Document:

EXHIBIT 10.23(a)
	 

	 
		FORM OF RESTRICTED STOCK
		AGREEMENT
	 

	 
		UNDER THE 2007 LONG TERM
		INCENTIVE PLAN
	 

	 
		OF FINLAY ENTERPRISES,
		INC.
	 

	 
		(for awards granted prior to
		termination of 
	 

	 
		Stockholders’ Agreement
		and Registration Rights Agreement)
	 

	 
		AGREEMENT, made as of ___________, 20__, between
		FINLAY ENTERPRISES, INC., a Delaware corporation (the “Company”), and
		________________ (the “Grantee”).
	 

	 
		1. Purpose. The purpose of this Restricted Stock Agreement (the
		“Agreement”) is to provide an incentive and reward to the Grantee,
		who, through employment and by the Grantee’s industry and exceptional
		service, will continue to contribute to the growth and development of the
		Company.
	 

	 
		2. Shares Awarded.
	 

	 
		(a) Subject to the terms of
		this Agreement, provided that the Grantee is at such time employed by the
		Company or its Subsidiaries (as defined in the Plan), the Company shall issue
		to the Grantee, on _____________, 20__ (the “Vesting Date”) or as
		soon thereafter as is reasonably practicable but in no event later than 60 days
		after the Vesting Date, __________ shares of common stock, $.01 par value
		(“Common Stock”), of the Company (the “Shares”), which
		Shares shall be fully vested on the Vesting Date but shall be subject to the
		restrictions set forth herein.
	 

	 
		(b) The Shares are granted
		pursuant to the Company’s 2007 Long Term Incentive Plan (the
		“Plan”). The Shares are subject to all of the applicable provisions
		of the Plan which are incorporated herein by reference, and any conflict
		between the terms of this Agreement and those of the Plan shall be resolved in
		favor of the terms of the Plan.
	 

	 
		(c) Notwithstanding anything to
		the contrary herein contained, in the event (i) that the Grantee’s
		employment is terminated by reason of the Grantee’s death or Disability
		(as such term is defined in the Plan), or (ii) upon the occurrence of a Change
		in Control (as defined below), then in any such case, all of the Shares shall
		be deemed immediately vested and the Shares shall be distributed to the Grantee
		or his or her estate (as applicable) as promptly as possible thereafter but in
		no event later than 60 days following the vesting date.
	 

	 
		(d) A “Change in
		Control” shall be deemed to have occurred if: (i) the stockholders of the
		Company shall have approved: (A) any consolidation or merger of the Company in
		which the Company is not the continuing or surviving corporation or pursuant to
		which shares of Common Stock would be converted into cash, securities or other
		property, other than a merger of the Company in which the holders of Common
		Stock immediately prior to the merger have the same proportionate ownership of
		common stock of the surviving corporation immediately after the merger; (B) any
		sale, lease, exchange or other transfer (in one transaction or a series of
		related transactions) of all, or substantially all, of the assets of the
		Company; or (C) the adoption of any plan or proposal for the liquidation or
		dissolution of the Company; (ii) any person (as defined in Sections 13(d)(3)
		and 14(d)(2) of the Exchange Act), corporation or other entity (other than the
		Company or any employee benefit plan sponsored by the Company or any
		subsidiary) shall have become the “beneficial owner” (as defined in
		Rule 13d-3 of the Exchange Act), directly or indirectly, 
	 

	 
		 
	 

	 
		 
	 

	 
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		of securities of the Company
		representing 30% or more of the issued and outstanding Common Stock; or (iii)
		individuals who on the date of the adoption of the Plan constituted the entire
		Board of Directors shall have ceased for any reason to constitute a majority
		unless the election, or the nomination for election by the Company’s
		stockholders, of each new director was approved by a vote of at least a
		majority of the directors then still in office.
	 

	 
		3. Certificates.
	 

	 
		(a) Certificates. Upon issuance by the Company to the Grantee of the
		Shares in accordance with Section 2 hereof, the Company shall deliver to the
		Grantee or his or her estate (as applicable) a certificate covering such
		Shares, which shall be in the name of the Grantee or such estate and shall have
		stamped thereon the legends set forth in Section 6 hereof.
	 

