Document:

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                                                                   EXHIBIT 10.15

                             UNIVERSAL CORPORATION
                             NON-EMPLOYEE DIRECTOR
                     NON-QUALIFIED STOCK OPTION AGREEMENT

     THIS AGREEMENT dated as of ___________________________, between UNIVERSAL
CORPORATION, a Virginia corporation (the "Company"), and ___________________
(the "Optionee"), is made pursuant and subject to the provisions of the
Company's Amended and Restated 1994 Stock Option Plan for Non-Employee Directors
(the "Plan"). All terms used herein that are defined in the Plan have the same
meanings given them in the Plan.

     1.  Grant of Option.  Pursuant to the terms of the Plan, the Company, on
         ---------------
_________________________, granted to the Optionee, subject to the terms and
conditions of the Plan and subject further to the terms and conditions herein
set forth, the right and option to purchase from the Company all or any part of
an aggregate of One Thousand (1,000) shares of Common Stock of the Company at
the option price of $______ per share.  Such option is to be exercisable as
hereinafter provided.

     2.  Terms and Conditions. This option is subject to the following terms and
         --------------------
conditions:
         (a)  Expiration Date.  The Expiration Date of this option is ___(ten
              ---------------
              years)____________.

         (b)  Exercise of Option.  This option shall be exercisable with
              ------------------
              respect to the total number of shares covered by this option after
              the expiration of six (6) months from the granting of the option.
              Once this option has become exercisable with respect to the total
              number of shares in accordance with the preceding sentence, it
              shall continue to be exercisable until the termination of the
              Optionee's rights hereunder pursuant to paragraph 3, 4 or 5 or,
<PAGE>

              otherwise, until the Expiration Date. A partial exercise of this
              option shall not affect the Optionee's right to exercise
              subsequently this option with respect to the remaining shares that
              are exercisable, subject to the six month vesting period set forth
              in the first sentence of this subparagraph (b) and the conditions
              of the Plan and this Agreement.

         (c)  Method of Exercising and Payment for Shares.  This option may be
              -------------------------------------------
              exercised only by written notice delivered to the attention of the
              Company's Secretary at the Company's principal office in Richmond,
              Virginia. The written notice shall specify the number of shares
              being acquired pursuant to the exercise of the option when such
              option is being exercised in part in accordance with subparagraph
              2(b) hereof. The exercise date shall be the date upon which such
              notice is received by the Company. Such notice shall be
              accompanied by payment of the option price in full for each share
              in cash in United States Dollars, or by the surrender of shares of
              Common Stock, or by cash equivalent acceptable to the Company or
              any combination thereof having an aggregate fair market value
              equal to the total option price for all the shares being
              purchased.

         (d)  Cashless Exercise.  To the extent permitted under the applicable
              -----------------
              laws and regulations, at the request of the Optionee, the Company
              will cooperate in a "cashless exercise" in accordance with Section
              7.03 of the Plan.

         (e)  Limited Transferability. The Optionee shall have the right to
              -----------------------
              transfer this option, in whole or in part, to (i) the spouse,
              children or grandchildren of

                                     Page 2
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              the Optionee ("Immediately Family Members"), (ii) a trust or
              trusts for the exclusive benefit of such Immediately Family
              Members, or (iii) a partnership in which such Immediate Family
              Members are the only partners, provided that (y) there may be no
              consideration for any such transfer and (z) subsequent transfers
              of this option once transferred shall be prohibited except
              transfers made by will or the laws of descent and distribution,
              subject to the terms hereof. Following transfer, this option shall
              continue to be subject to the same terms and conditions as were
              applicable immediately prior to transfer, provided that for
              purposes of this Section 2, the term Optionee shall be deemed to
              refer to the transferee. The events of resignation from or
              cessation of Board service of this Agreement shall continue to be
              applied with respect to the original Optionee to whom this option
              was granted, following which the option shall be exercisable by
              the transferee only to the extent, and for the period specified in
              this Section 2 (e).

