Document:

exhibit101.htm

    
      
        

      

      Exhibit 10.1

      
 

      
        
          
            	
                    Name
      of Grantee:

                  	 
      
	 
      	 
      
	
                    Grant
      Date:

                  	 
      
	 
      	 
      
	
                    Total
      Number of Restricted Stock Units:

                  	 
      
	 
      	 
      
	
                    Vesting
      Dates:

                  	 
      

          

        

      

       

      
 

      RESTRICTED
STOCK UNIT AGREEMENT

      

      RESTRICTED
STOCK UNIT AGREEMENT (the “Agreement”), dated as of the Grant Date (as stated
above), by and between Cabela’s Incorporated, a Delaware corporation (the
"Company"), and the undersigned employee of the Company or one of its
Subsidiaries (the "Grantee").

      

      W I T N E
S S E T H:

      

      WHEREAS,
to motivate key employees, consultants and non-employee directors of the Company
and the Subsidiaries by providing them an ownership interest in the Company, the
Board of Directors of the Company (the "Board") has established and the
stockholders of the Company have approved, the Cabela’s Incorporated 2004 Stock
Plan, as the same may be amended from time to time (the "Plan");

      

      WHEREAS,
pursuant to the Plan, the Compensation Committee of the Board has authorized the
grant to the Grantee of Restricted Stock Units in accordance with the terms and
conditions of this Agreement; and

      

      WHEREAS,
the Grantee and the Company desire to enter into an agreement to evidence and
confirm the grant of such Restricted Stock Units on the terms and conditions set
forth herein.

      

      NOW,
THEREFORE, to evidence the Restricted Stock Units so granted, and to set forth
the terms and conditions governing such Restricted Stock Units, the Company and
the Grantee hereby agree as follows:

      

      1.           Grant of Restricted Stock
Units.  The
Company hereby evidences and confirms its grant to the Grantee, effective as of
the Grant Date, of the number of Restricted Stock Units specified above, subject
to the restrictions contained herein.  The Restricted Stock Units
shall vest and become payable in shares of Common Stock according to the vesting
requirements set forth in this Agreement and subject to earlier expiration or
termination as provided in this Agreement.  This Agreement is
subordinate to, and the terms and conditions of the Restricted Stock Units
granted hereunder are subject to, the terms and conditions of the Plan, which
are incorporated by reference herein. If there is any inconsistency between the
terms hereof and the terms of the Plan, the terms of the Plan shall govern. Any
capitalized terms used herein without definition shall have the meanings set
forth in the Plan.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      2.           Vesting
Dates.  Subject to the provisions of the Plan and this
Agreement, and  unless vested or forfeited earlier as set forth in
this Agreement, the Restricted Stock Units awarded hereunder shall become vested
and settled as described in Section 3 below as of the Vesting Dates indicated
above (the "Vesting Dates").  For clarity,
[       ] of the Restricted Stock Units granted
pursuant to this Agreement shall vest on [      
].

      

      3.           Vesting of Restricted Stock
Units.    

      

      (a)           Settlement of Vested
Restricted Stock Units.    Subject to the
requirements set forth in this Agreement, as promptly and reasonably practicable
after a  Vesting Date, but no later than 60 days following such
Vesting Date, the Company shall transfer and deliver to the Grantee, in
book-position or certificate form, one share of Common Stock for each Restricted
Stock Unit becoming vested at such time; provided, however, the Company may
withhold shares of Common Stock otherwise transferable to the Grantee to the
extent necessary to satisfy withholding taxes in accordance with Section 7(e)
below.

      

      (b)            Termination of
Employment.    Notwithstanding anything contained in
this Agreement to the contrary, (i) subject to the provisions of Article 8
of the Plan, if the Grantee separates from service due to his death or
Disability during the Restriction Period,  a pro rata portion of the
shares of Common Stock underlying the Restricted Stock Units then held by
Grantee shall vest as of the separation of service and no longer be subject to
the Restriction Period, based on the number of months the Grantee was employed
during the Restriction Period, and all Restricted Stock Units for which the
Restriction Period has not then lapsed shall be forfeited and canceled as of the
date of such separation of service, and (ii) if the Grantee's employment is
terminated for any other reason during the Restriction Period, any Restricted
Stock Units held by the Grantee which have not vested shall be forfeited and
canceled as of the date of such termination.  If Restricted Stock
Units become vested pursuant to Section 3(b)(i) above, then, as promptly and
reasonably practicable after such vesting, but no later than 60 days following
such vesting, the Company shall transfer and deliver to the Grantee or the
Grantee’s estate or personal representative, in book-position or certificate
form, one share of Common Stock for each Restricted Stock Unit becoming vested
at such time.  Nothing in the Agreement shall be deemed to confer on
the Grantee any right to continue in the employ of the Company or any
Subsidiary, or to interfere with or limit in any way the right of the Company or
Subsidiary to terminate such employment at any time.

