Document:

EXHIBIT 10.4

 

Exhibit 10.4

NS GROUP, INC. NON-EMPLOYEE DIRECTOR EQUITY PLAN

(Amended and Restated Effective February 17, 2005)

RESTRICTED SHARES AGREEMENT

     This Agreement (the “Agreement”) is made as of                     , 20___(the “Date of Grant”), by and
between NS Group, Inc., a Kentucky corporation (the “Company”), and                                          (the
“Grantee”).

     1. Grant of Restricted Shares. Subject to and upon the terms, conditions, and restrictions
set forth in this Agreement and in the NS Group, Inc. Non-Employee Director Equity Plan (the
“Plan”), the Company hereby grants to the Grantee as of the Date of Grant ___Common Shares as
Restricted Shares (the “Restricted Shares”). The Restricted Shares shall be fully paid and
nonassessable and shall be represented by a certificate or certificates registered in the Grantee’s
name, endorsed with an appropriate legend referring to the restrictions hereinafter set forth.

     2. Vesting of Restricted Shares.

          (a) All of the Restricted Shares covered by this Agreement shall become nonforfeitable if the
Grantee continues to serve on the Board for the period beginning on the Date of Grant and ending on
the earlier of (i) the third anniversary of the Date of Grant or (ii) the annual meeting of the
Company’s stockholders in the year containing the third anniversary of the Date of Grant.

          (b) Notwithstanding the provisions of Section 2(a), all of the Restricted Shares covered by
this Agreement become nonforfeitable if, prior to the date the Restricted Shares become fully
nonforfeitable pursuant to Section 2(a), and while the Grantee is serving on the Board, (i) the
Grantee dies or becomes permanently disabled (as determined by the Board), or (ii) a Change in
Control occurs.

     3. Forfeiture of Shares. The Restricted Shares shall be forfeited if the Grantee ceases to
serve as a member of the Board prior to the third anniversary of the Date of Grant, except as
otherwise provided in Section 2 above. In the event of a forfeiture, the certificates representing
the Restricted Shares covered by this Agreement shall be cancelled.

     4. Transferability. The Restricted Shares may not be sold, exchanged, assigned, transferred,
pledged, encumbered or otherwise disposed of by the Grantee, except to the Company, until the
Restricted Shares have become nonforfeitable as provided in Section 2 hereof; provided,
however, that the Grantee’s rights with respect to such Common Shares may be transferred by
will or pursuant to the laws of descent and distribution. Any purported transfer or encumbrance in
violation of the provisions of this Section 4 shall be void, and the other party to any such
purported transaction shall not obtain any rights to or interest in such Common Shares.

     5. Dividend, Voting and Other Rights. Except as otherwise provided herein, from and after the
Date of Grant, the Grantee shall have all of the rights of a shareholder with respect to
the Restricted Shares, including the right to vote the Restricted Shares and receive any
dividends that may be paid thereon; provided, however, that any additional Common
Shares or other securities that the Grantee may become entitled to receive pursuant to a stock
dividend, stock split, combination of shares, recapitalization, merger, consolidation, separation
or reorganization or any other change in the capital structure of the Company shall be subject to
the same restrictions as the Restricted Shares covered by this Agreement.

Page 1 of 3

 

Exhibit 10.4

NS GROUP, INC. NON-EMPLOYEE DIRECTOR EQUITY PLAN

(Amended and Restated Effective February 17, 2005)

RESTRICTED SHARES AGREEMENT

     6. 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 endorsed in
blank by the Grantee with respect thereto, until those shares have become nonforfeitable in
accordance with Section 2 of this Agreement.

     7. No Service Contract. Nothing contained in this Agreement shall confer upon the Grantee any
right with respect to continuance of service by the Company nor limit or affect in any manner the
right of the Company or shareholders to terminate the service or adjust the compensation of the
Grantee.

     8. Taxes and Withholding. If the Company is required to withhold any federal, state, local or
other taxes in connection with the delivery or vesting of the Restricted Shares (including in the
event of the Grantee making an election under Section 83(b) of the Code with respect to the
Restricted Shares), 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 such
withholding obligation by surrendering to the Company a portion of the Common Shares that become
nonforfeitable by the Grantee hereunder, and the Common Shares so surrendered by the Grantee shall
be credited against any such withholding obligation at the Market Value per Share of such Common
Shares on the date of such surrender. The Grantee shall promptly notify the Company of any
election made by the Grantee pursuant to Section 83(b) of the Code.

     9. Compliance with Law. The Company shall make reasonable efforts to comply with all
applicable federal and state securities laws and listing requirements of the New York Stock
Exchange or any national securities exchange; provided, however, notwithstanding
any other provision of this Agreement, the Restricted Shares shall not be delivered (or the
restrictions related thereto shall not cease) if the delivery or cessation thereof would result in
a violation of any such law or listing requirement.

     10. Amendments. Subject to the terms of the Plan, the Board may modify this Agreement upon
written notice to the Grantee. Any amendment to the Plan shall be deemed to be an amendment to
this Agreement to the extent that the amendment is applicable hereto. Notwithstanding the
foregoing, no amendment of the Plan or this Agreement shall adversely affect the rights of the
Grantee under this Agreement without the Grantee’s consent.

     11. 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.

