Document:

Exhibit 10.1 (d) Form Stock Option Non-Employee Director Stock Plan

Exhibit
10.1 (d)

 

FORM OF

 

NON-EMPLOYEE DIRECTOR

 

NON-QUALIFIED STOCK OPTION AGREEMENT

 

 

Non-Qualified
Stock Option Agreement (the “Agreement”), dated as of ____________________
between Frozen Food Express Industries, Inc. (the “Company”) and
______________________, a non-employee director of the Company (the
“Optionee”).

 

WITNESSETH:

 

1.  Pursuant
to the Frozen Food Express Industries, Inc. 1995 Non-Employee Director Stock
Option Plan (the “Plan”), the Company hereby grants to the Optionee an option
(the Option”) to purchase, upon the terms and conditions set forth herein,
_____ shares of the Common Stock (herein so called) of the Company at a
price of $_____ per
share. An adjustment in the number and class of shares issuable hereunder and
the price per share payable in connection with such issuance, as determined by
the Board of Directors of the Company, shall be made in the event of a merger,
consolidation, reorganization, recapitalization, subdivision or any other
similar change affecting the stock of the Company, provided that any such
adjustment in the number of shares shall be rounded to the nearest whole share
and no fractional shares shall be issued.

 

2.  Except as
otherwise provided in the Plan or this Agreement, the Option is exercisable only
during the time periods and for the number of shares of Common Stock set forth
below:

 

	
      Number
      of Shares
	
      May
      Not Be Exercised Before
	
      May
      Not Be Exercised After

	
      __________
	
      ____________,
      200___
	
      ____________,
      201__

3.  The
Option shall expire ten (10) years from the date it was originally granted,
which date was ____________________ (the “Expiration Date”), unless sooner
terminated as provided in Paragraphs 5, 6 and 7 of this Agreement.

 

4.  The
option price for shares purchased shall be paid in full at the time the Option
is exercised, and no shares shall be delivered until full payment has been made.
The Option shall be exercised on the day when written notice of such exercise
has been received by the Company at its principal place of business from the
person entitled to exercise the Option, accompanied by full payment of the
purchase price (i) in cash or by check to the order of the Company, (ii) in the
form of shares of Common Stock already owned by the Optionee, duly endorsed to
the order of the Company, having a Fair Market Value (as defined in the Plan)
equal to the purchase price payable in connection with such exercise, or (iii)
by a combination of (i) and (ii), and such other documents, if any, as the
Company shall require. Upon receipt of all such documents and payments, the
shares shall be deemed to have been issued or sold and the Optionee shall be
entitled to receive such shares and shall then be a shareholder with respect to
such shares, and the shares shall be considered fully paid and non-assessable.
No adjustment will be made for a dividend or other rights for which the record
date is prior to the date of the exercise of the Option and payment for the
shares is received by the Company, except as specifically provided in the
Plan.

 

5.  During
the lifetime of the Optionee, the Option may be exercised only by the Optionee
and by persons to whom transfers of Options are expressly permitted by this
Paragraph. If the Optionee dies while serving on the Board, the Option shall
become fully vested as of the date of the Optionee’s death and may exercised by
his or her estate or a person who has acquired the right to exercise the Option
by will or the laws of descent and distribution at any time or times prior to
the second anniversary of the date of the Optionee’s death; provided that in no
event may the Option be exercised after the Expiration Date. This Option is
transferable by the Optionee by (i) a gift to a member of the Optionee’s
Immediate Family or (ii) a gift to an inter vivos or testamentary trust in
which members of the Optionee’s Immediate Family have a beneficial interest of
more than 50% and which provides that the Option is to be transferred to the
beneficiaries upon the Optionee’s death. For the purposes of the preceding
sentence, “Immediate Family” shall mean any child, stepchild, grandchild,
parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law or sister-in-law and shall include
adoptive relationships. In the event of any transfer permitted by this Stock
Option Agreement, the Plan and the Stock Option Agreement (except for those
provisions of both that permit transfers by the Optionee) shall apply to any
transferee to the same extent as to the Optionee. 

