Document:

Form ISO Award Agreement

RUDDICK CORPORATION

INCENTIVE STOCK
OPTION AWARD AGREEMENT

            THIS
AWARD AGREEMENT, made and entered into as of the ____ day of _____________,
200__ (the "Grant Date") by and between Ruddick Corporation, a North Carolina
corporation (the "Corporation") and the optionee (the "Participant") set forth
on the attached Notice of Grant of Stock Options and Option Agreement.

            WHEREAS,
the Corporation has adopted the Ruddick Corporation 1995 Comprehensive Stock
Option Plan, the Ruddick Corporation 1997 Comprehensive Stock Option and Award
Plan, the Ruddick Corporation 2000 Comprehensive Stock Option and Award Plan
and the Ruddick Corporation 2002 Comprehensive Stock Option and Award Plan
(collectively, "Stock Option Plans" and individually, "Stock Option Plan"); and

            WHEREAS,
the Participant is employed by the Corporation or one of its Subsidiaries and
therefore is eligible to receive an option under the Stock Option Plans; and

            WHEREAS,
pursuant to the terms of the Stock Option Plans, the Participant may be granted
an Incentive Stock Option under the Stock Option Plans;

            NOW,
THEREFORE, the Corporation and the Participant agree as follows:

             1.         Subject to the terms and conditions set
forth herein, in the attached Notice of Grant of Stock Options and Option
Agreement (the "Notice") and in the Stock Option Plan identified in the Notice
(the "Plan"), the Corporation grants to the Participant, during the period
commencing on the Grant Date and ending on the expiration date specified in the
Notice (the "Option Period"), the right to purchase from the Corporation (the
"Stock Option"), up to but not exceeding in the aggregate that number of shares
of the Corporation's common stock (the "Common Stock") set forth in the
Participant's Notice at the price per share specified in the Notice (the
"Option Price"), and the Stock Option may be exercised during the Option Period
in accordance with the vesting schedule set forth in the Notice. 

             2.         To the extent not previously exercised,
the vested portions of the Stock Option shall accumulate and shall be
exercisable by the Participant in any subsequent year included in the Option
Period; provided, however, that the Stock Option shall be subject
to termination before the expiration of the Option Period as provided in
Section 4 hereof.  Notwithstanding any
provision of this Award Agreement, the Plan or the Participant's Notice to the
contrary, no portion of the Stock Option may be exercised after expiration of
the Option Period.

            3.        
Notwithstanding any vesting period contained in the Participant's Notice, in the
event that the Participant retires with the consent of the Corporation or any of
its Subsidiaries, or the Participant ceases to be employed by the Corporation or
one of its Subsidiaries by reason of the Participant's death or Disability
(defined as an injury or illness resulting in the inability of a Participant to
engage in the Participant's profession by reason of any medically determinable
physical or mental impairment which can be expected to result in death or which
is to last or can 

 

 

be expected to last for a continuous period of not less than twelve months),
the Stock Option granted hereby, to the extent that such Stock Option has not
previously expired or been terminated or exercised, shall become fully
exercisable and vested and shall remain exercisable until exercised by the
Participant or terminated in accordance with Section 4 hereof.

             Retirement
by the Participant, in accordance with the provisions of any retirement plan of
the Corporation in which the Participant was a participant on the date of
termination of employment, at the normal retirement date under such retirement
plan, or if such date is not so determinable, then at or after the attainment
of age 65 by the Participant, shall constitute a retirement with the consent of
the Corporation for the purposes of this Award Agreement.  As provided in Section 12 hereof, the
Committee shall have absolute and uncontrolled discretion to determine whether
any other termination of the Participant's employment is to be considered as
retirement with the consent of the Corporation for the purposes of this Award
Agreement and whether an authorized leave of absence or absence on military or
government service or otherwise shall constitute a termination of employment
for the purposes of this Award Agreement.

