4901 Bakers Mill Lane
Richmond, Virginia 23230
[Date]
[Name]
[Address]
RE: Employee Restricted Stock Inducement Award Agreement
Dear Participant:
As a material inducement for you to accept an offer of employment with LL Flooring Holdings, Inc. (the “Company”), the Company has designated you to be a recipient of restricted shares of the common stock of the Company, par value $.001 per share (“Stock”). This Restricted Stock Inducement Award Agreement (this “Award Agreement”) and the Award granted hereunder is made outside the terms of the LL Flooring Holdings, Inc. 2023 Equity Compensation Plan (the “Plan”) and the share reserve thereunder, as an “employment inducement award” within the meaning of NYSE Manual 303A.08. Notwithstanding the foregoing, subject to the terms and conditions herein, the Award will be governed by the terms and conditions set forth in the Plan as if it had been granted under the Plan. The provisions of the Plan are hereby incorporated herein by reference. Capitalized terms not defined herein shall have the meanings ascribed to them in the Plan.
This Award and the Plan are administered by the Compensation Committee (the “Committee”) of the Company’s Board of Directors (the “Board”) and the Committee shall have all the rights and discretion with respect to the administration of this Award and Award Agreement as it has under the terms and conditions of the Plan. You and the Company agree that this Award is granted under and governed by the terms and conditions of this Award Agreement and will otherwise be subject to the Plan and will be governed as if it had been granted under the Plan, other than with respect to the share reserve under the Plan, which will not be affected by this Award. You have reviewed the Plan and this Award Agreement and fully understand all provisions of the Award Agreement, including the Plan. A copy of the Plan will be provided to you upon request.
Grant Date | [Date] |
Target Number of Stock Units Granted | [Number] |
The Restricted Stock is subject to the vesting restrictions set forth in Section 2 below. Until the vesting restrictions have lapsed, the Restricted Stock is forfeitable and nontransferable.
Vesting Date |
| Number of Shares |
[Date] |
| [Number] |
[Date] |
| [Number] |
[Date] |
| [Number] |
This Section 15 is intended to comply with Section 954 of Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and all regulations and rulemaking thereunder and should be interpreted accordingly.
IN WITNESS WHEREOF, the Company has caused this Restricted Stock Inducement Award Agreement to be signed on its behalf by its duly-authorized officer on the day and year first indicated above.
| LL FLOORING HOLDINGS, INC. | |
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