Document:

Exhibit

EXHIBIT 10.1
LUBY’S, INC.
INCENTIVE STOCK OPTION
GRANTED UNDER LUBY’S INCENTIVE STOCK PLAN
Name of Employee:
Grant Date:
Number of Option Shares:
Exercise Price per Share:
THIS INCENTIVE STOCK OPTION (this “Option”) is granted on the above date (the “Grant Date”) by Luby’s, Inc. (the “Company”) to the person named above (the “Employee”), upon the following terms and conditions:
1.Grant of Option.  The Company grants to the Employee this Option to purchase, on the terms and conditions stated herein, the number of Shares specified above (the “Option Shares”) of the Company’s Shares, par value $0.32 per Share, at the Exercise Price specified above.
2.    Type of Option.  This Option is granted under the Luby’s 2015 Incentive Stock Plan (the “Plan”), a copy of which the Employee acknowledges receipt, and shall be subject to all applicable provisions of the Plan, as it may be amended from time to time.  This Option is intended to be an “incentive stock option” as defined in Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”) and is intended to conform to the requirements of Section 422 of the Code and to the provisions of the Plan.  
3.    Continuous Employment.  
a.    In General.  Except as otherwise provided in this Section 3, this Option may be exercised by the Employee only if, at all times from the Grant Date to the date of such exercise, the Employee was an employee of the Company, a “parent corporation” and “subsidiary corporation” (each as defined in Section 422 of the Code) thereof or such other corporations with respect to the Company as are referred to in Section 422 of the Code (collectively, the “Company Group”).  In the event of any termination of the Employee’s employment with the Company Group, any portion of this Option that is unvested and unexercisable as of such date shall immediately be forfeited for no consideration.
b.    Termination for Reasons Other Than Cause, Death, Disability.  If the Employee’s employment with the Company Group is terminated for any reason other than Cause or the Employee’s death or Disability, the Employee may exercise the vested portion of this Option, but 

only within such period of time ending on the earlier of: (a) the date three (3) months following such termination of the Employee’s employment or (b) the last day of the Term.  After such earlier time referred to in the immediately preceding sentence, any then-outstanding, unexercised portion of this Option shall immediately terminate and cease to be exercisable. 
c.    Termination for Cause.  If the Employee’s employment with the Company Group is terminated for Cause, this Option (whether vested or unvested) shall immediately terminate and cease to be exercisable.
d.    Termination due to Disability.  If the Employee’s employment with the Company Group is terminated as a result of the Employee’s Disability, the Employee may exercise the vested portion of this Option, but only within such period of time ending on the earlier of: (a) the date 12 months following such termination of the Employee’s employment or (b) the last day of the Term.  After such earlier time referred to in the immediately preceding sentence, any then-outstanding, unexercised portion of this Option shall immediately terminate and cease to be exercisable.
e.    Termination due to Death.  If the Employee’s employment with the Company Group is terminated as a result of the Employee’s death, the vested portion of this Option may be exercised by the Employee’s estate, by a person who acquired the right to exercise this Option by bequest or inheritance or by the person designated to exercise this Option upon the Employee’s death, but only within the time period ending on the earlier of: (a) the date 12 months following  such termination of the Employee’s employment or (b) the last day of the Term.  After such earlier time referred to in the immediately preceding sentence, any then-outstanding, unexercised portion of this Option shall immediately terminate and cease to be exercisable.
4.    Period of Option and Right to Exercise.  The Term of this Option is ten (10)  years from the Grant Date.  Except as otherwise terminating or expiring earlier pursuant to this Award Agreement or the Plan, the expiration date of this Option is the day preceding the tenth anniversary of the Grant Date.  This Option may not, in any event, be exercised prior to the first anniversary of the Grant Date or subsequent to the expiration date of this Option.  Subject to the provisions of Section 3 above, this Option shall become exercisable as to one-fourth of the total number of Option Shares on each succeeding anniversary of the Grant Date.  Once the right to purchase Shares has vested, such Shares may thereafter be purchased at any time, or in part from time to time, until the expiration date of this Option, subject to the provisions of Section 3 above and Section 5 below.  In no case may this Option be exercised for a fraction of a Share.
5.    Payment for Shares.  Payment for Shares purchased upon exercise of this Option shall be made in full at the time of exercise of this Option.  No loan shall be made or guaranteed by the Company for the purpose of financing the purchase of any Option Shares.  Payment of the Exercise Price shall be made in cash or may be made by delivering Shares having a Fair Market Value at least equal to the aggregate Exercise Price, or a combination of Shares and cash.  
6.    Method of Exercise.  This Option may be exercised only by written notice given to the Company, in form satisfactory to the Company, specifying the number of Option Shares which the holder of this Option elects to purchase, the number of Option Shares which the holder is paying for in cash and the number of Option Shares which the holder is paying for in Shares.  Such written 