             4.         The Stock Option hereby granted shall
terminate and be of no force or effect upon the first to occur of the following
events:

            (a)        The
expiration of the Option Period;

            (b)        If
the Participant's employment is terminated for cause (as determined by the
Committee in its sole discretion) by the Corporation or any of its
Subsidiaries, the date of such termination; provided, however,
that in such event the unvested and unexercised portion, if any, of the
Participant's Stock Option shall expire and terminate immediately upon such
termination of employment;

            (c)        Except
as set forth in Section 4(b) and 4(d) hereof, the expiration of three months
after the Participant ceases to be employed by the Corporation or one of its
Subsidiaries (in the event the Participant ceases to be employed by the
Corporation or one of its Subsidiaries by reason of retirement with the consent
of the Corporation this Stock Option, to the extent that it has not previously
expired or been exercised, shall become fully exercisable and vested as
provided in Section 3 hereof);

            (d)        If
the Participant (i) ceases to be employed by the Corporation or one of its
Subsidiaries by reason of the Participant's death or Disability or (ii) dies
within three (3) months after the Participant ceases to be employed by the
Corporation or one of its Subsidiaries, except in the case of 4(b) hereof, (in
the event the Participant ceases to be employed by the Corporation or one of
its Subsidiaries by reason of the Participant's death, Disability or retirement
with the consent of the Corporation this Stock Option, to the extent that it
has not previously expired or been exercised, shall become fully exercisable
and vested as provided in Section 3 hereof), the first to occur of (A) the
expiration of one (1) year after such date of death or Disability and (B) the
end of the Option Period.  During such
period the Stock Option may be exercised by the Participant (in the case of
Disability) or the person to whom the Participant's rights hereunder shall have
passed by will or by the laws of descent and distribution.

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         5.         The Stock Option hereby granted shall
be exercised by the Participant by written notice (signed by the Participant or
the Participant's successors) delivered to the Corporation at its offices at
301 South Tryon Street, Suite 1800, Charlotte, North Carolina 28202, Attention:
Corporate Secretary, or such other address to which the Corporation's office
may be relocated, from time to time, on any business day, specifying the whole
number of shares the Participant then desires to purchase.  Full payment for such shares of Common Stock
being acquired hereunder must be made at the time the Stock Option is exercised
and may be made in cash for an amount in U.S. dollars equal to the price of such
shares being acquired as described in the Participant's Notice.  Payment may also be made in shares of Common
Stock previously held by the Participant or by combining cash and shares
previously held.  Payment in shares may
be made with shares received upon the exercise or partial exercise of the Stock
Option hereby granted, whether or not involving a series of exercises or
partial exercises and whether or not share certificates for such shares
surrendered have been delivered to the Participant.  Shares of Common Stock previously held by the Participant, and
surrendered in accordance with rules and regulations adopted by the Committee
for the purpose of making full or partial payment of the price, shall be valued
for such purpose at the Fair Market Value thereof on the date the Stock Option
is exercised.  As soon as practicable
after said notice shall have been received, the Corporation shall deliver to
the Participant a stock certificate registered in the Participant's name
representing the shares acquired under this Stock Option, or electronically
transfer such shares to the Participant's broker, as directed.

          6.         The Stock Option granted hereunder is
an Incentive Stock Option and is intended to qualify for tax treatment under
Code Section 422.

          7.         Shares of Common Stock issued pursuant
to the exercise of this Stock Option will be issued only in the name of the
Participant and may not be transferred into the name of any agent of or nominee
for the Participant until such time as a disposition of such shares would
satisfy the holding period requirements of Code Section 422(a)(l).

          8.         Whenever the word "Participant" is used
in any provision of this Award Agreement under circumstances where the
provision should logically be construed to apply to the estate, personal
representative, or beneficiary to whom this Stock Option may be transferred
pursuant to Section 7 hereof or by will or by the laws of descent and
distribution, it shall be deemed to include such person.

          9.         The Participant shall not be deemed for
any purpose to be a shareholder of the Corporation with respect to any shares
as to which this Stock Option shall not have been exercised and payment made as
herein provided and a stock certificate for such shares actually issued to the
Participant.  No adjustment will be made
for dividends or other rights for which the record date is prior to the date of
such issuance.

