARD

NON-PLAN INDUCEMENT GRANT

 

February 5, 2013

 

Brian P. Woolf

Body Central Corp.

6225 Powers Avenue

Jacksonville, FL 32217

 

Dear Brian:

 

You have been granted an award of shares of common stock of Body Central Corp. (the “Company”) constituting a Restricted Stock Award (this “Award”) as an inducement grant made pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.  For the avoidance of doubt, this Award is not issued under the Body Central Corp. Amended and Restated 2006 Equity Incentive Plan, as amended (the “Plan”) and does not reduce the share reserve under the Plan.  However, for interpreting the applicable provisions of this Award, the terms and conditions of the Plan (other than those applicable to the share reserve) shall govern and apply to this Award as if such Award had actually been issued under the Plan.  This Award is also subject to the following terms and conditions:

 

	
Grant   Date:
    	
 
    	
February 5,   2013
    
	
 
    	
 
    	
 
    
	
Number   of shares of Restricted Stock (“Restricted Shares”):
    	
 
    	
One   Hundred Fifty Thousand (150,000)
    
	
 
    	
 
    	
 
    
	
Vesting   Schedule:
    	
 
    	
The   Restricted Shares will vest in installments as follows, provided you serve   continuously as an employee and/or director of the Company through such date:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Number of Shares in Each 
   Installment
    	
 
    	
Vesting date for Shares in 
   Installment
    
	
 
    	
 
    	
37,500
    	
 
    	
February 5, 2014
    
	
 
    	
 
    	
37,500 
    	
 
    	
February 5, 2015
    
	
 
    	
 
    	
37,500 
    	
 
    	
February 5, 2016
    
	
 
    	
 
    	
37,500
    	
 
    	
February 5, 2017
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Except   as otherwise provided above, upon your cessation of service as an employee   and/or a director of the Company prior to the date the Restricted Shares are   vested, you will forfeit the unvested Restricted Shares.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The   period prior to which the Restricted Shares vest is referred to in this Award   as the “Period of Restriction” with respect to unvested 
    

 

 

	
 
    	
 
    	
Restricted   Shares.
    
	
 
    	
 
    	
 
    
	
Release   of Shares:
    	
 
    	
The   Restricted Shares will be held in an account at the Company’s transfer agent   during the Period of Restriction. As soon as practicable after the Restricted   Shares vest, the applicable restrictions on the Restricted Shares will be   removed and such shares of Common Stock will be issued according to your   instructions; provided that the shares may be issued in the form of a stock   certificate or stock certificates or an appropriate book entry in the   discretion of the Company.
    
	
 
    	
 
    	
 
    
	
Transferability   of Restricted Shares:
    	
 
    	
You   may not sell, transfer, pledge, assign or otherwise alienate or hypothecate   any of your Restricted Shares during the Period of Restriction. In addition,   by accepting this Award, you agree not to sell, transfer, pledge, assign or   otherwise alienate or hypothecate any shares of Common Stock acquired under   this Award other than as set forth in the Plan and at a time when applicable   laws, Company policies or an agreement between the Company and its   underwriters do not prohibit a sale. The Company also may require you to   enter into a stockholder’s agreement that will include additional   restrictions on the transfer of shares of Common Stock acquired under this   Award that will remain effective after such shares have vested.
    
	
 
    	
 
    	
 
    
	
Voting   and Dividends:
    	
 
    	
While   the Restricted Shares are subject to forfeiture, you may exercise full voting   rights and will be credited with all dividends and other distributions paid   with respect to the Restricted Shares, in each case so long as the applicable   record date occurs before you forfeit the Restricted Shares; provided that   any such dividends and other distributions will be held in the custody of the   Company and will be subject to the same risk of forfeiture, restrictions on   transferability and other terms of this Award that apply to the Restricted   Shares with respect to which such distributions were made. All such dividends   or other distributions shall be paid to you within 45 days following the date   the Restricted Shares vest.
    
	
 
    	
 
    	
 
    
	
Transferability   of Award:
    	
 
    	
You   may not transfer or assign this Award for any reason, other than as set forth   in the Plan. Any attempted transfer or assignment will be null and void.
    
	
 
    	
 
    	
 
    
	
Taxes:
    	
 
    	
You   understand that you (and not the Company or any Affiliate) shall be   responsible for your own federal, state, local or foreign tax liability and   any other tax consequences that may arise as a result of the transactions   contemplated by this Award. You shall rely solely on the determinations of   your tax advisors or your own determinations, and not on any statements or   representations by the Company or any of its agents, with regard to all such   tax matters. You may elect to have the minimum required tax withholding   obligation satisfied, in whole or in part, by authorizing the Company to   withhold from Shares to be issued
    

 

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a   number of Shares with an aggregate Market Value that would satisfy the   minimum withholding amount due.
    
	
 
    	
 
    	
 
    
	
Miscellaneous:
    	
 
    	
·                  This Award may be amended   only by written consent signed by both you and the Company, unless the   amendment is not to your detriment. Notwithstanding the foregoing, this Award   may be amended or terminated by the Board or the Committee without your   consent in accordance with the provisions of the Plan.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
·                  The failure of the Company   to enforce any provision of this Award at any time shall in no way constitute   a waiver of such provision or of any other provision hereof.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
·                  In the event any provision   of this Award is held illegal or invalid for any reason, such illegality or   invalidity shall not affect the legality or validity of the remaining   provisions of this Award, and this Award shall be construed and enforced as   if the illegal or invalid provision had not been included in this Award.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
·                  As a condition to the   grant of this Award, you agree (with such agreement being binding upon your   legal representatives, guardians, legatees or beneficiaries) that this Award   shall be interpreted by the Committee and that any interpretation by the   Committee of the terms of this Award or the Plan, and any determination made   by the Committee pursuant to this Award or the Plan, shall be final, binding   and conclusive.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
·                  This Award may be executed   in counterparts.
    

 

As set forth above, this Award is not granted under the Plan but is governed by the terms and conditions of the Plan. Additional provisions regarding this Award and definitions of capitalized terms used and not defined in this Award can be found in the Plan.

 

[Remainder of the Page Intentionally Left Blank]

 

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BY SIGNING BELOW AND ACCEPTING THIS RESTRICTED STOCK AWARD, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED HEREIN AND IN THE PLAN. YOU ALSO ACKNOWLEDGE RECEIPT OF THE PLAN.

 

	
BODY   CENTRAL CORP.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By: 
    	
Donna R. Ecton
    	
 
    	
/s/ Brian P. Woolf
    
	
 
    	
Title: Chairman of Compensation Committee of Body Central Corp.’s Board   of Directors
    	
Brian P. Woolf
    
				

 

[Signature Page to Restricted Stock Award Agreement]

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