      

      (c)           Proprietary Matters
Agreement.  The Grantee acknowledges that, as a condition to
granting the Restricted Stock Units, the Company has required the Grantee to
enter into a Proprietary Matters Agreement with the Company pursuant to Section
3.2 of the Plan.  If a substantially similar agreement has been
executed in connection with the prior grant of Awards, the Grantee hereby
affirms such agreement; provided, if the Company requires the Grantee to execute
a new Proprietary Matters Agreement (the "New Agreement"), the Grantee
acknowledges that the New Agreement shall constitute a complete amendment and
restatement of any such previously executed agreement.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      4.           Grantee's Representations,
Warranties and Covenants; Investment Intent.  The Grantee
represents and warrants that the Restricted Stock Units have been, and any
shares of Common Stock will be, acquired by the Grantee solely for the Grantee's
own account for investment and not with a view to or for sale in connection with
any distribution thereof. The Grantee further understands, acknowledges and
agrees that the Restricted Stock Units, and any shares of Common Stock, may not
be transferred, sold, pledged, hypothecated or otherwise disposed of except to
the extent expressly permitted hereby and at all times in compliance with the
U.S. Securities Act of 1933, as amended, and the rules and regulations of the
Securities Exchange Commission thereunder, and in compliance with applicable
state securities or "blue sky" laws.

      

      5.           Grantee's Rights with
Respect to Restricted Stock Units.    

      

      (a)           Restrictions on
Transferability.  Except as provided in the Plan, the
Restricted Stock Units granted hereby are not assignable or transferable, in
whole or in part, and may not, directly or indirectly, be offered, transferred,
sold, pledged, assigned, alienated, hypothecated or otherwise disposed of or
encumbered (including without limitation by gift, operation of law or otherwise)
other than by will or by the laws of descent and distribution to the estate of
the Grantee upon the Grantee's death; provided that the deceased Grantee's
beneficiary or representative of the Grantee's estate shall acknowledge and
agree in writing, in a form reasonably acceptable to the Company, to be bound by
the provisions of this Agreement and the Plan as if such beneficiary or the
estate were the Grantee.

      

      (b)           Rights as
Stockholder.  Except as otherwise provided herein, the Grantee
shall have no rights as a stockholder with respect to the Restricted Stock Units
awarded hereunder prior to the date of issuance to the Grantee of such shares of
Common Stock in book position or certificate form.  Any securities
issued to or received by the Grantee with respect to Restricted Stock Units as a
result of a stock split, a dividend payable in capital stock or other
securities, a combination of shares or any other change or exchange of the
Restricted Stock Units for other securities, by reclassification,
reorganization, distribution, liquidation, merger, consolidation, or otherwise,
shall have the same status as the Restricted Stock Units and shall be held by
the Company if the Restricted Stock Units are being so held, unless otherwise
determined by the Committee.

      

      6.           Adjustment Event/Change in
Control.  In the event of an Adjustment Event or a Change in
Control of the Company, the Grantee’s rights with respect to any Restricted
Stock Units granted pursuant to this Agreement shall be governed by the terms
and conditions of the Plan.

      

      7.           Miscellaneous.

      

      (a)           Notices.  All
notices and other communications required or permitted to be given under this
Agreement shall be in writing and shall be deemed to have been given if
delivered personally or sent by certified or express mail, return receipt
requested, postage prepaid, or by any recognized international equivalent of
such delivery, to the Company or the Grantee, as the case may be, at the
following addresses or to such other address as the Company or the Grantee, as
the case may be, shall specify by notice to the others:

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      i.              if
to the Company, to:

       

      Cabela's
Incorporated

      One Cabela Drive

      Sidney,
NE  69160

      Attention:  Legal
Department

      

      ii.           if
to the Grantee, to the Grantee at the address then appearing in the personnel
records of the Company for the Grantee.  All such notices and
communications shall be deemed to have been received on the date of delivery if
delivered personally or on the third business day after the mailing thereof,
provided that the party giving such notice or communication shall have attempted
to telephone the party or parties to which notice is being given during regular
business hours on or before the day such notice or communication is being sent,
to advise such party or parties that such notice is being sent.

