Document:

Exhibit 10.3.9.2

 

WESTAFF, INC.

NOTICE OF RESTRICTED STOCK AWARD

 

You have been
granted restricted shares of Common Stock of Westaff, Inc. (the “Company”)
on the following terms:

 

	
  Name of Recipient:

  	
   

  	
  Patricia Newman

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total Number of Shares Granted:

  	
   

  	
  Twenty Thousand (20,000)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Fair Market Value per Share:

  	
   

  	
  $

  	
  3.22

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Fair Market Value of Award:

  	
   

  	
  $

  	
  64,400.00

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date of Grant:

  	
   

  	
  April 7,
  2005

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Vesting Commencement Date:

  	
   

  	
  April 7,
  2005

  	
   

  	
   

  
							

 

Vesting Schedule:

 

(a)           5,000 shares granted will vest when
you complete 36 months of continuous service from the Vesting Commencement
Date.

 

(b)           Of the remaining 15,000 shares
granted: (i) 5,000 shares will vest at the end of the Company’s fiscal
2006 so long as you continue to be employed by the Company and meet the
performance criteria to be established by the Company’s Compensation Committee,
in its sole discretion, prior to the June 1 preceding such possible
vesting date;

 

(ii)   5,000 shares will vest at the end of the
Company’s fiscal 2007 so long as you continue to be employed by the Company and
meet the performance criteria to be established by the Company’s Compensation
Committee, in its sole discretion, prior to the June 1 preceding such
possible vesting date; and

 

(iii) 
5,000 shares will vest at the end of the Company’s fiscal 2008 so long as you
continue to be employed by the Company and meet the performance criteria to be
established by the Company’s Compensation Committee, in its sole discretion,
prior to the June 1 preceding such possible vesting date.

 

Notwithstanding
the foregoing, all of the remaining 15,000 shares granted will vest when you
complete continuous service from the Vesting Commencement Date through the end
of the Company’s fiscal 2008. 

 

 

RESTRICTED STOCK AGREEMENT

 

By your
signature and the signature of the Company’s representative below, you and the
Company agree that these shares are granted under and governed by the terms and
conditions of the Westaff, Inc. 1996 Stock Option/Stock Issuance Plan as
amended and restated (the “Plan”) and the Restricted Stock Issuance Agreement,
both of which are attached to and made a part of this document.

 

	
  RECIPIENT:

  	
   

  	
  WESTAFF,
  INC.

  
	
   

  	
   

  	
   

  
	
  /s/ Patricia
  Newman

  	
   

  	
   

  	
  By:

  	
  /s/ W.
  Robert Stover

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   Patricia Newman

  	
   

  	
   

  	
  Title: 

  	
  Chairman

  	
   

  
	
  Print Name

  	
   

  	
   

  
							

 

 

WESTAFF, INC.

 

RESTRICTED STOCK ISSUANCE AGREEMENT

 

	
  Payment for
  Shares

  	
   

  	
  No payment
  is required for the shares you receive, which are being delivered as a bonus
  for past services rendered.

  
	
   

  	
   

  	
   

  
	
  Vesting

  	
   

  	
  The shares
  vest in installments, as shown in the Notice of Restricted Stock Award. In
  addition, the shares vest in full if:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •                  Your
  service as an employee of the Company or a subsidiary of the Company
  terminates because of death or Permanent Disability (as defined in the Plan).

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  •                  If
  you are terminated without Cause (as defined in your Employment Agreement
  effective as of March 16, 2005) within one year of the effective date of
  a “Change in Control,” a “Corporate Transaction,” or a “Hostile Take-Over,”
  as such terms are defined in the Plan, whichever event shall first occur
  while you are employed by the Company and notwithstanding any assumption,
  substitution or replacement of such grants in connection with such event.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  No
  additional shares vest after your service as an employee of the Company has
  terminated for any reason.

  
	
   

  	
   

  	
   

  
	
  Shares
  Restricted

  	
   

  	
  Unvested
  shares will be considered “Restricted Shares,” You may not sell, transfer,
  pledge or otherwise dispose of any Restricted Shares, except as provided in
  the next sentence. With the consent of the Compensation Committee of the
  Company’s Board of Directors, you may transfer Restricted Shares to your
  spouse, children or grandchildren or to a trust established by you for the
  benefit of yourself or your spouse, children or grandchildren. A transferee
  of Restricted Shares must agree in writing on a form prescribed by the
  Company to be bound by all provisions of this Agreement.

  
	
   

  	
   

  	
   

  
	
  Forfeiture

  	
   

  	
  If your
  service as an employee of the Company terminates for any reason, then your shares
  will be forfeited to the extent that they have not vested before the
  termination date and do not vest as a result of the termination. This means
  that the Restricted Shares will immediately revert to the 

  

 

 

	
   

  	
   

  	
  Company. You
  receive no payment for Restricted Shares that are forfeited.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Company
  determines when your service terminates for this purpose.