 

6.  If the
Optionee ceases to be a director of the Company for any reason other than death,
the Optionee may exercise such portion of his or her Option as had vested prior
to his or her ceasing to be a director of the Company at any time or times prior
to the second anniversary of the date the Optionee ceased to be a director of
the Company; provided that in no event may the Option be exercised after the
Expiration Date. In the event of the death of the Optionee within six months
after his or her ceasing to be a director of the Company, any vested portion of
the Option may be exercised by the Optionee’s estate or a person who has
acquired the right to exercise the Option by will or the laws of descent and
distribution at any time or times prior to the second anniversary of the date of
the Optionee’s death; provided that in no event may the Option be exercised
after the Expiration Date.

 

7.  Except as
expressly provided in Paragraph 5 above, the Option shall not be sold,
pledged, assigned or transferred in any manner except by will or by the laws of
descent and distribution, and any attempt to do so in violation of this
prohibition, whether voluntary, involuntary, by operation of law or otherwise,
shall immediately void the Option and, during the Optionee’s lifetime, is
exercisable only by the Optionee.

 

8.  It is not
intended that the Option be an incentive stock option within the meaning of
Section 422 of the Internal Revenue Code. As a non-qualified stock option, the
Option’s exercise by the Optionee or the Optionee’s legal representative may
result in taxable income (as it is defined in the Internal Revenue Code) to the
Optionee or to the Optionee’s estate. Upon the issuance of Common Stock as a
result of the exercise of the Option, the Optionee shall provide the Company
with the funds to enable it to pay any tax required by any government to be
withheld or paid.

 

9.  Unless
the shares to be issued upon exercise of the Option have been effectively
registered under the Securities Act of 1933, as now in force or hereafter
amended, or in the opinion of counsel for the Company, no such registration is
necessary, the Company shall be under no obligation to issue any shares covered
by the Option. Notwithstanding the foregoing provisions of this Agreement, as a
condition to the exercise of the Option and provided that the Optionee has not
held the Option for a period of six months from the date of grant, the Optionee
shall agree not to dispose of the Common Stock obtained upon exercise of the
Option until the expiration of six months from the date of grant of the Option
unless such disposition is in a transaction which is exempt form the provisions
of Section 16 of the Securities Exchange Act of 1934, as amended.

 

10.  The
Optionee acknowledges that the Option is subject to the terms and conditions of
the Plan, a copy of which has been delivered to him, and in the event of an
inconsistency between this Agreement and the terms of the Plan, the terms of the
Plan shall control.

 

11.  Any
notice to the Company shall be addressed to it, in care of its Secretary, at
1145 Empire Central Place, Dallas, Texas 75247, or to such other address as may
be designated by the Company. Any communication to the Optionee shall be sent to
the address shown below or such other address as may be provided to the Company
in writing by the Optionee.

 

IN
WITNESS WHEREOF, the Company and the Optionee have executed this Agreement as of
the date first above written.

 

 

	 Attest:	  Frozen
      Food Express Industries, Inc.
	 	 By:  Its Chairman of the Board
	 by:  Secretary	 Optionee:
	 	 Address:Exhibit 10.3 (d) Form of Stock Option Agreement

Exhibit
10.3 (d)

1992
INCENTIVE AND NONSTATUTORY STOCK OPTION PLAN

OF

FROZEN
FOOD EXPRESS INDUSTRIES, INC.

FORM
OF

AWARD
AGREEMENT

This
Option Agreement (this “Agreement”) is made and entered into by and between
Frozen Food Express Industries, Inc., a Texas corporation (“FFE” or the
“Corporation”) and       the
(“Optionee”), as of     (the
“Date of Grant”). If the Optionee is presently or subsequently becomes employed
by a subsidiary of the Corporation, the term “Corporation” shall be deemed to
refer collectively to Frozen Food Express Industries, Inc., and the subsidiary
or subsidiaries which employ the Optionee.

