EX-10.B






Exhibit 10.B




VIAD CORP

2007 OMNIBUS INCENTIVE PLAN

NON-QUALIFIED STOCK OPTION AGREEMENT

Effective as of February 25, 2010




(NQ)




Viad Corp (Corporation), a Delaware corporation, grants to       (Grantee) the option
(Option) to purchase from the Corporation, pursuant to the 2007 Viad Corp Omnibus Incentive Plan
(Plan), at the price of $    per share (Option Price)        Shares of its Common Stock,
par value $1.50 each (Common Stock) through the exercise of this Option in accordance with the
terms and conditions hereinafter set forth.



1. Option Period and Termination of Employment of Grantee. The period during which
this Option may be exercised (Option Period) is the period beginning on the date hereof and ending
ten (10) years from such date, subject to Section 2 below, and during this period this Option may
be exercised only by the Grantee personally and while an employee of the Corporation or a
subsidiary or division thereof (Affiliate), except that:



(a) If the Grantee ceases to be an employee of the Corporation or any Affiliate of the
Corporation for any reason, excluding death, disability, retirement and termination of employment
for Cause (as defined below), the option rights hereunder (as they exist on the day the Grantee
ceases to be an employee) may be exercised only within a period of three (3) months thereafter,
subject to the notice requirements and forfeiture provisions set forth below, or prior to the
expiration of the Option Period, whichever shall occur sooner. If Grantee is an employee and is
terminated for Cause, all the option rights hereunder shall expire immediately upon the giving to
such Grantee of notice of such termination. As used herein, the term “Cause” means (1) the
conviction of a participant for committing a felony under federal law or the law of the state in
which such action occurred, (2) dishonesty in the course of fulfilling a participant’s employment
duties, or (3) willful and deliberate failure on the part of a participant to perform his
employment duties in any material respect, or such other events as will be determined by the
Committee. The Committee will have the sole discretion to determine whether “Cause” exists, and
its determination will be final.



(b) If the Grantee ceases to be an employee of the Corporation or any Affiliate of the
Corporation due to death, or dies within the three month or three year periods referred to in
Sections (a) or (c) of this Section 1, the option rights hereunder (as they exist immediately prior
to the Grantee’s death) may be exercised by the Grantee’s personal representative only during a
period of twelve (12) months thereafter in the case of death and only during a period of three (3)
years thereafter in the case of disability, provided, if the Grantee dies within such three-year
period, any unexercised option held by the Grantee will, notwithstanding the expiration of such
three-year period, continue to be exercisable to the extent to which it was exercisable at the time
of death for a period of twelve (12) months from the date of such death, subject in each case to
the notice requirements set forth below, or prior in each case to the expiration of the Option
Period, whichever shall occur sooner.



(c) If the Grantee ceases to be an employee of the Corporation or any Affiliate of the
Corporation by reason of disability, the option rights hereunder (as they exist on the day the
Grantee ceases to be such employee) may be exercised only within a period of three (3) years
thereafter, subject to Section 2(c) below and further subject to the notice requirements set forth
below, or prior to the expiration of the Option Period, whichever shall occur sooner.



(d) If the Grantee ceases to be an employee of the Corporation or any Affiliate of the
Corporation by reason of retirement, the option rights hereunder (as they exist on the day the
Grantee ceases to be such employee) may be exercised only within a period of five (5) years
thereafter, subject to Section 2(c) below and further subject to the notice requirements and
non-compete and forfeiture provisions set forth below, or prior to the expiration of the Option
Period, whichever shall occur sooner.



2. Method of Exercise of this Option. This Option may be exercised in the manner
hereinafter prescribed, in whole or in part, at any time or from time to time, during the Option
Period as follows:



(a) One-third (1/3) of the Shares hereby optioned at any time after one year from the date
hereof;



(b) One-third (1/3) of the Shares hereby optioned at any time two years from the date hereof;
and



(c) The balance of the Shares hereby optioned at any time after three (3) years from the date
hereof, provided that 100 Shares, or the total number of Shares remaining unpurchased hereunder, if
less than 100 Shares, is the minimum number which may be purchased hereunder at any one time. This
Option shall not be exercisable prior to the expiration of one year from the date of grant, except
as otherwise specified in the Plan. All purchases hereunder must be completed within the time
periods prescribed herein for the exercise thereof.



(d) Notwithstanding Sections (a), (b), and (c) of this Section 2 if the Grantee ceases to be
an employee of the Corporation by reason of death, disability or retirement, this Option (to the
extent valid and outstanding as of the date such Grantee ceases to be an employee) if not then
exercisable shall become fully exercisable to the full extent of the original grant; provided,
however, that if such date such Grantee ceases to be an employee is within six months of the date
of grant of a particular Stock Option held by a Grantee who is an officer of the Corporation and is
subject to Section 16(b) of the Exchange Act this Option shall not become fully exercisable until
six months and one day after such date of grant.



