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                                                                    Exhibit 10.2

                             LACROSSE FOOTWEAR, INC.
            2001 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN, AS AMENDED

Section 1. Establishment

      LACROSSE FOOTWEAR, INC. (the "Company") hereby establishes a stock option
plan for non-employee directors, as described herein, which shall be known as
the "LACROSSE FOOTWEAR, INC. 2001 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN" (the
"Plan"). It is intended that only nonstatutory stock options may be granted
under the Plan.

Section 2. Purpose

      The purpose of the Plan is to promote the long-term growth and financial
success of the Company. The Plan is intended to secure for the Company and its
shareholders the benefits of the long-term incentives inherent in increased
common stock ownership by members of the Board who are not employees of the
Company or its Affiliates. It is intended that the Plan will induce and
encourage highly experienced and qualified individuals to serve on the Board and
assist the Company in promoting a greater identity of interest between the
Non-employee Directors and the shareholders of the Company.

Section 3. Definitions

      The following terms shall have the respective meanings set forth below,
unless the context otherwise requires:

(a) "Affiliate" shall mean any corporation, partnership, joint venture, or other
entity in which the Company holds an equity, profit, or voting interest of more
than fifty percent (50%).

(b) "Board" shall mean the Board of Directors of the Company.

(c) "Code" shall mean the Internal Revenue Code of 1986, as amended.

(d) "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended
from time to time.

(e) "Fair Market Value per Share" shall mean for any day the average of the high
and low sales prices for a Share in the over-the-counter market, as reported by
the Nasdaq Stock Market on the business day immediately preceding such day, or,
if there were no trades of Shares on such business day, on the most recent
preceding business day on which there were trades. If Shares are not listed or
admitted to trading on the Nasdaq Stock Market when the determination of fair
market value is to be made, Fair Market Value per Share shall be the mean
between the highest and lowest reported sales prices of Shares on that date on
the principal exchange on which the Shares are then listed. If the Shares are
not listed on any national exchange, Fair Market Value per Share shall be the
amount determined in good faith by the Board to be the fair market value of a
Share at the relevant time.

(f) "Non-employee Director" shall mean a member of the Board who is not an
employee of the Company or any Affiliate.

(g) "Shares" shall mean shares of common stock of the Company, $.01 par value
per share, and such other securities or property as may become subject to
Options pursuant to an adjustment made under Section 11 of the Plan.

Section 4. Effective Date of the Plan

      The effective date of the Plan is the date of its adoption by the Board,
December 11, 2000, subject to the approval and ratification of the Plan by the
shareholders of the Company, and any and all awards made under the Plan prior to
such approval shall be subject to such approval.

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Section 5. Shares Available for Options

      Subject to adjustment in accordance with the provisions of Section 11, the
number of Shares which may be issued pursuant to the Plan shall not exceed
150,000. Such Shares may be authorized and unissued Shares or treasury shares.
If, after the effective date of the Plan, any Options terminate, expire or are
canceled prior to the delivery of all of the Shares issuable thereunder, then
the number of Shares counted against the number of Shares available under the
Plan in connection with the grant of such Option, to the extent of any such
termination, expiration or cancellation, shall again be available for the
granting of additional Options under the Plan. If the exercise price of any
Option granted under the Plan is satisfied by tendering Shares (by either actual
delivery or by attestation), only the number of Shares issued net of the Shares
tendered shall be deemed delivered for purposes of determining the maximum
number of Shares available for delivery under the Plan.

Section 6. Plan Operation

(a) Formula Plan. The Plan is intended to meet the "formula" plan requirements
of Rule 16b-3 (or any successor provision thereto), as interpreted, adopted
under the Exchange Act and accordingly is intended to be self-governing.

(b) Administration. The Plan shall be administered by the Board. The Board may,
by resolution, delegate part or all of its administrative powers with respect to
the Plan. The Board shall have all of the powers vested in it by the terms of
the Plan, such powers to include the authority, within the limits prescribed
herein, to establish the form of the agreement embodying grants of Options made
under the Plan. The Board shall, subject to the provisions of the Plan, have the
power to construe the Plan, to determine all questions arising thereunder and to
adopt and amend such rules and regulations for the administration of the Plan as
it may deem desirable, such administrative decisions of the Board to be final
and conclusive. Except to the extent prohibited by applicable law, the Board may
authorize any one or more of their number or the Secretary or any other officer
of the Company to execute and deliver documents on behalf of the Board.

Section 7. Nonstatutory Stock Option Awards to Non-employee Directors

(a) Eligibility. Non-employee Directors shall automatically be granted Options
under the Plan in the manner set forth in this Section 7 for no cash
consideration. A Non-employee Director may hold more than one Option under the
Plan in his or her capacity as a Non-employee Director of the Company, but only
on the terms and subject to the conditions set forth herein. All options granted
to Non-employee Directors pursuant to the Plan shall be nonstatutory stock
options which do not qualify for special tax treatment under Code Sections 421
or 422.

