Document:

2004 Stock Plan

 Exhibit 10.12 
  
 CABELA’S INCORPORATED 
 2004 STOCK PLAN 
  
 ARTICLE 1 
 PURPOSES 
  
 The purposes of the Plan are to foster and promote the long-term financial success of the Company and the Subsidiaries and materially increase stockholder
value by (a) motivating superior performance by Participants, (b) providing Participants with an ownership interest in the Company, and (c) enabling the Company and the Subsidiaries to attract and retain the services of
outstanding Employees upon whose judgment, interest and special effort the successful conduct of its operations is largely dependent. 
  
 ARTICLE 2 
 DEFINITIONS

  
 2.1 Certain Definitions. Capitalized terms used
herein without definition shall have the respective meanings set forth below: 
  
 “Adjustment Event” means any dividend payable in capital stock, stock split, share combination, extraordinary cash dividend, liquidation, recapitalization, reorganization, merger, consolidation,
split-up, spin-off, combination, exchange of shares or other similar event affecting the Common Stock. 
  
 “Affiliate” means, with respect to any person, any other person controlled by, controlling or under common control with, such person.

  
 “Alternative Award” has the meaning given in
Section 8.2. 
  
 “Annual Options” has the meaning
given in Section 5.6. 
  
 “Automatic Non-Employee Director
Options” has the meaning given in Section 5.6. 
  
 “Award” means any Option, Stock Appreciation Right, Automatic Non-Employee Director Option, Performance Stock, Performance Unit, Restricted Stock or Restricted Stock Unit granted pursuant to the Plan, including an Award
combining two or more types in a single grant. 
  
 “Award
Agreement” means any written agreement, contract, or other instrument or document evidencing any Award granted by the Committee pursuant to the Plan. 
  

“Board” means the Board of Directors of the Company. 
  
 “Cabela Family” means the class composed of Richard Cabela and James Cabela, their respective spouses and
lineal descendants, any trust established for the benefit of any one or more of said persons and any entity where 50% or more of the combined voting power is owned by any one or more of said persons. 
  
 “Cause” means, except as otherwise defined in an Award
Agreement, with respect to any Participant (as determined by the Committee in its sole discretion) (i) the continued and willful failure of the Participant substantially to perform the duties of his or her employment for the Company or any
Subsidiary (other than any such failure due to the Participant’s Disability); 

 (ii) the Participant’s engaging in willful or serious misconduct that has caused or could reasonably be expected to
result in material injury to the Company or any of its Subsidiaries or Affiliates, including, but not limited to by way of damage to the Company’s, a Subsidiary’s or an Affiliate’s reputation or public standing; (iii) the
Participant’s conviction of, or entering a plea of guilty or nolo contendere to, a crime constituting a felony; or (iv) the Participant’s material violation or breach of any statutory or common law duty of loyalty to the Company or any
Subsidiary, the Company’s or any Subsidiary’s code of conduct or ethics or other Company or Subsidiary policy or rule or the material breach by the Participant of any of his or her obligations under any written covenant or agreement with
the Company or any of its Subsidiaries or Affiliates; provided that, with respect to any Participant who is a party to an employment agreement with the Company or any Subsidiary, “Cause” shall have the meaning, if any, specified in such
Participant’s employment agreement. 
  
 “Change in
Control” means the first occurrence of any of the following events after the effective date of the Plan: 
  
 a. the acquisition by any person, entity or “group” (as defined in Section 13(d) of the Exchange Act), other than the Company,
the Subsidiaries, any employee benefit plan of the Company or the Subsidiaries or the Cabela’s Family, of 50% or more of the combined voting power of the Company’s then outstanding voting securities; 
  
 b. within any twenty-four (24) month period, the Incumbent
Directors shall cease to constitute at least a majority of the Board or the board of directors of any successor to the Company; provided, however, that any director elected to the Board, or nominated for election, by a majority of the Incumbent
Directors then still in office shall be deemed to be an Incumbent Director for purposes of this clause (b); 
  
 c. the merger or consolidation of the Company as a result of which persons who were stockholders of the Company, immediately prior to such
merger or consolidation, do not, immediately thereafter, own, directly or indirectly, more than 50% of the combined voting power entitled to vote generally in the election of directors of the merged or consolidated company; 
  
 d. the liquidation or dissolution of the Company other than
a liquidation of the Company into any Subsidiary or a liquidation a result of which persons who were stockholders of the Company immediately prior to such liquidation own, directly or indirectly, more than 50% of the combined voting power entitled
to vote generally in the election of directors of the entity that holds substantially all of the assets of the Company following such event; and 
  
 e. the sale, transfer or other disposition of all or substantially all of the assets of the Company to one or more persons or entities
that are not, immediately prior to such sale, transfer or other disposition, Affiliates of the Company. 
  
 Notwithstanding the foregoing, a “Change in Control” shall not be deemed to occur if the Company files for bankruptcy, liquidation or
reorganization under the United States Bankruptcy Code. 
  

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 “Change in Control Price” means the price per share offered in conjunction with any
transaction resulting in a Change in Control on a fully-diluted basis (as determined in good faith by the Committee as constituted before the Change in Control, if any part of the offered price is payable other than in cash). 
  
 “Code” means the Internal Revenue Code of 1986, as amended,
and the regulations promulgated thereunder. 
  
 “Committee” means the Compensation Committee of the Board. 
  
 “Common Stock” means the Class A Common Stock of the Company. 
  
 “Company” means Cabela’s Incorporated, a Delaware corporation, and any successor thereto. 
  
 “Confidentiality and Noncompetition Agreement” means a
restrictive agreement required to be entered into by a Participant as a condition to receipt of an Award and which may include covenants covering confidentiality, noncompetition, nonsolicitation and noninterference and such other matters as may be
determined by the Committee. 
  
 “Disability”
means, unless otherwise provided in an Award Agreement, a physical or mental disability or infirmity that prevents or is reasonably expected to prevent the performance of a Participant’s employment-related duties for a continuous period of six
months or longer and, within 30 days after the Company notifies the Participant in writing that it intends to terminate his employment, the Participant shall not have returned to the performance of his employment-related duties on a full-time basis;
provided that, for purposes of Section 5.8(a) in respect of ISOs, the term “Disability” shall have meaning assigned to the term “Permanent and Total Disability” by section 22(e)(3) of the Code (i.e., physical or mental disability
or infirmity lasting not less than 12 months). The Committee’s reasoned and good faith judgment of Disability shall be final, binding and conclusive, and shall be based on such competent medical evidence as shall be presented to it by such
Participant and/or by any physician or group of physicians or other competent medical expert employed by the Participant or the Company to advise the Committee. Notwithstanding the foregoing (but except in the case of ISOs), with respect to any
Participant who is a party to an employment agreement with the Company or any Subsidiary, “Disability” shall have the meaning, if any, specified in such Participant’s employment agreement. 
  
 “Dividend Equivalents” means an amount equal to any
dividends and distributions paid by the Company with respect to the number of shares of Common Stock subject to an Award. 
  
 “Employee” means any officer or employee of, or any natural person who is a consultant or advisor to, the Company or any Subsidiary. For
purposes of the Plan, references to employment shall also mean an agency or independent contractor relationship. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder. 
  

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 “Fair Market Value” means, unless otherwise defined in an Award Agreement, as of any
date, the closing price of one share of Common Stock on the New York Stock Exchange (or on such other recognized market or quotation system on which the trading prices of Common Stock are traded or quoted at the relevant time) on the trading day
immediately preceding the date as of which such Fair Market Value is determined. If there are no Common Stock transactions reported on the New York Stock Exchange (or on such other exchange or system as described above) on such date, Fair Market
Value shall mean the closing price for a share of Common Stock on the immediately preceding day on which Common Stock transactions were so reported. 
  
 “Incumbent Director” means with respect to any period of time specified under the Plan for purposes of determining a Change in Control,
the persons who were members of the Board at the beginning of such period. 
  
 “Initial Option” has the meaning given in Section 5.6. 
  
 “IPO Date” means the first trading day on or after the date on which the Securities and Exchange Commission declares effective a
Registration Statement on Form S-1 filed by the Company for an underwritten public offering of Common Stock. 
  
 “ISOs” has the meaning given in Section 5.1. 
  
 “Mature Shares” means previously-acquired shares of Common Stock for which the Participant has good title, free and clear of all liens
and encumbrances, and which such Participant either (i) has held for at least 6 months or (ii) has purchased on the open market. 
  
 “New Employer” means a Participant’s employer, or the parent or a subsidiary of such employer, immediately following a Change in
Control. 
  
 “Non-Employee Director” means a
director of the Company who is not an employee of the Company or of any Subsidiary. 
  
 “NSOs” has the meaning given in Section 5.1. 
  
 “Option” means the right granted to a Participant pursuant to the Plan to purchase a stated number of shares of Common Stock at a stated price for a specified period of time. For purposes of the Plan,
an Option may be either an ISO or a NSO. 
  
 “Participant” means any Employee or Non-Employee Director or prospective Employee or Non-Employee Director designated by the Committee (or its delegate) to receive an Award under the Plan. 
  
 “Performance Period” means the period, as determined by the
Committee, during which the performance of the Company, any Subsidiary, any business unit or division and any individual is measured to determine whether and the extent to which the applicable performance measures have been achieved. 
  
 “Performance Stock” means a grant of a stated number of
shares of Common Stock to a Participant under the Plan that is forfeitable by the Participant until the attainment of specified performance goals, or until otherwise determined by the Committee or in accordance with the Plan, subject to the
continuous employment of the Participant through the applicable Performance Period. 
  

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 “Performance Unit” means a Participant’s contractual right to receive a stated
number of shares of Common Stock or, if provided by the Committee on the grant date, cash equal to the Fair Market Value of such shares of Common Stock, under the Plan at a specified time that is forfeitable by the Participant until the attainment
of specified performance goals, or until otherwise determined by the Committee or in accordance with the Plan, subject to the continuous employment of the Participant through the applicable Performance Period. 
  
 “Permitted Transferee” has the meaning given in Section
11.1. 
  
 “Plan” means this Cabela’s
Incorporated 2004 Stock Plan, as the same may be amended from time to time. 
  
 “Restricted Stock” means a grant of a stated number of shares of Common Stock to a Participant under the Plan that is forfeitable by the Participant until the completion of a specified period of
future service, or until otherwise determined by the Committee or in accordance with the Plan. 
  
 “Restricted Stock Unit” means a Participant’s contractual right to receive a stated number of shares of Common Stock or, if provided by the Committee on the grant date, cash equal to the Fair
Market Value of such shares of Common Stock, under the Plan at the end of a specified period of time that is forfeitable by the Participant until the completion of a specified period of future service, or until otherwise determined by the Committee
or in accordance with the Plan. 
  
 “Restriction
Period” means the period, as determined by the Committee, during which any Performance Stock, Performance Units, Restricted Stock or Restricted Stock Units, as the case may be, are subject to forfeiture and/or restriction on transfer
pursuant to the terms of the Plan. 
  
 “Retirement” means, except as otherwise defined in an Award Agreement, a Participant’s retirement from active employment with the Company and any Subsidiary at or after such Participant attains age 65, or age 55 with
10 years of service to the Company or any Subsidiary. 
  
 “Stock Appreciation Right” means, with respect to shares of Common Stock, the right to receive a payment from the Company in cash and/or shares of Common Stock equal to the product of (i) the excess, if any, of the Fair
Market Value of one share of Common Stock on the exercise date over a specified price fixed by the Committee on the grant date, multiplied by (ii) a stated number of shares of Common Stock. 
  
 “Subsidiary” means any corporation in which the Company
owns, directly or indirectly, stock representing 50% or more of the combined voting power of all classes of stock entitled to vote, and any other business organization, regardless of form, in which the Company possesses, directly or indirectly, 50%
or more of the total combined equity interests in such organization. 
  
