Document:

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                                                                   EXHIBIT 10.12

                            ADVANCE AUTO PARTS, INC.

                  2001 SENIOR EXECUTIVE STOCK OPTION AGREEMENT

     THIS 2001 SENIOR EXECUTIVE STOCK OPTION AGREEMENT (this "Agreement") is
                                                              ---------
entered into as of _____________ by and between Advance Auto Parts, Inc., a
Delaware corporation (the "Company"), and ____________ ("Optionee"), pursuant to
                           -------                       --------
the Advance Auto Parts, Inc. 2001 Senior Executive Stock Option Plan (the
"Plan").  All capitalized terms not otherwise defined herein shall have the
 ----
meanings set forth in the Plan.

                                R E C I T A L S:
                                - - - - - - - -

     A.   Optionee is a senior executive of the Company and/or of a direct or
indirect subsidiary of the Company (individually, a "Subsidiary" and
                                                     ----------
collectively, the "Subsidiaries") and the Company considers it desirable to give
                   ------------
Optionee an added incentive to advance the Company's and the Subsidiaries'
interests.

     B.   The Committee has determined to grant Optionee the right to purchase
shares of common stock of the Company pursuant to the terms and conditions of
this Agreement and the Plan.

                               A G R E E M E N T:
                               - - - - - - - - -

     NOW, THEREFORE, in consideration of the covenants hereinafter set forth,
the parties agree as follows:

     1.   Options; Number of Shares.  The Company hereby grants to Optionee the
          -------------------------
right to purchase (the "Options") up to ___________________ (________) shares
                        -------
(the "Shares") of common stock, par value $.0001 per share, of the Company at
      ------
the price per share of $_____ (the "Purchase Price").

The Options and the right to purchase all or any portion of the Shares are
subject to the terms and conditions stated in this Agreement and in the Plan,
including, without limitation, the provisions of Section 4, Section 6, Section
                                                 ---------  ---------  -------
10, Section 13(b), Section 14 and Section 19 of the Plan and Section 3 and
--  -------------  ----------     ----------                 ---------
Section 4 hereof.  Upon exercise of an Option and payment of the Purchase Price,
---------
Optionee shall become a stockholder of the Company, with all rights and
privileges of a stockholder of the Company in respect of any shares of common
stock of the Company issuable upon such exercise.  It is intended that the
Options will not qualify for treatment as an incentive stock option under
Section 422 of the Internal Revenue Code of 1986, as amended (the "Code").
                                                                   ----

     2.   Exercise Criteria.  The Options shall become exercisable, in whole or
          -----------------
in part, over time as set forth on Schedule A attached hereto.  The Options are
                                   ----------
Fixed Price Service Options.
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     3.   Term of Agreement.  Except for the rights conferred upon the Company
          -----------------
pursuant to Section 7 below, the Options, and Optionee's right to exercise the
Options, shall terminate when the first of the following occurs:

          (a) termination of the Options pursuant to Section 6, Section 13 or
                                                     ---------  ----------
Section 14 of the Plan or Section 2 hereof;
----------                ---------

          (b) the expiration of seven (7) years from the date hereof;

          (c) ninety (90) days after the date of termination of Optionee's
employment or other relationship with the Company and all of the Subsidiaries,
unless such termination results from Optionee's death or disability (within the
meaning of Section 22(e)(3) of the Code, or Optionee dies within ninety (90)
days after the date of termination of Optionee's employment or other
relationship with the Company and all of the Subsidiaries, in which case this
Agreement and the Option shall terminate one hundred twenty (120) days after the
date of termination of Optionee's employment or other relationship with the
Company and all of the Subsidiaries; or

          (d) on the date of termination of Optionee's employment or other
relationship with the Company and all of the Subsidiaries if such termination
was for cause (as determined in good faith by the Board of Directors of the
Company (the "Board")).
              -----

     4.   Termination of Employment or Other Relationship.  The termination for
          -----------------------------------------------
any reason of Optionee's employment or other relationship with the Company and
all of the Subsidiaries shall not accelerate the vesting of the Options.  The
Options may only be exercised with respect to that number of Shares which could
have been made under the Options had such Options been exercised by Optionee on
the date of such termination.

     5.   Death of Optionee; No Assignment.  The rights of Optionee under this
          --------------------------------
Agreement may not be assigned or transferred except by will, by the laws of
descent or distribution and may be exercised during the lifetime of Optionee
only by such Optionee; provided, however, that in the event of disability
(within the meaning of Section 22(e)(3) of the Code) of Optionee, a designee of
Optionee (or the Optionee's legal representative if Optionee has not designated
anyone) may exercise the Options on behalf of Optionee (provided the Options
would have been exercisable by Optionee) until the right to exercise the Options
expires pursuant to Section 3 hereof.  Any attempt to sell, pledge, assign,
                    ---------
hypothecate, transfer or otherwise dispose of the Options in contravention of
this Agreement or the Plan shall be void.  If Optionee should die while Optionee
is engaged in an employment relationship with the Company and/or any Subsidiary
or within ninety (90) days after termination of such relationship, and provided
Optionee's rights hereunder shall have vested, in whole or in part, pursuant to
Section 2 hereof, Optionee's designee, legal representative, or legatee, the
---------
successor trustee of Optionee's inter vivos trust or the person who acquired the
right to exercise the Options by reason of the death of Optionee (individually,
a "Successor") shall succeed to Optionee's rights under this Agreement. After
   ---------
the death of Optionee, only a Successor may exercise the Options.

                                       2
<PAGE>

     6.   Exercise of Options.  No option granted under this Agreement shall be
          -------------------
exercisable until it has vested.  On or after the vesting of the Options in
accordance with Section 2 hereof and until termination of the Options in
                ---------
accordance with Section 3 hereof, the Options may be exercised by Optionee (or
                ---------
such other person specified in Section 5 hereof) to the extent exercisable as
                               ---------
determined under Section 2 hereof, upon delivery of the following to the Company
                 ---------
at its principal executive offices (the date such delivery occurs is hereinafter
referred to as, the "Exercise Date"):

          (a) a written notice of exercise which identifies this Agreement, the
type of Option to be exercised, and states the number of Shares to be purchased
(which shall be no fewer than 100 Shares unless the number of Shares remaining
available for purchase hereunder is less than 100 Shares and the entire
remainder of the Option is being exercised);

          (b) a check, cash or any combination thereof in the amount of the
aggregate Purchase Price (or payment of the aggregate Purchase Price in such
other form of lawful consideration as the Committee may approve from time to
time under the provisions of Section 7 of the Plan);