      

      (b)           Binding Effect;
Benefits.  This Agreement shall be binding upon and inure to
the benefit of the parties to this Agreement and their respective successors and
assigns.  Nothing in this Agreement, express or implied, is intended
or shall be construed to give any person other than the parties to this
Agreement or their respective successors or assigns any legal or equitable
right, remedy or claim under or in respect of any agreement or any provision
contained herein.

      

      (c)           Waiver;
Amendment.

      

      i.           Waiver.  Any
party hereto or beneficiary hereof may by written notice to the other parties
(A) extend the time for the performance of any of the obligations or other
actions of the other parties under this Agreement, (B) waive compliance with any
of the conditions or covenants of the other parties contained in this Agreement
and (C) waive or modify performance of any of the obligations of the other
parties under this Agreement.  Except as provided in the preceding
sentence, no action taken pursuant to this Agreement, including, without
limitation, any investigation by or on behalf of any party or beneficiary, shall
be deemed to constitute a waiver by the party or beneficiary taking such action
of compliance with any representations, warranties, covenants or agreements
contained herein.  The waiver by any party hereto or beneficiary
hereof of a breach of any provision of this Agreement shall not operate or be
construed as a waiver of any preceding or succeeding breach and no failure by a
party or beneficiary to exercise any right or privilege hereunder shall be
deemed a waiver of such party's or beneficiary's rights or privileges hereunder
or shall be deemed a waiver of such party's or beneficiary's rights to exercise
the same at any subsequent time or times hereunder.

      

      ii.           Amendment.  This
Agreement may not be amended, modified or supplemented orally, but only by a
written instrument executed by the Grantee and the Company.

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      (d)           Assignability.  Neither
this Agreement nor any right, remedy, obligation or liability arising hereunder
or by reason hereof shall be assignable by the Company or the Grantee without
the prior written consent of the other party; provided that the Company may
assign all or any portion of its rights hereunder to one or more persons or
other entities designated by it in connection with a Change in Control of the
Company.

      

      (e)           Tax
Withholding.    The Company may require the recipient
of the shares of Common Stock to remit to the Company an amount in cash
sufficient to satisfy the statutory minimum U.S. federal, state and local tax
withholding requirements as a condition to the issuance of such shares of Common
Stock. In the event any cash is paid to the Grantee or the Grantee's estate or
beneficiary pursuant to Section 6 hereof or Article 8 of the Plan, the
Company shall have the right to withhold an amount from such payment sufficient
to satisfy the statutory minimum U.S. federal, state and local  tax
withholding requirements. The Committee may, in its discretion, require or
permit the Grantee to elect, subject to such conditions as the Committee shall
impose, to meet such obligations by having the Company withhold the least number
of shares of Restricted Stock Units having a Fair Market Value sufficient to
satisfy all or part of the Grantee's estimated total statutory minimum U.S.
federal, state and local tax obligation with respect to the issuance of or lapse
of restrictions on the shares of Common Stock.

      

      (f)           Section
409A.   It is the intention of the Company that the
Restricted Stock Units shall either (a) not constitute “nonqualified
deferred compensation” as defined under Section 409A of the Code or
(b) comply in all respects with the requirements of Section 409A of
the Code and the regulations promulgated thereunder, such that no delivery of
Shares pursuant to this Agreement will result in the imposition of taxation or
penalties as a consequence of the application of Section 409A of the Code.
Shares in respect of any Restricted Stock Units that (i) constitute
“nonqualified deferred compensation” as defined under Section 409A of the
Code and (ii) vest as a consequence of the Grantee’s termination of
employment shall not be delivered until the date that the Grantee incurs a
“separation from service” within the meaning of Section 409A of the Code
(or, if the Grantee is a “specified employee” within the meaning of
Section 409A of the Code and the regulations promulgated thereunder, the
date that is six months following the date of such “separation from service”).
If the Company determines after the Grant Date that an amendment to this
Agreement is necessary to ensure the foregoing, it may, notwithstanding
Section 6(c), make such an amendment, effective as of the Grant Date or any
later date, without the consent of the Grantee. Notwithstanding any provision of
this Agreement or the Plan, in the event that any taxes or penalties are imposed
on the Grantee by reason of Section 409A of the Code, the Grantee
acknowledges and agrees that such taxes or penalties shall be the exclusive
obligation of the Grantee, and the Company shall have no liability
therefor.

      

      (g)           Applicable
Law.  THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
STATE OF NEBRASKA, EXCEPT TO THE EXTENT THAT THE CORPORATE LAW OF THE STATE OF
DELAWARE SPECIFICALLY AND MANDATORILY APPLIES.