  
	
   

  	
   

  	
   

  
	
  Leaves of
  Absence

  	
   

  	
  For purposes
  of this award, your service does not terminate when you go on a military
  leave, a sick leave or another bona fide leave
  of absence, if the leave was approved by the Company in writing and if
  continued crediting of service is required by the terms of the leave or by
  applicable law. But your service terminates when the approved leave ends,
  unless you immediately return to active work.

  
	
   

  	
   

  	
   

  
	
  Stock
  Certificates

  	
   

  	
  Your
  Restricted Shares will be held for you by the Company. After shares have
  vested, a stock certificate for those shares will be released to you.

  
	
   

  	
   

  	
   

  
	
  Voting
  Rights

  	
   

  	
  You may vote
  your shares even before they vest.

  
	
   

  	
   

  	
   

  
	
  Withholding
  Taxes

  	
   

  	
  No stock
  certificates will be released to you unless you have made acceptable
  arrangements to pay any withholding taxes that may be due as a result of this
  award or the vesting of the shares.

  
	
   

  	
   

  	
   

  
	
  Restrictions
  on Resale

  	
   

  	
  By signing
  this Agreement, you agree not to sell any shares at a time when applicable
  laws or Company policies prohibit a sale. This restriction will apply as long
  as you are an employee, consultant or director of the Company or a subsidiary
  of the Company.

  
	
   

  	
   

  	
   

  
	
  No Retention
  Rights

  	
   

  	
  Your award
  or this Agreement do not give you the right to be employed or retained by the
  Company or a subsidiary of the Company in any capacity. The Company and its
  subsidiaries reserve the right to terminate your service at any time with or
  without cause.

  
	
   

  	
   

  	
   

  
	
  Adjustments

  	
   

  	
  In the event
  of a stock split, a stock dividend or a similar change in Company stock. the
  number of Restricted Shares that remain subject to forfeiture will be
  adjusted accordingly.

  
	
   

  	
   

  	
   

  
	
  Applicable
  Law

  	
   

  	
  This Agreement
  will be interpreted and enforced under the laws of the State of Delaware
  (without regard to their choice-of-law provisions).

  

 

 

	
  The Plan and

  Other Agreements

  	
   

  	
  The text of
  the Plan is incorporated in this Agreement by reference.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  This
  Agreement and the Plan constitute the entire understanding between you and
  the Company regarding this award. Any prior agreements. commitments or
  negotiations concerning this award are superseded. This Agreement may be
  amended only by another written agreement, signed by both parties.

  

 

BY SIGNING THE
COVER SHEET OF THIS AGREEMENT, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS
DESCRIBED ABOVE AND IN THE PLAN.Exhibit
10.3.9.3

 

WESTAFF,
INC.

NOTICE
OF GRANT OF STOCK OPTION

 

Notice
is hereby given of the following option grant (the “Option”) to purchase shares
of the Common Stock of Westaff, Inc. (the “Corporation”):

 

	
  Optionee:

  	
   

  	
  Patricia M. Newman

  
	
   

  	
   

  	
   

  
	
  Grant Date:

  	
   

  	
  April 7, 2005

  
	
   

  	
   

  	
   

  
	
  Vesting Commencement Date:

  	
   

  	
  April 7, 2006

  
	
   

  	
   

  	
   

  
	
  Exercise Price:

  	
   

  	
  $3.22 per share

  
	
   

  	
   

  	
   

  
	
  Number of Option Shares:

  	
   

  	
  155,275 shares

  
	
   

  	
   

  	
   

  
	
  Expiration Date:

  	
   

  	
  April 7, 2010

  
	
   

  	
   

  	
   

  
	
  Type of Options:

  	
   

  	
  Incentive Stock Option

  
	
   

  	
   

  	
   

  
	
  Exercise Schedule:

  	
   

  	
  The Option shall vest in accordance with the
  following schedule. In no event

  
	
  shall the Option become exercisable for any
  additional Option Shares after Optionee’s cessation of Service.

  

 

	
  DATE

  	
   

  	
  VESTED OPTION SHARES

  
	
   

  	
   

  	
   

  
	
  April 7, 2006
  (Vesting Commencement Date)

  	
   

  	
  31,055

  
	
  April 7, 2007

  	
   

  	
  31,055

  
	
  April 7, 2008

  	
   

  	
  31,055

  
	
  April 7, 2009

  	
   

  	
  31,055

  
	
  April 7, 2010

  	
   

  	
  Any remaining
  shares that have not yet vested

  

 

Notwithstanding
the foregoing vesting schedule, the Options shall become fully vested and
exercisable if Optionee is terminated without Cause within one year of the
effective date of a “Change in Control,” a “Corporate Transaction,” or a “Hostile
Take-Over” as such terms are defined in the Plan, whichever event shall first
occur while Optionee is employed the Corporation and notwithstanding any
assumption, substitution or replacement of such grants in connection with such
event.

 

Optionee
understands and agrees that the Option is granted subject to and in accordance
with the terms of the Westaff, Inc. 1996 Stock Option/Stock Issuance Plan (the “Plan”).  Optionee further agrees to be bound by the
terms of the Plan and the terms of the Option as set forth in the Stock Option
Agreement attached hereto as Exhibit A.