          (c) a check or cash in the amount reasonably requested by the Company
to satisfy the Company's withholding obligations under federal, state or other
applicable tax laws with respect to the taxable income, if any, recognized by
Optionee in connection with the exercise, in whole or in part, of the Options
(unless the Company and Optionee shall have made other arrangements for
deductions or withholding from Optionee's wages, bonus or other income paid to
Optionee by the Company or any Subsidiary, provided, however, such arrangements
must satisfy the requirements of all applicable tax laws);

          (d) a written representation and undertaking, in such form and
substance as the Company may require, that the Shares underlying the Option are
being acquired by Optionee for Optionee's personal account, for investment
purposes only, and not with a view to the distribution, resale or other
disposition thereof;

          (e) a written representation and undertaking, in such form and
substance as the Company may require, setting forth the investment intent of
Optionee, or a Successor, as the case may be, and such other agreements,
representations and undertakings as described in the Plan, including an
acknowledgment that Optionee has reviewed the memorandum regarding Section 83(b)
of the Internal Revenue Code of 1986, as amended, attached hereto as Exhibit A;
                                                                     ---------
and

          (f) such further acts as may be necessary to register Optionee as a
stockholder of the Company.

                                       3
<PAGE>

     7.   Restriction on Transfer of Shares; Right of First Refusal; Drag Along
          ---------------------------------------------------------------------
Rights.
------

          (a) Restriction on Transfer of the Shares.
              -------------------------------------

              (i) Except as otherwise provided herein, Optionee may not sell,
transfer, assign, pledge, hypothecate or otherwise dispose of (collectively,
"Transfer") any of the Shares, or any right, title or interest therein prior to
the fifth anniversary of the Closing Date and, thereafter, any Transfer must be
in compliance with Section 7 and Section 9 hereof.  Any purported Transfer or
                   ---------     ---------
Transfers (including involuntary Transfers initiated by operation of legal
process) of any of the Shares or any right, title or interest therein, except in
strict compliance with the terms and conditions of this Agreement, shall be null
and void.

                  (ii)   Permitted Transfers.  Optionee may, at any time or
                         -------------------
times, Transfer any or all of the Shares: (a) inter vivos to Optionee's spouse
or issue, a trust for their benefit, or pursuant to any will or testamentary
trust; or (b) upon Optionee's death, to any person in accordance with the laws
of descent and/or testamentary distribution (such persons described in clauses
(a) and (b) hereof are collectively referred to herein as "Permitted
                                                           ---------
Transferees"). Notwithstanding the foregoing, Shares shall not be Transferred
-----------
until the Permitted Transferee executes a valid undertaking, in form and
substance reasonably satisfactory to the Company, to the effect that the
Permitted Transferee and the Shares so Transferred shall thereafter remain
subject to all of the provisions of this Agreement, as though the Permitted
Transferee were a party to this Agreement, bound in every respect in the same
way as Optionee.  Transfers made in accordance with this clause (ii) shall not
                                                         -------
be subject to the provisions of Section 7(b) of this Agreement.
                                ---------

          (b)  Right of First Refusal.
               ----------------------
               (i) Sales; Notice. At any time on or after the fifth anniversary
                   -------------
of this Agreement, Optionee may transfer for cash (and only for such form of
consideration) any or all of the Shares to any third party subject to the
provisions of this Section 7 and Section 10(b), provided that this Section 7(b)
                   ---------     -------------                     ---------
shall not apply to any Transfers that constitute a Public Market Sale.  Prior to
any such intended Transfer, Optionee shall first give at least thirty (30) days'
advance written notice (the "Notice") to the Company specifying (i) Optionee's
                             ------
bona fide intention to sell such Shares; (ii) the name(s) and address(es) of the
proposed transferee(s); (iii) the number of Shares Optionee proposes to Transfer
(individually, an "Offered Share," and collectively, the "Offered Shares"); (iv)
                   -------------                          --------------
the price for which Optionee proposes to Transfer each Offered Share (the
"Proposed Purchase Price"); (v) such evidence as the Company may reasonably
 -----------------------
request to demonstrate the ability of the proposed transferee(s) to pay the
Proposed Purchase Price; and (vi) all other material terms and conditions of the
proposed transfer.

               (ii) Election by the Company.  Within twenty (20) days after
                    -----------------------
receipt of the Notice, the Company may elect to purchase any or all of the
Offered Shares at the price and on the terms and conditions set forth in the
Notice by delivery of written notice of such election to Optionee, specifying a
day, which shall not be more than twenty (20) days after such notice is
delivered, on or before which Optionee shall surrender (if Optionee has not
already done so) the

                                       4
<PAGE>

certificate or certificates representing the Offered Shares (duly endorsed in
blank for transfer) at the administrative office of the Company. Within twenty
(20) days after delivery of such notice to Optionee, the Company shall deliver
to Optionee a check, payable to Optionee or to such person as Optionee shall
request, in the amount equal to the product of the Proposed Purchase Price
multiplied by the number of Offered Shares (the "First Refusal Price") in
                                                 -------------------
exchange for the Offered Shares. If Optionee fails to so surrender such
certificate or certificates on or before such date, from and after such date the
Offered Shares shall be deemed to be no longer outstanding, and Optionee shall
cease to be a Shareholder with respect to such Shares and shall have no rights
with respect thereto except only the right to receive payment of the First
Refusal Price, without interest, upon surrender of the certificate or
certificates therefor (duly endorsed in blank for Transfer). Notwithstanding the
foregoing, if any Outstanding Amount (as defined in that certain Senior
Executive Stock Subscription Agreement by and between the Company and the
Optionee dated __________) is owed to the Company by Optionee, the First Refusal
Price shall be reduced (to an amount not less than zero) by such Outstanding
Amount, which reduction shall be specified in reasonable detail in the Company's
written notice of election to purchase the Offered Shares.  If the Company does
not elect to purchase all of the Offered Shares, Optionee shall be entitled to
Transfer the Offered Shares to the transferee(s) named in the Notice at the
Proposed Purchase Price, or at a higher price, and on the terms and conditions
set forth in the Notice; provided, however, that such Transfer must be
consummated within ninety (90) days after the date of the Notice and any
proposed Transfer after such ninety (90) day period may be made only by again
complying with the procedures set forth in this Section 7(b).  This right of
                                                ------------
first refusal shall terminate upon an underwritten public offering of Common
Stock by the Company registered under the Act (as defined below) (other than an
offering registered on Form S-4 or Form S-8 or any substitute for such forms)
resulting in gross proceeds to the Company in excess of $25 million (an "Initial
                                                                         -------
Public Offering").
---------------

