Document:

Exhibit
10.26

 

PERFORMANCE UNIT AWARD

 

THIS
AGREEMENT, made as of the 29th day of June 2004 (the “Grant Date”), between
National Vision, Inc., a Georgia corporation (the “Company”), and                                       
(the “Grantee”).

 

WHEREAS,
the Company has adopted the National Vision, Inc. Management Incentive Plan
(the “Plan”) in order to provide incentives for those employees who are
principally responsible for the future growth and continued success of the
Company; and

 

WHEREAS,
the Compensation Committee responsible for administration of the Plan has
determined to grant to the Grantee a Performance Unit Award as provided herein.

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

1.                                       Grant of Award.

 

1.1                                 The
Company hereby grants to the Grantee an award of a number of performance units
(the “Award”), each of which has a value determined as provided in Section 2
below based upon the performance of the Company and its subsidiaries during the
Performance Period as expressed in the performance goal, all as set forth on
Appendix A, attached hereto and make an integral part of this Agreement.  As provided in the Plan, Grantee’s right to
payment of this Award is dependent upon Grantee’s continued employment with the
Company during the Performance Period. 
Under certain circumstances as described below, Grantee may be entitled
to receive payment for some portion of the Award if Grantee’s employment
terminates prior to the end of the Performance Period in accordance with the
Plan and Section 4 of this Agreement.

 

1.2                                 The
Grantee hereby acknowledges receipt of a copy of the Plan and agrees to be
bound by all the terms and provisions thereof. 
This Agreement shall be construed in accordance with, and subject to,
the provisions of the Plan (the provisions of which are hereby incorporated by
reference) and, except as otherwise expressly set forth herein, the capitalized
terms used in this Agreement shall have the same meaning as the definitions as
set forth in the Plan.

 

2.                                       Performance Measure and Performance
Levels.

 

The
Committee has established the performance goal (the “Performance Goal”), and
award levels set forth in Appendix A attached hereto for the Performance
Period. Subject to the terms of the Plan, Grantee will receive a payment
determined in accordance with and as set forth in Appendix A for each
Performance Unit awarded.  The
Performance Goal is based on stock price appreciation of the common stock of
the Company during the Performance Period.

 

 

3.                                       Determination of Performance Unit Award.

 

3.1                                 Award
Determination.  As soon as practical
following the last day of the Performance Period, the Committee will determine
the Average Price (as defined in Appendix A).

 

3.2                                 Determination
Notice.  The Company will notify the
Grantee (or the Grantee’s beneficiary or the executors or administrators of the
Grantee’s estate, if applicable) of the Committee’s determination (the “Determination
Notice”) of the amount of the Award earned for the Performance Period.  The Determination Notice shall specify the
Performance Goal achieved by the Company for the Performance Period and the
amount of the Award (if any) Grantee will be entitled to receive.  All performance units shall be paid in cash
no later than 2-1/2 months after the end of the Performance Period, notwithstanding
Section 5(b) of the Plan.

 

4.                                       Termination of Employment.

 

In the
event that a Grantee’s employment terminates during a Performance Period, all
Performance Units shall be immediately forfeited by the Grantee, except as
otherwise provided under the Plan as follows:

 

4.1                                 If
the Grantee dies, retires, is assigned to a different position that the
Committee determines would not be eligible for continued participation in the
Plan, or is granted a leave of absence, during the Performance Period, Grantee’s
Award will be prorated for the number of months of active employment and
participation in the Plan during the Performance Period.

 

4.2.                              If
the Grantee’s employment is terminated for “cause”, as determined by the
Committee in its sole discretion, at any time during a Performance Period and
prior to the payment of the Award, Grantee’s Award will be zero.

 

4.3                                 If
the Grantee’s employment is terminated by the Company for any reason (other
than cause) on or before the effective date of a Change in Control, the Committee
may exercise its discretion to reduce the Award to any amount, including zero.