       10.       In addition to and notwithstanding
anything to the contrary contained in the Plan, in the event of (i) the
adoption of a plan of merger or consolidation of the Corporation with any other
corporation or association as a result of which the holders of the voting
capital stock of the Corporation as a group would receive less than 50% of the
voting capital stock of the surviving  

3

 

or resulting corporation; (ii) the
approval by the Board of Directors of an agreement providing for the sale or
transfer (other than as security for obligations of the Corporation) of
substantially all the assets of the Corporation, or (iii) in the absence of a
prior expression of approval of the Board of Directors, the acquisition of more
than 20% of the Corporation's voting capital stock by any person within the
meaning of Section 13(d)(3) of the Act, other than a person, or group including
a person, who beneficially owned, as of the Effective Date of the Plan, more
than 5% of the Corporation's securities; then, the Stock Option granted
hereunder shall become immediately exercisable in full, subject to any
appropriate adjustments in the number of shares subject to the Stock Option and
the Option Price, and shall remain exercisable for the remaining term of such
Stock Option, regardless of any provision contained herein, in the Plan or in
the Participant's Notice limiting the exercisability of the Stock Option or any
portion thereof for any length of time, but subject to all of the terms hereof
(including Section 4 hereof) and of the Plan not inconsistent with this
paragraph.

            The
existence of this Stock Option shall not affect in any way the right or power
of the Corporation or its subsidiaries to make adjustments, reclassifications,
reorganizations or other changes in the Corporation's capital structure or its
business, or to issue any bonds, debentures, preferred or prior preference
stocks ahead of or convertible into, or otherwise affecting the Common Stock or
the rights thereof, or to merge or consolidate, or to dissolve or liquidate, or
to sell or transfer all or any part of its assets or business, or any other
corporation act or proceeding, whether of a similar character or otherwise.

          11.       Anything in this Award Agreement or the
Participant's Notice to the contrary notwithstanding, if, at any time specified
herein for the issue of shares to the Participant, any law, or any regulation
or requirement of the Securities and Exchange Commission or any other
governmental authority having jurisdiction in the premises, shall require
either the Corporation or the Participant to take any action in connection with
the shares of Common Stock then to be issued, the issue of such shares shall be
deferred until such action shall have been taken, the Corporation shall be
under no obligation to take such action, and the Corporation shall have no
liability whatsoever as a result of the non-issuance of such shares, except to
refund to the Participant any consideration tendered in respect of the exercise
price.

          12.       Any dispute or disagreement which shall
arise under, or as a result of, or pursuant to, this Award Agreement or the
Participant's Notice shall be determined by or in the manner specified by the
Committee in its absolute and uncontrolled discretion, and the determinations
or interpretations by the Committee shall be final, binding and conclusive on
all persons affected thereby.  The Plan
and this Award Agreement may be amended, modified, discontinued or terminated
as provided in the Plan.

         13.       Any notice which either party hereto may
be required or permitted to give to the other shall be in writing, and may be
delivered personally or by mail, postage prepaid, addressed as follows:  to the Corporate Secretary of the
Corporation, at 301 South Tryon Street, Suite 1800, Charlotte, North Carolina
28202, or at such other address as the Corporation, by notice to the
Participant, may designate in writing from time to time; to the Participant, at
the Participant's address as shown on the records of the Corporation, or at
such other address as the Participant, by notice to the Corporation, may
designate in writing from time to time.

4

 

         14.       This Award Agreement is subject in all
respects to the terms and conditions contained in the Plan and the
Participant's Notice, copies of which are attached hereto and incorporated
herein by reference.  All capitalized
terms used but not defined herein shall have the same meaning as set forth in
the Plan, unless the context clearly indicates otherwise.

         15.       The Participant shall notify the
Corporation if such Participant sells or otherwise transfers any shares of
Common Stock acquired upon exercise of this Stock Option within two (2) years
of the Grant Date of such Stock Option or within one (1) year of the date such
shares were acquired upon the exercise of such Stock Option.