          (c) Obligation to Sell Shares.  If FS Equity Partners IV, L.P., a
              -------------------------
Delaware limited partnership ("FSEP IV"), finds a third-party buyer for all the
                               -------
shares of common stock of the Company held by it (whether such sale is by way of
purchase, exchange, merger or other form of transaction), upon the request of
FSEP IV, Optionee shall sell all of Optionee's Shares for the same per share
consideration (which may be less than the exercise price for any Share) and
otherwise on the same terms and conditions as apply to such FSEP IV sale.  In
addition, FSEP IV may require Optionee to Transfer this Option to such buyer for
the same per share consideration (less the then aggregate Purchase Price of this
Option) and otherwise pursuant to the terms and conditions applicable to FSEP IV
for the sale of its shares of common stock.  In the event the per share
consideration for the common stock is less than the Purchase Price applicable at
the time a binding agreement with respect to such transaction is entered into,
this Option shall be canceled without payment to Optionee.  Optionee hereby
consents to any sale, transfer, reorganization, exchange, merger, combination or
other form of transaction covered under this Section 7(c) and agrees to execute
                                             ------------
such agreements, powers of attorney, voting proxies or other documents and
instruments as may be necessary or desirable to consummate such sale, transfer,
reorganization, exchange, merger, combination or other form of transaction.
Optionee further agrees to timely take such other actions as FSEP IV may
reasonably request in connection with the approval of the consummation of such
sale, transfer, reorganization, exchange, merger, combination or other form of
transaction, including voting as a stockholder to approve any such

                                       5
<PAGE>

sale, transfer, reorganization, exchange, merger, combination or other form of
transaction and waiving any appraisal rights Optionee may have in connection
therewith. The obligations of Optionee pursuant to this Section shall be binding
on any transferee of this Option (other than a transferee in a Public
Market Sale, as defined below), and Optionee (and any of his transferees) shall
obtain and deliver to the Company and FSEP IV prior to any Transfers (other than
Transfers constituting a Public Market Sale) a written commitment, in form and
substance satisfactory to the Company and FSEP IV, from a subsequent transferee
to be bound by such provisions.  The term "Public Market Sale" means a sale of
                                           ------------------
Common Stock after the Company's shares of common stock are registered under
Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended, which
is made pursuant to Rule 144 promulgated under the Act or which is made pursuant
to a registration statement filed with and declared effective by the Securities
and Exchange Commission.  Any Transfer effected in violation of this provision
shall be void.  Optionee's obligations pursuant to this Section, and the
obligations of any such transferee, shall survive the expiration or non-vesting
of any portion of the Options.

     8.   Tag Along Rights.  If FSEP IV finds a third-party buyer (other than a
          ----------------
buyer that is an investment fund or partnership affiliated with FSEP IV, a
general or limited partner of FSEP IV, or, for the period ending one year from
the date hereof, an unaffiliated institutional investor or merchant banking firm
(each, an "FS Permitted Transferee") or is a transferee in a Public Market
           -----------------------
Sale), for all or part of the shares of Common Stock held by FSEP IV (whether
such sale is by way of purchase, exchange, merger or other form of transaction),
the Purchaser shall have the right to sell, on the terms set forth in a written
notice (the "Offering Notice") delivered by FSEP IV to the Optionee describing
             ---------------
the terms of the proposed sale (including the minimum sale price for the shares
of Common stock that FSEP IV plans to sell), that amount of the Shares he then
owns which constitute the same percentage of his Shares as the percentage of
Common Stock sold by FSEP IV.  Each such right shall be exercisable by
delivering written notice to FSEP IV within 15 days after receipt of the
Offering Notice.  Failure to exercise such right within such 15-day period shall
be regarded as a waiver of such rights.  The obligations of FSEP IV under this
Section 8 shall terminate upon an Initial Public Offering.

     9.   Repurchase Option Upon Termination.
          ----------------------------------

          (a) In the event that Optionee's employment or other relationship with
the Company and all of its Subsidiaries terminates for any reason (including,
without limitation, by reason of Optionee's death, disability, retirement,
voluntary resignation or dismissal by the Company or any of its Subsidiaries,
with or without cause), the Company shall have the option (the "Repurchase
                                                                ----------
Option") to purchase from Optionee all or any portion of the Shares acquired by
------
Optionee pursuant to this Option Agreement for a period of six (6) months after
the effective date of such termination (the effective date of termination is
hereinafter referred to as the "Termination Date"); provided, however, that such
                                ----------------
six-month period shall be extended to a date 10 days after the six-month
anniversary of the date on which Optionee purchased any Shares pursuant to this
Option Agreement after the Termination Date.

          (b) The purchase price (the "Repurchase Price") for each Share to be
                                       ----------------
purchased pursuant to the Repurchase Option shall equal (a) the greater of the
applicable exercise

                                       6
<PAGE>

price of such Share and Book Value (as defined herein) if the Termination Date
occurs within the two (2) year period commencing on the date hereof and (b) the
greater of the applicable exercise price of such Share and Fair Market Value (as
defined herein) thereof (subject to adjustment as set forth herein) thereafter
after the initial two (2) year period described previously in subsection (a)
hereof. The "Book Value" of a Share shall equal $16.82 per Share (subject to
             ----------
adjustment as set forth in Section 9(c) below) plus the net income or minus the
                           ---------
net loss per share to the end of the fiscal quarter immediately preceding the
Termination Date, as determined by the Board, acting in good faith and based
upon the books and records of the Company prepared in accordance with generally
accepted accounting principles consistently applied. The "Fair Market Value" of
                                                          -----------------
a Share shall be the fair market value of a Share as of the Termination Date, as
determined by the Board, acting in good faith and based upon the best available
evidence, which determination shall be final and binding.

          (c) The Repurchase Price for any Shares to be purchased pursuant to
the Repurchase Option shall be increased or decreased appropriately to reflect
any distribution of stock or other securities of the Company or any successor or
assign of the Company which is made in respect of, in exchange for or in
substitution of the Shares by reason of any split, reverse split, combination,
recapitalization, reclassification, merger, consolidation or otherwise.

          (d) The Repurchase Option shall be exercised by the Company by
delivery to Optionee, within the six-month period specified above, of (a) a
written notice specifying the number of Shares to be purchased and (b) a day,
which shall not be more than 30 days after the date such notice is delivered, on
or before which Optionee shall surrender the certificate or certificates
representing the Shares to be purchased pursuant to the Repurchase Option (duly
endorsed in blank for Transfer) at the principal office of the Company in
exchange for a check, payable to Optionee, in the amount equal to the Repurchase
Price, calculated as provided in this Section 9, multiplied by the number of the
                                      ---------
Shares to be purchased.  If Optionee fails to so surrender such certificate or
certificates on or before such date, from and after such date the Shares which
the Company elected to repurchase shall be deemed to be no longer outstanding,
and Optionee shall cease to be a stockholder with respect to such Shares and
shall have no rights with respect thereto except only the right to receive
payment of the Repurchase Price, without interest, upon surrender of the
certificate or certificates therefor (duly endorsed in blank for Transfer).