	 
		(b) Adjustments. In the event that any stock dividend, stock split,
		recapitalization, merger, reorganization, exchange of shares or similar event
		occurs in which the number or class of shares of Common Stock is changed
		without the receipt or payment of consideration by the Company, the number
		and/or type of securities issuable to the Grantee pursuant to Section 2 hereof
		after the effective date of such event shall be proportionately and equitably
		adjusted in such manner as the Committee shall determine in order to retain the
		economic value or opportunity to the Grantee under this Agreement. 
	 

	 
		4. Stockholders’ and Registration Rights
		Agreements.
	 

	 
		It is a condition to the grant
		of any Shares hereunder that the Grantee execute and deliver to the Company,
		counterparts of the Amended and Restated Stockholders’ Agreement dated as
		of March 6, 1995 and the Registration Rights Agreement, dated as of May 26,
		1993, each as amended (respectively, the “Stockholders’
		Agreement” and the “Registration Rights Agreement”), by and
		among the Company, David B. Cornstein, Arthur E. Reiner and certain other
		parties. If the Grantee fails to enter into such agreements within 60 days of
		the Vesting Date, the Shares hereunder shall be forfeited. Upon the
		Grantee’s execution and delivery of such agreements, the Grantee will be
		deemed to be a “Management Holder” under the Stockholders’
		Agreement and a “Management Stockholder” under the Registration
		Rights Agreement, and as such, the Grantee will be subject, in addition to the
		provisions of this Agreement, to all of the terms, conditions and obligations
		of such agreements, including, without limitation, restrictions on the
		transferability of the Shares (and any other securities issued to the Grantee
		pursuant to Section 3(b) hereof). Capitalized terms used but not otherwise
		defined herein, shall have the same meaning as defined in the
		Stockholders’ Agreement.
	 

	 
		5. Restrictions on
		Transfer.
		The Grantee hereby
		represents and warrants to and agrees with the Company as follows:
	 

	 
		The Shares (and any other
		securities issued to the Grantee pursuant to Section 3(b) hereof) will not be
		sold, exchanged, pledged, hypothecated, transferred or otherwise disposed of by
		the Grantee in any manner, directly or indirectly, (i) without registration
		thereof under the Securities Act of 1933, as amended, and any applicable state
		“Blue Sky” laws unless an exemption from such registration is
		available and, if the Company so requests, the Grantee causes counsel
		satisfactory to the Company to deliver to
		the Company a written opinion of such counsel in form and substance
		satisfactory to the Company; or (ii) in violation of any law; or (iii) in
		violation of the Stockholders’ Agreement or the Registration Rights
		Agreement.
	 

	 
		 
	 

	 
		 
	 

	 
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		6. Restrictive Legends. All certificates representing
		Shares issued hereunder (and all certificates representing any other securities
		issued to the Grantee pursuant to Section 3(b) hereof) shall bear restrictive
		legends thereon substantially as follows:
	 

	 
		“THE SALE, ASSIGNMENT,
		TRANSFER OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE
		IS SUBJECT TO THE PROVISIONS OF A RESTRICTED STOCK AGREEMENT DATED AS OF
		______________, 20__ BETWEEN THE COMPANY AND THE HOLDER, AND AN AMENDED AND
		RESTATED STOCKHOLDERS’ AGREEMENT DATED AS OF MARCH 6, 1995 AND A
		REGISTRATION RIGHTS AGREEMENT, DATED AS OF MAY 26, 1993, EACH AS AMENDED, BY
		AND AMONG THE COMPANY, DAVID B. CORNSTEIN, ARTHUR E. REINER AND CERTAIN OTHER
		PARTIES, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE
		COMPANY.”
	 

	 
		“THE SHARES REPRESENTED
		BY THIS CERTIFICATE ARE HELD BY AN AFFILIATE OF THE COMPANY (AS DEFINED IN RULE
		144 OF THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”)), AND MAY
		ONLY BE TRANSFERRED (i) TO THE EXTENT APPLICABLE, PURSUANT TO RULE 144 UNDER
		THE ACT (OR ANY SIMILAR RULE UNDER SUCH ACT RELATING TO THE DISPOSITION OF
		SECURITIES), OR (ii) UPON THE DELIVERY BY THE HOLDER TO THE COMPANY OF AN
		OPINION OF COUNSEL, SATISFACTORY TO COUNSEL TO THE COMPANY, STATING THAT
		COMPLIANCE WITH RULE 144 IS UNNECESSARY.”
	 