notice and any subsequent exercise is subject to Company approval, as well as all Company policies and procedures, including but not limited to stock trading policies and blackout restrictions.  Such written notice shall be accompanied by a check payable to the order of the Company and otherwise acceptable to the Company for the cash portion of the aggregate Exercise Price and, if applicable, by the delivery of certificates representing Shares duly endorsed and otherwise in proper form for transfer to the Company of such number of Shares as are required to equal the Fair Market Value of the Option Shares being paid for in Shares.  Upon each exercise of this Option, the Company, as promptly as practicable, will mail or deliver to the person exercising this Option a certificate or certificates representing the Shares then purchased.  The Company, in its discretion, may postpone the issuance and delivery of Shares upon any exercise of this Option until completion of such stock exchange listing, or registration or other qualification, of such Shares under any Federal or state law, rule or regulation as the Company may consider appropriate.  The Company may require any person exercising this Option to make such representations and furnish such information as the Company may consider appropriate in connection with the issuance of the Shares in compliance with applicable law.
7.    Limitations on Transfer and Exercise.  This Option is not transferable by the Employee other than by will or by the laws of descent and distribution, and this Option is exercisable during the lifetime of the Employee by the Employee only.
8.    Adjustments.  This Option and the Option Shares shall be subject to the adjustment provisions contained in the Plan in the event of any change in the outstanding Shares by reason of a stock split, stock dividend, combination or reclassification of Shares, recapitalization, merger or similar event.
9.    No Retention Rights.  Nothing herein contained shall confer on the Employee any right with respect to continuation of employment, or interfere with the right of the Company or its Affiliates to terminate at any time the service of the Employee.  Any questions as to whether and when there has been a termination of Employee’s employment, and the cause of such termination, shall be determined by the Committee, and its determination shall be final.
10.    Reorganization of the Company.  The existence of this Award Agreement shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business; any merger or consolidation of the Company; any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Option Shares or the rights thereof; the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.
11.    Change of Control.  Subject to the provisions regarding Changes of Control as set forth in Section 12 of the Plan, upon a Change of Control this Option shall become fully vested and exerciseable.

12.    Shareholder Rights.  The holder of this Option shall have no rights as a shareholder with respect to any Option Shares until the holder of this Option or his nominee becomes a shareholder of record with respect to such Shares.
13.    Withholding.  All payments or grants made pursuant to this Award Agreement shall be subject to withholding of all applicable taxes for federal, state, local and other tax purposes, including any employment taxes resulting from the lapsing of the restrictions (the “Tax Obligations”).  In the event that Company requests the Employee to do so, the Employee hereby agrees that the Employee will promptly satisfy the Tax Obligations resulting from the exercise of this Option by authorizing, and the Employee hereby authorizes, the Company to withhold from the Shares to be delivered pursuant to exercise of this Option, a number of Shares having a Fair Market Value less than or equal to the Tax Obligations.  
14.    No Guarantee of Tax Consequences.  The Company, the Board and Committee make no commitment or guarantee to the Employee that any federal, state local or other tax treatment will (or will not) apply or be available to the Employee or any other person eligible for benefits under this Award Agreement and assume no liability or responsibility whatsoever for the tax consequences to the Employee or any other person eligible for benefits under this Award Agreement with respect to this Option or the Option Shares.
15.    Award Agreement Subject to Plan.  This Award Agreement is subject to the Plan.  The terms and provisions of the Plan (including any subsequent amendments thereto) are hereby incorporated herein by reference thereto.  In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.  All definitions of words and terms contained in the Plan shall be applicable to this Award Agreement.
16.    Applicable Law.  The validity, construction, interpretation and enforceability of this Award Agreement shall be determined and governed by the laws of the State of Texas without regard to any conflicts or choice of law rules or principles that might otherwise refer construction or interpretation of this Award Agreement to the substantive law of another jurisdiction, and any litigation arising out of this Award Agreement shall be brought in Harris County, Texas.
17.    Headings.  The titles and headings of Sections are included for convenience of reference only.  Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof.
18.    Severability.  The provisions of this Award Agreement are severable and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions, and any partially unenforceable provision to the extent enforceable in any jurisdiction, shall nevertheless be binding and enforceable.
19.    Waiver.  The waiver by the Company of a breach of any provision of this Award Agreement by Employee shall not operate or be construed as a waiver of any subsequent breach by Employee.