 “Ten Percent Holder” has the meaning given in Section 5.2. 
  

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 2.2 Gender and Number. Except when otherwise indicated by the context, words in the masculine
gender used in the Plan shall include the feminine gender, the singular shall include the plural, and the plural shall include the singular. 
  
 ARTICLE 3 
 POWERS OF THE COMMITTEE

  
 3.1 Eligibility and Participation. Participants in
the Plan shall be those Employees or prospective Employees designated by the affirmative action of the Committee (or its delegate) to participate in the Plan. Non-Employee Directors shall only be eligible to participate in the Plan in accordance
with Section 5.6. 
  
 3.2 Power to Grant and Establish Terms of
Awards. The Committee shall have the discretionary authority, subject to the terms of the Plan, to determine the Employees to whom Awards shall be granted, the type or types of Awards to be granted and the terms and conditions of any and all
Awards including, without limitation, the number of shares of Common Stock subject to an Award, the time or times at which Awards shall be granted, the terms and conditions of applicable Award Agreements and, if required by the Committee as a
condition to an Award, the form and substance of any Confidentiality and Noncompetition Agreements. The Committee may establish different terms and conditions for different types of Awards, for different Participants receiving the same type of
Award, and for the same Participant for each Award such Participant may receive, whether or not granted at the same or different times. 
  
 3.3 Administration. The Committee shall be responsible for the administration of the Plan. Any Awards granted by the Committee may be subject to
such conditions, not inconsistent with the terms of the Plan, as the Committee shall determine, in its sole discretion. The Committee shall have discretionary authority to prescribe, amend and rescind rules and regulations relating to the Plan, to
provide for conditions deemed necessary or advisable to protect the interests of the Company, to interpret the Plan and to make all other determinations necessary or advisable for the administration and interpretation of the Plan and to carry out
its provisions and purposes. Any determination, interpretation or other action made or taken (including any failure to make any determination or interpretation, or take any other action) by the Committee pursuant to the provisions of the Plan shall
be final, binding and conclusive for all purposes and upon all persons and shall be given deference in any proceeding with respect thereto. 
  
 3.4 Delegation by the Committee. All of the powers, duties and responsibilities of the Committee specified herein may, to the fullest extent
permitted by applicable law, be exercised and performed by a committee of two or more Company employees, which shall include the Company’s Chief Executive Officer, to the extent authorized by the Committee to exercise and perform such powers,
duties and responsibilities; provided that, the Committee shall not delegate its authority with respect to the compensation of any “officer” within the meaning of Rule 16(a)-1(f) promulgated under the Exchange Act or any “covered
employee” within the meaning of section 162(m)(3) of the Code (or any person who, in the Committee’s judgment, is likely to be a “covered employee” at any time during the period an Award hereunder to such person would be
outstanding). 
  
 3.5 Performance-Based Compensation.
Notwithstanding anything to the contrary contained in the Plan, to the extent the Committee determines on the grant date that an Award shall qualify as “other performance based compensation” within the meaning of section 162(m)(4) of the
Code, the Committee shall not exercise any subsequent discretion 
  

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 otherwise authorized under the Plan with respect to such Award if the exercise of the Committee’s discretion would
cause such award to fail to qualify as “other performance based compensation.” 
  
 3.6 Participants Based Outside the United States. Notwithstanding anything to the contrary herein, the Committee, in order to conform with provisions of local laws and regulations in foreign countries in which
the Company or its Subsidiaries operate, shall have sole discretion to (i) modify the terms and conditions of Awards granted to Participants employed outside the United States, (ii) establish subplans with modified exercise procedures and such other
modifications as may be necessary or advisable under the circumstances presented by local laws and regulations, and (iii) take any action which it deems advisable to obtain, comply with or otherwise reflect any necessary governmental regulatory
procedures, exemptions or approvals with respect to the Plan or any subplan established hereunder. 
  
 ARTICLE 4 
 STOCK SUBJECT TO PLAN 
  
 4.1 Number. Subject to the provisions of this Article 4, the maximum
number of shares of Common Stock available for Awards under the Plan and issuable in respect of outstanding awards granted shall not exceed 750,000 shares of Common Stock. The shares of Common Stock to be delivered under the Plan may consist, in
whole or in part, of Common Stock held in treasury or authorized but unissued shares of Common Stock, not reserved for any other purpose. 
  
 4.2 Canceled, Terminated, or Forfeited Awards, etc. Shares subject to any Award granted hereunder that for any reason are canceled, terminated,
forfeited, or otherwise settled without the issuance of Common Stock after the effective date of the Plan shall again be available for grant under the Plan, subject to the maximum limitation specified in Section 4.1. Without limiting the generality
of this Section 4.2, (i) shares of Common Stock withheld by the Company to satisfy any withholding obligation of a Participant pursuant to Section 11.4 shall not reduce the maximum share limitation specified in Section 4.1 and shall again be
available for grant under the Plan, (ii) shares of Common Stock tendered by a Participant to pay the exercise price of any Options shall not reduce the maximum share limitation specified in Section 4.1 and shall again be available for grant under
the Plan, and (iii) shares of Common Stock issued in connection with Awards that are assumed, converted or substituted pursuant to an Adjustment Event or Change in Control (i.e., Alternative Awards) will not further reduce the maximum share
limitation specified in Section 4.1. For purposes of this Article 4, if a Stock Appreciation Right is granted in tandem with an Option so that only one may be exercised with the other being surrendered on such exercise in accordance with Section
5.7, the number of Shares subject to the tandem Option and Stock Appreciation Right award shall only be taken into account once (and not as to both awards). 
  
 4.3 Individual Award Limitations. Subject to the provisions of Section 4.4, the following individual Award limits shall apply: 
  
 a. During any 36-month period, no Participant shall receive
Options or Stock Appreciation Rights covering more than 200,000 shares of Common Stock; and 
  
 b. During any 36-month period, no Participant shall receive any Awards that are subject to performance measures covering more than 200,000
shares of Common Stock; provided that this number of shares of Common Stock shall be proportionately adjusted on a straight-line basis for Performance Periods of shorter or longer duration, not to exceed five years. 
  

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 4.4 Adjustment in Capitalization. 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 under the Plan, then the Committee shall, in such manner as the Committee shall deem equitable, adjust any or all of (i)
the number and kind of shares which thereafter may be awarded or optioned and sold under the Plan (including, without limitation, adjusting any limits on the number and types of Awards that may be made under the Plan), (ii) the number and kind of
shares subject to each Automatic Non-Employee Director Option to be granted to Non-Employee Directors pursuant to Section 5.6, but only with respect to Adjustment Events occurring subsequent to the IPO Date, (iii) the number and kind of shares
subject to outstanding Awards, and (iv) the grant, exercise or conversion price with respect to any Award. In addition, the Committee may make provisions for a cash payment to a Participant or a person who has an outstanding Award. The decision of
the Committee regarding any such adjustment shall be final, binding and conclusive. The number of shares of Common Stock subject to any Award shall be rounded to the nearest whole number. 
  
 ARTICLE 5 
 STOCK OPTIONS AND STOCK APPRECIATION RIGHTS 
  
 5.1 Grant. At such time or times as shall be determined by the Committee, Options may be granted to Participants other than Non-Employee Directors; provided, however, that prior to the IPO Date, Options may be granted to Non-Employee
Directors. Options pursuant to this Plan may be of two types: (i) “incentive stock options” within the meaning of section 422 of the Code (“ISOs”) and (ii) non-statutory stock options (“NSOs”), which are not ISOs. The
grant date of an Option under the Plan will be the date on which the Option is awarded by the Committee or such other future date as the Committee shall determine in its sole discretion. Each Option shall be evidenced by an Award Agreement that
shall specify the type of Option granted, the exercise price, the duration of the Option, the number of shares of Common Stock to which the Option pertains, the conditions upon which the Option or any portion thereof shall become vested or
exercisable, and such other terms and conditions not inconsistent with the Plan as the Committee shall determine, including customary representations, warranties and covenants with respect to securities law matters. For the avoidance of doubt, ISOs
may only be granted to Employees who are treated as common law employees of the Company or any Subsidiary Corporation (as defined in section 424(f) of the Code). To the extent that the aggregate Fair Market Value (determined on the date the Option
is granted) of shares of Common Stock with respect to which Options designated as ISOs are exercisable for the first time by a Participant during any calendar year (under this Plan or any other plan of the Company, or any parent or subsidiary as
defined in Section 424 of the Code) exceed the amount (currently $100,000) established by the Code, such options shall constitute NSOs. 
  
 5.2 Exercise Price. Each Option granted pursuant to the Plan shall have an exercise price per share of Common Stock determined by the Committee;
provided that such per share exercise price of any ISO may not be less than the Fair Market Value of one share of Common Stock on the date the Option is granted; provided further, that if an ISO shall be granted to any person who, at the time such
Option is granted, owns capital stock possessing more than ten percent of the total combined voting power of all classes of capital stock of the Company (or of any parent or subsidiary as defined in Section 424 of the Code) (a “Ten Percent
Holder”), the per share exercise price shall be the price (currently 110% of Fair Market Value) required by the Code in order to constitute an ISO. 
  

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 5.3 Exercisability. Each Option awarded to a Participant under the Plan shall become exercisable
based on the performance of a minimum period of service or the occurrence of any event or events, including a Change in Control, as the Committee shall determine, either at or after the grant date. No Option shall be exercisable on or after the
tenth anniversary of its grant date; provided that if an ISO shall be granted to a Ten Percent Holder, such ISO shall not be exercisable on or after the fifth anniversary of its grant date. Except as otherwise provided in the Plan, the applicable
Award Agreement or as determined by the Committee at or after the grant date, after becoming exercisable each installment of an Option shall remain exercisable until expiration, termination or cancellation of the Option and, until such time, may be
exercised from time to time in whole or in part, up to the total number of shares of Common Stock with respect to which it is then exercisable. 
  
 5.4 Payment. The Committee shall establish procedures governing the exercise of Options, which procedures shall generally require that written
notice of exercise thereof be given and that the exercise price thereof be paid in full at the time of exercise (i) in cash or cash equivalents, including by personal check, or (ii) in accordance with such other procedures or in such other forms as
the Committee shall from time to time determine. The exercise price of any Options exercised may be paid in full or in part in the form of Mature Shares, based on the Fair Market Value of such Mature Shares on the date of exercise, subject to such
rules and procedures as may be adopted by the Committee. As soon as practicable after receipt of a written exercise notice and payment of the exercise price in accordance with this Section 5.4, the Company shall deliver to the Participant a
certificate or certificates representing the shares of Common Stock acquired upon the exercise thereof, bearing appropriate legends if applicable. Upon such terms and conditions as the Committee may establish from time to time, a Participant may be
permitted to defer the receipt of shares of Common Stock otherwise deliverable upon exercise of Options. 
  
 5.5 Prohibition Against Repricing. Notwithstanding any provision in this Plan to the contrary and subject to Section 4.4, the Board and the
Committee shall not have the power or authority to reduce, whether through amendment or otherwise, the exercise price of any outstanding Option or to grant any new Options with a lower exercise price in substitution for or upon the cancellation of
Options previously granted, without the affirmative vote of a majority of the voting power of the shares of capital stock of the Company represented at a meeting in which the reduction of such exercise price, or the regranting of such Option, as the
case may be, is considered for approval. 
  