5Form NQSO Award Agreement

RUDDICK
CORPORATION

NONQUALIFIED STOCK OPTION AGREEMENT

               THIS
AWARD AGREEMENT, made and entered into as of the ____ day of _____________,
200__, (the "Grant Date") by and between Ruddick Corporation, a North Carolina
corporation (the "Corporation") and the optionee (the "Participant") set forth
on the attached Notice of Grant of Stock Options and Option Agreement. 

              WHEREAS,
the Corporation has adopted the Ruddick Corporation 1995 Comprehensive Stock
Option Plan, the Ruddick Corporation 1997 Comprehensive Stock Option and Award
Plan, the Ruddick Corporation 2000 Comprehensive Stock Option and Award Plan
and the Ruddick Corporation 2002 Comprehensive Stock Option and Award Plan
(collectively, "Stock Option Plans" and individually, "Stock Option Plan"); and

              WHEREAS,
the Participant is employed by the Corporation or one of its Subsidiaries and
therefore is eligible to receive an option under the Stock Option Plans; and

              WHEREAS,
pursuant to the terms of the Stock Option Plans, the Participant may be granted
a Nonqualified Stock Option under the Stock Option Plans;

             NOW,
THEREFORE, the Corporation and the Participant agree as follows:

              1.         Subject
to the terms and conditions set forth herein, in the attached Notice of Grant
of Stock Options and Option Agreement (the "Notice") and in the Stock Option
Plan identified in the Notice (the "Plan"), the Corporation grants to the
Participant, during the period commencing on the Grant Date and ending on the
expiration date specified in the Notice (the "Option Period"), the right to
purchase from the Corporation (the "Stock Option"), up to but not exceeding in
the aggregate that number of shares of the Corporation's common stock (the
"Common Stock") set forth in the Participant's Notice at the price per share
specified in the Notice (the "Option Price"), and the Stock Option may be
exercised during the Option Period in accordance with the vesting schedule set
forth in the Notice.

             2.         To the
extent not previously exercised, the vested portions of the Stock Option shall
accumulate and shall be exercisable by the Participant in any subsequent year
included in the Option Period; provided, however, that the Stock
Option shall be subject to termination before the expiration of the Option
Period as provided in Sections 4 hereof. 
Notwithstanding any provision of this Award Agreement, the Plan or the
Participant's Notice to the contrary, no portion of the Stock Option may be
exercised after expiration of the Option Period. 

             3.        
Notwithstanding any vesting period contained in the Participant's Notice, in the
event that the Participant retires with the consent of the Corporation or any of
its Subsidiaries, or the Participant ceases to be employed by the Corporation or
one of its Subsidiaries by reason of the Participant's death or Disability
(defined as an injury or illness resulting in the inability of a Participant to
engage in the Participant's profession by reason of any medically determinable
physical or mental impairment which can be expected to result in death or which
is to last or can be expected to last for a continuous period of not less than
twelve months), the Stock Option 

 

 

granted hereby, to the extent that such Stock Option has not previously
expired or been terminated or exercised, shall become fully exercisable and
vested and shall remain exercisable until exercised by the Participant or
terminated in accordance with Section 4 hereof.

            Retirement by the Participant, in
accordance with the provisions of any retirement plan of the Corporation in
which the Participant was a participant on the date of termination of
employment, at the normal retirement date under such retirement plan, or if
such date is not so determinable, then at or after the attainment of age 65 by
the Participant, shall constitute a retirement with the consent of the Corporation
for the purposes of this Award Agreement. 
As provided in Section 12 hereof, the Committee shall have absolute and
uncontrolled discretion to determine whether any other termination of the
Participant's employment is to be considered as retirement with the consent of
the Corporation for the purposes of this Award Agreement and whether an
authorized leave of absence or absence on military or government service or
otherwise shall constitute a termination of employment for the purposes of this
Award Agreement.