 

5.                                       Change in Control.

 

Notwithstanding
Section 10(b) of the Plan, in the event a Triggering Event (as defined below)
occurs, the Performance Period shall be deemed to have been completed and the
Award will be earned as of the date the Triggering Event occurs as if 100% of
the Performance Goals had been attained. 
Payment of the earned Award in the manner described in Section 3.2 of this
Agreement will be made within one hundred twenty (120) days after the last
event constituting a part of the Triggering Event occurs and, upon such
payment, Grantee shall have no further rights under this Agreement and the Plan
with respect to any Award.  For purposes
of the foregoing, a “Triggering Event” shall mean a Change in Control followed
by either (a) the common stock of the Company ceasing to be publicly traded,
(b) within 365 days of the Change in Control, the Voluntary Termination by the
Grantee, as defined in Appendix A, or (c), within 365 days of the Change in
Control, the termination by the Company of the Grantee’s employment for reasons
other than Cause, as defined in Appendix A.

 

2

 

The
Committee may, in the exercise of its discretion granted under the Plan, reduce
any Award or adjust Performance Goals as the Committee determines to be
appropriate, as provided under the Plan, at any time before the effective date
of a Change in Control.

 

6.                                       No Right to Continued Employment.

 

Nothing in this Agreement
or the Plan shall be interpreted to confer upon the Grantee any rights with
respect to continuance of employment by the Company, nor shall this Agreement
or the Plan interfere in any way with the right of the Company to terminate the
Grantee’s employment at any time for any reason or no reason.

 

7.                                       Nonassignment.

 

The Grantee shall not
have the right to assign, alienate, pledge, transfer or encumber any amounts
due Grantee hereunder, and any attempt to assign, alienate, pledge, transfer,
or encumber Grantee’s rights or benefits shall be null and void and not
recognized by the Plan or the Company.

 

8.                                       Modification of Agreement.

 

Except as otherwise
provided in Section 5, this Agreement may be modified, amended, suspended or
terminated, and any terms or conditions may be waived, but only by a written
instrument executed by the parties hereto.

 

9.                                       Severability; Governing Law

 

Should any provision of
this Agreement be held by a court of competent jurisdiction to be unenforceable
or invalid for any reason, the remaining provisions of this Agreement shall not
be affected by such holding and shall continue in full force in accordance with
their terms.

 

The validity,
interpretation, construction and performance of this Agreement shall be governed
by the laws of the State of Georgia without giving effect to any choice or
conflict of law provision or rule (whether of the State of Georgia or any other
jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of Georgia.

 

10.                                 Successors in Interest.

 

This Agreement shall
inure to the benefit of and be binding upon any successor to the Company.  All obligations imposed upon the Grantee and
all rights granted to the Company under this Agreement shall be binding upon
the Grantee’s beneficiaries, heirs, executors, and administrators.

 

11.                                 Resolution of Disputes.

 

Any
dispute or disagreement which may arise under, or as a result of, or in any way
relate to, the interpretation, construction or application of this Agreement
shall be

 

3

 

determined by the Committee.  Any
determination made hereunder shall be final, binding and conclusive on the
Grantee and the Company for all purposes.

 

12.                                 Withholding of Taxes.

 

The
Company shall have the right to deduct from any amount payable under this
Agreement, an amount equal to the federal, state and local income taxes and
other amounts as may be required by law to be withheld with respect to any such
amount.

 

13.                                 Compliance
with Sarbanes-Oxley

 

Grantee acknowledges that Section 304 of the
Sarbanes-Oxley Act of 2002, to the extent such law is applicable to Grantee and
any Award, may in certain circumstances require that an Award paid under this
Agreement and the Plan be subject to reimbursement to the Company.

 

 

	
   

  	
  NATIONAL VISION,
  INC.

  
	
   

  	
   

  
	
   

  	
   By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name of Grantee:

  
					

 

4

 

National Vision, Inc.

Performance Unit Award

 

Appendix A

 

Number of Unit(s):
                          .

 

Performance Period:
Three-year period expiring on June 29, 2007

 

Performance Goal:
appreciation in stock price

 

Payment Formula:
each Unit shall be payable in an amount equal to the amount, if any, by which
the Average Price (as defined below) exceeds the Fair Market Value (as defined
below).