W I T
N E S S E T H:

WHEREAS,
the Corporation has adopted the Frozen Food Express Industries, Inc., 1992
Incentive and Nonstatutory Option Plan (the “Plan”) to provide an incentive for
key employees and certain consultants and advisors of the corporation to remain
in the service of the Corporation and to extend them the opportunity to acquire
a proprietary interest in the Corporation so that they will apply their best
efforts for the benefit of the Corporation; and

WHEREAS,
the committee established pursuant to the Plan (the “Committee”) believes that
the granting of the stock option herein described to the Optionee is consistent
with the stated purposes for which the Plan was adopted;

NOW,
THEREFORE, in consideration of the mutual covenants and conditions hereinafter
set forth and for good and valuable consideration, the Corporation and the
Optionee agree as follows:

1. Grant
of Option. Under
the terms and conditions of Section 5 of the Plan, a copy of which is attached
hereto and incorporated herein by reference, FFE hereby grants to the Optionee
the right and option (the “Option”) to purchase an aggregate of    shares
(such number being subject to adjustment as provided in Section 6 of the Plan)
of the common stock, $1.50 par value (“Common Stock”), of Frozen Food Express
Industries, Inc. (“Plan Shares”).

Subject
to Paragraph 9 herein, the Option granted hereunder is intended to qualify as an
“incentive stock option” under Section 422 of the Internal Revenue Code of 1986,
as amended (the “Code”) and shall be so construed; provided, however, that
nothing in this Agreement shall be interpreted as a representation, guarantee,
or other undertaking on the part of the Corporation that this Option is or will
be determined to be an “incentive stock option” within such section or any other
section of the Code.

2. Exercise
Price. The
price at which the Optionee shall be entitled to purchase the Plan Shares
covered by the Option shall be     and
50/100 dollars ($  ) per
Plan Share (the “Exercise Price”).

3. Option
Period. The
Option hereby granted shall be and remain force and effect during the “Option
Period”. The Option Period shall begin on    , and end
on the normal close of business of the Corporation on the “Expiration Date”. The
Expiration Date is the earliest of
(i)   , or ii)
in the case of the Optionee’s termination of employment, loss of eligibility,
death, retirement or disability, the date specified in Sections 7.1, 7.2, 7.3,
7.4, or 7.5 of the Plan.

4. Exercise
of Option. The
Optionee may exercise the Option at any time during the Option Period, with
respect to all or any part of the Plan Shares covered hereby; provided, however,
that no Option may be exercised for a fraction of a Plan Share, by delivery to
the Committee of written notice of exercise and payment of the purchase price as
provided in Paragraphs 5 and 6 herein.

An Option
will cease to be exercisable with respect to the Plan Shares when the Optionee
purchases the Plan Shares, or when the Option expires or is
terminated.

5. Method
of Exercise. The
Option shall be exercisable only by written notice of exercise (the “Exercise
Notice”) delivered to the Corporation during the term of the Option, which
notice shall (a) state the number of Plan Shares with respect to which the
Option is being exercised, (b) be signed by the Optionee or, if the Optionee is
dead or disabled, by the person authorized to exercise the Option pursuant to
Paragraphs 7.3 and 7.5 of the Plan, (c) be accompanied by the Exercise Price for
all Plan Shares for which the Option is exercised, and (d) include such other
information, instruments, and documents as may be required to satisfy any other
condition to exercise contained herein. The Committee may require that the
Exercise Notice be provided on a form or forms prescribed by the
Committee.

6. Medium
and Time of Payment. The
Exercise Price shall be payable in full upon the exercise of the Option (a) in
cash or by an equivalent means acceptable to the committee, (b) on the
Committee’s prior consent, with shares of Common Stock owned by the Optionee
(including shares received upon exercise of the Option) and having a Fair Market
Value at least equal to the aggregate Exercise Price payable in connection with
such exercise, or (c) by any combination of clauses (a) and (b).

In
addition, at the request of the Optionee and to the extent permitted by
applicable law, the Committee may approve arrangements with a brokerage firm
under which that brokerage firm, on behalf of the Optionee, shall pay to FFE the
Exercise Price of the Option being exercised, and FFE shall promptly deliver the
exercised shares to the brokerage firm (the “Cashless Exercise”). To accomplish
the Cashless Exercise, the Optionee must deliver to FFE an Exercise Notice
containing irrevocable instructions from the Optionee to FFE to deliver the
stock certificates directly to the broker.

