Document:

Exhibit 10.2

 

FORM OF NON-EMPLOYEE DIRECTOR RESTRICTED STOCK AGREEMENT

 

RESTRICTED
STOCK AGREEMENT

 

THIS RESTRICTED STOCK
AGREEMENT (this “Agreement”) is made as of
                      ,
2008, between Symmetry Medical Inc., a Delaware corporation (the “Company”),
and
                                      
                               (“Grantee”).

 

WHEREAS, the Grantee is a
director 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 authorized by the Company’s Compensation Committee and Board of
Directors (the “Board”).

 

NOW, THEREFORE, pursuant
to the Plan, the Company, upon the terms and conditions set forth herein,
hereby grants to you 3,700 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 a director 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, 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 3 hereof unless such Restricted
Shares are registered pursuant to the Securities Act of 1933 (the “Securities
Act”) or under Rule 144 promulgated under the Securities Act or unless
the Company 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 Section 5
hereof, the Restricted Shares shall vest and become nonforfeitable if the
Grantee remains a director of the Company through the vesting dates set forth
below with respect to the number of Restricted Shares set forth next to such
date:

 

	
  Vesting Date

  	
   

  	
  Number of Restricted

  Shares Vesting on

  such Vesting Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  December 31, 2008

  	
   

  	
  1,233

  	
   

  
	
  December 31, 2009

  	
   

  	
  1,233

  	
   

  
	
  December 31, 2010

  	
   

  	
  1,234

  	
   

  

 

 

(b) 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.

 

(c) Notwithstanding
the provisions of Section 4(a) above, the Board may, in its sole
discretion, accelerate the vesting of shares of the Restricted Shares at any
time.

 

5. Forfeiture of
Shares. If the Grantee ceases to be a director of the Company due to death,
Disability or Retirement during any period of restriction, any non-vested
Restricted Shares shall immediately vest and all restrictions on the Restricted
Shares shall lapse. If the Grantee ceases to be a director 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 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. Investment
Representation. Grantee hereby represents and warrants to the Company that:
(i) the Grantee has had an opportunity to ask questions and receive
answers concerning the terms and conditions of the offering of the Restricted
Shares and has had full access to such other information concerning the Company
as it has requested; (ii) Grantee is acquiring the Restricted Shares to be
acquired by it hereunder for its own account with the present intention of
holding such securities for purposes of investment; (iii) Grantee is an “accredited
investor” within the meaning of Rule 501 Regulation D promulgated under
the Securities Act; (iv) Grantee understands that the Restricted Shares
constitute “restricted securities” within the meaning of Rule 144
promulgated under the Securities Act and the certificates representing such
Restricted Shares will bear a legend stating, and Grantee hereby agrees, that
such securities may not be transferred without the consent of the issuer or its
legal counsel as to compliance with the Securities Act; (v) Grantee does
not intend to sell such securities in a public distribution in violation of any
applicable foreign, federal or state securities laws.

 

9.  Reserved.

 

10. 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.

 

11. 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.

 

 

12. 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.

 

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

 

14. 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.

 

15. 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.

 

16. 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., 3724 N State Road 15,
Warsaw, Indiana 46582, 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.

 

17. 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

  

 

3EXHIBIT 10.2

 

EMPLOYMENT
AGREEMENT

 

This EMPLOYMENT AGREEMENT (this “Agreement”)
made this 2nd day of April 2008, is by and between Citi Trends, Inc.,
a Delaware corporation (the “Company”), and Elizabeth Feher, an
individual (the “Executive”).

 

WHEREAS, the Company and the Executive are
also parties to an Employment Non-Compete, Non-Solicit and Confidentiality
Agreement (the “Confidentiality Agreement”) which is to remain in full
force and effect; and

 

NOW, THEREFORE, in consideration of the
mutual agreements set forth herein, the parties agree as follows:

 

1.             Term of
Employment.  The Executive’s
employment shall commence with the execution of this Agreement and the
Confidentiality Agreement and shall continue, pursuant to the terms of this
Agreement, on an at-will basis, until either the Executive or the Company
terminates the employment relationship for any or no reason, with or without
Cause (as defined in Section 4 below). 
If Executive terminates the Agreement, she agrees to provide the Company
with a minimum of thirty (30) days written notice.