          (e) This Repurchase Option shall terminate upon an Initial Public
Offering.

     10.  Representations and Warranties of Optionee.
          ------------------------------------------

          (a) Optionee represents and warrants that the Options are being
acquired by Optionee for Optionee's personal account, for investment purposes
only, and not with a view to the distribution, resale or other disposition
thereof.

          (b) Optionee acknowledges that the Company may issue Shares upon the
exercise of the Options without registering such securities under the Securities
Act of 1933, as amended (the "Act"), on the basis of certain exemptions from
                              ---
such registration requirements.

                                       7
<PAGE>

Accordingly, Optionee agrees that Optionee's exercise of the Options may be
expressly conditioned upon Optionee's delivery to the Company of such
representations and undertakings as the Company may reasonably require in order
to secure the availability of such exemptions, including a representation that
Optionee is acquiring the Shares for investment and not with a present intention
of selling or otherwise disposing of such Shares. Optionee acknowledges that,
because Shares received upon exercise of an Option may be unregistered, Optionee
may be required to hold the Shares indefinitely unless they are subsequently
registered for resale under the Act or an exemption from such registration
requirements is available.

          (c) Optionee acknowledges receipt of this Agreement granting the
Options, and the Plan, and understands that all rights and liabilities connected
with the Options are set forth herein and in the Plan.

     11.  No Rights as a Stockholder.  Optionee shall have no rights as a
          --------------------------
stockholder of any shares of common stock of the Company covered by the Options
until the Exercise Date and entry evidencing such ownership is made in the stock
transfer books of the Company.  Except as may be provided under Section 10 of
                                                                ----------
the Plan, the Company will make no adjustment for dividends (ordinary or
extraordinary whether in cash, securities or other property) or distributions or
other rights for which the record date is prior to the Exercise Date.

     12.  Limitation of Company's Liability for Nonissuance.  Inability of the
          -------------------------------------------------
Company to obtain, from any regulatory body having jurisdiction, authority
reasonably deemed by the Company's counsel to be necessary for the lawful
issuance and sale of any Shares hereunder and under the Plan shall relieve the
Company of any liability in respect of the nonissuance or sale of such Shares as
to which such requisite authority shall not have been obtained.

     13.  This Agreement Subject to Plan.  This Agreement is made under the
          ------------------------------
provisions of the Plan and shall be interpreted in a manner consistent with it.
To the extent that any provision in this Agreement is inconsistent with the
Plan, the provisions of the Plan shall control.  The interpretation of the
Committee of any provision of the Plan, the Options or this Agreement, and any
determination with respect thereto or hereto by the Committee, shall be binding
on all parties.

     14.  Restrictive Legends.  Optionee hereby acknowledges that federal
          -------------------
securities laws and the securities laws of the state in which Optionee resides
or works may require the placement of certain restrictive legends upon the
Shares issued upon exercise of the Options, and Optionee hereby consents to the
placing of any such legends upon certificates evidencing the Shares as the
Company, or its counsel, may reasonably deem necessary; however, that any such
legend or legends shall be removed when no longer applicable.  Any and all
certificates now or hereafter issued evidencing the Shares shall have endorsed
upon them a legend substantially as follows:

     "THE SECURITIES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS
     UPON TRANSFER AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED,
     HYPOTHECATED OR OTHERWISE DISPOSED OF, EXCEPT IN ACCORDANCE WITH THE

                                       8

<PAGE>

     TERMS AND CONDITIONS OF THAT CERTAIN OPTION AGREEMENT DATED AS OF
     ______________, BY AND BETWEEN ADVANCE AUTO PARTS, INC., A DELAWARE
     CORPORATION, AND THE ORIGINAL PURCHASER HEREOF, A COPY OF WHICH AGREEMENT
     IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF ADVANCE AUTO PARTS, INC."

     15.  Notices.  Except as otherwise provided herein, all notices, requests,
          -------
demands and other communications under this Agreement shall be in writing, and
if by telegram or telecopy, shall be deemed to have been validly served, given
or delivered when sent, or if by personal delivery or messenger or courier
service, shall be deemed to have been validly served, given or delivered upon
actual delivery (but in no event may notice be given by deposit in the United
States mail), at the following addresses, telephone and facsimile numbers (or
such other address(es), telephone and facsimile numbers a party may designate
for itself by like notice):

          If to the Company:

          Advance Auto Parts, Inc.
          c/o Freeman Spogli & Co. Incorporated
          599 Lexington Avenue, Suite 1800
          New York, New York 10022
          Attention:     John M. Roth
          Telephone:     (212) 758-2555
          Telecopy: (212) 758-7499

          If to Optionee:

          _____________________
          _____________________
          _____________________

     16.  Not an Employment Agreement.  Nothing contained in this Agreement
          ---------------------------
shall confer, intend to confer or imply any rights to an employment relationship
or rights to a continued employment relationship with the Company and/or any
Subsidiary in favor of Optionee or limit the ability of the Company and/or any
Subsidiary to terminate, with or without cause, in its sole and absolute
discretion, the employment relationship with Optionee, subject to the terms of
any written employment agreement to which Optionee is a party.

     17.  Governing Law.  This Agreement shall be construed under and governed
          -------------
by the laws of the State of Delaware without regard to the conflict of law
provisions thereof.

     18.  Counterparts.  This Agreement may be executed in counterparts, each of
          ------------
which shall be deemed an original and both of which together shall be deemed one
Agreement.

                                       9
<PAGE>

     19.  Amendments.  This Agreement may be amended only by a written agreement
          ----------
executed by both of the parties hereto and by FSEP IV.

     20.  Recapitalizations or Exchanges Affecting the Company's Capital.  The
          --------------------------------------------------------------
provisions of this Agreement shall apply to any and all stock or other
securities of the Company or any successor or assign of the Company, which may
be issued in respect of, in exchange for or in substitution of, the Shares by
reason of any split, reverse split, recapitalization, reclassification,
combination, merger, consolidation or otherwise, and such Shares or other
securities shall be encompassed within the term "Shares" for purposes of this
Agreement.

     21.  Disclosure.  The Company shall have no duty or obligation to
          ----------
affirmatively disclose to Optionee, and Optionee shall have no right to be
advised of, any material information regarding the Company or any of its
Subsidiaries at any time prior to, upon or in connection with the Company's
repurchase of the Shares under this Agreement at the cessation or termination of
Optionee's employment with the Company and/or any of its Subsidiaries.