     3.   Exercise in the Event of Death. Subject to the six month
          ------------------------------
exercisability requirement set forth in Section 2(b) hereof, this option shall
remain exercisable with respect to any shares yet unexercised in the event that
Optionee dies prior to exercising this option in full and prior to the
Expiration Date of this option. In that event, this option may be exercised by
Optionee's estate, or the person or persons to whom his rights under this option
shall pass by will or by the laws of descent and distribution. Optionee's estate
or such persons must exercise this option with respect to

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the remaining shares subject to the option, if at all, within two years of the
date of Optionee's death or during the remainder of the period preceding the
Expiration Date, whichever is shorter.

     4.   Exercise in the Event of Permanent and Total Disability. Subject to
          -------------------------------------------------------
the six month exercisability requirement set forth in Section 2(b) hereof, this
option shall remain exercisable with respect to any shares yet unexercised if
the Optionee becomes permanently and totally disabled (within the meaning of
Section 105(d)(4) of the Code) while serving on the Board prior to exercising
this option in full and prior to the Expiration Date of this option.  In such
event, Optionee must exercise this option with respect to the remaining shares
subject to this option, if at all, within two years of the date on which he
ceases serving on the Board due to permanent and total disability or during the
remainder of the period preceding the Expiration Date, whichever is shorter.

     5.   Exercise After Resignation, Non-Election or Other Approved
          ----------------------------------------------------------
Circumstance. Subject to the six month exercisability requirement set forth in
------------
Section 2(b) hereof, in the event that Optionee resigns from or is not re-
elected or does not stand for re-election to the Board or in any other
circumstance approved by the Board in its sole discretion, this option shall
remain exercisable with respect to any shares yet unexercised, but must be
exercised by Optionee, if at all, within two years following the date of his
resignation or cessation of service on the Board, or within the period
prescribed by the Board in an approved circumstance, or during the remainder of
the period preceding the Expiration Date, whichever is shorter.

     6.   Fractional Shares.  Fractional shares shall not be issuable hereunder,
          -----------------
and when any provision hereof may entitle the Optionee to a fractional share
such fraction shall be disregarded.

     7.   Investment Representation. Optionee agrees that, unless such shares
          -------------------------
previously have been registered under the Securities Act of 1933 (a) any shares
purchased by him hereunder will be

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purchased for investment and not with a view to distribution or resale and (b)
until such registration, certificates representing such shares may bear an
appropriate legend to assure compliance with such Act. This investment
representation shall terminate when such shares have been registered under the
Securities Act of 1933.

     8.   Change in Capital Structure.  Subject to any required action by the
          ---------------------------
shareholders of the Company, the number of shares of Common Stock covered by
this option, and the price per share thereof, shall be proportionately adjusted
and its terms shall be adjusted as the Committee shall determine to be equitably
required for any increase or decrease in the number of issued and outstanding
shares of Common Stock of the Company resulting from any stock dividend (but
only on the Common Stock), stock split, subdivision, combination,
reclassification, recapitalization or general issuance to holders of Common
Stock of rights to purchase Common Stock at substantially below its then fair
market value or any change in the number of such shares outstanding effected
without receipt of cash or property or labor or services by the Company for any
spin-off, spin-out, split-up, split-off or other distribution of assets to
shareholders.

     In the event of a change in the Common Stock of the Company as presently
constituted, which is limited to a change of all of its authorized shares with
par or without par value, the shares resulting from any such change shall be
deemed to be the Common Stock within the meaning of the Plan.

     The grant of the option pursuant to the Plan shall not affect in any way
the right or power of the Company to make adjustments, reclassifications,
reorganizations or changes of its capital or business structure or to merge or
to consolidate or to dissolve, liquidate or sell, or transfer all or any part of
its business or assets.

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     9.   Governing Law.  This Agreement shall be governed by and construed and
          -------------
enforced in accordance with the laws of the Commonwealth of Virginia, except to
the extent that federal law shall be deemed to apply.

     10.  Conflicts.  In the event of any conflict between the provisions of the
          ---------
Plan as in effect on the date hereof and the provisions of this Agreement, the
provisions of the Plan shall govern.  All references herein to the Plan shall
mean the Plan as in effect on the date hereof.

     11.  Optionee Bound by Plan.  The Optionee hereby acknowledges receipt of a
          ----------------------
copy of the Plan and agrees to be bound by all the terms and provisions thereof.

     12.  Binding Effect.  Subject to the limitations stated above and in the
          --------------
Plan, this Agreement shall be binding upon and inure to the benefit of the
legatees, distributees, and personal representatives of the Optionee and the
successors of the Company.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be signed by a
duly authorized officer, and the Optionee has affixed his or her signature
hereto.