 5.6 Automatic
Grants of Options to Non-Employee Directors. From and after and subject to the occurrence of the IPO Date, the Company shall grant NSOs to Non-Employee Directors pursuant to this Section 5.6, which grants shall be automatic and nondiscretionary
and otherwise subject to the terms and conditions set forth in this Section 5.6 and the terms of the Plan including Section 4.4 (“Automatic Non-Employee Director Options”). Each Non-Employee Director shall be automatically granted a NSO to
purchase 2,000 shares of Common Stock (an “Initial Option”) on the date the Non-Employee Director first joins the Board, and thereafter shall be automatically granted a NSO to purchase 2,000 shares of Common Stock (the “Annual
Options”) on the date immediately following the Company’s annual meeting of stockholders beginning with the annual meeting in 2005; provided, however, that he or she is then a director of the Company and, provided, further, that as of such
date, such director shall have served on the Board for at least the preceding six (6) months. Each Non-Employee Director as of the IPO Date whose term expires within one year of the IPO Date and who does not get re-elected to the Board for another
term shall automatically receive a NSO for 2,000 shares of Common Stock on the date of expiration of said term. 
  

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 The term of each Automatic Non-Employee Director Option shall be ten (10) years, the option price per
share of Common Stock purchasable under an Automatic Non-Employee Director Option shall be 100% of the Fair Market Value of the Common Stock on the date of grant. Each Automatic Non-Employee Director Option shall vest on the anniversary of the date
of grant. Unless otherwise determined by the Committee at or after the grant date, if a Non-Employee Director ceases to be a member of the Board for any reason, the Non-Employee Director (or the Non-Employee Director’s beneficiary or legal
representative) may exercise any Automatic Non-Employee Director Options that are exercisable on the date of the Non-Employee Director ceases to be a member of the Board until the expiration of the term of such Automatic Non-Employee Director
Options. Any Automatic Non-Employee Director Options that are not then exercisable shall be forfeited and canceled as of the date the Non-Employee Director ceases to be a member of the Board. 
  
 In the event that the number of shares of Common Stock available for grant
under the Plan is not sufficient to accommodate the Automatic Non-Employee Director Options, then the remaining shares of Common Stock available for Automatic Non-Employee Director Options shall be granted to Non-Employee Directors on a pro-rata
basis. No further grants shall be made until such time, if any, as additional shares of Common Stock become available for grant under the Plan through action of the Board and/or the stockholders of the Company to increase the number of shares of
Common Stock that may be issued under the Plan or through cancellation or expiration of Awards previously granted hereunder. 
  

	 	5.7	 	Stock Appreciation Rights. 

  
 a. Grant. Stock Appreciation Rights may be granted to Participants other than Non-Employee Directors at such time or times as shall
be determined by the Committee. Stock Appreciation Rights may be granted in tandem with Options which, unless otherwise determined by the Committee at or after the grant date, shall have substantially similar terms and conditions to such Options to
the extent applicable, or may be granted on a freestanding basis, not related to any Option. The grant date of any Stock Appreciation Right under the Plan will be the date on which the Stock Appreciation Right is awarded by the Committee or such
other future date as the Committee shall determine in its sole discretion; provided that the grant date of any Stock Appreciation Right granted in tandem with an ISO shall be the same date that the ISO is awarded. No Stock Appreciation Right shall
be exercisable on or after the tenth anniversary of its grant date. Stock Appreciation Rights shall be evidenced in writing, whether as part of the Award Agreement governing the terms of the Options, if any, to which such Stock Appreciation Right
relates or pursuant to a separate Award Agreement with respect to freestanding Stock Appreciation Rights, in each case, containing such provisions not inconsistent with the Plan as the Committee shall determine, including customary representations,
warranties and covenants with respect to securities law matters. 
  
 b. Exercise. Stock Appreciation Rights awarded to a Participant under the Plan shall become exercisable based on the performance of a minimum period of service or the occurrence of any event or events,
including a Change in Control, as the Committee shall determine, either at or after the grant date; provided that, except as otherwise provided in this Plan, no Stock Appreciation Right shall become exercisable prior to a Participant’s
completion of one year of service for the Company or any Subsidiary. Stock Appreciation Rights that are granted in tandem with an Option may only be exercised upon the surrender of the right to exercise such Option for an equivalent number of shares
of Common Stock, and may be exercised only with respect to the shares of Common Stock for which the related Option is then exercisable. 
  

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 c. Settlement. Subject to Section 11.4, upon exercise of a Stock Appreciation
Right, the Participant shall be entitled to receive payment in the form, determined by the Committee, of cash or shares of Common Stock having a Fair Market Value equal to such cash amount, or a combination of shares of Common Stock and cash having
an aggregate value equal to such amount, determined by multiplying: 
  
 i. any increase in the Fair Market Value of one share of Common Stock on the exercise date over the price fixed by the Committee on the grant date of such Stock Appreciation Right, which may not be less than the Fair
Market Value of a share of Common Stock on the grant date of such Stock Appreciation Right (except if awarded in tandem with a NSO but after the grant date of such NSO, then not less than the exercise price of such NSO), by 
  
 ii. the number of shares of Common Stock with respect to
which the Stock Appreciation Right is exercised; provided, however, that on the grant date, the Committee may establish, in its sole discretion, a maximum amount per share which will be payable upon exercise of a Stock Appreciation Right. Upon such
terms and conditions as the Committee may establish from time to time, a Participant may be permitted to defer the receipt of cash and/or shares of Common Stock otherwise deliverable upon exercise of a Stock Appreciation Right. 
  

	 	5.8	 	Termination of Employment. 

  
 a. Due to Death or Disability. Unless otherwise determined by the Committee at or after the grant date, if a Participant’s
employment terminates by reason of such Participant’s death or Disability or any Option or Stock Appreciation Right granted to such Participant shall become immediately exercisable in full and may be exercised by the Participant (or the
Participant’s beneficiary or legal representative) until the earlier of (i) the twelve-month anniversary of the date of such termination, and (ii) the expiration of the term of such Option or Stock Appreciation Right. 
  
 b. Due to Retirement. Unless otherwise determined by
the Committee at or after the grant date, if a Participant’s employment terminates due to his or her Retirement, the Participant (or the Participant’s beneficiary or legal representative) may exercise any Options and Stock Appreciation
Rights that are exercisable on the date of his or her Retirement until the earlier of (i) the twelve-month anniversary following the date of the Participant’s Retirement, and (ii) the expiration of the term of such Options or Stock Appreciation
Rights. Any Options and Stock Appreciation Rights that are not then exercisable shall be forfeited and canceled as of the date of such termination. 
  
 c. For Cause. If a Participant’s employment is terminated by the Company or any Subsidiary for Cause (or if, following the
date of termination of the Participant’s employment for any reason, the Committee determines that circumstances exist such that the Participant’s employment could have been terminated for Cause), any Options and Stock Appreciation Rights
granted to such Participant, whether or not then exercisable, shall be immediately forfeited and canceled as of the date of such termination. 
  

 11 

 d. For Any Other Reason. Unless otherwise determined by the Committee at or after
the grant date, if a Participant’s employment is terminated for any reason other than one described in Section 5.8(a), (b) or (c), the Participant may exercise any Options and Stock Appreciation Rights that are exercisable on the date of such
termination until the earlier of (i) the 90th day following the date of such termination, and (ii) the expiration of
the term of such Options or Stock Appreciation Rights. Any Options and Stock Appreciation Rights that are not exercisable upon termination of a Participant’s employment shall be forfeited and canceled as of the date of such termination.

  
 5.9 Committee Discretion. Notwithstanding anything to
the contrary contained in this Article 5, the Committee may, at or after the date of grant, accelerate or waive any conditions to the exercisability of any Option or Stock Appreciation Right or Automatic Non-Employee Director Options granted under
the Plan, and may permit all or any portion of any such Option or Stock Appreciation Right or Automatic Non-Employee Director Option to be exercised following the termination of a Participant’s employment, or the failure of a Participant to
remain a member of the Board, for any reason on such terms and subject to such conditions as the Committee shall determine for a period up to and including, but not beyond the expiration of the term of such Options or Stock Appreciation Rights or
Automatic Non-Employee Director Options. 
  
 ARTICLE 6

 PERFORMANCE STOCK AND PERFORMANCE UNITS 
  

6.1 Grant. Performance Stock and Performance Units may be granted to Participants other than Non-Employee Directors at such time or times as
shall be determined by the Committee. The grant date of any Performance Stock or Performance Units under the Plan will be the date on which such Performance Stock or Performance Units are awarded by the Committee or on such other future date as the
Committee shall determine in its sole discretion. Performance Stock and Performance Units shall be evidenced by an Award Agreement that shall specify the number of shares of Common Stock to which the Performance Stock and the Performance Units
pertain, the Restriction Period, and such other terms and conditions not inconsistent with the Plan as the Committee shall determine, including customary representations, warranties and covenants with respect to securities law matters. No shares of
Common Stock will be issued at the time an Award of Performance Units is made, and the Company shall not be required to set aside a fund for the payment of any such Award. 
  

	 	6.2	 	Vesting. 

  
 a. In General. Performance Stock and Performance Units granted to a Participant under the Plan shall be subject to a Restriction
Period, which shall lapse upon the attainment of specified performance objectives or the occurrence of any event or events, including a Change in Control, as the Committee shall determine, either at or after the grant date. No later than the
90th day after the applicable Performance Period begins (or such other date as may be required or permitted under
section 162(m) of the Code, if applicable), the Committee shall establish the performance objectives upon which the Restriction Period shall lapse. 
  
 b. Performance Objectives. Any such performance objectives will be based upon the relative or comparative achievement of one or
more of the following criteria, or such other criteria, as may be determined by the Committee: earnings before interest, taxes, depreciation and amortization (“EBITDA”); earnings before interest, taxes 
  

 12 

 and amortization (“EBITA”); total stockholder return; return on the Company’s assets;
increase in the Company’s earnings and/or earnings per share; revenue growth; share price performance; return on invested capital; market share; operating income; pre- or post-tax income; economic value added (or an equivalent metric); cash
flow and/or cash flow per share; improvement in or attainment of expense levels; improvement in or attainment of working capital levels; return on equity; and debt reduction. 
  
 c. Special Rules Relating to Performance Objectives. Performance objectives may be established on an
individual or a Company-wide basis or with respect to one or more Company business units or divisions, or Subsidiaries; and either in absolute terms, relative to the performance of one or more similarly situated persons or companies, or relative to
the performance of an index covering a peer group of companies. When establishing performance objectives for the applicable Performance Period, the Committee may exclude any or all “extraordinary items” as determined under U.S. generally
accepted accounting principals including, without limitation, the charges or costs associated with restructurings of the Company, discontinued operations, other unusual or non-recurring items, and the cumulative effects of accounting changes, and as
identified in the Company’s financial statements, notes to the Company’s financial statements or management’s discussion and analysis of financial condition and results of operations contained in the Company’s most recent annual
report filed with the U.S. Securities and Exchange Commission pursuant to the Exchange Act. 
  
 d. Certification of Attainment of Performance Objectives. The Restriction Period with respect to any Performance Stock or
Performance Units shall lapse upon the written certification by the Committee that the performance objective or objectives for the applicable Performance Period have been attained. The Committee may provide at the time of grant that if the
performance objective or objectives are attained in part, the Restriction Period with respect to a specified portion (which may be zero) of any Performance Stock or Performance Units will lapse. 
  
 e. Newly Eligible Participants. Notwithstanding
anything in this Article 6 to the contrary, the Committee shall be entitled to make such rules, determinations and adjustments as it deems appropriate with respect to any Participant who becomes eligible to receive an Award of Performance Stock or
Performance Units after the commencement of a Performance Period. 
  