On or before the expiration of the Option Period specified herein, written notice of the
exercise of this Option with respect to all or a part of the Common Stock hereby optioned may be
mailed or delivered to the Corporation by the Grantee in substantially the form attached hereto or
in such other form as the Corporation may require, properly completed and among other things
stating the number of Shares of Common Stock with respect to which the Option is being exercised,
and specifying the method of payment for such Common Stock. The notice must be mailed or delivered
prior to the expiration of this Option.



Before any stock certificates shall be issued, the entire purchase price of the Common Stock
purchased shall be paid to the Corporation. Certificates, registered in the name of the purchaser
for the Common Stock purchased, will be issued to the purchaser as soon as practicable thereafter.
Failure to pay the purchase price for any Common Stock within the time specified in said notice
shall result in forfeiture of the Grantee’s right to purchase the Common Stock at a later date and
the number of Shares of Common Stock which may thereafter be purchased hereunder shall be reduced
accordingly.



The purchase price may be paid either entirely in cash or in whole or in part with
unrestricted Common Stock already owned by the Grantee. If the Grantee elects to pay the purchase
price entirely in cash, he will be notified of the purchase price by the Corporation. If the
Grantee elects to pay the purchase price either substantially all with Common Stock or partly with
Common Stock and the balance in cash, he will be notified by the Corporation of the fair market
value of the Common Stock on the exercise date and the amount of Common Stock or cash payable.
Within five business days after the exercise date, the Grantee shall deliver to the Corporation
either cash or Common Stock certificates, in negotiable form, at least equal in value to the
purchase price, or that portion thereof to be paid for with Common Stock, together with cash
sufficient to pay the full purchase price. Only full Shares of Common Stock shall be utilized for
payment purposes.



To the extent permissible under applicable tax, securities, and other laws, the Corporation
will permit Grantee to satisfy a tax withholding requirement by surrendering Shares, including
Shares to which Grantee is entitled as a result of the exercise of this Option, in such manner as
the Corporation shall choose in its discretion to satisfy such requirement.



3. Restrictive Covenant, Forfeiture and Repayment Provisions. Unless a Change of
Control (as defined in the Plan) shall have occurred after the date hereof:



(a) Certification. The right to exercise this Option shall be conditional upon certification
by the Grantee at time of exercise that the Grantee has read and understands the restrictive
covenant, forfeiture and repayment provisions set forth in this Section 3, that the Grantee has not
engaged in any misconduct or acts contrary to the Corporation as described below, and that Grantee
has no intent to leave employment with the Corporation or any of its Affiliates for the purpose of
engaging in any activity or providing any services which are contrary to the spirit and intent of
Section 3(b).



(b) Non-Compete. Unless a Change of Control (as defined in the Plan) shall have occurred
after the date hereof:



(i) In order to better protect the goodwill of the Corporation and its Affiliates and to
prevent the disclosure of the Corporation’s or its Affiliates’ trade secrets and confidential
information and thereby help insure the long-term success of the business, the Grantee, without
prior written consent of the Corporation, will not engage in any activity or provide any services,
whether as a director, manager, supervisor, employee, adviser, agent, consultant, owner of more
than five (5) percent of any enterprise or otherwise, for a period of eighteen (18) months
following the date of the Grantee’s termination of employment with the Corporation or any of its
Affiliates, in connection with the manufacture, development, advertising, promotion, design, or
sale of any service or product which is the same as or similar to or competitive with any services
or products of the Corporation or its Affiliates (including both existing services or products as
well as services or products known to the Grantee, as a consequence of the Grantee’s employment
with the Corporation or one of its Affiliates, to be in development):



(1) with respect to which the Grantee’s work has been directly concerned at any time during
the two (2) years preceding termination of employment with the Corporation or one of its
Affiliates, or



(2) with respect to which during that period of time the Grantee, as a consequence of the
Grantee’s job performance and duties, acquired knowledge of trade secrets or other confidential
information of the Corporation or its Affiliates.



(ii) For purposes of the provisions of Section 3(b), it shall be conclusively presumed that
the Grantee has knowledge of information he or she was directly exposed to through actual receipt
or review of memos or documents containing such information, or through actual attendance at
meetings at which such information was discussed or disclosed.



(iii) In addition to any other remedy at law or in equity, including injunctive relief, the
Corporation is authorized to suspend or terminate this Option and any other outstanding stock
option or stock appreciation right held by the Grantee prior to or after termination of employment
if the Grantee engages in any conduct agreed to be avoided pursuant to the provisions of Section
3(b) at any time within the eighteen (18) months following the date of the Grantee’s termination of
employment with the Corporation or any of its Affiliates.