           4.         The
Stock Option hereby granted shall terminate and be of no force or effect upon
the first to occur of the following events:

(a)        The
expiration of the Option Period;

(b)        If
the Participant's employment is terminated for cause (as determined by the
Committee in its sole discretion) by the Corporation or any of its
Subsidiaries, the date of such termination; provided, however,
that in such event the unvested and unexercised portion, if any, of the
Participant's Stock Option shall expire and terminate immediately upon such
termination of employment;

(c)        Except
as set forth in Section 4(b) and 4(d) hereof, the expiration of three months
after the Participant ceases to be employed by the Corporation or one of its
Subsidiaries (in the event the Participant ceases to be employed by the
Corporation or one of its Subsidiaries by reason of retirement with the consent
of the Corporation this Stock Option, to the extent that it has not previously
expired or been exercised, shall become fully exercisable and vested as
provided in Section 3 hereof);

(d)        If the Participant (i) ceases to be employed by the
Corporation or one of its Subsidiaries by reason of the Participant's death or
Disability or (ii) dies within three (3) months after the Participant ceases to
be employed by the Corporation or one of its Subsidiaries, except in the case
of 4(b) hereof, (in the event the Participant ceases to be employed by the
Corporation or one of its Subsidiaries by reason of the Participant's death,
Disability or retirement with the consent of the Corporation this Stock Option,
to the extent that it has not previously expired or been exercised, shall
become fully exercisable and vested as provided in Section 3 hereof), the first
to occur of (A) the expiration of one (1) year after such date of death or
Disability and (B) the end of the Option Period.  During such period the Stock Option may be exercised by the
Participant (in the case of Disability) or the person to whom the Participant's
rights hereunder shall have passed by will or by the laws of descent and
distribution.

2

            5.         The
Stock Option hereby granted shall be exercised by the Participant by written
notice (signed by the Participant or the Participant's successors) delivered to
the Corporation at its offices at 301 South Tryon Street, Suite 1800,
Charlotte, North Carolina 28202, Attention: Corporate Secretary, or such other
address to which the Corporation's office may be relocated, from time to time,
on any business day, specifying the whole number of shares the Participant then
desires to purchase.  Full payment for
such shares of Common Stock being acquired hereunder must be made at the time
the option is exercised and  may be made
in cash for an amount in U.S. dollars equal to the price of such shares being
acquired as described in the Participant's Notice.  Payment may also be made in shares of Common Stock previously
held by the Participant or by combining cash and shares previously held.  Payment in shares may be made with shares
received upon the exercise or partial exercise of the Stock Option hereby
granted, whether or not involving a series of exercises or partial exercises
and whether or not share certificates for such shares surrendered have been
delivered to the Participant.  Shares of
Common Stock previously held by the Participant, and surrendered in accordance
with rules and regulations adopted by the Committee for the purpose of making
full or partial payment of the price, shall be valued for such purpose at the
Fair Market Value thereof on the date the Stock Option is exercised.  As soon as practicable after said notice
shall have been received, the Corporation shall deliver to the Participant a
stock certificate registered in the Participant's name representing the shares
acquired under this Stock Option, or electronically transfer such shares to the
Participant's broker, as directed.

              6.         The
Stock Option granted hereunder is a Nonqualified Option and is not intended to
qualify for tax treatment under Code Section 422.

              7.         As
permitted under the terms of the Plan, the Participant may transfer the Stock
Option for no consideration to or for the benefit of one or more members of the
Participant's Immediate Family (including, without limitation, to a trust for
the benefit of the Participant and/or one or more members of the Participant's
Immediate Family or corporation, partnership or limited liability company
established and controlled by the Participant and/or one or members of the
Participant's Immediate Family).  Any
transferee shall remain subject to all terms and conditions applicable to such
Stock Option prior to such transfer, including all provisions of this
Agreement.  The Participant should
consult with his tax advisor concerning the tax implications of transferring
all or part of the Stock Option granted hereunder.  Any transfer of all or part of the Stock Option shall be made
with notice to the Committee on forms approved by the Committee.

              8.         Whenever
the word "Participant" is used in any provision of this Agreement under
circumstances where the provision should logically be construed to apply to the
estate, personal representative, or beneficiary to whom this Stock Option may
be transferred pursuant to Section 7 hereof or by will or by the laws of
descent and distribution, it shall be deemed to include such person.