	 	6.3	 	Additional Provisions Relating to Performance Stock. 

  
 a. Restrictions on Transferability. Except as provided in Section 11.1 or in an Award Agreement, no Performance Stock may be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated until the lapse of the Restriction Period. Thereafter, Performance Stock may only be sold, transferred, pledged, assigned or otherwise alienated or hypothecated in compliance
with all applicable securities laws, the Award Agreement, and any other agreement to which the Performance Stock is subject. The Committee shall require that any stock certificates evidencing any Performance Stock be held in the custody of the
Secretary of the Company until the applicable Restriction Period lapses, and that, as a condition of any grant of Performance Stock, the Participant shall have delivered a stock power, endorsed in blank, relating to the shares of Common Stock
covered by such Award. Any attempt by a Participant, directly or indirectly, to offer, transfer, sell, pledge, hypothecate or otherwise dispose of any Performance Stock or any interest therein or any rights relating thereto without complying with
the provisions of the Plan, including this Section 6.3, shall be void and of no effect. 
  

 13 

 b. Legend. Each certificate evidencing shares of Common Stock subject to an Award
of Performance Stock shall be registered in the name of the Participant holding such Performance Stock and shall bear the following (or similar) legend: 
  
 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) CONTAINED IN THE
CABELA’S INCORPORATED 2004 STOCK PLAN AND THE RELATED AWARD AGREEMENT AND NEITHER THIS CERTIFICATE NOR THE SHARES REPRESENTED BY IT ARE ASSIGNABLE OR OTHERWISE TRANSFERABLE EXCEPT IN ACCORDANCE WITH SUCH PLAN AND AWARD AGREEMENT, COPIES OF
WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY.” 
  
 c. Rights as a Stockholder. Unless otherwise determined by the Committee at or after the grant date, a Participant holding outstanding Performance Stock shall be entitled to (i) receive all dividends and
distributions paid in respect of the shares of Common Stock underlying such Award; provided that, if any such dividends or distributions are paid in shares of Common Stock or other securities, such shares and other securities shall be subject to the
same Restriction Period and other restrictions as apply to the Performance Stock with respect to which they were paid, and (ii) exercise full voting rights and other rights as a stockholder with respect to the shares of Common Stock underlying such
Award during the period in which such shares remain subject to the Restriction Period. 
  

	 	6.4	 	Additional Provisions Relating to Performance Units. 

  
 a. Restrictions on Transferability. Unless and until the Company issues a certificate or certificates to a Participant for shares
of Common Stock in respect of his or her Award of Performance Units, no Performance Units may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated. Upon issuance of such certificate or certificates and if such shares of
Common Stock remain subject to the Restriction Period, such shares shall be subject to the provisions of Section 6.3 until the lapse of the Restriction Period. Any attempt by a Participant, directly or indirectly, to offer, transfer, sell, pledge,
hypothecate or otherwise dispose of any Performance Units or any interest therein or any rights relating thereto without complying with the provisions of the Plan, including this Section 6.4, shall be void and of no effect. 
  
 b. Rights as a Stockholder. The Committee shall
determine whether and to what extent Dividend Equivalents will be credited to the account of, or paid currently to, a Participant receiving an Award of Performance Units. Unless otherwise determined by the Committee at or after the grant date, (i)
any cash Dividend Equivalents credited to the Participant’s account shall be deemed to have been invested in additional Performance Units on the record date established for the related dividend or distribution in an amount equal to the greatest
whole number which may be obtained by dividing (A) the value of such dividend or distribution on the record date by (B) the Fair Market Value of one share of Common Stock on such date, and such additional Performance Units shall be subject to the
same terms and conditions as are applicable in respect of the 
  

 14 

 Performance Units with respect to which such Dividend Equivalents were payable, and (ii) if any such
dividends or distributions are paid in shares of Common Stock or other securities, such shares of Common Stock and other securities shall be subject to the same Restriction Period and other restrictions as apply to the Performance Units with respect
to which they were paid. Unless and until the Company issues a certificate or certificates to a Participant for shares of Common Stock in respect of his or her Award of Performance Units, or otherwise determined by the Committee at or after the
grant date, a Participant holding outstanding Performance Units shall not be entitled to exercise any voting rights and any other rights as a stockholder with respect to the shares of Common Stock underlying such Award. 
  
 c. Settlement of Performance Units. Unless the
Committee determines otherwise at or after the grant date, as soon as reasonably practicable after the lapse of the Restriction Period with respect to any Performance Units then held by a Participant, the Company shall issue to the Participant a
certificate or certificates for the shares of Common Stock underlying such Performance Units (plus additional shares of Common Stock for each Performance Unit credited in respect of Dividend Equivalents) or, if the Committee so determines in its
sole discretion, an amount in cash equal to the Fair Market Value of such shares of Common Stock. Upon such terms and conditions as the Committee may establish from time to time, a Participant may be permitted to defer the receipt of the shares of
Common Stock or cash otherwise deliverable upon settlement of Performance Units. 
  

	 	6.5	 	Termination of Employment. 

  
 a. Due to Death, Disability or Retirement. Unless otherwise determined by the Committee at or after the grant date, if a
Participant’s employment terminates by reason of such Participant’s death, Disability or Retirement, the Restriction Period on all of the Participant’s Performance Stock and Performance Units shall lapse only to the extent that the
applicable performance objectives (pro rated through the date of termination) have been achieved through the date of termination. Any Performance Stock and Performance Units for which the Restriction Period has not then lapsed shall be forfeited and
canceled as of the date of such termination. 
  
 b. For Any Other Reason. Unless otherwise determined by the Committee at or after the grant date, if a Participant’s employment is terminated for any reason other than one described in Section 6.5(a), any Performance Stock and
Performance Units granted to such Participant shall be immediately forfeited and canceled as of the date of such termination of employment. 
  
 ARTICLE 7 
 RESTRICTED STOCK AND
RESTRICTED STOCK UNITS 
  
 7.1 Grant. Restricted Stock
and Restricted Stock Units may be granted to Participants other than Non-Employee Directors at such time or times as shall be determined by the Committee. The grant date of any Restricted Stock or Restricted Stock Units under the Plan will be the
date on which such Restricted Stock or Restricted Stock Units are awarded by the Committee or on such other future date as the Committee shall determine in its sole discretion. Restricted Stock and Restricted Stock Units shall be evidenced by an
Award Agreement that shall specify the number of shares of Common Stock to which the Restricted Stock and the Restricted Stock Units pertain, the Restriction Period, and such terms and conditions not 
  

 15 

 inconsistent with the Plan as the Committee shall determine, including customary representations, warranties and
covenants with respect to securities law matters. No shares of Common Stock will be issued at the time an Award of Restricted Stock Units is made and the Company shall not be required to set aside a fund for the payment of any such Award.

  
 7.2 Vesting. Restricted Stock and Restricted Stock
Units granted to a Participant under the Plan shall be subject to a Restriction Period, which shall lapse upon the performance of a minimum period of service, or the occurrence of any event or events, including a Change in Control, as the Committee
shall determine, either at or after the grant date; provided that, except as otherwise provided in this Plan, the Restriction Period on any Restricted Stock or Restricted Stock Units shall not lapse prior to a Participant’s completion of one
year of service to the Company or any Subsidiary. 
  

	 	7.3	 	Additional Provisions Relating to Restricted Stock. 

  
 a. Restrictions on Transferability. Except as provided in Section 11.1 or in an Award Agreement, no Restricted Stock may be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated until the lapse of the Restriction Period. Thereafter, Restricted Stock may only be sold, transferred, pledged, assigned or otherwise alienated or hypothecated in compliance with
all applicable securities laws, the Award Agreement, and any other agreement to which the Restricted Stock is subject. The Committee shall require that any stock certificates evidencing any Restricted Stock be held in the custody of the Secretary of
the Company until the applicable Restriction Period lapses, and that, as a condition of any grant of Restricted Stock, the Participant shall have delivered a stock power, endorsed in blank, relating to the shares covered by such Award. Any attempt
by a Participant, directly or indirectly, to offer, transfer, sell, pledge, hypothecate or otherwise dispose of any Restricted Stock or any interest therein or any rights relating thereto without complying with the provisions of the Plan, including
this Section 7.3, shall be void and of no effect. 
  
 b. Legend. Each certificate evidencing shares of Common Stock subject to an Award of Restricted Stock shall be registered in the name of the Participant holding such Restricted Stock and shall bear the legend (or similar legend) as
specified in Section 6.3(b). 
  
 c. Rights as
a Stockholder. Unless otherwise determined by the Committee at or after the grant date, a Participant holding outstanding Restricted Stock shall be entitled to (i) receive all dividends and distributions paid in respect of shares of Common Stock
underlying such Award; provided that, if any such dividends or distributions are paid in shares of Common Stock or other securities, such shares and other securities shall be subject to the same Restriction Period and other restrictions as apply to
the Restricted Stock with respect to which they were paid, and (ii) exercise full voting rights and other rights as a stockholder with respect to the shares of Common Stock underlying such Award during the period in which such shares remain subject
to the Restriction Period. 
  

	 	7.4	 	Additional Provisions Relating to Restricted Stock Units. 

  
 a. Restrictions on Transferability. Unless and until the Company issues a certificate or certificates to a Participant for shares
of Common Stock in respect of his or her Award of Restricted Stock Units, no Restricted Stock Units may be sold, transferred, 
  

 16 

 pledged, assigned, or otherwise alienated or hypothecated. Upon issuance of such certificate or
certificates and if such shares of Common Stock remain subject to the Restriction Period, such shares shall be subject to the provisions of Section 7.3 until the lapse of the Restriction Period. Any attempt by a Participant, directly or indirectly,
to offer, transfer, sell, pledge, hypothecate or otherwise dispose of any Restricted Stock Units or any interest therein or any rights relating thereto without complying with the provisions of the Plan, including this Section 7.4, shall be void and
of no effect. 
  
 b. Rights as a
Stockholder. The Committee shall determine whether and to what extent Dividend Equivalents will be credited to the account of, or paid currently to, a Participant receiving an Award of Restricted Stock Units. Unless otherwise determined by the
Committee at or after the grant date, (i) any cash Dividend Equivalents credited to the Participant’s account shall be deemed to have been invested in additional Restricted Stock Units on the record date established for the related dividend or
distribution in an amount equal to the greatest whole number which may be obtained by dividing (A) the value of such dividend or distribution on the record date by (B) the Fair Market Value of one share of Common Stock on such date, and such
additional Restricted Stock Units shall be subject to the same terms and conditions as are applicable in respect of the Restricted Stock Units with respect to which such Dividend Equivalents were payable, and (ii) if any such dividends or
distributions are paid in shares of Common Stock or other securities, such shares and other securities shall be subject to the same Restriction Period and other restrictions as apply to the Restricted Stock Units with respect to which they were
paid. Unless and until the Company issues a certificate or certificates to a Participant for shares of Common Stock in respect of his or her Award of Restricted Stock Units, or otherwise determined by the Committee at or after the grant date, a
Participant holding outstanding Restricted Stock Units shall not be entitled to exercise any voting rights and any other rights as a stockholder with respect to the shares of Common Stock underlying such Award. 
  
 c. Settlement of Restricted Stock Units. Unless the
Committee determines otherwise at or after the grant date, as soon as reasonably practicable after the lapse of the Restriction Period with respect to any Restricted Stock Units, the Company shall issue a certificate or certificates for the shares
of Common Stock underlying such Restricted Stock Unit (plus additional shares of Common Stock for each Restricted Stock Unit credited in respect of Dividend Equivalents) or, if the Committee so determines in its sole discretion, an amount in cash
equal to the Fair Market Value of such shares of Common Stock. Upon such terms and conditions as the Committee may establish from time to time, a Participant may be permitted to defer the receipt of the shares of Common Stock or cash otherwise
deliverable upon settlement of Restricted Stock Units. 
  