 

2.             Nature of
Duties.  The Executive shall,
during her employment hereunder, be the Company’s Executive Vice President –
Chief Merchandising Officer. Executive’s primary job duties shall include
development and implementation of the Company’s national merchandising
strategy, including development of vendor relationships, pricing and inventory
plans, sales plans and other duties as more fully described in the applicable
job description.  The Executive shall
devote her full business time and effort to the performance of her duties to
the Company.

 

3.             Compensation.

 

A.            The Company shall pay the Executive a base salary at an
annual rate of $350,000, which may be adjusted from time to time at the sole
discretion of the Chief Executive Officer (“CEO”) and/or Board of
Directors of the Company (the “Board”). 
The Executive’s base salary shall be paid in conformity with the
Company’s salary payment practices that are generally applicable to similarly
situated Company executives.  The
Executive will be eligible for a performance compensation review in March 2009.

 

B.            The Executive shall receive an automobile allowance of
$1,000 per month.

 

C.            The Executive shall be eligible for consideration of a
discretionary bonus under the Company’s Executive Management Level Bonus Plan,
which is currently 65% of base salary with the opportunity to achieve up to
200% of the bonus plan percent. 
Executive is eligible for a prorated portion of the FY2008 bonus for the
months the Executive is employed with the Company during FY2008.  However, Citi Trends will guarantee the
Executive a minimum bonus payout of $80,000 for FY2008.  The Executive must be employed with The Company
at the time the bonus is paid to receive a payout.  The Company 
may revise or eliminate the Executive Management Level Bonus Plan at any
time without notice at its sole discretion.

 

D.            The Executive is
guaranteed $75,000 in relocation expense reimbursement for selling costs and
closing costs related to real estate transactions.  If the Executive voluntarily 

 

 

terminates the Executive’s employment within
12 months of the Executive’s hire date, the Executive will be obligated to
refund these relocation costs to the Company on a pro-rata basis.

 

E.             The Company will
pay for the cost of packing and moving the Executive’s household items and
vehicles to the Savannah area and will provide temporary housing for 90
days.  If the Executive voluntarily
terminates the Executive’s employment within 24 months of the Executive’s hire
date, the Executive will be obligated to refund these relocation costs to the
Company.

 

F.             Upon the
Executive’s start date with the Company, the Executive will be awarded
restricted stock valued at $300,000, fully vested in four years at the rate of
25% per year.

 

G.            The Executive will
be eligible for the following benefits as an executive management employee:

 

·                                          401(k) profit
sharing account;

 

·                                          Equity
Awards: Consideration for Annual Restricted Stock Awards based on company
performance and personal performance achievements;

 

·                                          Health,
dental, life and disability insurance; and

 

·                                          Vacation:
4 weeks per year.

 

These benefits set forth in Section 3.G.
are offered at the Company’s sole discretion and may be modified or eliminated
by the Company at any time without notice.

 

4.             Termination
Payments and Benefits. 
Regardless of the circumstances of the Executive’s termination, she
shall be entitled to payment when due of any unpaid base salary, expense
reimbursements and vacation days accrued prior to the termination of her
employment, and other unpaid vested amounts or benefits under Company pension
and health benefit plans, and to no other compensation or benefits.  If the Company terminates the Executive’s
employment without Cause, the Company will provide the Executive with a
separation payment of six (6) months base salary, to be paid in six (6) equal
monthly installments beginning on the date of the termination of the Executive
and each of the successive five (5) month anniversaries of such
termination.  These separation payments
are conditioned upon Executive executing a Separation and General Release
Agreement at the time of termination which is acceptable to the Company and the
Executive.