              9.         The
Participant shall not be deemed for any purpose to be a shareholder of the
Corporation with respect to any shares as to which this Stock Option shall not
have been exercised and payment made as herein provided and a stock certificate
for such shares actually issued to the Participant.  No adjustment will be made for dividends or other rights for
which the record date is prior to the date of such issuance.

 

3

              10.       In
addition to and notwithstanding anything to the contrary contained in the Plan,
in the event of (i) the adoption of a plan of merger or consolidation of the
Corporation with any other corporation or association as a result of which the
holders of the voting capital stock of the Corporation as a group would receive
less than 50% of the voting capital stock of the surviving or resulting
corporation, (ii) the approval by the Board of Directors of the Corporation of
an agreement providing for the sale or transfer (other than as security for
obligations of the Corporation) of substantially all the assets of the
Corporation, or (iii) in the absence of a prior expression of approval of the
Board of Directors, the acquisition of more than 20% of the Corporation's
voting capital stock by any person within the meaning of Section 13(d)(3) of
the Act, other than a person, or group including a person, who beneficially
owned, as of the Effective Date of the Plan, more than 5% of the Corporation's
securities; then, the Stock Option granted hereunder shall become immediately
exercisable in full, subject to any appropriate adjustments in the number of
shares subject to the Stock Option and the Option Price, and shall remain
exercisable for the remaining term of such Stock Option, regardless of any
provision contained herein, in the Plan or in the Participant's Notice limiting
the exercisability of the Stock Option or any portion thereof for any length of
time, but subject to all of the terms hereof (including Section 4 hereof) and
of the Plan not inconsistent with this paragraph.

             The
existence of this Stock Option shall not affect in any way the right or power
of the Corporation or its subsidiaries to make adjustments, reclassifications,
reorganizations or other changes in the Corporation's capital structure or its
business, or to issue any bonds, debentures, preferred or prior preference
stocks ahead of or convertible into, or otherwise affecting the Common Stock or
the rights thereof, or to merge or consolidate, or to dissolve or liquidate, or
to sell or transfer all or any part of its assets or business, or any other
corporation act or proceeding, whether of a similar character or otherwise.

             11.       Anything
in this Amend Agreement or the Participant's Notice to the contrary
notwithstanding, if, at any time specified herein for the issue of shares to the
Participant, any law, or any regulation or requirement of the Securities and
Exchange Commission or any other governmental authority having jurisdiction in
the premises, shall require either the Corporation or the Participant to take
any action in connection with the shares of Common Stock then to be issued, the
issue of such shares shall be deferred until such action shall have been taken;
the Corporation shall be under no obligation to take such action; and the
Corporation shall have no liability whatsoever as a result of the non-issuance
of such shares, except to refund to the Participant any consideration tendered
in respect of the exercise price.

            12.       Any
dispute or disagreement which shall arise under, or as a result of, or pursuant
to, this Award Agreement or the Participant's Notice shall be determined by or
in the manner specified by the Committee in its absolute and uncontrolled
discretion, and the determinations or interpretations by the Committee shall be
final, binding and conclusive on all persons affected thereby.  The Plan and Award Agreement may be amended,
modified, discontinued or terminated as provided in the Plan.

            13.      
Any notice which either party hereto may be required or permitted to give to the
other shall be in writing, and may be delivered personally or by mail, postage
prepaid, addressed as follows:  to the Corporate Secretary of the
Corporation, at 301 South Tryon Street, Suite 1800, Charlotte, North Carolina
28202, or at such other address as the Corporation, by notice to the 

4

Participant, may designate in writing from time to time; to the Participant,
at the Participant's address as shown on the records of the Corporation, or at
such other address as the Participant, by notice to the Corporation, may
designate in writing from time to time.

             14.       This
Agreement is subject in all respects to the terms and conditions contained in
the Plan and the Participant's Notice, copies of which are attached hereto and
incorporated herein by reference.  All
capitalized terms used but not defined herein shall have the same meaning as
set forth in the Plan, unless the context clearly indicates otherwise.

 

5

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