	 
		7. General Provisions. Nothing contained in this Agreement shall confer upon
		the Grantee any right to continue in the employ of the Company or shall in any
		way affect the right and power of the Company to dismiss or otherwise terminate
		the employment of the Grantee at any time for any reason with or without cause.
		This Agreement shall be governed and construed in accordance with the laws of
		the State of Delaware. Any dispute arising hereunder shall be brought before a
		court of competent jurisdiction in the City, County and State of New York. This
		Agreement shall be binding upon the heirs, executors, administrators and
		successors of the parties hereto.
	 

	 
		IN WITNESS
		WHEREOF, the parties
		hereto have caused this Agreement to be executed as of the date first above
		written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FINLAY ENTERPRISES,
				  INC.
				

			 
	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Arthur E.
				  Reiner
 Title: Chairman and
				  CEO
				

			 

 

	 
		 
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  THE GRANTEE:
				

			 
	 	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Signature
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-3-EXHIBIT 10.23(b)
	 

	 
		FORM OF RESTRICTED STOCK
		AGREEMENT
	 

	 
		UNDER THE 2007 LONG TERM INCENTIVE
		PLAN
	 

	 
		OF FINLAY ENTERPRISES, INC.
	 

	 
		(for awards granted after termination of
		
	 

	 
		Stockholders’ Agreement and
		Registration Rights Agreement)
	 

	 
		AGREEMENT, made as of ___________, 20__, between FINLAY
		ENTERPRISES, INC., a Delaware corporation (the “Company”), and
		________________ (the “Grantee”).
	 

	 
		1. Purpose.
		The purpose of this Restricted Stock
		Agreement (the “Agreement”) is to provide an incentive and reward to
		the Grantee, who, through employment and by the Grantee’s industry and
		exceptional service, will continue to contribute to the growth and development
		of the Company.
	 

	 
		2. Shares Awarded.
	 

	 
		(a) Subject to the terms of this Agreement,
		provided that the Grantee is at such time employed by the Company or its
		Subsidiaries (as defined in the Plan), the Company shall issue to the Grantee,
		on _____________, 20__ (the “Vesting Date”) or as soon thereafter as
		is reasonably practicable but in no event later than 60 days after the Vesting
		Date, __________ shares of common stock, $.01 par value (“Common
		Stock”), of the Company (the “Shares”), which Shares shall be
		fully vested on the Vesting Date but shall be subject to the restrictions set
		forth herein.
	 

	 
		(b) The Shares are granted pursuant to the
		Company’s 2007 Long Term Incentive Plan (the “Plan”). The Shares
		are subject to all of the applicable provisions of the Plan which are
		incorporated herein by reference, and any conflict between the terms of this
		Agreement and those of the Plan shall be resolved in favor of the terms of the
		Plan.
	 

	 
		(c) Notwithstanding anything to the contrary
		herein contained, in the event (i) that the Grantee’s employment is
		terminated by reason of the Grantee’s death or Disability (as such term is
		defined in the Plan), or (ii) upon the occurrence of a Change in Control (as
		defined below), then in any such case, all of the Shares shall be deemed
		immediately vested and the Shares shall be distributed to the Grantee or his or
		her estate (as applicable) as promptly as possible thereafter but in no event
		later than 60 days following the vesting date.
	 

	 
		(d) A “Change in Control” shall be
		deemed to have occurred if: (i) the stockholders of the Company shall have
		approved: (A) any consolidation or merger of the Company in which the Company
		is not the continuing or surviving corporation or pursuant to which shares of
		Common Stock would be converted into cash, securities or other property, other
		than a merger of the Company in which the holders of Common Stock immediately
		prior to the merger have the same proportionate ownership of common stock of
		the surviving corporation immediately after the merger; (B) any sale, lease,
		exchange or other transfer (in one transaction or a series of related
		transactions) of all, or substantially all, of the assets of the Company; or
		(C) the adoption of any plan or proposal for the liquidation or dissolution of
		the Company; (ii) any person (as defined in Sections 13(d)(3) and 14(d)(2) of
		the Exchange Act), corporation or other entity (other than the Company or any
		employee benefit plan sponsored by the Company or any subsidiary) shall have
		