 

Average Price:  the average closing sale price of the common
stock of the Company (as reported by the American Stock Exchange or the primary
stock exchange or over the counter market upon which the common stock of the
Company is then traded) during the 20 consecutive trading days ending on June
29, 2007.

 

Fair Market Value:
the last sale price reported for the common stock of the Company on the
American Stock Exchange on June 29, 2004 which is $2.30.

 

Voluntary
Termination: termination of employment with the Company that
is voluntary on the part of the Grantee, and, in the judgment of the Grantee,
is due to

 

(i)
the assignment to the Grantee of any duties inconsistent with the Grantee’s
title and status in effect prior to the Change in Control, or an adverse
alteration in the nature or status of the Grantee’s responsibilities at the
Company from those in effect immediately prior to the Change in Control (other
than any such alteration primarily attributable to the fact that the Company
may no longer be a public company);

 

(ii) a
reduction by the Company of the Grantee’s base salary from such salary in
effect prior to the Change in Control;

 

(iii)
the relocation of the Company’s principal executive offices to a location
outside of the Atlanta, Georgia metropolitan area, or the Company’s requiring
the Grantee to be based anywhere other than the Company’s principal executive
offices, except for required travel on the Company’s business to an extent
substantially consistent with the Grantee’s present business travel
obligations;

 

(iv)
the failure by the Company, without the Grantee’s consent, to pay to the
Grantee any portion of the Grantee’s then current compensation (including base
salary and annual bonus), or to pay to the Grantee any portion of an

 

5

 

installment
of deferred compensation under any deferred compensation program of the
Company, within seven (7) days of the date such compensation is due;

 

(v)
the failure by the Company to continue in effect any compensation plan in which
the Grantee participates immediately prior to the Change in Control, which is
material to the Grantee’s total compensation, including but not limited to the
Company’s annual bonus plan, 2004 Equity Incentive Plan, or any predecessor or
substitute plans adopted prior to the Change in Control, unless an equitable
arrangement (embodied in an ongoing substitute or alternative plan) has been
made with respect to such plan, or the failure by the Company to continue the
Grantee’s participation in such plan (or in such substitute or alternative
plan) on a basis not materially less favorable, both in terms of the amount of
benefits provided and the level of the Grantee’s participation relative to
other participants, as existed at the time of the Change in Control; or

 

(vi)  the failure by the Company to continue to
provide the Grantee with benefits substantially similar to those enjoyed by the
Grantee under any of the Company’s life insurance, medical, health and accident
or disability plans in which the Grantee was participating at the time of the
Change in Control, the taking of any action by the Company which would directly
or indirectly materially reduce any of such benefits or deprive the Grantee of
any material fringe benefit enjoyed by the Grantee at the time of the Change in
Control.

 

A termination shall not
be considered a Voluntary Termination if such termination is the result of
Cause, Disability, or death of the Grantee. 
The Grantee’s continued employment shall not constitute consent to, or a
waiver of rights with respect to, any act or failure to act relating to
Voluntary Termination hereunder.

 

Cause: (i)
any act that constitutes, on the part of the Grantee, (a) fraud, dishonesty,
gross negligence, or willful misconduct and (b) that directly results in
material injury to the Company, or (ii) the Grantee’s material breach of this
Agreement, or (iii) the Grantee’s conviction of a felony or crime involving moral
turpitude.  A termination of the Grantee
for “Cause” based on clause (i) or (ii) of the preceding sentence shall take
effect thirty (30) days after the Company gives written notice of such
termination to the Grantee specifying the conduct deemed to qualify as Cause,
unless the Grantee shall, during such 30-day period, remedy the events or
circumstances constituting Cause to the reasonable satisfaction of the
Company.  A termination for Cause based
on clause (iii) above shall take effect immediately upon giving of the
termination notice.

 

Disability: the
Grantee’s inability as a result of physical or mental incapacity to
substantially perform his or her duties for the Company on a full-time basis
for a period of six (6) months.