 

In all other circumstances, including if the Executive
resigns, retires or is terminated for Cause, the Executive shall not be
entitled to receive such separation payment. 
For purposes of this Agreement, “Cause” shall mean the
Executive’s:

 

(a)           commission of a willful act of fraud
or dishonesty, the purpose or effect of which, in the CEO and/or Board’s sole
determination, materially and adversely affects the Company;

 

(b)           conviction of a felony or a crime
involving embezzlement, conversion of property or moral turpitude (whether by
plea of nolo contendere or otherwise);

 

2

 

(c)           engaging in willful or reckless
misconduct or gross negligence in connection with any property or activity of
the Company, the purpose or effect of which, in the CEO and/or Board’s
determination, materially and adversely affects the Company;

 

(d)           material breach of any of the
Executive’s obligations as an employee or 
stockholder as set forth in the Company’s Information Security Policies
and Code of Business Conduct; provided that the Executive has been given
written notice by the CEO and/or Board of such breach and 30 days from such
notice fails to cure the breach; or

 

(e)           failure or refusal to perform any
material duty or responsibility under this Agreement or a determination that
the Executive has breached her fiduciary obligations to the Company; provided
that the Executive has been given written notice by the CEO and/or Board of
such failure, refusal or breach and 30 days from such notice fails to cure such
failure, refusal or breach.

 

5.             Notice.  The Executive will send all communications to
the Company in writing, to: Citi Trends, Inc., 102 Fahm Street., Savannah,
Georgia 31401, Fax: (912) 443-3674.  All
communications from the Company to the Executive relating to this Agreement
shall be sent to the Executive in writing at her office and home address as
reflected in the Company’s records.

 

6.             Amendment.  No provisions of this Agreement may be
modified, waived, or discharged except by a written document signed by a duly
authorized Company officer and the Executive. 
A waiver of any conditions or provisions of this Agreement in a given
instance shall not be deemed a waiver of such conditions or provisions at any
other time in the future.

 

7.             Choice of
Law and Venue.  The validity,
interpretation, construction, and performance of this Agreement shall be
governed by the laws of the State of Georgia (excluding any that mandate the
use of another jurisdiction’s laws).  Any
action to enforce or for breach of this Agreement shall be brought exclusively
in the state or federal courts of the County of Chatman, City of Savannah.

 

8.             Successors.  This Agreement shall be binding upon, and
shall inure to the benefit of, the Executive and her estate, but the Executive
may not assign or pledge this Agreement or any rights arising under it, except
to the extent permitted under the terms of the benefit plans in which she participates.  Without the Executive’s consent, the Company
may assign this Agreement to any affiliate or to a successor to substantially
all the business and assets of the Company.

 

9.             Validity.  The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall remain in full force and
effect.

 

10.           Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together shall constitute the same instrument.

 

11.           Entire Agreement.  This Agreement and the Confidentiality
Agreement between the parties constitute the entire agreement between the
parties and supersede any and all prior contracts, agreements, or
understandings between the parties which may have been entered into by Company
and the Executive relating to the subject matter hereof.  This Agreement may not be amended or modified
in any manner except by an instrument in writing signed by both Company and the

 

3

 

Executive.  The failure of either party to enforce at any
time any of the provisions of this Agreement shall in no way be construed to be
a waiver of any such provision or the right of such party thereafter to enforce
each and every such provision.  No waiver
of any breach of this Agreement shall be held to be a waiver of any other or
subsequent breach.  All remedies are
cumulative, including the right of either party to seek equitable relief in
addition to money damages.

 

IN WITNESS WHEREOF, the parties hereto have set their
hands as of the day and year first written above.

 

	
   

  	
  CITI TRENDS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ R. Edward Anderson

  
	
   

  	
  Name:

  	
  R. Edward Anderson

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Elizabeth Feher

  
	
   

  	
  ELIZABETH FEHER

  

 

4

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