Document:

EX-10.1

 

Exhibit 10.1

MAX & ERMA’S RESTAURANTS, INC.

[INCENTIVE/NON-STATUTORY] STOCK OPTION AGREEMENT

UNDER THE

2007 STOCK INCENTIVE PLAN

     Max & Erma’s Restaurants, Inc. (the “Company”) hereby grants, effective this ___day of
___, 20___(the “Effective Date”) to   (the “Optionee”)
an option to purchase
                                                  shares of its common stock, $.10 par value (the “Option
Shares”), at a price of $  per share pursuant to the Company’s 2007 Stock Incentive Plan
(the “Plan”), subject to the following:

     1. RELATIONSHIP TO THE PLAN. This option is granted pursuant to the Plan, and is in
all respects subject to the terms, provisions and definitions of the Plan and any amendments
thereto. The Optionee acknowledges receipt of a copy of the Plan and represents that he or she is
familiar with the terms and conditions thereof. The Optionee accepts this option subject to all
the terms and provisions of the Plan (including without limitation provisions relating to
nontransferability, exercise of the option, sale of the option shares, termination of the option,
adjustment of the number of shares subject to the option, and the exercise price of the option).
The Optionee further agrees that all decisions and interpretations made by the Compensation
Committee (the “Committee”), as established under the Plan, and as from time to time constituted,
are final, binding, and conclusive upon the Optionee and his or her heirs. This option [is/is not]
an Incentive Stock Option under the Plan.

     2. TIME OF EXERCISE. This option may be exercised, from time to time, in full or in
part, by the Optionee to the extent the option is vested based upon
[                                                             ] (the “Vested Percentage”)
and remains exercisable (subject to the provisions herein and the Plan) until it has been exercised
as to all of the Option Shares or the [___anniversary of the Effective Date], whichever occurs
first. The Optionee is entitled to exercise this option to the extent of the percentage of, and
not to exceed in the aggregate, the maximum number of the Option Shares, based upon the Vested
Percentage, from time to time, as determined in accordance with the following schedule:

	 	 	 
	Time After	 	Total
	the Effective Date	 	Vested Percentage
	
	 	

Notwithstanding the foregoing, this option may not be exercised unless (i) the Option Shares are
registered under the Securities Act of 1933, as amended, and are registered or qualified under
applicable state securities or “blue sky” laws, or (ii) the Company has received an opinion of
counsel to the Company to the effect that the option may be exercised and Option Shares may be
issued by the Company pursuant thereto without such registration or qualification. If this option
is not otherwise exercisable by reason of the foregoing sentence, the Company will take reasonable
steps to comply with applicable state and federal securities laws in connection with such issuance.

     3. METHODS OF EXERCISE. This option is exercisable by delivery to the Company of
written notice of exercise which specifies the number of shares to be purchased and the election of
the method of payment therefor, which will be one of the methods of payment specified in Section
11(c) of the Plan. If payment is other than payment in full in cash, the method of payment is
subject to the consent of the Committee. Upon receipt of payment for the shares to be purchased
pursuant to the option or, if applicable, the shares to be delivered pursuant to the election of an
alternative payment method, the Company will deliver or cause to be delivered to the Optionee, to
any other person exercising this option, or to a broker or dealer if the method of payment
specified in clause (v) of Section 11(c) of the Plan is elected, a certificate or certificates for
the number of shares with respect to which this option is being exercised, registered in the name
of the Optionee or other person exercising the option, or if appropriate, in the name of such
broker or dealer; provided, however, that if any law or regulation or order of the Securities and
Exchange Commission or other body having jurisdiction over the exercise of this option will require
the Company or Optionee (or other person exercising this option) to take any action in connection
with the shares then being purchased, the delivery of the certificate or certificates for such
shares may be delayed for the period necessary to take and complete such action.

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     4. ACQUISITION FOR INVESTMENT. This option is granted on the condition that the
acquisition of the Option Shares hereunder will be for the account of the Optionee (or other person
exercising this option) for investment purposes and not with a view to resale or distribution,
except that such condition will be inoperative if the Option Shares are registered under the
Securities Act of 1933, as amended, or if in the opinion of counsel for the Company such shares may
be resold without registration. At the time of any exercise of the option, the Optionee (or other
person exercising this option) will execute such further agreements as the Company may require to
implement the foregoing condition and to acknowledge the Optionee’s (or such other person’s)
familiarity with restrictions on the resale of the Option Shares under applicable securities laws.