     22.  Successors and Assigns.  The Company may assign with absolute
          ----------------------
discretion any or all of its rights and/or obligations and/or delegate any of
its duties under this Agreement to any of its affiliates, successors and/or
assigns and this Agreement shall inure to the benefit of, and be binding upon,
such respective affiliates, successors and/or assigns of the Company in the same
manner and to the same extent as if such affiliates, successors and/or assigns
were original parties hereto.  Without limiting the foregoing, the Company may
assign the Repurchase Option and/or the right of first refusal provided for in
Section 9 and Section 7(b) of this Agreement, respectively, to any of its
affiliates, successors and/or assigns.  FSEP IV may assign its rights under
Section 7(c) to any FS Permitted Transferee or to a purchaser of shares of
------------
common stock then owned by FSEP IV.  For purposes of this Agreement, the term
"Shares" shall include shares of capital stock or other securities of the
Company or any successor or assign of the Company, which are issued in respect
of, in exchange for or in substitution of the Shares by reason of any split,
reverse split, recapitalization, reclassification, combination, merger, exchange
or consolidation.  Unless specifically provided herein to the contrary, Optionee
may not assign any or all of its rights and/or obligations and/or delegate any
or all its duties under this Agreement without the prior written consent of the
Company and FSEP IV.  Upon an assignment of any or all of Optionee's rights
and/or obligations and/or a delegation of any or all of its duties under this
Agreement in accordance with the terms of this Agreement, this Agreement shall
inure to the benefit of, and be binding upon, Optionee's respective affiliates,
successors and/or assigns in the same manner and to the same extent as if such
affiliates, successors and/or assigns were original parties hereto.

                                      10
<PAGE>

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

                              THE COMPANY:

                              Advance Auto Parts, Inc.,
                              a Delaware corporation

                              By:   _________________________________
                                    Name:
                                    Title:

                              OPTIONEE:

                              ________________________________________
                              Name:

                                      11
<PAGE>

                                   SCHEDULE A

                 VESTING SCHEDULE (FIXED PRICE SERVICE OPTIONS)
                 ----------------------------------------------

     The Fixed Price Service Options granted pursuant to this Agreement shall
vest and become exercisable in equal, annual installments of _____% of the
aggregate number of Fixed Price Service Options granted on each anniversary date
of this Agreement for fiscal years ending _____, _____ and _____.  Such vesting
installments shall be cumulative, such that the Fixed Price Service Options may
be exercised as to any or all Shares covered by an installment at any time or
times after that installment becomes exercisable and until the Fixed Price
Service Options expire or terminate under this Agreement or otherwise.

                                      12<PAGE>

                                                                   EXHIBIT 10.13

                           ADVANCE AUTO PARTS, INC.

                       2001 EXECUTIVE STOCK OPTION PLAN

     Section 1.  Description of Plan. This is the 2001 Executive Stock Option
                 -------------------
Plan, dated November 7, 2001 (the "Plan"), of Advance Auto Parts, Inc., a
Delaware corporation (the "Company"). This Plan will provide a means whereby
designated employees, directors or consultants of the Company and/or of any
directly or indirectly majority or wholly-owned entities of the Company
(individually, a "Subsidiary" and collectively, the "Subsidiaries") may purchase
shares of common stock, par value $.0001 per share, of the Company (the
"Shares"). It is intended that the options under this Plan will either qualify
for treatment as incentive stock options under Section 422 of the Internal
Revenue Code of 1986, as amended (the "Code") and be designated "Incentive Stock
Options" or not qualify for such treatment and be designated "Nonqualified Stock
Options." Incentive Stock Options may only be granted to employees.

     Section 2.  Purpose of Plan.  The purpose of the Plan and of granting
                 ---------------
options (the "Options") to specified persons is to further the growth,
development and financial success of the Company and its Subsidiaries by
providing additional incentives to their employees, directors or consultants.
By assisting such persons in acquiring Shares, the Company can ensure that such
persons will themselves benefit directly from the Company's and its
Subsidiaries' growth, development and financial success.

     Section 3.  Eligibility.  The persons who shall be eligible to receive
                 -----------
grants of Options under the Plan shall be the designated employees, directors or
consultants of the Company and/or its Subsidiaries as determined from time to
time by the Board of Directors (the "Board") of the Company.  A person who holds
an Option is herein referred to as a "Participant," and more than one Option may
be granted to any Participant.

     The aggregate fair market value (determined as of the time an Option is
granted) of the Shares with respect to which Incentive Stock Options are
exercisable for the first time by any participant in any calendar year under
this Plan and any other incentive stock option plans (which qualify under
Section 422 of the Code) of the Company or any Subsidiary shall not exceed
$100,000.

     Section 4.  Administration.
                 --------------

            (a)  Except as otherwise provided herein, the Plan shall be
administered by the Board or, at the Board's option, by a compensation committee
thereof from time to time constituted, to whom administration of this Plan has
been duly delegated (the Board and such committee, are collectively referred to
hereinafter as the "Committee").  Any action of the Board or the Committee with
respect to administration of the Plan shall be taken by a majority vote or
written consent of its members.  Upon the first registration of an equity
security of the Company under the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), to the extent possible and advisable, the Committee may be
constituted so as to permit this Plan to comply
<PAGE>

with Rule 16b-3 promulgated under Section 16 of the Exchange Act and Section
162(m) of the Code.

            (b)  The Committee is authorized and empowered to administer the
Plan and, subject to the Plan, including but not limited to Section 19, (i) to
                                                            ----------
determine the dates upon which Options shall be granted and the terms and
conditions thereof in a manner consistent with the Plan, which terms and
conditions need not be identical as to the various Options granted; (ii) to
interpret the Plan; (iii) to grant Options; (iv) to determine the Participants;
(v) to specify the terms of the Options; (vi) to determine the number of Shares
which may be purchased; (vii) to determine the fair market value of the Shares;
(viii) to accelerate the time during which an Option may be exercised in
accordance with the provisions of Section 14 hereof, and to otherwise accelerate
                                  ----------
the time during which an Option may be exercised, in each case notwithstanding
the provisions in the Option Agreement (as defined in Section 11 hereof) stating
                                                      ----------
the time during which it may be exercised; (ix) to reissue the Plan and related
benefits hereunder as a direct plan of a Subsidiary or Subsidiaries, converting
the Options and Shares issued under this Plan to options and shares of such
Subsidiary or Subsidiaries, as the case may be; (x) to prescribe, amend and
rescind rules relating to the Plan; (xi) to authorize any person to execute on
behalf of the Company any instrument required to effectuate the grant of an
Option previously granted by the Committee; (xii) to determine the rights and
obligations of Participants under the Plan; and (xiii) to make all other
determinations deemed necessary or advisable for the administration of the Plan.
The interpretation and construction by the Committee of any provision of the
Plan or of any Option granted under it shall be final.  No member of the
Committee shall be liable for any action or determination made with respect to
the Plan or any Option granted hereunder.