 

6<PAGE>

                                                                    EXHIBIT 10.1

                               AMENDMENT NO. 1 TO

                         COMMON STOCK PURCHASE AGREEMENT

         This Amendment No. 1 to the Common Stock Purchase Agreement (this
"AMENDMENT") is dated as of March 9, 2005 by and among Intelligroup, Inc., a New
Jersey corporation (the "COMPANY"), and each purchaser identified on the
signature page hereto (each a "PURCHASER" and collectively, the "PURCHASERS").

         WHEREAS, subject to the terms and conditions set forth in this
Amendment, the Company and the Purchasers desire to amend certain provisions of
that Common Stock Purchase Agreement entered into by the parties on or about 29
September 2004 (the "Agreement").

         NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in
this Amendment, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Company and each Purchaser agree
that the following sections of the Agreement shall be amended and/or waived as
follows:

         1.0. The definition of "Effective Date" as set forth in Section 1.1
Definitions of the Agreement shall be deleted in its entirety and be replaced
with the following:

          "EFFECTIVE DATE" means the date that the Registration Statement is
first declared effective by the Commission.

         2.0. The definition of "Required Effectiveness Date" as set forth in
Section 1.1 Definitions of the Agreement shall be deleted in its entirety.

         3.0.     Section 6.1 Registration, shall be amended as follows:

                  6.1 REGISTRATION.

                  (a)   As promptly as reasonably practical, the Company shall
         prepare and file with the Commission a Registration Statement covering
         the resale of all Registrable Securities for an offering to be made on
         a continuous basis pursuant to Rule 415. The Registration Statement
         shall be on Form S-3 (except if the Company is not then eligible to
         register for resale the Registrable Securities on Form S-3, in which
         case such registration shall be on Form S-1 or another appropriate form
         in accordance herewith as the Purchaser may consent) and shall contain
         (except if otherwise directed by the Purchaser) the "Plan of
         Distribution" attached hereto as Exhibit B. The Company and Purchasers
         acknowledge that, at the time of this Amendment, the Company is in the
         process of re-auditing certain financial statements which may impact
         the filing of the Registration Statement and that, therefore, the
         Company may not be in a position to file any such Registration
         Statement until following the re-audit of such financials and the
         filing of the related reports under the Exchange Act.

<PAGE>

                 (b) The Company shall use its best efforts to cause the
         Registration Statement to be declared effective by the Commission as
         promptly as possible after the filing thereof and shall use its best
         efforts to keep the Registration Statement continuously effective under
         the Securities Act until such time as all Shares can be sold under Rule
         144 in any consecutive 180-day period or such earlier date when all
         Registrable Securities covered by such Registration Statement have been
         sold (the "Effectiveness Period").

                  (c) The Company shall notify Purchaser in writing promptly
         (and in any event within one Trading Day) after receiving notification
         from the Commission that the Registration Statement has been declared
         effective.

                  (d) This Section has been deleted in its entirety and is no
         longer applicable.

                  (e) This Section shall continue in the form set forth in the
         Agreement.

                  (f) This Section shall continue in the form set forth in the
         Agreement.

         4.0. Section 4.2. The covenant relating to the timely filing of reports
by the Company as required by the Exchange Act shall be waived in its entirety.

         5.0. All other provisions of the Agreement shall remain in full force
and effect.

                            [SIGNATURE PAGES FOLLOW]

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their respective authorized signatories as of the date first
indicated above.

                                    INTELLIGROUP, INC.

                                    By: /s/ Arjun Valluri
                                    ---------------------
                                    Name: Arjun Valluri
                                    Title: Chief Executive Officer

                                    [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                                      SIGNATURE PAGES FOR PURCHASERS FOLLOW]

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their respective authorized signatories as of the date first
indicated above.

                                    SB ASIA INFRASTRUCTURE FUND, L.P.

                                    By:  /s/ Ravi Adusumalli
                                    ------------------------
                                    Name: Ravi Adusumalli
                                    Title: Director

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their respective authorized signatories as of the date first
indicated above.

                                    VENTURE TECH ASSETS LTD.

                                    By: /s/ Sandeep Reddy
                                    ---------------------
                                    Name: Sandeep Reddy
                                    Title: Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}]]