UNIVERSAL CORPORATION                             OPTIONEE

By: __________________________                    _____________________________

                                                  [Name]

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                                                                   Exhibit 10.30

                             UNIVERSAL CORPORATION

               2000 SPECIAL NON-QUALIFIED STOCK OPTION AGREEMENT

     THIS AGREEMENT dated as of _________________________, 2000, between
Universal Corporation, a corporation organized under the laws of Virginia (the
"Company"), and _______________ (the "Optionee"), is made pursuant and subject
to the provisions of the Company's 1997 Executive Stock Plan and any future
amendments thereto (the "Plan").  Capitalized terms not otherwise defined herein
have the meanings given them in the Plan.

     1.   Grant of Option.  Pursuant to the Plan, the Company, on
          ---------------
________________, 2000, granted to the Optionee, subject to the terms and
conditions of the Plan and subject further to the terms and conditions herein
set forth, the right and Option to purchase from the Company all or any part of
an aggregate of __________ shares of common stock of the Company ("Common
Stock") at the Option price of $__________ per share.  Such Option will be
exercisable as hereinafter provided.

     2.   Terms and Conditions.  This Option is subject to the following terms
          --------------------
and conditions:

          (a)  Exercise of Option.  Unless this Option terminates pursuant to
               ------------------
               paragraph 3, this Option shall be exercisable, in whole or in
               part, with respect to the total number of shares covered by this
               Option, on or before May 31, 2000.

          (b)  Method of Exercising and Payment for Shares.  This Option shall
               -------------------------------------------
               be exercised by written notice delivered to the attention of the
               Company's Secretary at the Company's principal office in
               Richmond, Virginia on or before May 31, 2000.  The date of
               exercise shall be determined by the Company after receipt of such
               notice but shall be no later than May 31, 2000.  The written
               notice shall specify the number of shares being acquired pursuant
               to the exercise of the Option when such Option is being
<PAGE>

               exercised in part. Such notice shall be accompanied by payment of
               the Option price in full for each share of Common Stock being
               acquired pursuant to such exercise. Five percent (5%) of the
               Option price may be paid in cash, by delivery of a promissory
               note in the form of Exhibit A payable for such amount, by the
               surrender of shares of Common Stock held by the Executive for at
               least six (6) months with a Fair Market Value at the time of
               exercise equal to such amount, or by any combination of cash,
               promissory note or Common Stock equal to such amount. The
               remaining ninety-five percent (95%) of the Option price shall be
               paid by delivery of a promissory note in the form of Exhibit B
               payable for such amount.

          (c)  Nontransferability.  The Option granted under this Agreement
               ------------------
               shall be nontransferable except by will or by the laws of descent
               and distribution; provided, however, that the Optionee shall be
               entitled, in the manner provided in subparagraph 2(d) hereof, to
               designate a beneficiary to exercise his or her rights, and to
               receive any shares of Common Stock issuable, with respect to such
               Option upon the death of the Optionee. The Option may be
               exercised during the lifetime of the Optionee only by the
               Optionee or, if permitted by applicable law, the Optionee's
               guardian or legal representative.

          (d)  Designation of Beneficiary.  The Optionee may designate a
               --------------------------
               beneficiary by completing a beneficiary designation form approved
               by the Committee and delivering the completed designation form to
               the Human Resources Department of the Company.  The person who is
               the Optionee's named beneficiary at the time of his or her death
               (herein referred to as the "Beneficiary") shall be entitled to
               exercise the Option, to the extent it is exercisable, after the
               death of the Optionee.  The Optionee may from time to

                                     Page 2
<PAGE>

               time revoke or change his or her Beneficiary without the consent
               of any prior Beneficiary by filing a new designation with the
               Human Resources Department of the Company. The last such
               designation received by the Company shall be controlling;
               provided, however, that no designation, or change or revocation
               thereof, shall be effective unless received by the Company prior
               to the Optionee's death, and in no event shall any designation be
               effective as of a date prior to such receipt. If the Committee is
               in doubt as to the right of any person to exercise the Option,
               the Company may refuse to recognize such exercise, without
               liability for any interest or dividends thereon, until the
               Committee determines the person entitled to exercise such Option,
               which determination shall be final and conclusive.