 7.5
Termination of Employment. Unless otherwise determined by the Committee at or after the grant date, (i) if a Participant’s employment is terminated due to his or her death, Disability or Retirement during the Restriction Period, a pro
rata portion of the shares of Common Stock underlying any Awards of Restricted Stock and Restricted Stock Units then held by such Participant shall no longer be subject to the Restriction Period, based on the number of months the Participant was
employed during the applicable period, and all Restricted Stock and Restricted Stock Units for which the Restriction Period has not then lapsed shall be forfeited and canceled as of the date of such termination, and (ii) if a Participant’s
employment is terminated for any other reason during the Restriction Period, any Restricted Stock and Restricted Stock Units held by such Participant for which the Restriction Period has not then expired shall be forfeited and canceled as of the
date of such termination. 
  

 17 

 ARTICLE 8 
 CHANGE IN CONTROL 
  

	 	8.1	 	Accelerated Vesting and Payment. 

  
 a. In General. Unless the Committee otherwise determines in the manner set forth in Section 8.2, upon the occurrence of a Change in
Control, (i) all Options and Stock Appreciation Rights and Automatic Non-Employee Director Options shall become exercisable, (ii) the Restriction Period on all Restricted Stock and Restricted Stock Units shall lapse immediately prior to such Change
of Control, (iii) shares of Common Stock underlying Awards of Restricted Stock Units shall be issued to each Participant then holding such Award immediately prior to such Change in Control or, at the discretion of the Committee (as constituted
immediately prior to the Change in Control) (iv) each such Option, Stock Appreciation Right, Automatic Non-Employee Director Option and/or Restricted Stock Unit shall be canceled in exchange for an amount equal to the product of (A)(I) in the case
of Options and Stock Appreciation Rights and Automatic Non-Employee Director Options, the excess, if any, of the product of the Change in Control Price over the exercise price for such Award, and (II) in the case of other such Awards, the Change in
Control Price, multiplied by (B) the aggregate number of shares of Common Stock covered by such Award. 
  
 b. Performance Stock and Performance Units. In the event of a Change in Control, (A) any Performance Period in progress at the time
of the Change in Control for which Performance Stock or Performance Units are outstanding shall end effective upon the occurrence of such Change in Control and (B) all Participants granted such Awards shall be deemed to have earned a pro rata award
equal to the product of (I) such Participant’s target award opportunity with respect to such Award for the Performance Period in question and (II) the percentage of performance objectives achieved as of the date on which the Change in Control
occurs or, at the discretion of the Committee (as constituted immediately prior to the Change in Control) (C) each such Performance Unit shall be canceled in exchange for an amount equal to the product of (I) the Change in Control Price, multiplied
by (II) the aggregate number of shares of Common Stock covered by such Performance Unit. Any Performance Stock and Performance Units for which the applicable pro rated performance objectives have not been achieved shall be forfeited and canceled as
of the date of such Change in Control. 
  
 c.
Timing of Payments. Payment of any amounts calculated in accordance with Sections 8.1(a) and (b) 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 one share of common stock of the New Employer shall be determined by the Committee (as constituted immediately prior to the consummation of the transaction constituting the Change in Control), in good faith. 
  
 8.2 Alternative Awards. Notwithstanding Section 8.1, no cancellation,
termination, acceleration of exercisability or vesting, lapse of any Restriction Period or settlement or other 
  

 18 

 payment shall occur with respect to any outstanding Award (other than an award of Performance Stock or Performance
Units), 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 such outstanding Awards shall be honored
or assumed, or new rights substituted therefor (such honored, assumed or substituted Award being hereinafter referred to as an “Alternative Award”) by the New Employer, provided that any Alternative Award must: 
  
 i. be based on shares of common stock that are traded on an
established U.S. securities market; 
  
 ii.
provide the Participant (or each Participant in a class of Participants) with rights and entitlements substantially equivalent to or better than the rights, terms and conditions applicable under such Award, including, but not limited to, an
identical or better exercise or vesting schedule and identical or better timing and methods of payment; 
  
 iii. have substantially equivalent economic value to such Award (determined at the time of the Change in Control); and 
  
 iv. have terms and conditions which provide that in the
event that the Participant suffers an involuntary termination within two years following the Change in Control any conditions on the Participant’s rights under, or any restrictions on transfer or exercisability applicable to, each such
Alternative Award held by such Participant shall be waived or shall lapse, as the case may be. 
  
 8.3 Termination of Employment Prior to Change in Control. In the event that any Change in Control occurs as a result of any transaction described in clause (c) or (e) of the definition of such term, any
Participant whose employment is terminated due to death or Disability on or after the date, if any, on which the stockholders of the Company approve such Change in Control transaction, but prior to the consummation thereof, shall be treated, solely
for purposes of this Plan (including, without limitation, this Article 8), as continuing in the Company’s employment until the occurrence of such Change in Control, and to have been terminated immediately thereafter. 
  
 ARTICLE 9 
 STOCKHOLDER RIGHTS 
  
 Notwithstanding anything to the contrary in the Plan, no Participant or Permitted Transferee shall have any voting or other rights as a stockholder of the Company with respect to any Common Stock covered by any Award
until the issuance of a certificate or certificates to the Participant or Permitted Transferee for such Common Stock. Except as otherwise provided in this Agreement, 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. 
  

 19 

 ARTICLE 10 
 EFFECTIVE DATE, AMENDMENT, MODIFICATION, 
 AND TERMINATION OF PLAN 
  
 The Plan shall be effective upon its adoption by the Board and approval by
the stockholders of the Company within twelve (12) months of the adoption by the Board, and shall continue in effect, unless sooner terminated pursuant to this Article 10, until the tenth anniversary of the date on which it is adopted by the Board
(except as to Awards outstanding on that date). The Board may at any time terminate or suspend the Plan, and from time to time may amend or modify the Plan; provided that without the approval by a majority of the votes cast at a meeting of
stockholders at which a quorum representing a majority of the shares of the Company entitled to vote generally in the election of Directors is present in person or by proxy, no amendment or modification to the Plan may (i) materially increase the
benefits accruing to Participants under the Plan, (ii) except as otherwise expressly provided in Section 4.4, increase the number of shares of Common Stock subject to the Plan or the individual Award limitations specified in Section 4.3, (iii)
modify the requirements for participation in the Plan or (iv) extend the term of the Plan. No amendment, modification, or termination of the Plan shall in any manner adversely affect any Award previously granted under the Plan, without the consent
of the Participant. 
  
 ARTICLE 11 
 MISCELLANEOUS PROVISIONS 
  
 11.1 Nontransferability of Awards. No Award shall be assignable or transferable except by beneficiary designation, will or the laws of descent and
distribution; provided that the Committee may permit (on such terms and conditions as it shall establish) in its sole discretion a Participant to transfer an Award (other than an ISO) for no consideration to the Participant’s child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the
Participant’s household (other than a tenant or employee), a trust in which these persons have more than fifty percent of the beneficial interest, a foundation in which these persons (or the Participant) control the management of assets, and
any other entity in which these persons (or the Participant) own more than fifty percent of the voting interests (individually, a “Permitted Transferee”). Except to the extent required by law, no Award shall be subject to any lien,
obligation or liability of the Participant. All rights with respect to Awards granted to a Participant under the Plan shall be exercisable during the Participant’s lifetime only by such Participant or, if applicable, his or her Permitted
Transferee(s). The rights of a Permitted Transferee shall be limited to the rights conveyed to such Permitted Transferee, who shall be subject to and bound by the terms of the Plan and the agreement or agreements between the Participant and the
Company. 
  
 11.2 Beneficiary Designation. Each Participant
under the Plan may from time to time name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid or by whom any right under the Plan is to be exercised in case of his or her
death. Each designation will revoke all prior designations by the same Participant, shall be in a form prescribed by the Committee, and will be effective only when filed by the Participant in writing with the Committee during his lifetime. The
spouse of a married Participant, domiciled in a community property jurisdiction, shall join in any designation of a beneficiary other than such spouse. In the absence of any beneficiary designation, or if all designated beneficiaries of a
Participant predecease the Participant, benefits remaining unpaid at the Participant’s death shall be paid to or exercised by the Participant’s surviving spouse, if any, or otherwise to or by his or her estate. 
  

 20 

 11.3 No Guarantee of Employment or Participation. Nothing in the Plan shall interfere with or
limit in any way the right of the Company or any Subsidiary to terminate any Participant’s employment at any time, nor to confer upon any Participant any right to continue in the employ of the Company or any Subsidiary. Except as otherwise
provided in Section 5.6, no Employee shall have a right to be selected as a Participant, or, having been so selected, to receive any future Awards. 
  
 11.4 Tax Withholding. The Company shall have the right and power to deduct from all amounts paid to a Participant in cash or shares (whether under
this Plan or otherwise) or to require a Participant to remit to the Company promptly upon notification of the amount due, an amount (which may include shares of Common Stock) to satisfy the minimum federal, state or local or foreign taxes or other
obligations required by law to be withheld with respect thereto with respect to any Award under this Plan. In the case of any Award satisfied in the form of shares of Common Stock, no shares of Common Stock shall be issued unless and until
arrangements satisfactory to the Committee shall have been made to satisfy the statutory minimum withholding tax obligations applicable with respect to such Award. The Company may defer payments of cash or issuance or delivery of Common Stock until
such requirements are satisfied. Without limiting the generality of the foregoing, the Company shall have the right to retain, or the Committee may, subject to such terms and conditions as it may establish from time to time, permit Participants to
elect to tender, shares of Common Stock (including shares of Common Stock issuable in respect of an Award) to satisfy, in whole or in part, the amount required to be withheld (provided that such amount shall not be in excess of the minimum amount
required to satisfy the statutory withholding tax obligations). 
  
 11.5 Compliance with Legal and Exchange Requirements. The Plan, the granting and exercising of Awards thereunder, and any obligations of the Company under the Plan, shall be subject to all applicable federal and state laws, rules,
and regulations, and to such approvals by any regulatory or governmental agency as may be required, and to any rules or regulations of any exchange on which the Common Stock is listed. The Company, in its discretion, may postpone the granting and
exercising of Awards, the issuance or delivery of shares of Common Stock under any Award or any other action permitted under the Plan to permit the Company, with reasonable diligence, to complete such stock exchange listing or registration or
qualification of such shares or other required action under any federal or state law, rule, or regulation and may require any Participant to make such representations and furnish such information as it may consider appropriate in connection with the
issuance or delivery of shares of Common Stock in compliance with applicable laws, rules, and regulations. The Company shall not be obligated by virtue of any provision of the Plan to recognize the exercise of any Award or to otherwise sell or issue
shares of Common Stock in violation of any such laws, rules, or regulations, and any postponement of the exercise or settlement of any Award under this provision shall not extend the term of such Award. Neither the Company nor its directors or
officers shall have any obligation or liability to a Participant with respect to any Award (or shares of Common Stock issuable thereunder) that shall lapse because of such postponement. 
  
 11.6 Indemnification. Each person who is or shall have been a member of the Committee, a delegate of the Committee or
a member of the Board shall be indemnified and held harmless, to the full extent permitted by law, by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him in connection with or
resulting from any claim, action, suit, or proceeding to which he may be 
  

 21 

 made a party or in which he may be involved by reason of any action taken or failure to act under the Plan (provided that
such action or failure to act was in good faith) and against and from any and all amounts paid by him in settlement thereof, with the Company’s approval, or paid by him in satisfaction of any judgment in any such action, suit, or proceeding
against him, provided he shall give the Company an opportunity, at its own expense, to handle and defend the same before he undertakes to handle and defend it on his own behalf. The foregoing right of indemnification shall not be exclusive and shall
be independent of any other rights of indemnification to which such persons may be entitled under the Company’s Certificate of Incorporation or By-laws, by contract, as a matter of law, or otherwise. 
  
 11.7 No Limitation on Compensation. Nothing in the Plan shall be
construed to limit the right of the Company to establish other plans or to pay compensation to its employees, in cash or property, in a manner which is not expressly authorized under the Plan. 
  