     Section 5.  Shares Subject to Plan.  The aggregate number of Shares for
                 ----------------------
which Options may be granted pursuant to the Plan shall be Three Million Six
Hundred Thousand (3,600,000).  Such number shall be automatically adjusted for
any reorganization, recapitalization, reclassification, stock dividend, stock
split, reverse stock split or other similar transaction of the Company.  The
number of Shares which may be purchased by a Participant upon exercise of each
Option shall be determined by the Committee and set forth in each Option
Agreement (as such term is defined in Section 11 hereof).  Upon the expiration
                                      ----------
or termination, in whole or in part, for any reason of an outstanding Option or
any portion thereof which shall not have vested or shall not have been exercised
in full or in the event that any Shares acquired pursuant to the Plan are
reacquired by the Company, (a) any Shares which have not been purchased or (b)
the Shares reacquired, as the case may be, shall again become available for the
granting of additional Options under the Plan.

     Section 6.  Restrictions on Grants; Vesting of Options.  Notwithstanding
                 ------------------------------------------
any other provisions set forth herein or in any Option Agreement, no Options may
be granted under the Plan subsequent to ten (10) years from the date hereof.
Each Option shall grant the Participant the right to purchase a specified number
of Shares at the price determined by the Committee, as set forth in each
respective Option Agreement (the "Exercise Price"); provided, however, that if
the Participant is a 10% stockholder of the Company (as defined in Section
422(b)(6) of the Code) at the time such Participant is granted an Incentive
Stock Option, the Exercise Price shall

                                       2
<PAGE>

be not less than 110% of the fair market value of such shares on the date of
grant of the Option. Such fair market value shall be determined by the Committee
(i) if the Company's securities are traded on a national securities exchange or
on the Nasdaq National Market, on the basis of the reported closing sales price
on such date or, in the absence of a reported sales price on such date, on the
basis of the average of the reported closing bid and ask price on such date, or
(ii) in the absence of both a reported sales price and a reported bid and ask
price under clause (i), the Committee shall determine such fair market value on
the basis of such evidence as it deems appropriate in its sole discretion. The
Options shall vest based on longevity of service, targeted goals and/or other
schedules established by the Committee, as set forth in each Option Agreement,
with respect to the Company and/or its Subsidiaries. In the case of options
which vest based on the achievement of targeted goals, the Committee shall
determine the performance criteria, the performance measurement period(s) and
the schedule of exercisability applicable to each Option or group of Options in
a schedule, a copy of which shall be filed with the records of the Committee and
attached to each Option Agreement to which the same applies. The performance
criteria, the performance measurement period(s), and the schedule of
exercisability need not be identical for all Options granted hereunder.
Following the conclusion of each applicable performance measurement period, the
Committee shall determine, in its sole good faith judgment, the extent, if at
all, that each Option subject thereto shall have become exercisable based upon
the applicable performance criteria and the schedule of exercisability. To the
extent each such Option shall remain nonexercisable following the final
performance measurement period because the applicable performance criteria have
not been met, it shall, to that extent, automatically terminate and cease to be
exercisable to such extent notwithstanding the stated term during which it
otherwise may have been exercised. The Committee shall promptly notify each
affected Participant of such determination. The Committee may periodically
review the performance criteria applicable to any Option or Options and, in its
sole good faith judgment, may adjust the same to reflect mergers, acquisitions,
asset sales, catastrophes and significant increases in the level of capital
expenditures or inventory levels.

     Section 7.  Exercise of Options. Once vested, the Options may be exercised
                 -------------------
by the Participant by giving written notice to the Company specifying the number
of Shares to be purchased and accompanied by payment of the full Exercise Price
therefor in cash, by check or in such other form of lawful consideration as the
Committee may approve from time to time, including without limitation and in the
sole discretion of the Committee, the assignment in transfer by the Participant
to the Company of outstanding shares of common stock theretofore held by the
Participant in a manner intended to comply with the provisions of Rule 16b-3
under the Exchange Act, if applicable. Once vested, the Options may only be
exercised by the Participant or in the event of death of the Participant, by the
person or persons (including the deceased Participant's estate) to whom the
deceased Participant's rights under such Option shall have passed by will or the
laws of descent and distribution. Notwithstanding the immediately preceding
sentence, in the event of disability (within the meaning of Section 22(e)(3) of
the Code) of a Participant, a designee of the Participant (or the legal
representative of the Participant if the Participant has no designee) may
exercise the Option on behalf of such Participant (provided such Option would
have been exercisable by such Participant) until the right to exercise such
Option expires, as set forth in such Participant's particular Option Agreement.

                                       3
<PAGE>

     Section 8.  Issuance of Shares. The Company's obligation to issue Shares
                 ------------------
upon exercise of an Option is expressly conditioned upon (i) the compliance by
the Company with any registration or other qualification obligations with
respect to such Shares under any state and/or federal law or rulings and
regulations of any government regulatory body, and/or (ii) the making of such
investment representations or other representations and undertakings by the
Participant (or the Participant's designee legal representative, heir or
legatee, as the case may be) in order to comply with the requirements of any
exemption from any such registration or other qualification obligations with
respect to such Shares which the Company in its sole discretion shall deem
necessary or advisable. Such required representations and undertakings may
include representations and agreements that such Participant (or the
Participant's designee legal representative, heir or legatee): (a) is purchasing
such Shares for investment and not with any present intention of selling or
otherwise disposing of such Shares in violation of Securities Act of 1933, as
amended (the "Securities Act"), and the rules and regulations promulgated
thereunder; and (b) agrees to have a legend placed upon the face and reverse of
any certificates evidencing such Shares setting forth (i) any representations
and undertakings which such Participant has given to the Company or a reference
thereto, and (ii) that, prior to effecting any sale or other disposition of any
such Shares, the Participant must furnish to the Company an opinion of counsel,
form and substance satisfactory to the Company and its counsel, to the effect
that such sale or disposition will not violate the applicable requirements of
state and federal laws and regulatory agencies; provided, however, that any such
legend or data entry shall be removed when no longer applicable. The inability
of the Company to obtain, from any regulatory body having jurisdiction,
authority reasonably deemed by the Company's counsel to be necessary for the
lawful issuance and sale of any Shares hereunder shall relieve the Company of
any liability in respect of the nonissuance or sale of such Shares as to which
such requisite authority shall not have been obtained. Unless otherwise set
forth in the Participant's particular Option Agreement or otherwise specified by
the Committee in the Option grant or in a subsequent Committee action, any
Shares issued by the Company upon exercise of an Option granted hereunder shall
be subject to (x) a right of first refusal of the Company with respect to all
Shares proposed to be transferred by Participant, (y) certain drag-along rights,
as described in Section 11 hereof, and (z) certain other restrictions set forth
in each particular Option Agreement.