     3.   Exercise During Employment.  The Optionee's right to exercise this
          --------------------------
Option shall terminate immediately in the event the Optionee's employment with
the Company or an Affiliate is terminated for cause as hereinafter defined or
the Optionee is in violation of paragraph 5 hereof.  For purposes of the
preceding sentence, the Optionee's employment shall be deemed to  have been
terminated for cause if the Optionee's employment is terminated as a result of
fraud, dishonesty or embezzlement from the Company or an Affiliate.

     4.   Exercise in the Event of Death.  In the event of death this Option may
          ------------------------------
be exercised by the Optionee's estate, or the person or persons to whom his
rights under this Option shall pass by will or the laws of descent and
distribution.

     5.   Optionee Covenants. The Optionee recognizes that over a period of many
          ------------------
years the Company and its Affiliates (including any predecessors or entities
from which they might have acquired goodwill) have developed, at considerable
expense, relationships with customers and prospective customers which constitute
a major part of the value of the goodwill of the

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<PAGE>

Company and its Affiliates. During the course of his employment by the Company,
the Optionee will have substantial contact with these customers and prospective
customers. In order to protect the goodwill of the Company's and the Affiliate's
businesses, the Optionee covenants and agrees that, in the event of the
termination of his employment, whether voluntary or involuntary, he shall
forfeit the Option if he directly or indirectly as an owner, shareholder,
director, employee, partner, agent, broker, consultant or other participant, for
the period during which the Option is exercisable:

               (a)  calls upon or causes to be called upon, or
               solicits or assists in the solicitation of any person,
               firm, association, or corporation, listed as a customer
               of the Company or any of its Affiliates on the date of
               termination of the Optionee's employment, for the
               purpose of selling, renting or supplying any product or
               service competitive with the products or services of
               the Company or any of its Affiliates; or

               (b)  performs for a competitor of the Company the same
               or similar services he or she performed for the
               Company.

     Subparagraphs (a) and (b) are separate and divisible covenants; if for any
reason any one covenant is held to be invalid or unenforceable, in whole or in
part, the same shall not be held to affect the validity or enforceability of the
others, or of any provision of this Agreement.  The period and scope of the
restrictions set forth in this paragraph shall be reduced to the maximum
permitted by the law actually applied to determine the validity of each
subparagraph.

     6.   Fractional Shares.  Fractional shares shall not be issuable hereunder,
          -----------------
and when any provision hereof may entitle the Optionee to a fractional share
such fraction shall be disregarded.

     7.   No Right to Continued Employment.  This Option does not confer upon
          --------------------------------
the Optionee any right with respect to continuance of employment by the Company
or an Affiliate,

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<PAGE>

nor shall it interfere in any way with the right of the Company or an Affiliate
to terminate his employment at any time.

     8.   Investment Representation. The Optionee agrees that unless such shares
          -------------------------
previously have been registered under the Securities Act of 1933 (i) any shares
purchased by him hereunder will be purchased for investment and not with a view
to distribution or resale and (ii) until such registration, certificates
representing such shares may bear an appropriate legend to assure compliance
with such Act.  This investment representation shall terminate when such shares
have been registered under the Securities Act of 1933.

     9.   Change in Capital Structure.  Subject to any required action by the
          ---------------------------
shareholders of the Company, the number of shares of Common Stock covered by
this Option, and the price per share thereof, shall be proportionately adjusted
for any increase or decrease in the number of issued shares of Common Stock of
the Company resulting from a subdivision or consolidation of shares or the
payment of a stock dividend (but only on the Common Stock), a stock split-up or
any other increase or decrease in the number of such shares effected without
receipt of cash or property or labor or services by the Company.

     Subject to any required action by the shareholders of the Company, if the
Company shall be the surviving corporation in any merger or consolidation, this
Option shall pertain to and apply to the securities to which a holder of the
number of shares of Common Stock subject to this Option would have been
entitled.  A dissolution or liquidation of the Company or a merger or
consolidation in which the Company is not the surviving corporation, shall cause
this Option to terminate, provided that the Optionee shall, in such event, have
the right immediately prior to such dissolution or liquidation, or merger or
consolidation in which the Company is not the surviving corporation, to exercise
this Option.