(b) Grant. On the first business day of January of each calendar year beginning
in January, 2005, each Non-employee Director at such time shall be granted an
Option to purchase three thousand (5,000) Shares under the Plan (the "Option").
The price per Share of the Company's common stock which may be purchased upon
exercise of an Option shall be one hundred percent (100%) of the Fair Market
Value per Share on the date the Option is granted. Such exercise price shall be
subject to adjustment as provided in Section 11 hereof. The term of each Option
granted to a Non-employee Director shall be for ten (10) years from the date of
grant, unless terminated earlier pursuant to the provisions of Section 9 hereof.

(c) Option Agreement. Each Option granted under the Plan shall be evidenced by a
written agreement in such form as the Board shall from time to time adopt. Each
agreement shall be subject to, and incorporate, by reference or otherwise, the
applicable terms of the Plan.

(d) Option Period. No Option shall be granted under the Plan after the tenth
anniversary of the effective date of the Plan. However, the term of any Option
theretofore granted may extend beyond such date. Options shall automatically be
granted to Non-employee Directors under the Plan only for so long as the Plan
remains in effect and a sufficient number of Shares are available hereunder for
the granting of such Options.

(e) Vesting. Except as otherwise provided in Section 9 hereof, an Option cannot
be exercised prior to the first anniversary of the date of grant and thereafter
may only be exercised with respect to twenty percent (20%) of the

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Option Shares on and after the first anniversary of the date of grant, with
respect to forty percent (40%) of the Option Shares on a cumulative basis on and
after the second anniversary of the date of grant, with respect to sixty percent
(60%) of the Option Shares on a cumulative basis on and after the third
anniversary of the date of grant, with respect to eighty percent (80%) of the
Option Shares on a cumulative basis on and after the fourth anniversary of the
date of grant and in full on and after the fifth anniversary of the date of
grant.

Section 8. Exercise of Option

      An Option may be exercised, subject to limitations on its exercise and the
provisions of Section 9, from time to time, only by (i) providing written notice
of intent to exercise the Option with respect to a specified number of Shares;
and (ii) payment in full to the Company of the exercise price at the time the
Option is exercised (except that, in the case of an exercise under paragraph
(iii) below, payment may be made as soon as practicable after the exercise).
Payment of the exercise price may be made:

(i) in cash or by certified check,

(ii) by delivery to the Company of Shares which shall have been owned for at
least six (6) m months and have a Fair Market Value per Share on the date of
surrender equal to the exercise price, or

(iii) by delivery (including by fax) to the Company or its designated agent of a
properly executed exercise notice together with irrevocable instructions to a
broker to sell or margin a sufficient portion of the Option Shares and promptly
deliver to the Company the sale or margin loan proceeds required to pay the
exercise price.

Section 9. Effect of Termination of Membership on the Board

      The right to exercise an Option granted to a Non-employee Director shall
be limited as follows, provided the actual date of exercise is in no event after
the expiration of the term of the Option:

(a) If a Non-employee Director ceases being a director of the Company for any
reason other than the reason identified in subparagraph (b) of this Section 9,
the Options become immediately exercisable upon such date of termination and the
Non-employee Director shall have the right to exercise the Options within
twenty-four (24) months after such termination without regard to the vesting
restrictions of Section 7(e), subject to the condition that no Option shall be
exercisable after the expiration of the term of the Option; and

(b) If a Non-employee Director ceases being a director of the Company due to the
director's voluntary decision to resign or voluntary decision not to stand for
reelection to the Board, in either case prior to reaching age 70, the
Non-employee Director may exercise the Options, to the extent they were
exercisable at the time of termination, for a period of three (3) months after
such termination of service, but in no event beyond the expiration of the term
of the Options.

Section 10. Transferability of Options

      The Options and rights under the Options are not assignable, alienable,
saleable or transferable by a Non-employee Director otherwise than by will or by
the laws of descent and distribution, and may be exercised during the lifetime
of the Non-employee Director only by such individual or, if permissible under
applicable law, by such individual's guardian or legal representative, except
that a Non-employee Director may, to the extent allowed by the Board and in a
manner specified by the Board, (a) designate in writing a beneficiary to
exercise the Option after the Non-employee Director's death; and (b) transfer
any Option.

Section 11. Capital Adjustment Provisions

      In the event that the Board shall determine that any dividend or other
distribution (whether in the form of cash, Shares, other securities or other
property), recapitalization, stock split, reverse stock split, reorganization,
merger, consolidation, split-up, spin-off, combination, repurchase or exchange
of Shares or other securities of the Company, issuance of warrants or other
rights to purchase Shares or other securities of the Company, or other similar
corporate transaction or event (individually referred to as "Event" and
collectively referred to as "Events")

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affects the Shares such that an adjustment is determined by the Board to be
appropriate in order to prevent dilution or enlargement of the benefits or
potential benefits intended to be made available under the Plan, then the Board
may, in such manner as it may deem equitable, adjust any or all of (i) the
number and type of Shares subject to the Plan and which thereafter may be made
the subject of Options under the Plan; (ii) the number and type of Shares
subject to outstanding Options; and (iii) the exercise price with respect to any
Option (collectively referred to as "Adjustments"); provided, however, that
Options subject to grant or previously granted to Non-employee Directors under
the Plan at the time of any such Event shall be subject to only such Adjustments
as shall be necessary to maintain the proportionate interest of the Non-employee
Directors and preserve, without exceeding, the value of such Options.