     Section 9.  Nontransferability. An Option may not be sold, pledged,
                 ------------------
assigned, hypothecated, transferred or disposed of in any manner other than by
will or by the laws of descent or distribution. Any permitted transferee shall
be required prior to any transfer of an Option or Shares acquired pursuant to
the exercise of an Option to execute a written undertaking to be bound by the
provisions of the applicable Option Agreement.

     Section 10. Adjustments Upon Recapitalization or Reorganization. Subject to
                 ---------------------------------------------------
Section 13(b) hereof, if the outstanding shares of the common stock of the
----------
Company are changed into, or exchanged for, a different number or kind of shares
or securities of the Company through any capital reorganization or
reclassification, or if the number of outstanding shares is changed through a
stock split or stock dividend, an appropriate adjustment shall be made by the
Committee in the number, kind or exercise price of shares as to which Options
may be granted under the Plan. A corresponding adjustment shall likewise be made
in the number, kind or exercise price of shares with respect to which
unexercised Options have theretofore been granted.

                                       4
<PAGE>

Any such adjustment in an outstanding Option, however, shall be made without
change in the total price applicable to the unexercised portion of the Option
but with a corresponding adjustment in the price for each share covered by the
Option. In making such adjustments, or in determining that no such adjustments
are necessary, the Committee may rely upon the advice of counsel and accountants
to the Company, and the good faith determination of the Committee shall be
final, conclusive and binding. No fractional shares of stock shall be issued or
issuable under the Plan on account of any such adjustment.

     Section 11. Option Agreement.  Each Option granted under the Plan shall
                 ----------------
be evidenced by a written option agreement (an "Option Agreement") executed by
the Company and the Participant which, unless otherwise set forth in the
Participant's particular Option Agreement or otherwise specified by the
Committee in the Option grant or in a subsequent Committee action, (a) shall
contain each of the provisions and agreements herein specifically required to be
contained therein; (b) shall contain provisions which give the Company a right
of first refusal to purchase any Shares issued pursuant to the exercise of
Options granted under the Plan which a Participant proposes to sell; (c) shall
contain provisions which give the Company, in connection with any underwritten
public offering by the Company of its equity securities, the right to restrict
the transfer of any Shares acquired under an Option Agreement for up to 180
days; and (d) shall contain certain "drag-along" rights.  The Option Agreement
may contain such other terms and conditions as the Committee deems desirable and
which are not inconsistent with the Plan.

     Section 12. Privileges of Stock Ownership.  Persons entitled to exercise
                 -----------------------------
any Options granted under this Plan shall have all of the rights or privileges
of a stockholder of the Company in respect of any shares of common stock
issuable upon exercise of such Option from and after the date of exercise of an
Option.  No shares shall be issued and delivered upon exercise of any Option
unless and until, in the opinion of counsel for the Company, there shall have
been full compliance with any applicable registration requirements of the
Securities Act, any applicable listing requirements of any national securities
exchange or automated quotation system on which the common stock of the Company
is then listed or quoted, and any other requirements of law or of any regulatory
bodies having jurisdiction over such issuance and delivery.  The Company agrees
to take all actions reasonably necessary to comply with all such requirements.

     The Company agrees that shares of common stock issued upon the exercise of
Options shall, at the time of delivery, be validly issued and outstanding, fully
paid and nonassessable. The Company covenants and agrees that it will pay, when
due and payable, any and all federal and state stamp, original issue, or similar
taxes which may be payable in respect of the issue of the Option or of Shares
upon the exercise thereof.

     Section 13. Termination of Options.
                 ----------------------

            (a)  Each Option granted under the Plan shall set forth a
termination date thereof, which shall be not later than seven (7) years (up to
ten (10) years if the Committee shall so determine) from the date such Option is
granted subject to earlier termination as set forth in Section 6, Section 13(b),
                                                       ---------  -------------
or Section 14 hereof, or as otherwise set forth in each particular Option
   ----------
Agreement; provided, however, with respect to Incentive Stock Options, such
termination shall

                                       5
<PAGE>

be not later than five (5) years from the date such Option is granted if the
Participant is a 10% stockholder of the Company (as defined in Section 422(b)(6)
of the Code) at the time such Option is granted. An Incentive Stock Option shall
contain any termination events required by Section 422 of the Code. The
termination of employment, or service as a director or consultant, of a
Participant for any reason shall not accelerate or otherwise affect the number
of Shares which may be purchased upon exercise of an Option; provided, however,
that the Option may only be exercised with respect to that number of Shares
which could have been purchased under the Option had the Option been exercised
by the Participant on the date of such termination.

            (b)  Subject to Section 14 hereof (i) upon the dissolution,
                            ----------
liquidation or sale of all or substantially all of the business, properties and
assets of the Company, (ii) upon any reorganization, merger, consolidation, sale
or exchange of securities in which the Company does not survive, or (iii) upon
any sale, reorganization, merger, consolidation or exchange of securities in
which the Company does survive and any of the Company's stockholders have the
opportunity to receive cash, securities of another corporation, partnership or
limited liability company and/or other property in exchange for their capital
stock of the Company, or (iv) upon any acquisition by any person or group (as
defined in Section 13d of the Securities Act of 1934) of beneficial ownership of
more than fifty percent (50%) of the Company's then outstanding shares of common
stock (each of the events described in clauses (i), (ii), (iii) or (iv) is
referred to herein individually as an "Extraordinary Event" and collectively as
the "Extraordinary Events"), the Plan and each outstanding Option shall
terminate, unless the Surviving Entity (defined below) elects to have such
Option survive the Extraordinary Event pursuant to the next paragraph. In such
event each Participant shall have the right, by giving notice ten (10) days
before the effective date of such Extraordinary Event (the "Effective Date"), to
exercise on or before the Effective Date, in whole or in part, any unexpired
Option issued to the Participant, to the extent that said Option is vested as of
the Effective Date and exercisable as of the Effective Date, and otherwise is
vested and exercisable pursuant to the provisions of said Option and of Section
                                                                        -------
6 of the Plan.
-

     In its sole and absolute discretion, the surviving entity (which may be the
Company) or the entity that has acquired all or substantially all of the
Company's assets (the "Surviving Entity") may, but shall not be so obligated, to
permit an Option to survive an Extraordinary Event or tender to any Participant
an option or options to purchase shares or equity interests in such Surviving
Entity, and such continuing or new option or options shall contain such terms
and provisions as shall be required to substantially preserve the rights and
benefits of any Option then outstanding under the Plan with any reasonable
changes to take into account the circumstances of the Surviving Entity.