     5. DISPOSITION OF SHARES. The Optionee or any other person who may exercise this
option will notify the Company within seven (7) days of any sale or other transfer of any Option
Shares, and the Company may place a legend on the Option Shares to such effect. If any class of
equity securities of the Company is registered pursuant to section 12 of the Securities Exchange
Act of 1934, as amended, and the Optionee or any other person who may exercise this option is
subject to section 16 of that Act by virtue of such Optionee’s or person’s relationship to the
Company, the Optionee or other person exercising this option agrees not to sell or otherwise
dispose of any Option Shares unless at least six (6) months have elapsed from the Effective Date.

     6. WITHHOLDING. As a condition to the issuance of any of the Option Shares under this
option, Optionee or any person who may exercise this option authorizes the Company to withhold in
accordance with applicable law from any salary, wages or other compensation for services payable by
the Company to or with respect to Optionee any and all taxes required to be withheld by the Company
under federal, state or local law as a result of such Optionee’s or such person’s receipt or
disposition of Option Shares purchased under this option. If, for any reason, the Company is
unable to withhold all or any portion of the amount required to be withheld, Optionee (or any
person who may exercise this option) agrees to pay to the Company upon exercise of this option an
amount equal to the withholding required to be made less the amount actually withheld by the
Company.

     7. GENERAL. This Agreement will be construed as a contract under the laws of the State
of Ohio without reference to Ohio’s choice of law rules. It may be executed in several
counterparts, all of which will constitute one Agreement. It will bind and, subject to the terms
of the Plan, benefit the parties and their respective successors, assigns, and legal
representatives.

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

	 	 	 
	OPTIONEE:

	 	MAX & ERMA’S RESTAURANTS, INC.
	 
	 	 
	 

	 	By:
	 	 	 

23EX-10.1

 

Exhibit 10.1

GIBRALTAR STEEL CORPORATION

INCENTIVE

STOCK OPTION PLAN

 

First Amendment to

Fifth Amendment and Restatement

 

RECITALS:

     Gibraltar Steel Corporation, a Delaware corporation with offices at 3556 Lake Shore Road,
Buffalo, New York 14219 (now known as Gibraltar Industries, Inc. (the “Company”)) adopted an
incentive stock option plan known as the “Gibraltar Steel Corporation Incentive Stock Option Plan
(the “Plan”) on September 21, 1993 to enable the Company to attract and retain highly qualified
individuals as officers and key employees of the Company by providing such officers and key
employees an equity based form of incentive compensation.

     Prior to the date hereof, the Company has amended and restated the Plan for the purpose of
making certain technical changes to the terms of the Plan, to modify the manner in which the Plan
is administered and to provide for an increase in the number of shares of common stock, par value
$.01 per share of the Company (hereinafter the “Common Stock”) which may be issued upon the
exercise of options granted pursuant to the terms of the Plan from 400,000 shares (the aggregate
number of shares of Common Stock which the Company was authorized to issue upon the exercise of
options granted under the terms of the Plan as adopted on September 21, 1993) to 1,475,000.

     The Company now desires to amend the Plan effective as of June 1, 2007 to modify the manner in
which the exercise price payable in connection with the exercise of any options may be paid.

     NOW, THEREFORE, in consideration of the foregoing, the Company hereby adopts the following as
the first Amendment to the Fifth Amendment and Restatement of the Gibraltar Steel Corporation
Incentive Stock Option Plan effective as of June 15, 2007:

     1. Section 8 of the Plan is hereby amended by deleting the same in its entirety and
substituting therefore a new Section 8 to read as follows:

     “1. Exercise of Option. Options shall be exercised as follows:

          (a) Notice. Each option, or any installment thereof, shall be exercised, whether in
whole or in part, by giving written notice to the Company at its principal office, specifying the
options being exercised (by reference to the date of the grant of the option), the number of shares
to be purchased, the purchase price being paid in connection with the exercise of the option and
the manner of payment of the purchase price elected by the Optionee. Each such notice shall also
contain representations on behalf of the Optionee that he acknowledges that the Company is selling
the shares being acquired by him under a claim of exemption from registration under the

 

 

Securities Act of 1933 as amended (the “Act”), as a transaction not involving any public offering;
that he represents and warrants that he is acquiring such shares with a view to “investment” and
not with a view to distribution or resale; and that he agrees not to transfer, encumber or dispose
of the shares unless: (i) a registration statement with respect to the shares shall be effective
under the Act, together with proof satisfactory to the Company that there has been compliance with
applicable state law; or (ii) the Company shall have received an opinion of counsel in form and
content satisfactory to the Company to the effect that the transfer qualifies under Rule 144 or
some other disclosure exemption from registration and that no violation of the Act or applicable
state laws will be involved in such transfer, and/or such other documentation in connection
therewith as the Company’s counsel may in its sole discretion require.