(iv) In addition to any other remedy at law or in equity, including injunctive relief if, at
any time within eighteen (18) months after the date of the Grantee’s termination of employment with
the Corporation or any of its Affiliates, Grantee engages in any conduct agreed to be avoided
pursuant to the provisions of Section 3(b), then any gain (without regard to tax effects) realized
by Grantee from the exercise of this Option, in whole or in part, shall be paid by Grantee to the
Corporation. Grantee consents to the deduction from any amounts the Corporation or any of its
Affiliates owes to Grantee to the extent of the amounts Grantee owes the Corporation hereunder.



(c) Misconduct. Unless a Change of Control shall have occurred after the date hereof:



(i) The Corporation is authorized to suspend or terminate this Option and any other
outstanding stock option or stock appreciation right held by the Grantee prior to or after
termination of employment if the Corporation reasonably determines that during the Grantee’s
employment with the Corporation or any of its Affiliates:



(1) Grantee knowingly participated in misconduct that causes a misstatement of the financial
statements of Viad or any of its Affiliates or misconduct which represents a material violation of
any code of ethics of the Corporation applicable to the Grantee or of the Always Honest compliance
and ethics program or similar program of the Corporation; or



(2) Grantee was aware of and failed to report, as required by any code of ethics of the
Corporation applicable to the Grantee or by the Always Honest compliance program or similar program
of the Corporation, misconduct that causes a misstatement of the financial statements of Viad or
any of its Affiliates or misconduct which represents a material knowing violation of any code of
ethics of the Corporation applicable to the Grantee or of the Always Honest compliance program or
similar program of the Corporation.



(ii) If, at any time after the Grantee exercises this Option in whole or in part, the
Corporation reasonably determines that the provisions of Section 3(c) applies to the Grantee, then
any gain (without regard to tax effects) realized by the Grantee from such exercise shall be paid
by Grantee to the Corporation. The Grantee consents to the deduction from any amounts the
Corporation or any of its Affiliates owes to the Grantee to the extent of the amounts the Grantee
owes the Corporation under this Section 3.



(d) Acts Contrary to Corporation. Unless a Change of Control shall have occurred after the
date hereof:



(i) The Corporation is authorized to suspend or terminate this Option and any other
outstanding stock option or stock appreciation right held by the Grantee prior to or after
termination of employment if the Corporation reasonably determines that Grantee has acted
significantly contrary to the best interests of the Corporation, including, but not limited to, any
direct or indirect intentional disparagement of the Corporation.



(ii) If, at any time within two (2) years after the Grantee exercises this Option in whole or
in part, the Corporation reasonably determines that Grantee has acted significantly contrary to the
best interests of the Corporation, including, but not limited to, any direct or indirect
intentional disparagement of the Corporation, then any gain (without regard to tax effects)
realized by the Grantee from such exercise shall be paid by Grantee to the Corporation. The
Grantee consents to the deduction from any amounts the Corporation or any of its Affiliates owes to
the Grantee to the extent of the amounts the Grantee owes the Corporation under this Section 3.



(e) The Corporation’s reasonable determination required under Sections 3(c)(i) and (ii) and
3(d)(i) and (ii) shall be made by the Human Resources Committee of the Corporation’s Board of
Directors, in the case of executive officers of the Corporation, and by the Chief Executive Officer
and Corporate Compliance Officer of the Corporation, in the case of all other officers and
employees.



4. Non-Transferability of this Option. This Option may not be assigned, encumbered or
transferred, in whole or in part, except by the Grantee’s will or in accordance with the applicable
laws of descent and distribution or as otherwise provided or permitted under the Plan, except that
a Grantee holding a Non-Qualified Stock Option may designate as the transferee of any such Option
any member of such Grantee’s “Immediate Family"(as defined in Rule 16a, as promulgated by the
Commission under the Exchange Act) or to a trust whose beneficiaries are members of such Grantee’s
Immediate Family, without payment of consideration, to have the power to exercise such Option, and
be subject to all the conditions of such Option prior to such designation, such power to exercise
to become effective only in the event that such optionee shall die prior to exercising such Option.



5. Adjustments for Changes in Capitalization of Corporation. The Common Stock covered
by this Option is, at the option of the Corporation, either authorized but unissued or reacquired
Common Stock. In the event of any merger, reorganization, consolidation, recapitalization, stock
dividend, stock split, extraordinary distribution with respect to the Common Stock or other change
in corporate structure affecting the Common Stock during the Option Period, the number of Shares of
Common Stock which may thereafter be purchased pursuant to this Option and the purchase price per
share, shall be appropriately adjusted, or other appropriate substitutions shall be made, and the
determination of the Board of Directors of the Corporation, or the Human Resources Committee of the
Board of Directors, as the case may be, as to any such adjustments shall be final, conclusive and
binding upon the Grantee.