	 

	 
		 
	 

	 
		 
	 

	 
		-1- 
	 

	 
		 
	 

	 

	 
	 

	 
	 
		become the “beneficial owner” (as
		defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of
		securities of the Company representing 30% or more of the issued and
		outstanding Common Stock; or (iii) individuals who on the date of the adoption
		of the Plan constituted the entire Board of Directors shall have ceased for any
		reason to constitute a majority unless the election, or the nomination for
		election by the Company’s stockholders, of each new director was approved
		by a vote of at least a majority of the directors then still in office.
	 

	 
		3. Certificates.
	 

	 
		(a) Certificates. Upon issuance
		by the Company to the Grantee of the Shares in accordance with Section 2
		hereof, the Company shall deliver to the Grantee or his or her estate (as
		applicable) a certificate covering such Shares, which shall be in the name of
		the Grantee or such estate and shall have stamped thereon the legend set forth
		in Section 5 hereof.
	 

	 
		(b) Adjustments. In the event that any stock dividend, stock
		split, recapitalization, merger, reorganization, exchange of shares or similar
		event occurs in which the number or class of shares of Common Stock is changed
		without the receipt or payment of consideration by the Company, the number
		and/or type of securities issuable to the Grantee pursuant to Section 2 hereof
		after the effective date of such event shall be proportionately and equitably
		adjusted in such manner as the Committee shall determine in order to retain the
		economic value or opportunity to the Grantee under this Agreement. 
	 

	 
		4. Restrictions on Transfer. The Grantee
		hereby represents and warrants to and agrees with the Company as
		follows:
	 

	 
		The Shares (and any other securities issued
		to the Grantee pursuant to Section 3(b) hereof) will not be sold, exchanged,
		pledged, hypothecated, transferred or otherwise disposed of by the Grantee in
		any manner, directly or indirectly, (i) without registration thereof under the
		Securities Act of 1933, as amended, and any applicable state “Blue
		Sky” laws unless an exemption from such registration is available and, if
		the Company so requests, the Grantee causes counsel satisfactory to the Company
		to deliver to the Company a written opinion of such counsel in form and
		substance satisfactory to the Company; or (ii) in violation of any law.
	 

	 
		5. Restrictive Legend. All certificates representing Shares issued hereunder
		(and all certificates representing any other securities issued to the Grantee
		pursuant to Section 3(b) hereof) shall bear a restrictive legend thereon
		substantially as follows:
	 

	 
		“THE SHARES REPRESENTED BY THIS
		CERTIFICATE ARE HELD BY AN AFFILIATE OF THE COMPANY (AS DEFINED IN RULE 144 OF
		THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”)), AND MAY ONLY BE
		TRANSFERRED (i) TO THE EXTENT APPLICABLE, PURSUANT TO RULE 144 UNDER THE ACT
		(OR ANY SIMILAR RULE UNDER SUCH ACT RELATING TO THE DISPOSITION OF SECURITIES),
		OR (ii) UPON THE DELIVERY BY THE HOLDER TO THE COMPANY OF AN OPINION OF
		COUNSEL, SATISFACTORY TO COUNSEL TO THE COMPANY, STATING THAT COMPLIANCE WITH
		RULE 144 IS UNNECESSARY.”
	 

	 
		6. General Provisions. Nothing
		contained in this Agreement shall confer upon the Grantee any right to continue
		in the employ of the Company or shall in any way affect the right and power of
		the Company to dismiss or otherwise terminate the employment of the Grantee at
		any time for any reason with or without cause. This Agreement shall be governed
		and construed in accordance with the laws of the State of Delaware. Any dispute
		arising hereunder shall be brought before a court of competent jurisdiction in
		the City, County and State of New York. This Agreement shall be binding upon
		the heirs, executors, administrators and successors of the parties
		hereto.
	 

	 
		 
	 

	 
		 
	 

	 
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		IN WITNESS WHEREOF, the parties hereto have caused this Agreement
		to be executed as of the date first above written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FINLAY ENTERPRISES, INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Arthur E. Reiner

				  Title: Chairman and CEO
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  THE GRANTEE:
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
 
 
				

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
				

				
				  Signature
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-3-

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