Stock Award Agreement between Cybex International, Inc. and Peter C. Haines (July 2000)

Summary

This agreement between Cybex International, Inc. and Peter C. Haines cancels Mr. Haines' June 1997 stock options, extends the expiration date of his May 1997 options to December 31, 2002, and grants him 50,000 shares of Cybex common stock under the company's incentive plan. The new shares cannot be transferred for six months and one day from the grant date. Mr. Haines is responsible for all taxes related to the stock award. The agreement is effective upon approval by Cybex's Board of Directors.

EX-10.I 2 0002.txt PETER C. HAINES STOCK AWARD AGREEMENT Exhibit 10.(i) July , 2000 -- Mr. Peter C. Haines Cybex International, Inc. 10 Trotter Drive Medway, MA 02053 Dear Mr. Haines: This letter will confirm the following agreement to be effective upon approval of the Board of Directors. 1. You were granted, in June 1997 (the "June 1997 Options"), options to acquire 238,000 shares of the common stock of Cybex. The June 1997 Options are hereby canceled in full and are of no further force and effect. You will promptly deliver to Cybex the option agreement or agreements evidencing the June 1997 Options. 2. You were granted, in May 1997 (the "May 1997 Options"), options to acquire 213,653 shares of the common stock of Cybex International, Inc. ("Cybex"), in exchange for certain outstanding options issued by Trotter Inc. The termination date for the May 1997 Options is hereby extended to December 31, 2002, at which time the May Options, to the extent not theretofore exercised, shall terminate and expire. In addition, this will confirm that the May 1997 Options will not terminate prior to December 31, 2002 due to your death, disability or termination of employment. No other change or alteration is made to the May 1997 Options. 3. You are hereby granted, as a Stock Award pursuant to paragraph 8 of the Cybex 1995 Omnibus Incentive Plan, 50,000 shares of the common stock of Cybex. Such shares shall not be transferable until six months and one day from the date of grant. Except for the foregoing and as otherwise may be provided by law, such shares shall not be restricted in any way. 4. You will be responsible for the payment of all payroll and other taxes pertaining to the foregoing Stock Award. Please acknowledge your agreement with the foregoing by countersigning this letter. CYBEX INTERNATIONAL, INC. By: ------------------------------------- John Aglialoro, Chairman of the Board Accepted and agreed to as of the date first above written: - ----------------------- Peter Haines