          (b) Payment. Payment of the purchase price for shares of Common Stock to be acquired
in connection with the exercise of any options granted under this Plan (including, specifically,
options granted prior to September 21, 2003) may be made using any of the following payment
methods, whichever is elected by the Optionee in the notice of exercise which is delivered to the
Company: (i) by delivery to the Company of cash or a certified or bank check payable to the order
of the Company in an amount equal to the portion of the purchase price which is payable in
connection with the exercise of such option; (ii) by delivery to the Company of previously acquired
shares of the Company’s Common Stock having an aggregate fair market value equal to the portion of
the purchase price which is payable in connection with the exercise of such option, provided that
such previously acquired shares of Common Stock have been held by the Optionee for such period of
time as may be required by the Committee at the time such shares are delivered to the Company in
connection with the Optionee’s exercise of his/her option hereunder; (iii) to the extent permitted
under applicable law, through any cashless exercise sale and remittance procedure that the
Committee, in its discretion, may from time to time approve; (iv) by a “net exercise” arrangement
pursuant to which the number of shares of Common stock issued to the Optionee in connection with
the Optionee’s exercise of the Option will be reduced by the Company’s retention of a portion of
the shares of the Company’s Common Stock to be issued in connection with the exercise of such
option, which shares of Common Stock have an aggregate fair market value equal to the sum of: (A)
the total exercise price payable for that number of shares of the Company’s Common Stock (including
retained shares) which is to be issued upon the exercise by the Optionee of the number of options
identified by the Optionee in the exercise notice; and (B) the aggregate amount of the statutory
minimum withholding taxes payable in connection with the Optionee’s payment of the purchase price
for the exercise of his options using the “net exercise” arrangement provided for by this Section
8(b)(iii); or (v) any other method of payment as the Committee may, from time to time approve. In
connection with payment by an Optionee of the purchase price due in connection with the exercise of
an option using the “net exercise” arrangement provided for above, the option shall be deemed to
have been exercised by the Optionee with respect to the shares of Common Stock used to pay the
exercise price, the shares of Common Stock used to satisfy the Company’s statutory minimum
withholding tax obligations and the shares of Common Stock issued to the Optionee in connection
with the “net exercise” arrangement. If shares of the Company’s Common Stock are delivered (or
retained by the Company) as payment of the purchase price for shares of Common Stock to be acquired
in connection with the exercise of options granted hereunder, the shares of Common Stock which are
delivered (or retained by the Company) in payment of such purchase price shall be equal in value to
the fair market value (determined in accordance with the principles set forth in Section 6 hereof)
of the Common

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Stock on
the day immediately preceding the day on which such Common Stock is delivered (or retained by the Company) in connection with the
exercise of options granted hereunder.

          (c) Issuance of Certificates. Certificates representing the shares purchased by the
Optionee shall be issued as soon as practicable after the Optionee has complied with the provisions
of Section 8(a) hereof.

          (d) Rights as a Stockholder. The Optionee shall have no rights as a stockholder with
respect to the shares of Common Stock purchased until the date of the issuance to him of a
certificate representing such shares.”

     2. Except as otherwise provided in Section 1 above, the terms of the Plan as contained in the
Fifth Amendment and Restatement of the Plan effective as of January 1, 2000, shall continue in full
force and effect without modification or amendment.

     IN WITNESS WHEREOF, the undersigned has executed this Plan by and on behalf of the Company on
and as of the 15th day of June, 2007.

	 	 	 	 	 
	 

	 	GIBRALTAR INDUSTRIES, INC.

 	 
	 	     /s/ David W. Kay
 	 
	 	Name:  	David W. Kay 	 
	 	Title:    Executive Vice President,

Chief Financial Officer and Treasurer 	 

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