 11.8 Deferrals. The Committee may postpone the exercising of Awards,
the issuance or delivery of Common Stock under any Award or any action permitted under the Plan to prevent the Company or any Subsidiary from being denied a Federal income tax deduction with respect to any Award other than an ISO. 
  
 11.9 Governing Law. The Plan and any Award Agreement shall be
construed in accordance with and governed by the laws of the State of Delaware, without reference to principles of conflict of laws which would require application of the law of another jurisdiction. 
  
 11.10 Severability; Blue Pencil. In the event that any one or more of
the provisions of this Plan 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. 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. 
  
 11.11
No Impact on Benefits. Except as may otherwise be specifically stated under any employee benefit plan, policy or program, no amount payable in respect of any Award shall be treated as compensation for purposes of calculating a
Participant’s right under any such plan, policy or program. 
  
 11.12 No Constraint on Corporate Action. Nothing in this Plan shall be construed (i) to limit, impair or otherwise affect the Company’s right or power to make adjustments, reclassifications, reorganizations or changes of its
capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business or assets or (ii) to limit the right or power of the Company, or any Subsidiary to take any action which such entity
deems to be necessary or appropriate. 
  
 11.13 Headings and
Captions. The headings and captions herein are provided for reference and convenience only, shall not be considered part of this Plan, and shall not be employed in the construction of this Plan. 
  

 22 

 IN WITNESS WHEREOF, pursuant to action taken by the Board of Directors, the undersigned authority has
executed this instrument on the 3rd day of March, 2004. 
  

			
	 CABELA’S INCORPORATED

		
	 By
	 	 /s/ Dennis Highby

	 	 	President and Chief Executive Officer

  

 23Form of 2004 Employee Stock Option Agreement

 Exhibit 10.13 
  

			
	 Name of Grantee :
	 	  

		
	 Number of Shares:
	 	Incentive              Nonqualified
            
		
	 Option Price:
	 	[        ]

  
 STOCK OPTION
AGREEMENT 
 (EMPLOYEE) 
  
 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 (the “Grantee”). 
  
 WITNESSETH: 
  
 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”); and 
  
 WHEREAS, pursuant to the Plan, the Board and/or the Compensation Committee of the Board (the “Committee”) has
authorized the grant to the Grantee of non-qualified stock options to purchase [        ] shares of Common Stock (each, a “Share” and, collectively, the “Shares”), at the exercise price of
[        ] 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(a) 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).

  
 f. “Exercise Shares” shall have the
meaning set forth in Section 6 hereof. 
  
 g.
“Grant Date” shall mean May 1, 2004. 
  
 h. “Grantee” shall have the meaning set forth in the introductory paragraph hereto. 
  
 i. “Normal Expiration Date” shall mean the tenth 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 May 1, 2004,
of Options to purchase [        ] Shares. 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 receipt of a copy of the Plan. 
  
 b. Exercise Price. Each Share covered by an Option shall have an exercise price of
[        ]. 
  

	 	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 at the rate of 20% of the Options on January 1 of each year after the Grant Date, with the result that 100% of
the Options shall become vested and be exercisable on January 1, 2009. 
  
 b. Conditions. The Committee, in its sole discretion, may accelerate the vesting or exercisability of any Option, all Options or any class of Options, at any time and from time to time. 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. Early Exercise. Notwithstanding the vesting schedule for the Options, the
Company may provide the Grantee notice from time to time of time periods during which Grantee may elect to exercise unvested Options. Any shares of common stock purchased by Grantee with respect to unvested Options shall be subject to repurchase
provisions in favor of the Company applicable to “Unvested Shares” as defined and as set forth in the Stock Restriction Agreement (as defined below). 
  

d. Stock Restriction Agreement. As a condition to exercise of any Option at any time prior to the IPO Date, the Grantee shall
have executed and delivered to Company a Stock Restriction Agreement in the form of Exhibit “A” attached hereto (the “Stock Restriction Agreement”). 
  
 e. Confidentiality and Noncompetition Agreement. The Grantee acknowledges that, as a condition to
granting the Options covered hereby, the Company has required the Grantee to enter into a Confidentiality and Noncompetition Agreement with the Company. If any 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 Confidentiality and Noncompetition Agreement (the “New Agreement”), the Grantee acknowledges that the New
Agreement supersedes and replaces 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 the Plan, 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 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. Any Options that are not then exercisable shall be forfeited and cancelled as of the date of such termination. 
  

 3 

 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 and (B) the Normal
Expiration Date, and shall automatically terminate and be canceled upon the expiration of whichever of such periods is applicable. 
  
 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. The
Options may be exercised only by the Grantee or, following his death, by the Grantee’s estate. 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 least
number of Shares having a Fair Market Value sufficient to 
  

 4 

 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. 
  
 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 in writing given at least 5 business days 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. 
  
 The parties acknowledge that
Fair Market Value, as defined in the Plan, contemplates that the Company shall be listed on the New York Stock Exchange or some other recognized market or quotation system on which the trading prices of common stock of the Company are traded or
quoted. In the event that, at the time of exercise of any Option, the Common Stock is not so listed, the definition of Fair Market Value for purposes of this Section 6 shall be determined as provided in the following paragraph. 
  
 Fair Market Value shall be the price at which one could reasonably expect the
Common Stock to be sold in an arm’s length transaction, for cash, other than on an installment basis, to a person not employed by, controlled by, in control of or under common control with Company. Such Fair Market Value shall be that which has
currently or most recently been determined for this purpose by the Board, or at the discretion of the Board by an independent appraiser or appraisers selected by the Board, in either case giving due consideration to recent transactions involving
shares of Common Stock, if any, the Company’s net worth, prospective earning power and dividend-paying capacity, the goodwill of the Company’s business, the Company’s industry position and its management, that industry’s economic
outlook, the values of securities of issuers who stock is publicly traded and which are engaged in similar businesses, the effect of transfer restrictions to which the Common Stock may be subject under law and under the applicable terms of any
contract governing the Common Stock, the absence of a public market for the Common Stock and such other matters as the Board or its appraiser or appraisers deem pertinent. The determination by the Board or its appraiser or appraisers of the Fair
Market Value shall, if not unreasonable, be conclusive and binding notwithstanding the possibility that other persons might make a different, and also reasonable, determination. In the event that 
  

 5 

 Company has obtained an independent appraisal of its Common Stock in connection with the Cabela’s Incorporated
Employee Stock Ownership Plan (the “ESOP”), such annual appraisal shall be used for the purposes hereof during the one-year period after the effective date of such appraisal unless during such one-year period an interim appraisal has been
obtained in connection with the ESOP in which case such interim appraisal shall be used for the balance of such one-year period. 
  

	 	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. 
  
 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 
  

 6 

 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: 
  
 i. if to the Company, to: 
  
 Cabela’s Incorporated 
 One Cabela Drive 
 Sidney, NE 69160 
 Attention: Chief Financial Officer 
  
 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. 
  

 7 

 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. 
  
 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 parties; 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 Company 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. 
  

 8 

 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. 
  

 9 

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

  

			
	 CABELA’S INCORPORATED

		
	 By
	 	  

	 Its
	 	  

	  
  

			
	  

	 	 ,            Grantee

 EXHIBIT “A” TO STOCK OPTION AGREEMENT 
  
 STOCK RESTRICTION AGREEMENT 
 (EMPLOYEE) 
  
 THIS AGREEMENT is made and entered into effective the [    ] day of
[            ] by and between [                    ] (“Stockholder”) and
Cabela’s Incorporated, a Delaware corporation (“Company”). 
  
 WITNESSETH: 
  
 WHEREAS,
concurrently with the execution of this Agreement, Stockholder is acquiring by purchase certain capital stock of Company, and Stockholder may acquire other stock of Company in the future; 
  
 WHEREAS, Stockholder is presently an employee of Company; 
  
 WHEREAS, it has been and remains the policy of Company to restrict the issuance, transfer and ownership of Company’s
capital stock; and 
  
 WHEREAS, as a condition to the sale of its
capital stock to Stockholder, Company has required Stockholder to enter into this Agreement and Stockholder has agreed that he shall hold all capital stock of the Company now or hereafter issued to him subject to this Agreement. 
  
 NOW, THEREFORE, in consideration of the above premises and the mutual
covenants contained herein, and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
  
 1. Stock Subject to Agreement. This Agreement shall apply to all shares of common stock of Company currently owned or hereafter acquired by
Stockholder (hereinafter called “Stock”) and shall supersede any and all previous agreements between the parties relating to the Stock. 
  
 The Stock may consist of Vested Shares or Unvested Shares as each are hereinafter defined. “Vested Shares” means all shares of Stock which are
not Unvested Shares. “Unvested Shares” means shares of Stock (a) acquired pursuant to the exercise of unvested stock options held by Stockholder pursuant to the early exercise provisions set forth in the applicable Stock Option
Agreement(s) between Company and the Optionee pursuant to which the Stock was acquired and, (b) but for the early exercise, which would remain unvested Stock Options according to the terms of the Cabela’s Incorporated 1997 Stock Option Plan
(the “1997 Plan”) or the Cabela’s Incorporated 2004 Stock Plan (the “2004 Plan”), as applicable, and the vesting provisions set forth in the applicable Stock Option Agreement. Any Unvested Shares held by Stockholder on the
date of termination of Stockholder’s employment with Company for any reason shall not become Vested Shares with the passage of time or otherwise and shall remain Unvested Shares for all purposes hereunder. 
  
 At the time of the initial acquisition of shares of Stock by Stockholder
subject to the terms of this Agreement and thereafter at the time of each additional acquisition of shares of Stock, the parties shall execute a certificate in the form of Exhibit “A” attached to this Stock Restriction Agreement setting
forth the Vested Shares and the Unvested Shares covered by this Agreement and setting forth the dates on which the Unvested Shares shall become Vested Shares according to the vesting provisions in the applicable Stock Option Agreement. The failure
of the parties to execute such a certificate shall not affect the status of the Stock as Vested Shares or Unvested Shares which shall then be determined by reference to the 1997 Plan or the 2004 Plan, as applicable, and the applicable Stock Option
Agreement(s). 

 2. Restriction Against Transfer. Stockholder agrees that Stockholder shall not sell, assign,
pledge, gift or otherwise transfer any of his Stock in any manner other than as permitted in this Agreement. No sale, assignment, pledge, gift or other transfer of any Stock by Stockholder in violation of the provisions of this Agreement, or the
Certificate of Incorporation or Bylaws of Company, shall be valid. Company shall not transfer any Stock on the books of Company, nor shall any such Stock be entitled to vote, nor shall any dividends be paid on any such Stock during the period of any
violation under this Agreement. The above disqualifications shall be in addition to and not in lieu of any other remedies, legal or equitable, to enforce these provisions. Nothing contained in this Agreement shall be construed to limit or render
ineffective any provision of the Certificate of Incorporation or Bylaws of Company further restricting or conditioning the transfer of the Stock. 
  