20.    Binding Effect.  The provisions of this Award Agreement shall be binding upon the parties hereto, their successors and assigns, including, without limitation, the Company, its successors or assigns, the estate of the Employee and the executors, administrators or trustees of such estate and any receiver, trustee in bankruptcy or representative of the creditors of the Employee.
21.    Entire Agreement; Amendment.  This Award Agreement and any other agreements and instruments contemplated by this Award Agreement contain the entire agreement of the parties, and this Award Agreement may be amended only in writing signed by both parties.
22.    Notices.  Any notice hereunder by the holder of this Option shall be given to the Company in writing and such notice and any payment hereunder shall be deemed duly given or made only upon receipt thereof at the Company’s principal office in Houston, Texas, or at such other place as the Company may designate by written notice to the holder of this Option.  Any notice or other communication hereunder to the holder of this Option shall be in writing and shall be deemed duly given if mailed or delivered to the holder at such address as he or she may have on file with the Company.
23.    Counterparts.  This Award Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument.  Counterpart signature pages to this Award Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.
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IN WITNESS WHEREOF, the Company has caused this Award Agreement to be executed in duplicate and its corporate seal to be hereunto affixed by its proper corporate officers thereunto duly authorized and the Employee has executed this Award Agreement as of the day and year first above written.
ATTEST:    LUBY’S, INC.
Secretary Title    By:
ACCEPTED:
EmployeeExhibit

EXHIBIT 10.2
LUBY’S, INC.
INCENTIVE STOCK PLAN
RESTRICTED SHARE AWARD AGREEMENT
THIS RESTRICTED SHARE AWARD AGREEMENT, dated as of ___________________ (the “Award Agreement”), is entered into by and between by LUBY’S, INC. (the “Company”) and EMPLOYEE (the “Grantee”), upon the following terms and conditions:
1.Grant.  Company hereby grants to Grantee all right, title and interest in ____________________  Restricted Shares as of ____________________ (the “Grant Date”) subject to the restrictions set forth in this Award Agreement and subject to all applicable provisions of the Luby’s 2015 Incentive Stock Plan (the “Plan”), as it may be amended from time to time, which provisions are incorporated by reference and made a part hereof to the same extent as if set forth in their entirety herein, and to such other terms necessary or appropriate to the grant hereof having been made.  Grantee acknowledges receipt of a copy of the Plan.  Each Restricted Share corresponds to one (1) Share, par value $0.32 per Share.
2.    Restrictions on Transfer.  Except as otherwise provided herein, Restricted Shares granted hereunder shall become unrestricted on the third anniversary of the Grant Date (such third anniversary or such other date as provided herein resulting in vesting, a “Lapse Date”).  None of the Restricted Shares may be sold, transferred, pledged, hypothecated or otherwise encumbered or disposed of until the restrictions have lapsed in accordance with this Award Agreement.  Except as provided in Section 6, all Restricted Shares to which restrictions have not yet lapsed shall be forfeited to the Company immediately upon Termination of Grantee’s Employment.
3.    Rights as Stockholder.  Grantee shall have no rights as a shareholder with respect to any Restricted Share until a stock certificate for the Shares is issued in Grantee’s name or such Shares are registered in Grantee’s name in book-entry format.  Once any such stock certificate is issued in Grantee’s name, Grantee shall be entitled to all rights associated with ownership of the Restricted Shares, except that the Restricted Shares will remain subject to the restrictions set forth herein and if any additional Shares become issuable on the basis of such Restricted Shares (e.g., a stock dividend), any such additional shares shall be subject to the same restrictions as the Restricted Shares to which they relate.  Each stock certificate evidencing any Restricted Shares shall contain such legends and stock transfer instructions or limitations as may be determined or authorized by the Committee in its sole discretion; and the Company may, in its sole discretion, retain custody of any such certificate throughout the period during which any restrictions are in effect and require, as a condition to issuing any such certificate, that the Grantee tender to the Company a stock power duly executed in blank relating thereto.  Any dividends payable on the Restricted Shares shall be paid in cash to Grantee on the day on which the corresponding cash dividends are paid to shareholders of record, or as soon as administratively practicable thereafter, but in no event later than the fifteenth (15th) day of the third calendar month following the day on which such cash dividends are paid to shareholders of record.