     In the event of a change in the Common Stock of the Company as presently
constituted, which is limited to a change of all of its authorized shares with
par value into the same number

                                     Page 5
<PAGE>

of shares with a different par value or without
par value, the shares resulting from any such change shall be deemed to be the
Common Stock within the meaning of the Plan.

     To the extent that the foregoing adjustments relate to stock or securities
of the Company, such adjustments shall be made by the Committee, whose
determination in that respect shall be final, binding and conclusive.

     Except as hereinbefore expressly provided in this paragraph 10, the
Optionee shall have no rights by reason of any subdivision or consolidation of
shares of stock of any class or the payment of any stock dividend or any other
increase or decrease in the number of shares of stock of any class or by reason
of any dissolution, liquidation, merger, or consolidation or spin-off of assets
or stock of another corporation, and any issue by the Company of shares of stock
of any class, or securities convertible into shares of stock of any class, shall
not affect, and no adjustment by reason thereof shall be made with respect to,
the number or price of shares of Common Stock subject to this Option.

     The grant of the Option pursuant to the Plan shall not affect in any way
the right or power of the Company to make adjustments, reclassifications,
reorganizations or changes of its capital or business structure or to merge or
to consolidate or to dissolve, liquidate or sell, or transfer all or any part of
its business or assets.

     10.  Governing Law.  This Agreement shall be governed by and construed and
          -------------
enforced in accordance with the laws of Virginia.

     11.  Conflicts.  In the event of any conflict between the provisions of
          ---------
the Plan as in effect on the date hereof and the provisions of this Agreement,
the provisions of the Plan shall govern.  All references herein to the Plan
shall mean the Plan as in effect on the date hereof.

     12.  Optionee Bound by Plan.  The Optionee hereby acknowledges receipt of
          ----------------------
a copy of the Plan and agrees to be bound by all the terms and provisions
thereof.

                                     Page 6
<PAGE>

     13.  Binding Effect.  Subject to the limitations stated above and in the
          --------------
Plan, this Agreement shall be binding upon and inure to the benefit of the
legatees, distributees, and personal representatives of the Optionee and the
successors of the Company.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be signed by a
duly authorized officer, and the Optionee has affixed his signature hereto.

UNIVERSAL CORPORATION                     OPTIONEE

By:  _________________________________    _____________________________
Title:_________________________________   [Name]

                                     Page 7
<PAGE>

                                   Exhibit A

                                PROMISSORY NOTE
                                ---------------

                                                                    May __, 2000
$_________

  For value received, the undersigned, ______________ (the "Maker"), promises to
pay to Universal Corporation, a Virginia corporation (the "Company"), or order,
at 1501 North Hamilton Street, Richmond, Virginia 23260, or at such other place
as the Company may designate in writing, the sum of
__________________________________ DOLLARS ($_________), together with interest
thereon from May __, 2000 until paid at the rate of six and six one hundredths
percent (6.06%).

  Interest shall be withheld from dividends payable on the shares of Company
Common Stock held by the Company as collateral for the Nonrecourse Secured
Promissory Note of the Maker to the Company in the amount of $____________
executed on this same date (the "Pledged Shares") to the extent such dividends
exceed the interest on that note and any required tax withholdings. If such
excess dividends are insufficient to pay the interest due on this Note, any
unpaid interest shall be added to the principal.

  Principal shall be due and payable on May __, 2010 in cash or by the surrender
of shares of common stock of Company, other than the Pledged Shares held by the
Maker for at least six months with a fair market value at the time of payment
equal to the principal due.

  The Maker shall have the absolute right to prepay without penalty, in whole or
in part, the indebtedness hereunder.

  The Company shall have the right to demand payment of the entire indebtedness
immediately upon termination of Maker's employment with the Company; provided
such
<PAGE>

demand is approved by the Compensation Committee of the Board of Directors and
by a majority of the members of the Board of Directors of the Company.

  All payments received under this Note shall be applied first to accrued but
unpaid interest and then to the principal balance outstanding.