6. Effect of Change in Control. (a) In the event of a Change in Control (as defined
in the Plan), this Option (to the extent outstanding as of the date such Change in Control is
determined to have occurred) if not then exercisable and vested shall become fully exercisable and
vested to the full extent of the original grant.



(b) Notwithstanding any other provision of the Plan, during the 60-day period from and after a
Change in Control (the “Exercise Period”), the Grantee shall have the right, whether or not this
Option is fully exercisable and in lieu of the payment of the exercise price for the Shares of
Common Stock being purchased under the Option and by giving notice to the Corporation, to elect
(within the Exercise Period) to surrender all or part of the Option to the Corporation and to
receive cash, within 30 days of such notice, in an amount equal to the amount by which the Change
in Control Price (as defined in the Plan) per share of Common Stock on the date of such election
shall exceed the exercise price per share of Common Stock under the Option (the “Spread”)
multiplied by the number of Shares of Common Stock granted under the Option as to which the right
granted hereunder shall have been exercised; provided, however, that if the Change in Control is
within six months of the date of grant of a particular Option held by a Grantee who is an officer
of the Corporation and is subject to Section 16(b) of the Securities Exchange Act of 1934 no such
election shall be made by such Grantee with respect to such Option prior to six months from the
date of grant. Notwithstanding any other provision hereof, if the end of such 60-day period from
and after a Change in Control is within six months of the date of grant of an Option held by a
Grantee who is an officer of the Corporation and is subject to Section 16(b), such Option shall be
canceled in exchange for a cash payment to the Grantee, effected on the day which is six months and
one day after the date of grant of such Option, equal to the Spread multiplied by the number of
Shares of Common Stock granted under the Option.



7. Plan and Plan Interpretations as Controlling. This Option and the terms and
conditions herein set forth are subject in all respects to the terms and conditions of the Plan,
which are controlling. The Plan provides that the Board may amend the Plan, and that the Committee
may interpret it and establish regulations for the administration thereof; provided that no such
amendment or regulation shall impair the rights of any Grantee under an Option without the
Grantee’s consent, except an amendment for purposes of compliance with the federal securities laws.
The Grantee, by acceptance of this Option, agrees to be bound by said Plan and such Board and
Committee actions.



8. Termination of the Plan; No Right to Future Grants. By entering into this Option
Agreement, the Grantee acknowledges: (a) that the Plan is discretionary in nature and may be
suspended or terminated by the Corporation at any time; (b) that each grant of an Option is a
one-time benefit which does not create any contractual or other right to receive future grants of
Options, or benefits in lieu of Options; (c) that all determinations with respect to any such
future grants, including, but not limited to, the times when the Option shall be granted, the
number of Shares subject to each Option, the Option price, and the time or times when each Option
shall be exercisable, will be at the sole discretion of the Corporation; (d) that the Grantee’s
participation in the Plan shall not create a right to further employment with the Grantee’s
employer and shall not interfere with the ability of the Grantee’s employer to terminate the
Grantee’s employment relationship at any time with or without cause; (e) that the Grantee’s
participation in the Plan is voluntary; (f) that the value of the Options is an extraordinary item
of compensation which is outside the scope of the Grantee’s employment contract, if any; (g) that
the Option is not part of normal and expected compensation for purposes of calculating any
severance, resignation, bonuses, pension or retirement benefits or similar payments; (h) that the
right to purchase Common Stock ceases upon termination of employment for any reason except as may
otherwise be explicitly provided in the Plan or this Option Agreement; (i) that the future value of
the Shares is unknown and cannot be predicted with certainty; (j) that if the underlying Shares do
not increase in value, the Option will have no value; and (k) the foregoing terms and conditions
apply in full with respect to any prior Option grants to Grantee.



9. Governing Law. This agreement is governed by and is to be construed and enforced
in accordance with the laws of Arizona.



This Option may not be exercised whenever such exercise or the issuance of any of the optioned
Shares would be contrary to law or the regulations of any governmental authority having
jurisdiction.



IN WITNESS WHEREOF, VIAD CORP has caused this Option to be duly executed in its name.



Dated:       , 200      



VIAD CORP




      



By: PAUL B. DYKSTRA

ATTEST: Chairman, President and Chief Executive Officer




     


Secretary or Assistant Secretary



This Non-Qualified Stock Agreement shall be effective only upon execution by the Grantee and
delivery to and receipt by the Corporation.



ACCEPTED AND AGREED:



     


Grantee