 3. Permitted Sales of the Vested Shares. Stockholder may sell any or all of the Vested Shares if Stockholder shall have first made the offer to
sell hereinafter described and such offer shall not have been accepted; provided, however, the Vested Shares offered hereunder must have been held by Stockholder for at least six months as a condition to being offered under this paragraph 3.

  
 a. Stockholder shall obtain from a third
party purchaser a bona fide written offer to purchase the Vested Shares stating the terms and conditions upon which the purchase is to be made and the consideration offered therefor (a “Third Party Offer”). Before making or agreeing to the
sale, Stockholder shall extend an offer of the Vested Shares (the “Offer”) to Company. The Offer shall consist of a written offer to sell the Vested Shares that pertain to the Third Party Offer, which shall set forth the name and address
of the prospective purchaser and shall include a copy of the Third Party Offer. 
  
 b. Within thirty (30) days after receipt of the Offer, Company may at its option elect to purchase all, but not less than all, of the
Vested Shares offered by Stockholder. The notice shall specify the date for the closing of the purchase which shall not be more than sixty (60) days after the date of the giving of such notice. 
  
 c. In the event of any purchase pursuant to subparagraph
3(b) above, the effective date of sale shall be the date of the Offer and the purchase price shall be determined and paid as hereinafter provided in paragraphs 7 and 8, respectively. 
  
 d. If the offer to sell is not accepted by Company, Stockholder may make a bona fide transfer to the
prospective purchaser named in the Third Party Offer, provided such sale shall be made only in strict accordance with the terms therein stated. However, if Stockholder shall fail to make such transfer within thirty (30) days following the expiration
of the time hereinabove provided for the election by Company, such Vested Shares shall again become subject to all restrictions of this paragraph 3. 
  
 4. Permitted Pledges of the Stock. Stockholder may pledge the Stock only as collateral for loans in connection with the purchase of such Stock not
to exceed the purchase price for the Stock plus any anticipated state or federal taxes owed by Stockholder as a result of the purchase (a “Permitted Loan”) with the prior written consent of Company, and subject to the express condition
that at the time of the pledge, the pledgee acknowledges and agrees in writing that the pledge shall be subject to the terms of this Agreement. In the event of such a 
  

 2 

 permitted pledge, prior to the time the pledgee initiates proceedings to enforce its security interest in the Stock, the
pledgee must provide Company written notice of the default of Stockholder and its intention to initiate enforcement proceedings involving the Stock. For a period of thirty (30) days after receipt of such a notice (or, in the case of Vested Shares
that have been outstanding for less than six (6) months as of the date of the notice, thirty (30) days after the date on which the Vested Shares have been outstanding for six (6) months) (the “Option Period”), Company shall have the right
to purchase the Stock upon written notice to Stockholder and the pledgee. In the event that Company does not exercise its Option on or prior to the Option Date, the pledgee may then initiate proceedings to enforce its security interest in the Stock.
For purposes of determining the purchase price and other terms of sale in the event Company exercises its option to purchase, the effective date of sale shall be the date on which Company exercises its option to purchase and the purchase price shall
be determined and paid as hereinafter provided in paragraphs 7 and 8, respectively, except that notwithstanding the terms of Section 8(a)(iii) (if it is applicable), Company shall pay cash at closing up to the amount owed to the pledgee on the
Permitted Loan. 
  
 5. Purchase of Stock Upon
Stockholder’s Request. In the event Stockholder desires to sell any of his Stock during his lifetime, Stockholder shall give written notice of such intention to Company (a “Sale Notice”) and within sixty (60) days following
receipt of the notice, Stockholder shall sell, and Company shall purchase, all of the offered Stock in accordance with the terms of this Agreement; provided, however, Stockholder may only sell Vested Shares under this paragraph 5 that have been held
by Stockholder for at least six (6) months as of the date of the Sale Notice. For purposes of the sale and purchase pursuant to this paragraph, the effective date of sale shall be the date of the Sale Notice and the purchase price shall be
determined and paid as hereinafter provided in paragraphs 7 and 8, respectively. 
  
 6. Option Respecting Stock Upon Stockholder’s Termination of Employment. Upon termination of Stockholder’s employment with Company for any reason, Company shall have the continuing option to purchase
and require Stockholder to sell (the “Call Option”) any Stock owned by Stockholder or his estate, including any Stock acquired subsequent to termination of his employment pursuant to outstanding stock options issued pursuant to any stock
option plan maintained by Company; provided, however, the Call Option may not be exercised with respect to any Vested Shares until they have been outstanding for at least six (6) months. Company shall exercise the Call Option by providing written
notice of exercise to Stockholder or his legal representative (a “Call Notice”). For purposes of a sale and purchase pursuant to this paragraph, the purchase price and method of payment shall be determined and paid as hereinafter provided
in paragraphs 7 and 8, respectively, assuming the effective date of sale is the date of the Call Notice. 
  
 7. Purchase Price. The purchase price of any Stock purchased and sold pursuant to this Agreement shall be determined according to the terms of this
paragraph 7. 
  
 a. The purchase of any Vested
Shares acquired pursuant to stock options granted under the 1997 Plan shall be the Fair Market Value (as defined below) thereof as most recently determined prior to the effective date of sale in the manner provided under the 1997 Plan; 

 
 b. The purchase price of any Unvested Shares granted
under the 1997 Plan shall be the lesser of (i) the amount paid by Stockholder for the Unvested Shares, and (ii) the Fair Market Value thereof as most recently determined prior to the effective date of sale in the manner provided under the 1997 Plan;

  

 3 

 c. The purchase of any Vested Shares acquired pursuant to stock options granted under the
2004 Plan shall be the Fair Market Value (as defined below) thereof as most recently determined prior to the effective date of sale; and 
  
 d. The purchase price of any Unvested Shares granted under the 2004 Plan shall be the lesser of (i) the amount paid by Stockholder for the
Unvested Shares, and (ii) the Fair Market Value thereof as most recently determined prior to the effective date of sale. 
  
 For purposes hereof, “Fair Market Value” shall mean the then applicable per share fair market value of the Stock determined as
follows: 
  
 i. Except in the case of where
subpart (ii) below is applicable, Fair Market value shall be the price at which one could reasonably expect the Stock to be sold in an arm’s length transaction, for cash, other than on an installment basis, to a person not employed by,
controlled by, in control of or under common control with Company. Such Fair Market Value shall be that which has currently or most recently been determined for this purpose by the Board, or at the discretion of the Board by an independent appraiser
or appraisers selected by the Board, in either case giving due consideration to recent transactions involving shares of Stock, if any, the Company’s net worth, prospective earning power and dividend-paying capacity, the goodwill of the
Company’s business, the Company’s industry position and its management, that industry’s economic outlook, the values of securities of issuers who stock is publicly traded and which are engaged in similar businesses, the effect of
transfer restrictions to which the Stock may be subject under law and under the applicable terms of any contract governing the Stock, the absence of a public market for the Stock and such other matters as the Board or its appraiser or appraisers
deem pertinent. The determination by the Board or its appraiser or appraisers of the Fair Market Value shall, if not unreasonable, be conclusive and binding notwithstanding the possibility that other persons might make a different, and also
reasonable, determination. In the event that Company obtains an independent appraisal of its Stock in connection with the Cabela’s Incorporated Employee Stock Ownership Plan (the “ESOP”), such annual appraisal shall be used for the
purposes hereof during the one-year period after the effective date of such appraisal unless during such one-year period an interim appraisal has been obtained in connection with the ESOP in which case such interim appraisal shall be used for the
balance of such one-year period. 
  
 ii. If the
Stock becomes listed on a domestic securities exchange or quoted in NASDAQ or the domestic over-the-counter market, the Fair Market Value shall be the closing price of one share of Stock on the New York Stock Exchange (or on such other recognized
market or quotation system on which the trading prices of Stock are traded or quoted at the relevant time) on the trading day immediately preceding the date as of which such Fair Market Value is determined. If there are no Stock transactions
reported on the New York Stock Exchange (or on such other exchange or system as described above) on such date, Fair Market Value shall mean the closing price for a share of Stock on the immediately preceding day on which Stock transactions were so
reported. 
  

 4 

 8. Method of Payment. The purchase price of any Stock of Company sold and purchased under this
Agreement shall be paid in the following manner: 
  
 a. For Vested Shares, the purchase price shall be paid as follows: 
  
 i. The amount of any indebtedness or any other amounts due and payable to Company by Stockholder shall be credited against the purchase price in partial or full satisfaction, as the case may be, of such indebtedness
or other amounts; 
  
 ii. The balance of the
purchase price owed to Stockholder after application of subparagraph 8(a)(i) above up to the amount paid by Stockholder for the Stock less any amounts paid through application of subparagraph 8(a)(i) above shall be paid in cash at closing; and

  
 iii. The balance of the purchase price owed
to Stockholder (after application of subparagraphs 8(a)(i) and 8(a)(ii) above) shall be paid through execution and delivery by Company of a promissory note in the principal amount of said balance and providing for payment of said principal plus
interest at the Mid-Term Applicable Federal Rate as of the effective date of sale in sixty (60) equal monthly installments. Said promissory note shall provide for acceleration at the option of the holder in the event Company fails to make any
payment within five (5) days of its due date. Company shall have the right to prepay all or part of said promissory note at any time without penalty. 
  
 b. For Unvested Shares, the purchase price shall be paid as follows: 
  
 i. The amount of any indebtedness or any other amounts due and payable to Company by Stockholder shall be
credited against the purchase price in partial or full satisfaction, as the case may be, of such indebtedness or other amounts; and 
  
 ii. The balance of the purchase price owed to Stockholder after application of subparagraph 8(b)(i) above shall be paid in cash at
closing. 
  
 9. Closing. The closing of any purchase and
sale pursuant to this Agreement shall occur on a date specified by Company which shall be within sixty (60) days following the effective date of sale. Closing shall take place at the principal office of Company or at such other location as agreed by
the parties. At closing, Stockholder or his personal representative shall execute and deliver to Company such instruments as are necessary to transfer Stockholder’s stock to Company free and clear of any liens or encumbrances. Company shall
make payment of the purchase price to Stockholder upon receipt by Company of the certificate or certificates evidencing the Stock purchased by Company, endorsed in blank or accompanied by the appropriate stock powers executed in blank and
accompanied by such other evidence of authority as may reasonably be required. In the event of failure to deliver to Company the certificate or certificates for the Stock purchased by Company with required evidence of authority at the closing, the
certificates on the books of Company and such Stock shall be deemed to be no longer outstanding. The holder of such Stock shall thereafter have no further interest as a stockholder of Company with respect to such Stock except to receive the purchase
price therefor. 
  

 5 

 10. Warranties. Stockholder shall warrant at closing of any sale of Stock pursuant to the terms
hereof that such Stockholder owns the Stock being sold free and clear of all liens and encumbrances, has good title to sell and convey the Stock pursuant to this Agreement, and will warrant the Stock being sold against the claims of all persons.

  
 11. No Duty of Disclosure. Stockholder acknowledges and
agrees that Company shall have no duty or obligation to affirmatively disclose to Stockholder, and Stockholder shall have no right to be advised of, any material information regarding Company at any time prior to, upon or in connection with
Company’s repurchase of the Stock from Stockholder under paragraphs 3, 4, 5 and 6 above. 
  
 12. S Corporation Agreements. If, at any time while this Agreement is in effect, Company is an electing S Corporation under Section 1371(a) of the Internal Revenue Code of 1986, as amended (the
“Code”), then the provisions of this paragraph shall be applicable. Unless and until Company is an electing S Corporation, the provisions of this paragraph shall not apply. 
  
 a. Preservation of S Corporation Status. Stockholder shall take no action which might adversely
affect such status and to do and perform all things reasonably necessary to preserve the status of Company as such. 
  
 b. Permitted Transfers. In addition to the other conditions precedent to transfer of shares to a permitted transferee or other
party, such transferee shall be required to execute such documents and forms and to any and all other things reasonably necessary to assure the preservation of the status of Company as an S Corporation under Section 1361(a) of the Code.
Specifically, but not by way of limitation, the following types of transfers shall be prohibited unless consented to in writing by all then current owners of capital stock of Company: 
  
 i. A transfer to a transferee whose presence as a stockholder will raise the number of stockholders in
Company to a number greater than the then current maximum permissible number of stockholders allowed for status of Company as an S Corporation under applicable law; 
  
 ii. A transfer to a transferee who is not eligible to be a stockholder of an S Corporation under applicable
law; or 
  
 iii. A transfer to a transferee that
is an entity who may then be eligible to be a stockholder of an S Corporation under applicable law but whose eligibility will be lost merely by the passage of time or whose eligibility may be lost by affirmative action or failure to act on the part
of such entity. 
  
 c. Annual Dividend
Declaration. Unless mutually agreed by all then current owners of capital stock of Company, Company shall, no later than April 1 of each year, distribute a cash dividend to Stockholder in an amount equal to the product of: (a) Company’s
taxable net income for the preceding fiscal year which is allocable to Stockholder by reason of the status of Company as an S Corporation, multiplied by (b) a percentage rate equal to the sum of the then highest statutory federal income tax rate
plus the then highest statutory state individual income tax rate applicable to any stockholder, but in any case not to exceed 50% in the aggregate unless approved by the Board of Directors of Company. 
  