Section 12. Amendment and Termination of the Plan

      The Plan shall terminate on December 11, 2010, unless sooner terminated as
herein provided. The Board may at any time amend, alter, suspend, discontinue or
terminate the Plan. Termination of the Plan shall not affect the rights of
Non-employee Directors with respect to Options previously granted to them, and
all unexpired Options shall continue in force and effect after termination of
the Plan, except as they may lapse or be terminated by their own terms and
conditions. Any amendment to the Plan shall become effective when adopted by the
Board, unless specified otherwise. Rights and obligations under any Option
granted before any amendment of this Plan shall not be materially and adversely
affected by amendment of the Plan, except with the consent of the person who
holds the Option, which consent may be obtained in any manner that the Board
deems appropriate.

Section 13. General Provisions

(a) Other Compensation. Nothing contained in the Plan shall prevent the Company
or any Affiliate from adopting or continuing in effect other or additional
compensation arrangements for Non-employee Directors, and such arrangements may
be either generally applicable or applicable only in specific cases.

(b) Rights of Directors. The grant of an Option to a Non-employee Director
pursuant to the Plan shall confer no right on such Non-employee Director to
continue as a director of the Company. Except for rights accorded under the
Plan, Non-employee Directors shall have no rights as shareholders with respect
to Shares covered by any Option until the date of issuance of the stock
certificates to the Non-employee Director and only after such Shares are fully
paid. No adjustment will be made for dividends or other rights for which the
record date is prior to the date such stock is issued.

(c) Securities Laws. Notwithstanding any other provision of the Plan, the
Company shall have no liability to deliver any Shares under the Plan or make any
other distribution of benefits under the Plan unless such delivery or
distribution would comply with all applicable laws (including, without
limitation, the requirements of the Securities Act of 1933), and the applicable
requirements of any securities exchange or similar entity.

(d) Governing Law. The validity, construction and effect of the Plan and any
rules and regulations relating to the Plan shall be determined in accordance
with the internal laws of the State of Wisconsin and applicable federal law.

(e) Miscellaneous. Headings are given to the Sections and subsections of the
Plan solely as a convenience to facilitate reference. Such headings shall not be
deemed in any way material or relevant to the construction or interpretation of
the Plan or any provision hereof.exv10w1

 

	 	 	 	 	 

Exhibit 10.1

April 14, 2005

Dear Ms. Williams,

As President of Cray Inc. I am pleased to offer you employment with Cray as Senior Vice President
(SVP) of Engineering. Jim Rottsolk and myself are certain that you are the right person to work as
one of the top executives in the company to move Cray to the next level and return our company to
leadership. There is little doubt that you’ll make a valuable contribution to the Company’s future
success.

In your position as SVP, Engineering you would report directly to me and you would have an
organization of nearly 400 people reporting to you, including all of hardware and software
engineering in the U.S. and Canada across four major locations.

Your base salary would be $300,000. In addition, you will participate in the annual executive
bonus plans as approved from time to time by the Board of Directors. Your target bonus will be
50%—under the executive bonus plan, the actual bonus can vary from no bonus to 100% of your base.
In addition, we will pay you a sign-on bonus within 60 day after employment of $125,000. (If you
decide to leave Cray before 12 months, you will have to return the full value of the sign-on bonus
to Cray.)

When you become an employee you will receive an option to purchase 200,000 shares of the Company’s
common stock which will become fully exercisable at the end of 2005. The exercise prices will be as
follows:

	 	•  	50,000 at the current market price for Cray shares the day you become an employee;
	 
	 	•  	50,000 at 120% of that price;
	 
	 	•  	50,000 at 140% of that price; and
	 
	 	•  	50,000 at 160% of that price.

Obviously, we all hope that the Company prospers, that the Company’s stock reflects that success,
and that the option shares become a valuable investment for you.

I have enclosed a copy of the Cray Executive Severance Policy. Concurrently with your joining the
company, the Board will amend this policy so that in the event of a termination during the first
two years of your employment, other than for cause, you would receive a severance payment of two
times your base salary.

Cray provides a variety of benefits including health and dental care, life insurance, a Section 125
Flexible Spending Plan, a 401 (k) Plan, a stock purchase plan, as well as paid holidays and sick
leave. As an officer, your vacation will not have a limit and will not be accrued. Documents
summarizing the plans are enclosed.

 

 

We consider the terms of this offer to be confidential. Employment would commence as soon as you
are available.

I’m sure that you know how excited we are about the chance to work closely with you again and while
there clearly is a lot of work ahead, there should also be a lot of success and fun. To indicate
your acceptance of this offer, please sign and return one copy of this letter to my confidential
fax number.

Sincerely,

/s/ Peter J. Ungaro

Peter J. Ungaro

President

Accepted By: /s/ Margaret Ann Williams, this 25th day of April 2005

                                        Ms. Williams

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