7. Nontransferability. The
Option granted by this Agreement shall be exercisable only during the Option
Period provided in Paragraph 3 herein and, except as provided in Sections 7.1,
7.2, 7.3, 7.4, and 7.5 of the Plan, only by the Optionee during the Optionee’s
lifetime and while an employee of the Corporation. No Option granted by this
Agreement is transferable by the Optionee other than by will or pursuant to
applicable laws of descent and distribution. Except as may be necessary to
accomplish the Cashless Exercise, the Option, and any rights and privileges in
connection therewith, cannot be transferred, assigned, pledged, or hypothecated
by the Optionee, or by any other person or persons, in any way, whether by
operation of law, or otherwise, and may not be subject to execution, attachment,
garnishment or similar process. In the event of any such occurrence, this
Agreement will automatically terminate and will thereafter be null and
void.

8. Delivery
of Plan Shares. No Plan
Shares shall be transferred to the Optionee upon exercise of the Option until
(i) the purchase price is paid in full in the manner herein provided, (ii) all
the applicable taxes required to be withheld have been paid or withheld in full,
(iii) the approval of any governmental authority required in connection with the
Option, or the issuance of Plan Shares there under, has been received by FFE,
and (iv) if required by the Committee, the Optionee has delivered to the
Committee assurances in form and content satisfactory to FFE as provided in
Section 7.10 of the Plan.

9. Notice
of Disqualifying Disposition. In
order for FFE to avail itself of any income tax deduction to which it may be
entitled, the Optionee must notify FFE of his disposal of any Plan Shares
purchased pursuant to this Agreement within two (2) years from the Date of Grant
and one (1) year from the date of exercise of this Option. Said notification
shall occur promptly after the disposition and shall include the number of Plan
Shares disposed of, the dates of acquisition and disposition of the Plan Shares,
and the consideration received for such disposition. If in connection with such
disposition FFE becomes liable for withholding taxes and has no amounts owing to
the Optionee with which to discharge its withholding obligation, the Optionee
shall provide FFE with the amount needed to discharge FFE’s withholding
obligation and shall indemnify FFE against any penalties it may incur through
its inability to apply amounts owing the Optionee in discharge of its
withholding obligations.

10. Information
Confidential. As
partial consideration for the granting of this Incentive Stock Option, the
Optionee agrees that he will keep confidential all information and knowledge
that he has relating to the manner and amount of his participation in the Plan;
provided, however, that such information may be disclosed as required by law and
may be given in confidence to the Optionee’s spouse, tax and financial advisors,
or to a financial institution to the extent that such information is necessary
to obtain a loan.

11. Definitions;
Copy of Plan. To the
extent not specifically provided herein, all capitalized terms used in this
Agreement shall have the same meanings ascribed to them in the Plan. By the
execution of this Agreement, the Optionee acknowledges receipt of a copy of the
Plan.

12. Administration. This
Agreement is subject to the terms and conditions of the Plan. The Plan will be
administered by the Committee in accordance with its terms. The Committee has
sole and complete discretion with respect to all matters reserved to it by the
Plan and decisions of the Committee with respect to the Plan and to this
Agreement shall be final and binding upon the Optionee and the Corporation. In
the event of any conflict between the terms and conditions of this Agreement and
the Plan, the provisions of the Plan shall control.

13. Continuation
of Employment. This
Agreement shall not be construed to confer upon the Optionee any right to
continue in the employ of the Corporation and shall not limit the right of the
Corporation, in its sole discretion, to terminate the employment of the Optionee
at any time.

14. Obligation
to Exercise. The
Optionee shall have no obligation to exercise any Option granted by this
Agreement.

15. Governing
Law. This
Agreement shall be interpreted and administered under the laws of the State of
Texas (excluding its conflict of law rules) except to the extent such law is
preempted by federal law.

16. Amendments. This
Agreement may be amended only by a written agreement executed by the Corporation
and the Optionee. Any such amendment shall be made only upon the mutual consent
of the parties, which consent (of either party) may be withheld for any
reason.

17. Termination. The
Corporation may terminate the Plan at any time; however, such termination will
not modify the terms and conditions of the Option granted hereunder unless the
Optionee’s prior written consent is obtained.

IN
WITNESS WHEREOF, the Corporation has caused this Agreement to be duly executed
by its officers thereunto duly authorized, and the Optionee has hereunto set his
hand as of the day and year first above written.

                        FROZEN FOOD EXPRESS
IDUSTRIES, INC.

By:       

Its:  Chairman
of the Board  

                        OPTIONEE:
_______________________

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