 

Optionee
hereby acknowledges receipt of a copy of the official prospectus for the Plan
and a copy of the Plan in the forms attached hereto as Exhibit B.

 

 

No
Employment or Service Contract.  Nothing in this Notice or in the attached
Stock Option Agreement or in the Plan shall confer upon Optionee any right to
continue in Service for any period of specific duration of interfere with or
otherwise restrict in any way the rights of the Corporation (or any Parent or
Subsidiary employing or retaining Optionee) or of Optionee, which rights are
hereby expressly reserved by each, to terminate Optionee’s Service at any time
for any reason, with or without cause.

 

Definitions.
All capitalized terms in this Notice shall have the meaning assigned to them in
this Notice, the Plan or in the attached Stock Option Agreement.

 

April
7, 2005

	
   

  	
  WESTAFF, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ W. Robert Stover

  	
   

  
	
   

  	
   

  	
  Name:

  	
  W. Robert Stover 

  
	
   

  	
   

  	
  Title:

  	
  Chairman of the Board

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia M. Newman

  	
   

  
	
   

  	
   

  	
  Patricia M. Newman

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  115 Samuel Court

  Clayton, CA 94517

  
					

 

 

WESTAFF,
INC.

NOTICE OF
GRANT OF STOCK OPTION

 

Notice is hereby given of
the following option grant (the “Option”) to purchase shares of the Common
Stock of Westaff, Inc. (the “Corporation”):

 

	
  Optionee:

  	
   

  	
  Patricia M. Newman

  
	
   

  	
   

  	
   

  
	
  Grant Date:

  	
   

  	
  April 7, 2005

  
	
   

  	
   

  	
   

  
	
  Vesting Commencement
  Date:

  	
   

  	
  April 7, 2006

  
	
   

  	
   

  	
   

  
	
  Exercise Price:

  	
   

  	
  $3.22 per share

  
	
   

  	
   

  	
   

  
	
  Number of Option Shares:

  	
   

  	
  44,725

  
	
   

  	
   

  	
   

  
	
  Expiration Date:

  	
   

  	
  April 7, 2010

  
	
   

  	
   

  	
   

  
	
  Type of Option:

  	
   

  	
  Non-Statutory Stock
  Option

  
	
   

  	
   

  	
   

  
	
  Exercise Schedule:

  	
   

  	
  The Option shall vest in accordance with the
  following schedule. In no event

  
	
  shall the Option become exercisable for any
  additional Option Shares after Optionee’s cessation of Service.

  

 

	
  DATE

  	
   

  	
  VESTED OPTION SHARES

  
	
   

  	
   

  	
   

  
	
  April 7, 2006
  (Vesting Commencement Date)

  	
   

  	
  8,945

  
	
  April 7, 2007

  	
   

  	
  8,945

  
	
  April 7, 2008

  	
   

  	
  8,945

  
	
  April 7, 2009

  	
   

  	
  8,945

  
	
  April 7, 2010

  	
   

  	
  Any remaining
  shares that have not yet vested

  

 

Notwithstanding
the foregoing vesting schedule, the Options shall become fully vested and
exercisable if Optionee is terminated without Cause within one year of the
effective date of a “Change in Control,” a “Corporate Transaction,” or a
“Hostile Take-Over” as such terms are defined in the Plan, whichever event
shall first occur while Optionee is employed the Corporation and
notwithstanding any assumption, substitution or replacement of such grants in
connection with such event.

 

Optionee understands and
agrees that the Option is granted subject to and in accordance with the terms
of the Westaff, Inc. 1996 Stock Option/Stock Issuance Plan (the “Plan”). Optionee
further agrees to be bound by the terms of the Plan and the terms of the Option
as set forth in the Stock Option Agreement attached hereto as Exhibit A.

 

 

Optionee hereby
acknowledges receipt of a copy of the official prospectus for the Plan in the
form attached hereto as Exhibit B.  A
copy of the Plan is available upon request made to the Corporate Secretary at
the Corporation’s principal offices.

 

No Employment or Service
Contract.  Nothing in
this Notice or in the attached Stock Option Agreement or in the Plan shall
confer upon Optionee any right to continue in Service for any period of
specific duration or interfere with or otherwise restrict in any way the rights
of the Corporation (or any Parent or Subsidiary employing or retaining
Optionee) or of Optionee, which rights are hereby expressly reserved by each,
to terminate Optionee’s Service at any time for any reason, with or without
cause.

 

Definitions.  All capitalized terms in this Notice shall
have the meaning assigned to them in this Notice or in the attached Stock
Option Agreement.

 

Dated as of April 7, 2005

 

 

	
   

  	
  WESTAFF, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ W. Robert Stover

  	
   

  
	
   

  	
   

  	
  Name:

  	
  W. Robert Stover 

  
	
   

  	
   

  	
  Title:  Chairman
  of the Board

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patricia M. Newman

  	
   

  
	
   

  	
   

  	
  Patricia M. Newman

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  115 Samuel Court

  Clayton, CA 94517

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