 6 

 d. Election Under Section 1377(a)(2) of the Code. Upon any purchase and sale of
capital stock of Company pursuant to this Agreement while Company is an S Corporation, the parties shall execute an election under Section 1377(a)(2) of the Code to have the rules provided in Section 1377(a)(1) of the Code applied as if the taxable
year of Company, which includes the date of closing, consisted of two (2) taxable years. The parties agree to take all steps, including signing of documents and making of appropriate filings, to carry out the objectives set forth in the foregoing
sentence. 
  
 13. Life Insurance. The parties acknowledge
and agree that Company may, in its sole discretion, apply for and purchase insurance on the life of Stockholder, in such amounts as Company may deem reasonable from time to time, or in order to ease the performance of its obligation to purchase the
Stock owned by Stockholder in the event of Stockholder’s death. Company may apply for additional insurance or may reduce the amount of insurance, from time to time, as it shall deem reasonable in its sole and absolute discretion. Company shall
not, however, be liable for any failure to purchase insurance on the life of Stockholder. Company shall pay all premiums, name itself as beneficiary and reserve all rights of ownership under said insurance. Stockholder agrees to cooperate with
Company in any reasonable manner required to obtain insurance on his life, including but not limited to, submitting to physical examinations and granting authorization to the insurance company or companies to obtain medical, financial and personal
information regarding Stockholder as the proposed insured. No company issuing a policy of insurance shall be deemed to be a party to this Agreement and shall not, as a condition precedent to the exercise of any of the rights granted by the terms of
such policies, insist on the performance of the terms of this Agreement. All obligations of such insurance company shall be limited and governed solely by the terms of such policy or policies. 
  
 14. Termination of Agreement. Except as provided below, this Agreement
shall terminate upon the occurrence of any of the following events: 
  
 a. The written agreement of the parties hereto; 
  
 b. The repurchase by Company of all Stock owned by Stockholder; 
  
 c. The sale of substantially all of the assets of Company and subsequent liquidation of Company within
one-year thereafter; 
  
 d. A merger,
consolidation or other transaction involving Company which results in the Stock being listed for trading on a national securities exchange or NASDAQ/NMS or in Stockholder receiving in exchange for his common stock in Company capital stock of Company
or some other party to such transaction that is so listed. 
  
 e. The completion of an offering by Company of its Stock to the general public pursuant to a registration statement filed under the Securities Act of 1933, as amended; and 
  
 f. The bankruptcy or dissolution of Company. 
  
 The foregoing notwithstanding, this Agreement shall not terminate and shall
remain in full force and effect so long as there remains any Unvested Shares but only with respect to the Unvested Shares. 
  

 7 

 15. Endorsement on Certificates. Each certificate representing Stock, now or hereafter held by
Stockholder, shall have imprinted thereon a legend in substantially the following form: 
  
 Any transfer of the shares represented by this certificate is restricted under the terms of a Stock Restriction Agreement between Company
and Stockholder named on the front of this certificate, a copy of which agreement is on file in the office of Company. 
  
 16. Specific Performance and Injunction. The parties recognize that the failure to perform any of the obligations herein would cause irreparable
harm to Company for which remedies at law would be inadequate. Therefore, it is agreed that in the event of breach or threatened breach by Stockholder, Company shall be entitled to obtain specific enforcement of any and all obligations herein and
Stockholder specifically waives the defense that an adequate remedy exists at law. Company shall be entitled to also pursue any other remedies, including recovery of damages from Stockholder, for such breach or threatened breach. 
  
 17. Notices. Any notices required or permitted to be given under this
Agreement shall be in writing and shall be sufficient if delivered in person or sent by certified mail, return receipt requested. The notice to Stockholder or Stockholder’s personal representatives, heirs, executors, administrators or
conservators, if mailed, shall be sent to Stockholder’s last known address. The notice to Company shall be delivered or mailed to its principal office to the attention of the President. 
  
 18. Beneficiary Designation. Stockholder may, by written instrument
delivered to Company during his lifetime, designate primary and contingent beneficiaries to receive any payment which may be payable hereunder following such Stockholder’s death, and may designate the portions in which such beneficiaries are to
receive such payments. Stockholder may change such designation from time to time, and the last written designation filed with Company prior to Stockholder’s death will control. If Stockholder fails to designate a beneficiary, or if no
designated beneficiary survives Stockholder, or if all designated beneficiaries who survive Stockholder die before all payments are made, remaining payments shall be made to the legal representatives of Stockholder’s estate and shall release
Company from all future liability hereunder. 
  
 19. Waiver of
Breach. Company’s waiver of any breach by Stockholder of this Agreement shall not operate as a wavier of any continuing or further breaches by Stockholder. 
  
 20. Employment. Stockholder acknowledges and agrees that nothing in this Agreement shall be construed as creating a
guarantee of continued employment and that he is and shall continue, unless otherwise agreed in writing, to be an employee “at will” of Company. 
  
 21. Successors and Assigns. The rights and obligations of the parties under this Agreement shall be binding upon and shall inure to the benefit of
the successors and assigns of Company and to the personal representatives, executors, administrators, heirs and assigns of Stockholder. 
  
 22. Severability. In the event that any section, paragraph, subsection, sentence, clause, phrase or term of this Agreement shall be declared
invalid, such invalidity shall not thereby affect or impair the validity of the remainder of the Agreement. 
  

 8 

 23. Modification. No change or modification of this Agreement shall be valid unless the same shall
be in writing and signed by both of the parties hereto. 
  
 24.
Entire Agreement. This instrument contains the entire agreement of the parties regarding the holding of common stock of Company and shall supersede and replace any and all prior agreements and understandings between the parties hereto
concerning the subject matter hereof. 
  
 25. Governing
Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Nebraska. 
  
 IN WITNESS WHEREOF, Company has caused this Agreement to be signed by its duly authorized officers and Stockholder has executed this Agreement, as of the
date and year first above written. 
  

			
	CABELA’S INCORPORATED, a Delaware corporation
		
	 By
	 	  

	 Its
	 	  

	  
  

			
	  

	 	,            Stockholder

  

 9 

			
	 Name of Grantee :
	 	  

		
	 Number of Shares:
	 	Incentive N/A Nonqualified             

  
 STOCK OPTION
AGREEMENT 
 (NON-EMPLOYEE DIRECTOR) 
  
 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 “Grantee”). 
  
 WITNESSETH: 
  
 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”); and 
  
 WHEREAS, pursuant to the Plan, the Board and/or the Compensation Committee of the Board (the “Committee”) has
authorized the grant to the Grantee of non-qualified stock options to purchase [            ] shares of Common Stock (each, a “Share” and, collectively, the “Shares”),
at the exercise price per Share set forth in Section 2; 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. “Exercise Date” shall have the meaning set forth in Section 6 hereof. 
  
 d. “Exercise Price” shall have the meaning set
forth in Section 2(b). 
  
 e. “Exercise
Shares” shall have the meaning set forth in Section 6 hereof. 
  
 f. “Grant Date” shall mean May 1, 2004. 

 g. “Grantee” shall have the meaning set forth in the introductory paragraph
hereto. 
  
 h. “IPO Price” means the
initial price for the Common Stock set forth in the final prospectus pursuant to a Registration Statement on Form S-1 declared effective for an underwritten public offering of Common Stock. 
  
 i. “Normal Expiration Date” shall mean the tenth
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 May 1, 2004,
of Options to purchase [        ] Shares. The Options 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 receipt of a copy of the Plan. 
  
 b. Exercise Price. Each Share covered by an Option shall have an exercise price equal to [        ] (the “Exercise Price”). 
  

	 	3.	 	Exercisability. 

  
 a. Options. Except as otherwise provided in Section 7(a) of this Agreement, the Options shall be exercisable with respect to one
hundred percent (100%) of the Shares on the Grant Date. 
  
 b. Conditions. The Committee, in its sole discretion, may accelerate the vesting or exercisability of any Option, all Options or any class of Options, at any time and from time to time. 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 Grant Date until the date one day prior to the date on which such Options terminate. 
  
 4. Termination of Options. Subject to Section 7, the Options shall
terminate and be canceled on the Normal Expiration Date. 
  

 2 

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

  
 a. Restrictions on Exercise. 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. The Options may be exercised only by the Grantee or, following his
death, by the Grantee’s estate. 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 least 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. 
  
 6. Manner of Exercise. To the extent that any outstanding Options shall have become and remain 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 in writing given at least 5 business days 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 
  

 3 

 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. 
  
 The parties acknowledge that Fair Market Value, as defined in the Plan,
contemplates that the Company shall be listed on the New York Stock Exchange or some other recognized market or quotation system on which the trading prices of common stock of the Company are traded or quoted. In the event that, at the time of
exercise of any Option, the Common Stock is not so listed, the definition of Fair Market Value for purposes of this Section 6 shall be determined as provided in the following paragraph. 
  
 Fair Market Value shall be the price at which one could reasonably expect the Common Stock to be sold in an arm’s
length transaction, for cash, other than on an installment basis, to a person not employed by, controlled by, in control of or under common control with Company. Such Fair Market Value shall be that which has currently or most recently been
determined for this purpose by the Board, or at the discretion of the Board by an independent appraiser or appraisers selected by the Board, in either case giving due consideration to recent transactions involving shares of Common Stock, if any, the
Company’s net worth, prospective earning power and dividend-paying capacity, the goodwill of the Company’s business, the Company’s industry position and its management, that industry’s economic outlook, the values of securities
of issuers who stock is publicly traded and which are engaged in similar businesses, the effect of transfer restrictions to which the Common Stock may be subject under law and under the applicable terms of any contract governing the Common Stock,
the absence of a public market for the Common Stock and such other matters as the Board or its appraiser or appraisers deem pertinent. The determination by the Board or its appraiser or appraisers of the Fair Market Value shall, if not unreasonable,
be conclusive and binding notwithstanding the possibility that other persons might make a different, and also reasonable, determination. In the event that Company has obtained an independent appraisal of its Common Stock in connection with the
Cabela’s Incorporated Employee Stock Ownership Plan (the “ESOP”), such annual appraisal shall be used for the purposes hereof during the one-year period after the effective date of such appraisal unless during such one-year period an
interim appraisal has been obtained in connection with the ESOP in which case such interim appraisal shall be used for the balance of such one-year period. 
  

	 	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 
  

 4 

 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. 
  
 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. 
  

 5 

	 	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: 
  
 i. if to the Company, to: 
  
 Cabela’s Incorporated 
 One Cabela Drive 
 Sidney, NE 69160 
 Attention: Chief Financial Officer 
  
 ii. if to the Grantee, to the Grantee at the address then appearing in the corporate 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. 
  

 6 

 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. 
  
 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 parties; 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 Company 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. 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. 

 
 j. 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. 
  
 k. 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. 
  
  

 7 

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

  

			
	 CABELA’S INCORPORATED

		
	 By
	 	  

	 Its
	 	  

	  
  

			
	  

	 	 ,            Grantee

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