      

      (h)           Consent to Electronic
Delivery.  By executing this Agreement, Grantee hereby consents
to the delivery of information (including, without limitation, information
required to be delivered to the Grantee pursuant to applicable securities laws)
regarding the Company and the Subsidiaries, the Plan, the Restricted Stock Units
and the shares of Common Stock via Company web site or other electronic
delivery.

      
        
           

        

        
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      (i)           Severability; Blue
Pencil.  In the event that any one or more of the provisions of
this Agreement shall be or become invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions
contained herein shall not be affected thereby.  Grantee and the
Company agree that the covenants contained in this Agreement are reasonable
covenants under the circumstances, and further agree that if, in the opinion of
any court of competent jurisdiction such covenants are not reasonable in any
respect, such court shall have the right, power and authority to excise or
modify such provision or provisions of these covenants as to the court shall
appear not reasonable and to enforce the remainder of these covenants as so
amended.

      

      (j)           Section and Other Headings,
etc.  The section and other headings contained in this
Agreement are for reference purposes only and shall not affect the meaning or
interpretation of this Agreement.

      

      (k)           Counterparts.  This
Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original and all of which together shall constitute one and the
same instrument.

      

      (l)           Delegation.  All
of the powers, duties and responsibilities of the Committee specified in this
Agreement may, to the full extent permitted by applicable law, be exercised and
performed by the Board or any duly constituted committee thereof to the extent
authorized by the Board or the Committee to exercise and perform such powers,
duties and responsibilities.

      

      (m)           Gender and
Number.  Except when otherwise indicated by the context, words
in the masculine gender used herein shall include the feminine gender, the
singular shall include the plural, and the plural shall include the
singular.

      

      IN
WITNESS WHEREOF, the Company and the Grantee have executed this Agreement as of
the Grant Date.

      

       

      
        
          
            
              
                
                  
                    
                      	 
      	
                              CABELA'S
      INCORPORATED

                            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                              By:

                            	 
      
	 
      	
                              Its:

                            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      	
                              ,
      Grantee

                            

                    

                  

                

              

            

          

        

      

      

6

Back to Form 8-Kexhibit102.htm

    
      

    

    Exhibit 10.2

    

    
      
        
          
            	
                    Name
      of Grantee:

                  	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                    Number
      of Shares:

                  	
                    Incentive

                  	 
      	
                     
      Nonqualified

                  	 
      
	 
      	 
      	 
      	 
      	 
      
	
                    Exercise
      Price:

                  	 
      	 
      	 
      	 
      

          

        

      

    

    

     

     

    STOCK
OPTION AGREEMENT

    

    STOCK
OPTION AGREEMENT dated as of the Grant Date (as hereafter defined), by and
between Cabela’s Incorporated, a Delaware corporation (the "Company"), and the
undersigned employee of the Company or one of its Subsidiaries (the
"Grantee").

    

    W I T N E
S S E T H:

    

    WHEREAS,
to motivate key employees, consultants and non-employee directors of the Company
and the Subsidiaries by providing them an ownership interest in the Company, the
Board of Directors of the Company (the "Board") has established and the
stockholders of the Company have approved, the Cabela’s Incorporated 2004 Stock
Plan, as the same may be amended from time to time (the "Plan"); 

     

    WHEREAS,
pursuant to the Plan, the Compensation Committee of the Board (the "Committee")
has authorized the grant to the Grantee of [incentive/non-qualified] stock
options to purchase the Number of Shares described above of Common Stock (each,
a "Share" and, collectively, the "Shares") at the Exercise Price described above
per Share; and

    

    WHEREAS,
the Grantee and the Company desire to enter into an agreement to evidence and
confirm the grant of such stock options on the terms and conditions set forth
herein.

    

    NOW,
THEREFORE, to evidence the stock options so granted, and to set forth the terms
and conditions governing such stock options, the Company and the Grantee hereby
agree as follows:

    

    1.           Certain
Definitions.  Capitalized
terms used herein without definition shall have the meanings set forth in the
Plan.  As used in this Agreement, the following terms shall have the
following meanings:

    

    a.           "Aggregate
Exercise Price" shall have the meaning set forth in Section 6
hereof.

    

    b.           "Alternative
Option" shall have the meaning set forth in Section 7(c) hereof.

    

    c.           "Covered
Options" shall have the meaning set forth in Section 4(b) hereof.

    

    d.           "Exercise
Date" shall have the meaning set forth in Section 6 hereof.

    

    e.           "Exercise
Price" shall have the meaning set forth in Section 2(b) hereof.

    

    
      
        
           

        

        
          1

          
            

          

        

        
           

        

      

    

    

    f.           "Exercise
Shares" shall have the meaning set forth in Section 6 hereof.