     Section 14. Acceleration of Options.  Notwithstanding the provisions of
                 -----------------------
Section 6 or Section 13 hereof, or any provision to the contrary contained in a
---------    ----------
particular Option Agreement, the Committee, in its sole discretion, may
accelerate the vesting of all or any portion of any Option then outstanding.
The decision by the Committee to accelerate an Option or to decline to
accelerate an Option shall be final.  In the event of the acceleration of the
exercisability of Options as the result of a decision by the Committee pursuant
to this Section 14, each outstanding Option so accelerated shall be exercisable
        ----------
for a period from and after the date of

                                       6
<PAGE>

such acceleration and upon such other terms and conditions as the Committee may
determine in its sole discretion, provided that such terms and conditions (other
than terms and conditions relating solely to the acceleration of exercisability
and the related termination of an Option) may not adversely affect the rights of
any Participant without the consent of the Participant so adversely affected.
Any outstanding Option which has not been exercised by the holder at the end of
such period shall terminate automatically at that time.

     Section 15. Substitute Options. If the Company at any time should succeed
                 ------------------
to the business of another entity through a merger, consolidation, corporate
reorganization or exchange, or through the acquisition of stock or assets of
such entity or its subsidiaries or otherwise, Options may be granted under the
Plan to option holders of such entity or its subsidiaries, in substitution for
options to purchase Shares in such entity held by them at the time of
succession. The Committee, in its sole and absolute discretion, shall determine
the extent to which such substitute Options shall be granted (if at all), the
person or persons to receive such substitute Options (who need not be all option
holders of such entity), the number of Options to be received by each such
person, the exercise price of such Option and the other terms and conditions of
such substitute Options.

     Section 16. Withholding of Taxes.  The Company, or a Subsidiary, as the
                 --------------------
case may be, may deduct and withhold from the wages, salary, bonus and other
income paid by the Company (or such Subsidiary) to the Participant the requisite
tax upon the amount of taxable income, if any, recognized by the Participant in
connection with the exercise in whole or in part of any Option, or the sale of
the Shares issued to the Participant upon the exercise of an Option, as may be
required from time to time under any federal or state tax laws and regulations.
This withholding of tax shall be made from the Company's (or such Subsidiary's)
concurrent or next payment of wages, salary, bonus or other income to the
Participant or by payment to the Company (or such Subsidiary) by the Participant
of the required withholding tax, as the Committee may determine; provided,
however, that, in the sole discretion of the Committee, the Participant may pay
such tax by reducing the number of Shares  issued upon exercise of an Option
(for which purpose such Shares shall be valued at fair market value as
determined in good faith by the Committee based on the fair market value of such
Shares determined by the Board, which determination shall be final).
Notwithstanding the foregoing, the Company shall not be obligated to issue
certificates representing the shares of common stock of the Company to be
acquired through the exercise of such Option if such Participant fails to
provide the Company with adequate assurance that such Participant will pay such
amounts to the Company as herein above required.  Participants shall notify the
Company in writing of any amounts included as income in the Participants'
federal income tax returns in connection with an Option.

     Section 17. Effectiveness and Termination of the Plan. The Plan shall be
                 -----------------------------------------
effective as of the date on which this Plan is approved by the Board. The Plan
shall terminate at the earliest of the time when all Shares which may be issued
hereunder have been so issued. However, the Board may, in its sole discretion,
terminate the Plan at any prior time. Subject to Section 13 hereof, no such
                                                 ----------
termination shall in any way affect any Option then outstanding.

                                       7
<PAGE>

     Section 18. Time of Granting Options.  The date of grant of an Option
                 ------------------------
shall, for all purposes, be the date on which the Board makes the determination
granting such an Option. Notice of the determination shall be given to each
Participant to whom an Option is so granted within a reasonable time after the
date of such grant.

     Section 19. Amendment of Plan.  Subject to Section 14, the Committee may
                 -----------------              ----------
make such amendments to the Plan as it shall deem advisable.  Subject to Section
                                                                         -------
14, no amendment shall in any way adversely affect any Option then outstanding,
--
without the consent of the Participant so adversely affected.

     Section 20. Transfers and Leaves of Absence.  For purposes of the Plan,
                 -------------------------------
(a) a transfer of a Participant's employment, without an intervening period,
between the Company and a Subsidiary (or vice versa) or between Subsidiaries
shall not be deemed a termination of employment and (b) a Participant who is
granted in writing a leave of absence shall be deemed to have remained in the
employ of the Company (or a Subsidiary, whichever is applicable) during such
leave of absence.

     Section 21. No Obligation to Exercise Option.  The granting of an Option
                 --------------------------------
shall impose no obligation on the Participant to exercise such Option.

     Section 22. Indemnification.  In addition to such other rights of
                 ---------------
indemnification as they may have as members of the Board of Directors, the
members of the Committee shall be indemnified by the Company to the fullest
extent permitted by law against the reasonable expenses, including attorney's
fees, actually and necessarily incurred in connection with the defense of any
action, suit or proceeding, or in connection with any appeal therein, to which
they or any of them may be a party by reason of any action taken or failure to
act under or in connection with the Plan or any Option granted thereunder, and
against all amounts paid by them in satisfaction of a judgment in any such
action, suit or proceeding except in relation to matters as to which it shall be
adjudged in such action, suit or proceeding that such Committee member is not
entitled to indemnification under applicable law; provided, however, that within
sixty (60) days after institution of any such action, suit or proceeding such
Committee member shall in writing offer the Company the opportunity, at the
Company's expense to handle and defend the same, and such Committee member shall
cooperate with and assist the Company in the defense of any such action, suit or
proceeding.  The Company shall not be obligated to indemnify any Committee
member with regard to any settlement of any action, suit or proceeding of which
the Company did not consent to in writing prior to such settlement.

     Section 23. Governing Law.  The Plan and any Option granted pursuant to
                 -------------
the Plan shall be construed under and governed by the laws of the State of
Delaware without regard to conflict of law provisions thereof.

     Section 24. Not an Employment or Consulting Agreement. Nothing contained in
                 -----------------------------------------
the Plan or in any Option Agreement shall confer, intend to confer or imply any
rights of employment or rights to continued employment by the Company or any
Subsidiary in favor of any Participant or limit the ability of the Company or
any Subsidiary to terminate, with or

                                       8
<PAGE>

without cause, in its sole and absolute discretion, the employment of any
Participant, subject to the terms of any written employment to which a
Participant is a party. In addition, nothing contained in the Plan or in any
Option Agreement shall preclude any lawful action by the Company or the Board.

                                       9

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