SEC Contract Filing

Filing Date: 2021-11-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>9
<FILENAME>ex_298068.htm
<DESCRIPTION>EXHIBIT 10.7
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.7</b></font></p>

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<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>CONFIDENTIAL</u></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>SUPERIOR GROUP OF COMPANIES, INC.</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>RESTRICTED STOCK AGREEMENT</u></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:72pt;">THIS RESTRICTED STOCK AWARD, dated July 1, 2021 (the &#8220;Date of Grant&#8221;), is granted by Superior Group of Companies, Inc., a Florida corporation (the &#8220;Company&#8221;) to <b><u>Philip Koosed</u></b> (the &#8220;Grantee&#8221;) pursuant to the Company&#8217;s 2013 Incentive Stock and Awards Plan (the &#8220;Plan&#8221;). Capitalized terms used but not otherwise defined in this Agreement shall have the respective meanings given to them in the Plan.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:72pt;">WHEREAS, the Company believes it to be in the best interests of the Company, its subsidiaries and its shareholders for its officers and other key employees to obtain or increase their stock ownership interest in the Company so that they will have a greater incentive to work for and manage the Company&#8217;s affairs in such a way that its shares may become more valuable; and</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:72pt;">WHEREAS, the Grantee is employed by the Company or one of its subsidiaries as an officer or other key employee and has been selected by the Board of Directors of the Company, directly or acting through its Compensation Committee, to receive a restricted stock award;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:72pt;">NOW, THEREFORE, in consideration of the premises and of the services to be performed by the Grantee, the Company and the Grantee hereby agree as follows:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;text-indent:36pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;GRANT</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:72pt;">Subject to the terms and conditions of this Agreement and the Plan, the Company grants to the Grantee an Award of 51,419 Shares (the &#8220;Restricted Stock&#8221;).</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;text-indent:36pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;RESTRICTIONS AND RESTRICTED PERIOD</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;text-indent:72pt;">(a)<u>&nbsp;&nbsp;&nbsp;&nbsp;Restrictions</u>. Except by will or the laws of descent and distribution, the shares of Restricted Stock granted hereunder may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of and shall be subject to a risk of forfeiture under <u>Section 3(a)</u>, in each case from and after the Date of Grant until, and to the extent that, such restrictions lapse and the Restricted Stock vests under <u>Section 2(b)</u> (