    

    g.           "Grant
Date" shall mean [       ].

    

    h.           "Grantee"
shall have the meaning set forth in the introductory paragraph
hereto.

    

    i.           "Normal
Expiration Date" shall mean the [       ]
anniversary of the Grant Date.

    

    j.           "Option"
shall mean the right granted to the Grantee hereunder to purchase one share of
Common Stock for a purchase price equal to the Exercise Price and otherwise
subject to the terms and conditions of this Agreement.

    

    k.           "Securities
Act" shall mean the U.S. Securities Act of 1933, as amended.

    

    l.           "Share"
or "Shares" shall have the meaning specified in the preambles
hereto.

     

    2.           Grant of
Options.

    

    a.           Confirmation of
Grant.  The Company
hereby evidences and confirms its grant to the Grantee, effective as of the
Grant Date, of Options to purchase the Number of Shares described
above.  The Options [are/are not] intended to be incentive stock
options under the U.S. Internal Revenue Code of 1986, as
amended.  This Agreement is subordinate to, and the terms and
conditions of the Options granted hereunder are subject to, the terms and
conditions of the Plan, which are incorporated by reference
herein.  If there is any inconsistency between the terms hereof and
the terms of the Plan, the terms of the Plan shall govern.  The
Grantee hereby acknowledges that a copy of the Plan has been made available to
the Grantee.

    

    b.           Exercise
Price.  Each Share covered by an Option shall have an Exercise
Price equal to the Exercise Price set forth above.

    

    3.           Exercisability.

    

    a.           Options.  Except
as otherwise provided in Section 7(a) of this Agreement and subject to the
continuous employment of the Grantee with the Company or one or more of the
Subsidiaries until the applicable vesting date, the Options shall become vested
and be exercisable as follows: [      
].

    

    b.           Conditions.  Shares
covered by vested Options may, subject to the provisions hereof, be purchased at
any time and from time to time on or after the date the corresponding Options
become vested in accordance with the provisions of this Section 3 until the date
one day prior to the date on which such Options terminate.

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

    c.           Proprietary Matters
Agreement.  The Grantee acknowledges that, as a condition to
granting the Options covered hereby, the Company has required the Grantee to
enter into a Proprietary Matters Agreement with the Company pursuant to Section
3.2 of the Plan.  If a substantially similar agreement has been
executed in connection with the prior grant of Options, the Grantee hereby
affirms such agreement; provided, if the Company requires the Grantee to execute
a new Proprietary Matters Agreement (the "New Agreement"), the Grantee
acknowledges that the New Agreement shall constitute a complete amendment and
restatement of any such previously executed agreement.

    

    4.           Termination of
Options.

    

    a.           Normal Expiration
Date.  Subject to
Sections 4 and 7, the Options shall terminate and be canceled on the Normal
Expiration Date.

    

    b.           Early
Termination.

    

    i.           Except
as provided in this Section 4 and Section 7, if the Grantee's employment with
the Company or any Subsidiary is voluntarily or involuntarily terminated for any
reason prior to the Normal Expiration Date, any Options held by the Grantee that
have not become vested on or before the effective date of such termination of
employment shall terminate and be canceled immediately upon such termination of
employment.  For purposes of this Agreement, all Options held by the
Grantee on the effective date of such termination of employment that shall have
become vested on or before such effective date shall be referred to as the
"Covered Options".

    

    ii.           Notwithstanding
anything to the contrary contained herein, but subject to the provisions of
Section 7, following a termination of Grantee's employment by reason of such
Grantee's death or Disability, all of the Grantee's Options (whether or not then
vested or exercisable) shall become immediately exercisable in full and shall
remain exercisable solely until the first to occur of (A) the twelve-month
anniversary of the date of such termination of employment or (B) the Normal
Expiration Date, and shall automatically terminate and be canceled upon the
expiration of such period.

    

    iii.           Subject
to the provisions of Section 7, following a termination of Grantee's employment
by reason of the Grantee's Retirement, the Covered Options shall remain
exercisable solely until the first to occur of (A) the twelve-month anniversary
following the date of such Grantee's Retirement or (B) the Normal Expiration
Date, and shall automatically terminate and be canceled upon the expiration of
such period.

    

    iv.           Subject
to the provisions of Section 7, if the Grantee's employment is terminated for
any reason other than (x) Retirement, (y) death or Disability or (z) for Cause,
the Covered Options shall remain exercisable solely until the first to occur of
(A) the 90th day following the date of such termination or (B) the Normal
Expiration Date, and shall automatically terminate and be canceled upon the
expiration of such period.