  Each of the following shall constitute an "Event of Default" under this Note,
upon the happening of any one or more of which all liabilities of the Maker to
the Company shall, at the option of the Company, become immediately due and
payable, provided that an Event of Default shall not be deemed to have occurred
hereunder until the Maker has been notified of such default and failed to cure
it within ten (10) days thereafter: (1) Maker shall fail to pay any amount when
due hereunder; or (2) Maker shall (a) make an assignment for the benefit of
creditors, or petition or apply to any tribunal for the appointment of a
custodian, receiver, or trustee for it or a substantial part of his assets; or
(b) commence any proceeding under any bankruptcy, reorganization, arrangements,
readjustment of debt, dissolution, or liquidation law or statute of any
jurisdiction, whether now or hereafter in effect; or (c) have any such petition
or application filed or any such proceeding commenced against him and not
dismissed within sixty (60) days.

  The Maker hereby waives: presentment, protest, and notice of dishonor and
protest; any right which it may have to require the Company to proceed against
any person before taking action on this Note; and agrees to pay all expenses
incurred by the Company in collecting this Note, including reasonable attorneys'
fees if this Note is placed with an attorney for collection.

                                    Page 2
<PAGE>

This Note is made under and shall be construed in accordance with the laws of
the Commonwealth of Virginia.

                                    ________________________________
                                    _______________ (Maker)

                                    ________________________________
                                                   Date

Acknowledgement and Acceptance

Universal Corporation (Company)

By:_____________________________

Title:__________________________

Date:___________________________

                                    Page 3
<PAGE>

                                   Exhibit B

                      NONRECOURSE SECURED PROMISSORY NOTE
                      -----------------------------------

                                                                    May __, 2000
$_______

  For value received, the undersigned, __________________ (the "Maker"),
promises to pay to Universal Corporation, a Virginia corporation (the
"Company"), or order, at 1501 North Hamilton Street, Richmond, Virginia 23260,
or at such other place as the Company may designate in writing, the sum of
________________________ DOLLARS ($__________), together with interest thereon
compounded quarterly from May __, 2000 until paid at the rate of six and six one
hundredths percent (6.06%).

  Interest shall be paid from dividends on the Pledged Shares (as hereinafter
defined) at the time such dividends are payable. If such dividends are
insufficient to pay the interest due, any unpaid interest shall accrue and
remain outstanding and shall be subject to the accrual of additional interest.

  Principal shall be due and payable on May __, 2010 in cash or by the surrender
of shares of common stock of Company, other than the Pledged Shares, held by
Maker for at least six (6) months with a fair market value at the time of
payment equal to the principal due.

  With the consent of the Company, the Maker may also pay any amounts due under
this Note by delivering a sufficient number of the Pledged Shares to a
Securities Broker with instruction to sell such shares and deliver the proceeds,
net of any costs and expenses associated with such sale to the Company;
provided, however, any such sale proceeds shall first be applied to the
principal balance outstanding and then to any accrued but unpaid interest.
<PAGE>

  The Maker shall have the absolute right to prepay without penalty, in whole or
in part, the indebtedness hereunder at any time after two years from the date
hereof.

  The Company shall have the right to demand payment of the entire indebtedness
immediately upon termination of Maker's employment with the Company; provided
such demand is approved by the Compensation Committee of the Board of Directors
and by a majority of the members of the Board of Directors of the Company.

  Except as otherwise provided herein, all payments received under this Note
shall be applied first to accrued but unpaid interest and then to the principal
balance outstanding. Any payments of principal shall be accompanied by payment
by the Executive to the Company of any appropriate withholding taxes.

  As collateral security for the payment of this Note, Maker hereby pledges with
Company and grants to Company a continuing lien and first security interest in
the ____________________ (______) shares of Common Stock of Company for which
this Note represents partial payment of the exercise price of an option to
purchase such shares (the "Pledged Shares"), together with all rights (which may
only be exercised upon an Event of Default hereunder) to which the Maker is now
or may become entitled by virtue of its ownership of such stock, including,
without limitation, cash dividends, stock dividends, and stock rights, all of
which shall upon request of the Company be delivered to the Company with written
authority to sell, transfer, or rehypothecate the same (all together, the
"Collateral"). Maker shall deliver to Company the certificate(s) representing
the Pledged Shares, together with stock powers therefor executed in blank.