4.    Adjustments.  The Restricted Shares shall be subject to the adjustment provisions contained in the Plan in the event of any change in the outstanding Shares by reason of a stock split, stock dividend, combination or reclassification of shares, recapitalization, merger, or similar event.
5.    Non-Assignability.  No benefit payable under, or interest in, this Award Agreement or in the Shares to be issued to Grantee hereunder shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge and any such attempted action shall be void and no such benefit or interest shall be, in any manner, liable for, or subject to, Grantee’s or Grantee’s beneficiary’s debts, contracts, liabilities or torts; provided, however, nothing in this Section 5 shall prevent transfers permitted by the Plan (i) by will, (ii) by applicable laws of descent and distribution or (iii) to an alternate payee to the extent that a Qualified Domestic Relations Order so provides, as further described in the Plan.
6.    Continuous Employment.  If Grantee’s employment with the Company or an Affiliate of the Company is terminated for any reason, except as provided below, Grantee’s Restricted Shares shall automatically be forfeited to the Company on the date of Termination of Grantee’s Employment for no consideration.  Notwithstanding anything herein to the contrary, the Lapse Date of the Restricted Shares may be accelerated (by notice in writing) by the Company in its sole discretion at any time.  “Termination of Grantee’s Employment” shall mean the last date that Grantee is either an employee of the Company or an Affiliate or engaged as a consultant or director of the Company or an Affiliate, as determined by the Committee.
(a)    Death.  If Grantee’s employment with the Company or an Affiliate of the Company terminates due to Grantee’s death, then the Lapse Date shall be the date of Grantee’s death and the Restricted Shares shall become immediately vested and unrestricted as of such date.
(b)    Disability.  If Grantee’s employment with the Company or an Affiliate of the Company terminates due to Grantee’s Disability, and Grantee has been employed by Company for at least 3 years, then the Lapse Date shall be the date of such termination and the Restricted Shares shall become immediately vested and unrestricted as of such date.
7.    Change of Control.  If, during Grantee’s employment with the Company and its Affiliates, a Change of Control occurs, then the Lapse Date shall be the date of such Change of Control and the Restricted Shares shall become immediately vested and unrestricted as of such date.  
8.    Removal of Restrictions.  Upon vesting of any portion of the Restricted Shares and satisfaction of any other conditions required by the Plan or pursuant to this Award Agreement, the Company shall promptly either issue an unrestricted Share certificate, without such restricted legend, for any Restricted Shares that have vested, or, if the Restricted Shares are held in book entry form, the Company shall remove the notations on the book form for any Restricted Shares that have vested such that the book entry evidences unrestricted Shares.  
9.    Tax Withholding.  All payments or grants made pursuant to this Award Agreement shall be subject to withholding of all applicable taxes for federal, state, local and other tax purposes, including any employment taxes resulting from the lapsing of the restrictions (the “Tax Obligations”).  In the event that Company requests Grantee to do so, Grantee hereby agrees that 