    

    
      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

    

    v.           Notwithstanding
anything else contained in this Agreement, if the Grantee's employment with the
Company or any Subsidiary is terminated for Cause (or if, following the date of
termination of the Grantee's employment for any reason, the Committee determines
that circumstances exist such that the Grantee's employment could have been
terminated for Cause), all Options (whether or not then vested or exercisable)
shall automatically terminate and be canceled immediately upon such
termination.

    

    5.           Restrictions on Exercise;
Non-Transferability of Options.

    

    a.           Restrictions on
Exercise.  Once vested in accordance with the provisions of
this Agreement, the Options may be exercised only with respect to full shares of
Common Stock. No fractional shares of Common Stock shall be
issued.  Notwithstanding any other provision of this Agreement, the
Options may not be exercised in whole or in part, and no certificates
representing Shares shall be delivered, (i) unless all requisite approvals and
consents of any governmental authority of any kind having jurisdiction over the
exercise of the Options shall have been secured, and (ii) unless Section 5(c)
shall have been satisfied.

    

    b.           Non-Transferability of
Options.  Except as provided in the Plan, the Options may be
exercised only by the Grantee or, following his death, by the Grantee's
estate.  Except as provided in the Plan, the Options are not
assignable or transferable, in whole or in part, and may not, directly or
indirectly, be offered, transferred, sold, pledged, assigned, alienated,
hypothecated or otherwise disposed of or encumbered (including, without
limitation, by gift, operation of law or otherwise) other than by will or by the
laws of descent and distribution to the estate of the Grantee upon the Grantee's
death, provided that the deceased Grantee's beneficiary or the representative of
the Grantee's estate shall acknowledge and agree in writing, in a form
reasonably acceptable to the Company, to be bound by the provisions of this
Agreement and the Plan as if such beneficiary or the estate were the
Grantee.

    

    c.           Withholding.  Whenever
Shares are to be issued pursuant to the Options, the Company may require the
recipient of the Shares to remit to the Company an amount in cash sufficient to
satisfy the statutory minimum U.S. federal, state and local and non-U.S. tax
withholding requirements as a condition to the issuance of such
Shares.  In the event any cash is paid to the Grantee or the Grantee's
estate or beneficiary pursuant to Section 7 hereof or any provision of the Plan,
the Company shall have the right to withhold an amount from such payment
sufficient to satisfy the statutory minimum U.S. federal, state and local and
non-U.S. tax withholding requirements.  The Committee may, in its
discretion, require or permit the Grantee to elect, subject to such conditions
as the Committee shall impose, to meet such obligations by having the Company
withhold the number of Shares having a Fair Market Value sufficient to satisfy
all or part of the Grantee's estimated total statutory minimum U.S. federal,
state, and local and non-U.S. tax obligation with respect to the issuance of
Shares upon exercise of Options.

    

    
      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

    

    6.           Manner of
Exercise.  To the extent that any outstanding Options shall
have become and remain vested and exercisable as provided in Sections 3 and 4
and subject to such reasonable administrative regulations as the Committee may
have adopted, such Options may be exercised, in whole or in part, by notice to
the designated officer of the Company (or designated third party administrator,
if any) in writing given at least 5 business days (or shorter period permitted
by any third party administrator) prior to the date as of which the Grantee will
so exercise the Options (the "Exercise Date"), specifying the number of whole
Shares with respect to which the Options are being exercised (the "Exercise
Shares") and the aggregate Exercise Price for such Exercise
Shares.  On or before the Exercise Date, the Grantee (i) shall deliver
to the Company full payment for the Exercise Shares in United States dollars in
cash, or cash equivalents satisfactory to the Company, and in an amount equal to
the product of the number of Exercise Shares multiplied by the Exercise Price
(such product, the "Aggregate Exercise Price") and (ii) the Company shall
deliver to the Grantee a certificate or certificates representing the Exercise
Shares and registered in the name of the Grantee.  In lieu of
tendering cash, the Grantee may tender shares of Common Stock that have been
owned by the Grantee for at least six months having an aggregate Fair Market
Value on the Exercise Date equal to the Aggregate Exercise Price or may deliver
a combination of cash and such shares of Common Stock having an aggregate Fair
Market Value equal to the difference between the Aggregate Exercise Price and
the amount of such cash as payment of the Aggregate Exercise Price, subject to
such rules and regulations as may be adopted by the Committee to provide for the
compliance of such payment procedure with applicable law, including Section
16(b) of the Exchange Act.  The Company may require the Grantee to
furnish or execute such other documents as the Company shall reasonably deem
necessary (i) to evidence such exercise and (ii) to comply with or satisfy the
requirements of the Securities Act, applicable state or non-U.S. securities laws
or any other law.