  Dividends on the Pledged Shares shall first be used to pay interest due as
provided herein, including any interest accrued but unpaid. If the amount of
such dividends exceeds the interest due on the Note, such excess, net of any
required tax withholdings, shall first be used to pay any interest

                                    Page 2
<PAGE>

due on the Promissory Note of the Maker to the Company in the amount of
$________ executed on this same date and any amount remaining shall be paid to
the Maker.

  This is a nonrecourse note as to the principal balance outstanding. Upon an
Event of Default, the sole remedy of Company as to the principal balance
outstanding shall be to proceed against the Collateral which shall be applied
first against the principal balance outstanding and then to any accrued but
unpaid interest. There shall be no personal liability upon Maker for the
principal owed. However, the Company shall have full recourse against the Maker
for any accrued but unpaid interest.

  Each of the following shall constitute an "Event of Default" under this Note,
upon the happening of any one or more of which all liabilities of the Maker to
the Company shall, at the option of the Company, become immediately due and
payable, provided that an Event of Default shall not be deemed to have occurred
hereunder until the Maker has been notified of such default and failed to cure
it within ten (10) days thereafter: (1) Maker shall fail to pay any amount when
due hereunder; (2) Maker shall (a) make an assignment for the benefit of
creditors, or petition or apply to any tribunal for the appointment of a
custodian, receiver, or trustee for it or a substantial part of his assets; or
(b) commence any proceeding under any bankruptcy, reorganization, arrangements,
readjustment of debt, dissolution, or liquidation law or statute of any
jurisdiction, whether now or hereafter in effect; or (c) have any such petition
or application filed or any such proceeding commenced against him and not
dismissed within sixty (60) days; or (3) Maker shall fail to deliver to the
Company at such time and place as the Company shall reasonably require, share
certificate(s) representing the Pledged Shares issued in Maker's name with
appropriate stock powers executed in blank by the Maker. Upon the occurrence of
any default hereunder, the Company, in

                                    Page 3
<PAGE>

addition to all other rights, shall have the rights of a secured party under the
applicable provisions of the Uniform Commercial Code of the Commonwealth of
Virginia.

  The Maker hereby waives: presentment, protest, and notice of dishonor and
protest; any right which it may have to require the Company to proceed against
any person before taking action on this Note; and agrees to pay all expenses
incurred by the Company in collecting this Note, including reasonable attorneys'
fees if this Note is placed with an attorney for collection.

  This Note is made under and shall be construed in accordance with the laws of
the Commonwealth of Virginia.

                                  __________________________________
                                  ________________ (Maker)

                                  __________________________________
                                                     Date

Acknowledgement and Acceptance

Universal Corporation (Company)

By:_____________________________

Title:__________________________

Date:___________________________

                                    Page 4
<PAGE>

                            IRREVOCABLE STOCK POWER

  In connection with the pledge of stock pursuant to that certain Nonrecourse
Secured Promissory Note dated as of May __, 2000, made by the undersigned in
favor of Universal Corporation, a Virginia corporation, the undersigned hereby
assigns and transfers to:

________________________________, __________ (______) shares of common stock of
Universal Corporation, standing in the name of the undersigned, represented by
Certificate(s) No. ________.

  Furthermore, the undersigned does hereby irrevocably constitute and appoint
____________________________________________, attorney to transfer said shares
on the books of the issuer with full power of substitution in the premises.

                                  __________________________ (Maker)
                                     [Name]

                                  _____________________________________
                                                       Date

                                    Page 5
<PAGE>

                           Schedule to Exhibit 10.30

<TABLE>
<CAPTION>
     Executive            Date of               Options        Exercise               May 31, 2000 Notes
      Officer              Grant                Granted         Price             Recourse       Non-Recourse
<S>                    <C>                      <C>           <C>                 <C>            <C>
Henry H. Harrell       April 19, 2000            71,000       $18.500             $70,853         $1,346,203
                         May 17, 2000             4,734       $21.875

Allen B. King          April 19, 2000            55,000       $18.500             $54,886         $1,042,830
                         May 17, 2000             3,667       $21.875

William L. Taylor      April 19, 2000            34,000       $18.500             $33,930         $  644,661
                         May 17, 2000             2,267       $21.875

Hartwell H. Roper      April 19, 2000            31,000       $18.500             $30,936         $  587,780
                         May 17, 2000             2,067       $21.875
</TABLE>

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