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Grantee will promptly satisfy the Tax Obligations resulting from the lapsing of the restrictions by authorizing, and Grantee hereby authorizes, the Company to withhold from the Shares becoming unrestricted as a result of the lapsing of the restrictions in accordance herewith, a number of Shares having a Fair Market Value less than or equal to the Tax Obligations.  To the extent that the number of Shares tendered by Grantee pursuant to this Section 9 is insufficient to satisfy the Tax Obligations, Grantee hereby authorizes the Company to deduct from Grantee’s compensation the additional amount necessary to fully satisfy the Tax Obligations.  If the Company chooses not to deduct such amount from Grantee’s compensation, Grantee agrees to pay promptly the Company, in cash or by check acceptable to the Company, the additional amount necessary to satisfy fully the Tax Obligations.  Grantee agrees to take any further actions and execute any additional documents as may be necessary to effectuate the provisions of this Section 9.  No certificates representing the unrestricted Shares shall be delivered to Grantee unless and until Grantee has satisfied Grantee’s obligations with respect to the full amount of all applicable tax withholding resulting from the payment of the Restricted Share earned.
10.    Section 83(b) Election.  Under Section 83 of the Code, the difference between the purchase price paid by the Grantee for the Restricted Shares, if any, and their fair market value on the Lapse Date, will be reportable as ordinary income at that time.  Grantee may elect to be taxed on the Grant Date with respect to Restricted Shares rather than when such restrictions lapse by filing an election under Section 83(b) of the Code with the Internal Revenue Service within 30 days after the Grant Date.  Failure to make this filing within the 30-day period will result in the recognition of ordinary income by Grantee (in the event the Fair Market Value of the shares increases after the Grant Date) as the forfeiture restrictions lapse.  Grantee shall promptly provide the Company with a copy of any election filed by Grantee under Section 83(b) of the Code with respect to the Restricted Shares.
GRANTEE ACKNOWLEDGES THAT IT IS HIS OR HER SOLE RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE A TIMELY ELECTION UNDER SECTION 83(b), EVEN IF GRANTEE REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON GRANTEE’S BEHALF.  GRANTEE IS RELYING SOLELY ON HIS OR HER OWN ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER OR NOT TO FILE ANY 83(b) ELECTION.
11.    No Guarantee of Tax Consequences.  The Company, the Board and Committee make no commitment or guarantee to Grantee that any federal, state local or other tax treatment will (or will not) apply or be available to Grantee or any other person eligible for benefits under this Award Agreement and assume no liability or responsibility whatsoever for the tax consequences to Grantee or to any other person eligible for benefits under this Award Agreement with respect to the Restricted Shares.
12.    Award Agreement Subject to Plan.  This Award Agreement is subject to the Plan.  The terms and provisions of the Plan (including any subsequent amend­ments thereto) are hereby incorporated herein by reference thereto.  In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the 

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Plan will govern and prevail.  All capitalized terms used but not otherwise defined herein shall have the meanings given such terms in the Plan.
13.    No Retention Rights.  Nothing herein contained shall confer on the Grantee any right with respect to continuation of employment, or interfere with the right of the Company or its Affiliates to terminate at any time the service of the Grantee.  Any questions as to whether and when there has been a termination of Grantee’s employment, and the cause of such termination, shall be determined by the Committee, and its determination shall be final.
14.    Reorganization of the Company.  The existence of this Award Agreement shall not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business; any merger or consolidation of the Company; any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Restricted Shares or the rights thereof; the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.
15.    Applicable Law.  The validity, construction, interpretation and enforceability of this Award Agreement shall be determined and governed by the laws of the State of Texas without regard to any conflicts or choice of law rules or principles that might otherwise refer construction or interpretation of this Award Agreement to the substantive law of another jurisdiction, and any litigation arising out of this Award Agreement shall be brought in Harris County, Texas.
16.    Headings.  The titles and headings of Sections are included for convenience of reference only.  Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof.
17.    Severability.  The provisions of this Award Agreement are severable and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions, and any partially unenforceable provision to the extent enforceable in any jurisdiction, shall nevertheless be binding and enforceable.
18.    Waiver.  The waiver by the Company of a breach of any provision of this Award Agreement by Grantee shall not operate or be construed as a waiver of any subsequent breach by Grantee.
19.    Binding Effect.  The provisions of this Award Agreement shall be binding upon the parties hereto, their successors and assigns, including, without limitation, the Company, its successors or assigns, the estate of the Grantee and the executors, administrators or trustees of such estate and any receiver, trustee in bankruptcy or representative of the creditors of the Grantee.
20.    Entire Agreement; Amendment.  This Award Agreement and any other agreements and instruments contemplated by this Award Agreement contain the entire agreement of the parties, and this Award Agreement may be amended only in writing signed by both parties.

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21.    Notices.  Any notice hereunder by the Grantee shall be given to the Company in writing and such notice and any payment hereunder shall be deemed duly given or made only upon receipt thereof at the Company’s principal office in Houston, Texas, or at such other place as the Company may designate by written notice to the Grantee.  Any notice or other communication hereunder to the Grantee shall be in writing and shall be deemed duly given if mailed or delivered to the Grantee at such address as he or she may have on file with the Company.
22.    Counterparts.  This Award Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument.  Counterpart signature pages to this Award Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.
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IN WITNESS WHEREOF, the Company has caused this Award Agreement to be executed in duplicate and its corporate seal to be hereunto affixed by its proper corporate officers thereunto duly authorized and the Grantee has executed this Award Agreement as of the day and year first above written.
ATTEST:     LUBY’S, INC.
ACCEPTED:
Grantee

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