    

    7.           Change in
Control.

    

    a.           Options.  Subject
to Section 7(c), in the event of a Change in Control, all of the Options
outstanding immediately prior to the consummation of the transaction
constituting the Change in Control (regardless of whether such Options are at
such time otherwise vested or exercisable) shall become exercisable or, at the
discretion of the Committee, any or all of such Options shall be canceled in
exchange for a payment in accordance with Section 7(b) of an amount equal to the
product of (i) the Change in Control Price over the Exercise Price, multiplied
by (ii) the aggregate number of Shares covered by all such Options immediately
prior to the Change in Control.

    

    b.           Timing of Option Cancelation
Payments.  Payment of the amount calculated in accordance with
Section 7(a) shall be made in cash or, if determined by the Committee (as
constituted immediately prior to the Change in Control), in shares of the common
stock of the New Employer having an aggregate fair market value equal to such
amount and shall be payable in full, as soon as reasonably practicable, but in
no event later than 30 days, following the Change in Control.  For
purposes hereof, the fair market value of a share of common stock of the New
Employer shall be determined by the Committee (as constituted immediately prior
to the Change in Control), in good faith.

    

    
      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

    

    c.           Alternative
Options.  Notwithstanding Sections 7(a) and 7(b), no
cancellation, termination, acceleration of exercisability or vesting or
settlement or other payment shall occur with respect to any Option if the
Committee (as constituted immediately prior to the consummation of the
transaction constituting the Change in Control) reasonably determines, in good
faith, prior to the Change in Control that the Options shall be honored or
assumed, or new rights substituted therefor (such honored, assumed or
substituted Option being hereinafter referred to as an "Alternative Option") by
the New Employer, provided that any Alternative Options must:

    

    i.           be
based on shares of voting capital stock that are traded on an established U.S.
securities market;

    

    ii.           provide
the Grantee with rights and entitlements substantially equivalent to or better
than the rights and entitlements applicable under the terms of the Options
immediately prior to the consummation of the transaction constituting the Change
in Control, including, but not limited to, an identical or better exercise and
vesting schedule and identical or better timing and methods of
payment;

    

    iii.           have
substantially equivalent economic value to the Options (determined at the time
of the Change in Control); and

    

    iv.           have
terms and conditions which provide that in the event that the Grantee suffers an
involuntary termination within two years following the Change in Control any
conditions on the Grantee's rights under, or any restrictions on transfer or
exercisability applicable to, each such Alternative Option shall be waived or
shall lapse, as the case may be.

    

    8.           No Rights as
Stockholder.  The Grantee shall have no voting or other rights
as a stockholder of the Company with respect to any Shares covered by the
Options until the exercise of the Options and the issuance of a certificate or
certificates to the Grantee for such Shares.  No adjustment shall be
made for dividends or other rights for which the record date is prior to the
issuance of such certificate or certificates.

    

    9.           Capital
Adjustments.  Subject to the terms of the Plan, in the event of
any Adjustment Event affecting the Common Stock such that an adjustment is
required to preserve or to prevent enlargement of the benefits or potential
benefits made available to the Grantee under the Plan or this Agreement, then
the Committee shall, in such manner as the Committee shall deem equitable,
adjust any or all of the number of shares of Common Stock covered by the Options
and the grant, exercise or conversion price with respect to such
Options.  In addition, the Committee may make provision for a cash
payment to the Grantee.  The number of shares of Common Stock subject
to any Option shall be rounded to the nearest whole number.

    

    10.           Miscellaneous.

    

    a.           Notices.  All
notices and other communications required or permitted to be given under this
Agreement shall be in writing and shall be deemed to have been given if
delivered personally or sent by certified or express mail, return receipt
requested, postage prepaid, or by any recognized international equivalent of
such delivery, to the Company or the Grantee, as the case may be, at the
following addresses or to such other address as the Company or the Grantee, as
the case may be, shall specify by notice to the others:

    

    
      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

    

    i.             
if to the Company, to:

     

    Cabela's
Incorporated

    One Cabela Drive

    Sidney,
NE  69160

    Attention:  Legal
Department

    

    ii.           if
to the Grantee, to the Grantee at the address then appearing in the personnel
records of the Company for the Grantee.  All such notices and
communications shall be deemed to have been received on the date of delivery if
delivered personally or on the third business day after the mailing thereof,
provided that the party giving such notice or communication shall have attempted
to telephone the party or parties to which notice is being given during regular
business hours on or before the day such notice or communication is being sent,
to advise such party or parties that such notice is being sent.