     12. Relation to Plan. This Agreement is subject to the terms and conditions of the Plan.
This Agreement and the Plan contain the entire agreement and understanding of the parties with
respect to the subject matter contained in this Agreement, and supersede all prior written or oral
communications, representations and negotiations in respect thereto. In the event of any
inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern.
Capitalized terms used herein without definition shall have the meanings assigned to them in the
Plan. The Board acting pursuant to the Plan, as constituted from time to time, shall, except as

Page 2 of 3

 

Exhibit 10.4

NS GROUP, INC. NON-EMPLOYEE DIRECTOR EQUITY PLAN

(Amended and Restated Effective February 17, 2005)

RESTRICTED SHARES AGREEMENT

expressly provided otherwise herein, have the right to determine any questions which arise in
connection with the grant of the Restricted Shares.

     13. Successors and Assigns. Without limiting Section 4 hereof, 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. Governing Law. The interpretation, performance, and enforcement of this Agreement shall
be governed by the laws of the Commonwealth of Kentucky, without giving effect to the principles of
conflict of laws thereof.

     15. Notices. Any notice to the Company provided for herein shall be in writing to the Company
and any notice to the Grantee shall be addressed to the Grantee at his or her address on file with
the Company. Except as otherwise provided herein, any written notice shall be deemed to be duly
given if and when delivered personally or deposited in the United States mail, first class
certified or registered mail, postage and fees prepaid, return receipt requested, and 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 (provided that for this purpose any mailed notice
shall be deemed given on the third business day following deposit of the same in the United States
mail).

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its
duly authorized officer and the Grantee has also executed this Agreement in duplicate, as of the
day and year first above written.

	 	 	 
	

	 	NS GROUP, INC.
	 
	 	 
	

	 	By:                                                            
	

	 	Name:
	

	 	Title:

     The undersigned hereby acknowledges receipt of an executed original of this Agreement and
accepts the award of Restricted Shares granted thereunder on the terms and conditions set forth
herein and in the Plan.

	 	 	 
	

	 	                                                            
	

	 	Grantee
	 
	 	 
	\

	 	Date:                                                            

Page 3 of 3Exhibit 10.1

                           LAMB-CASH VOTING AGREEMENT

                      CONSENT OF TRANSFEREE OF QUEST SHARES

     Whereas,  the undersigned has acquired  2,290,393 shares of common stock of
Quest Resource Corporation from Boothbay Royalty Company ("Quest Shares");

     Whereas, the Quest Shares are subject to a voting agreement between Douglas
L. Lamb and Jerry D. Cash  ("Voting  Agreement")  dated  November  8,  2002,  as
amended,  modified  or  supplemented  to the date  hereof  (a copy of which  the
undersigned acknowledges receiving);

     Whereas,  Section 2.4 of the Voting Agreement  requires that any transferee
of shares of common stock agree, in writing, to be bound by the Voting Agreement
and agree to all terms and conditions of the Voting Agreement; and

     Whereas,  the Voting Agreement is in full force and effect and has not been
amended.

     The  undersigned  hereby  agrees to be bound by the  Voting  Agreement  and
agrees to all terms and conditions of the Voting Agreement.

     Specifically,  the  undersigned  agrees,  during  the  term  of the  Voting
Agreement,  to use the votes accorded to the Quest Shares to elect the following
as directors of Quest Resource Corporation:

          1.   Douglas L. Lamb;
          2.   the designee of Douglas L. Lamb;
          3.   the  additional  designees  of  Douglas  L.  Lamb  (if any and as
               provided in the Voting Agreement);
          4.   Jerry D. Cash;
          5    the designee of Jerry D. Cash; and
          6.   the additional designees of Jerry D. Cash (if any and as provided
               in the voting agreement).

     Except for sales of the Quest Shares in the public  market,  each and every
transferee or assignee of the Quest Shares from the  undersigned  shall be bound
by and subject to the terms and conditions of the Voting  Agreement.  Except for
sales  in the  public  market,  the  undersigned  shall  require  that  any such
transferee or assignee  agree in writing to be bound by, and subject to, all the
terms and conditions of the Voting Agreement.

     As used in this  instrument,  a sale of Quest  Shares in the public  market
means a  transaction  meeting  the  requirements  of the first  sentence of Rule
144(f) under the Securities Act of 1933, as amended ("Rule 144"),  with the term
"brokers' transaction" having the meaning ascribed to such term in Rule 144(g).

     In  addition  to any  other  legend  required  by law  or  agreement,  each
certificate  evidencing the Quest Shares shall be stamped or otherwise imprinted
with a legend to the following effect:

<PAGE>

          "The shares represented by this certificate are subject to
          certain restrictions contained in a Voting Agreement dated as
          of November 8, 2002, as the same may be amended from time to
          time, a copy of which is available for examination at the
          principal

     In witness  whereof,  the undersigned has executed this instrument dated as
of December 31, 2004.

                      MCKOWN POINT, LP

                      By:  EASTERLY FAMILY INVESTMENTS, LLC,
                           its General Partner

                            By: VIRGINIA V. KITE GST EXEMPTION TRUST
                                FOR JAMES B. KITE, JR.,
                                its Manager

                                By: BANK OF TEXAS, N.A., its Trustee

                                    By:   /s/ Elijio Mercado
                                          --------------------------------
                                          Elijio Mercado,
                                          Senior Vice President

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