    

    b.           Binding Effect;
Benefits.  This Agreement shall be binding upon and inure to
the benefit of the parties to this Agreement and their respective successors and
assigns.  Nothing in this Agreement, express or implied, is intended
or shall be construed to give any person other than the parties to this
Agreement or their respective successors or assigns any legal or equitable
right, remedy or claim under or in respect of any agreement or any provision
contained herein.

    

    c.           Waiver;
Amendment.

    

    i.           Waiver.  Any
party hereto or beneficiary hereof may by written notice to the other parties
(A) extend the time for the performance of any of the obligations or other
actions of the other parties under this Agreement, (B) waive compliance with any
of the conditions or covenants of the other parties contained in this Agreement
and (C) waive or modify performance of any of the obligations of the other
parties under this Agreement.  Except as provided in the preceding
sentence, no action taken pursuant to this Agreement, including, without
limitation, any investigation by or on behalf of any party or beneficiary, shall
be deemed to constitute a waiver by the party or beneficiary taking such action
of compliance with any representations, warranties, covenants or agreements
contained herein.  The waiver by any party hereto or beneficiary
hereof of a breach of any provision of this Agreement shall not operate or be
construed as a waiver of any preceding or succeeding breach and no failure by a
party or beneficiary to exercise any right or privilege hereunder shall be
deemed a waiver of such party's or beneficiary's rights or privileges hereunder
or shall be deemed a waiver of such party's or beneficiary's rights to exercise
the same at any subsequent time or times hereunder.

    

    ii.           Amendment.  This
Agreement may not be amended, modified or supplemented orally, but only by a
written instrument executed by the Grantee and the Company.

    

    
      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

    

    d.           Assignability.  Neither
this Agreement nor any right, remedy, obligation or liability arising hereunder
or by reason hereof shall be assignable by the Company or the Grantee without
the prior written consent of the other party; provided that the Company may
assign all or any portion of its rights hereunder to one or more persons or
other entities designated by it in connection with a Change in Control of the
Company.

    

    e.           Applicable
Law.  THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
STATE OF NEBRASKA, EXCEPT TO THE EXTENT THAT THE CORPORATE LAW OF THE STATE OF
DELAWARE SPECIFICALLY AND MANDATORILY APPLIES.

    

    f.           Consent to Electronic
Delivery.  By executing this Agreement, Grantee hereby consents
to the delivery of information (including, without limitation, information
required to be delivered to the Grantee pursuant to applicable securities laws)
regarding the Company and the Subsidiaries, the Plan, the Options and the Shares
subject to the Options via the Company’s web site or other electronic
delivery.

    

    g.           Severability; Blue
Pencil.  In the event that any one or more of the provisions of
this Agreement shall be or become invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions
contained herein shall not be affected thereby.  Grantee and the
Company agree that the covenants contained in this Agreement are reasonable
covenants under the circumstances, and further agree that if, in the opinion of
any court of competent jurisdiction, such covenants are not reasonable in any
respect, such court shall have the right, power and authority to excise or
modify such provision or provisions of these covenants as to the court shall
appear not reasonable and to enforce the remainder of these covenants as so
amended.

    

    h.           Section and Other Headings,
etc.  The section and other headings contained in this
Agreement are for reference purposes only and shall not affect the meaning or
interpretation of this Agreement.

    

    i.           No Guarantee of
Employment.  Nothing in this Agreement shall interfere with or
limit in any way the right of the Company or any Subsidiary to terminate the
Grantee's employment at any time, nor to confer upon the Grantee any right to
continue in the employ of the Company or any Subsidiary.

    

    j.           Counterparts.  This
Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original and all of which together shall constitute one and the
same instrument.

    

    k.           Delegation.  All
of the powers, duties and responsibilities of the Committee specified in this
Agreement may, to the full extent permitted by applicable law, be exercised and
performed by the Board or any duly constituted committee thereof to the extent
authorized by the Board or the Committee to exercise and perform such powers,
duties and responsibilities.

    

    l.           Gender and
Number.  Except when otherwise indicated by the context, words
in the masculine gender used herein shall include the feminine gender, the
singular shall include the plural, and the plural shall include the
singular.

    

    
      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

    

    IN
WITNESS WHEREOF, the Company and the Grantee have executed this Agreement as of
the Grant Date.

    

    
      
        
          	 
      	
                  CABELA'S
      INCORPORATED

                
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                  By:

                	 
      
	 
      	
                  Its:

                	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      	
                  ,
      Grantee

                

        

      

    

    

    9

     

    Back to Form 8-K

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