Document:

<PAGE>
                                                                  Exhibit 10.15

HMI Industries Inc.
Exhibit 10
Material Contracts - Incentive Stock Option Agreements

  PARTICIPANT     AGREEMENT      SHARES       EFFECTIVE DATE/SHARES EXERCISABLE
                    DATE

Daniel Duggan     07/25/01       40,000              07/25/02 - 13,333
                                                     07/25/03 - 13,333
                                                     07/25/04 - 13,334

James R. Malone   07/25/01      100,000              07/25/02 - 33,333
                                                     07/25/03 - 33,333
                                                     07/25/04 - 33,334

Julie McGraw      07/25/01       40,000              07/25/02 - 13,333
                                                     07/25/03 - 13,333
                                                     07/25/04 - 13,334

Joseph Najm       07/25/01       50,000              07/25/02 - 16,666
                                                     07/25/03 - 16,667
                                                     07/25/04 - 16,667

Jackie Purcell    07/25/01       25,000              07/25/02 - 8,333
                                                     07/25/03 - 8,333
                                                     07/25/04 - 8,334

Daniel Roman      07/25/01       25,000              07/25/02 - 8,333
                                                     07/25/03 - 8,333
                                                     07/25/04 - 8,334

Ted Timmers       07/25/01       40,000              07/25/02 - 13,333
                                                     07/25/03 - 13,333
                                                     07/25/04 - 13,334

Darrell Weeter    07/25/01       40,000              07/25/02 - 13,333
                                                     07/25/03 - 13,333
                                                     07/25/04 - 13,334

Carl Young        07/25/01       50,000              07/25/02 - 16,666
                                                     07/25/03 - 16,667
                                                     07/25/04 - 16,667

See filed exhibit for James R. Malone

<PAGE>
                                                                Exhibit 10.15

                        INCENTIVE STOCK OPTION AGREEMENT

         THIS INCENTIVE STOCK OPTION AGREEMENT is entered into as of July
25,2001 by and between HMI Industries Inc., a Delaware corporation, with its
principal place of business at 6000 Lombardo Center, Seven Hills, Ohio (the
"Company") and James R. Malone (the "Participant").

         WHEREAS, the Company has adopted the 1992 Omnibus Long-Term
Compensation Plan (the "Plan"); and,

         WHEREAS, Participant is a Key Employee of the Company as defined in the
Plan; and,

         WHEREAS, pursuant to section 8 of the Plan the Participant may be
granted an option to purchase shares of Common Stock of the Company.

         NOW, THEREFORE, in consideration of the premises and the covenants
contained herein, the Company and Participant hereby agree as follows:

         1. GRANT OF OPTION. There is hereby granted to Participant an option to
purchase 100,000 shares of Common Stock of the Company at a price of $1.15 per
share. The number of shares which may be purchased and the exercise price per
share are subject to adjustment as provided in the Plan. This option is intended
to be an incentive stock option within the meaning of section 422 of the
Internal Revenue Code.

         2. EXERCISE OF OPTION. The option granted to Participant herein may be
exercised in whole or in part, subject to the following limitations on exercise:

         Effective Date             Shares Exercisable
         --------------             ------------------

         July 25, 2002              33,333
         July 25, 2003              33,333
         July 25, 2004              33,334

         3. EXPIRATION. To the extent not exercised, the option expires on July
25, 2006, unless expiring sooner pursuant to the terms of the Plan, applicable
provisions of the Internal Revenue Code or other provisions of this Agreement.

         4. ACCELERATION. In the event of a change in control as defined in the
Plan, this option shall become immediately exercisable with respect to all
unexercised shares.

         5. RETIREMENT. If the Participant ceases to be an employee of the
Company by reason of retirement in accordance with any retirement plan or policy
of the Company then in effect, the Participant, at any time within the six month
period following such retirement (but prior to the expiration date of the option
as specified in section 3) may exercise the option with respect to the shares
then exercisable.

1

<PAGE>

         6. DEATH OF PARTICIPANT. If the Participant shall die while in the
employ of the Company, then within the one year period following his death (but
prior to the expiration date of the option as specified in section 3) the person
entitled by will or the applicable laws of descent and distribution may exercise
the option without regard to the vesting schedule in section 2.

         7. TERMINATION OF EMPLOYMENT. If the Participant ceases to be employed
by the Company for any reason other than retirement or death, this option shall
not be exercisable after the expiration of three months from the date employment
terminates and shall be exercisable only to the extent that it was exercisable
as of the date of termination of employment. The option must be exercised in any
event prior to the expiration date of the option specified in section 3.

         8. REGISTRATION. Participant represents and warrants that any shares
purchased by him upon the exercise of an option will be acquired for investment
only and not with a view to resale or distribution. Provided, however, that this
representation and warranty shall not be applicable to an offer for the sale or
the sale of any such shares which, at the time of such offer or sale, are
registered under the Securities Act of 1933, as amended (the "Act"), and any
applicable state securities law, or which without such registration and apart
from the provisions of this section could be offered for sale or sold without
violation of such Act or law. Nothing herein shall require the Company to file a
registration statement or to keep such registration statement current for any
shares purchased pursuant to the exercise of options granted hereunder. If
requested by the Company, Participant agrees to sign a letter addressed to the
Company certifying investment intent. Participant acknowledges that any shares
issued without registration will be "restricted securities" as that term is
defined in Rule 144 of the Act, and that any transfer or disposition of such
shares can be accomplished only in compliance with Rule 144, the Act or other
applicable rules under the Act.

         9. LEGEND ON CERTIFICATES. Each certificate for shares of Common Stock
of the Company issued to Participant upon exercise of an option shall, in the
sole discretion of the Company, bear a legend substantially as follows:

         "The shares represented by this certificate have not been registered
under the Securities Act of 1933, as amended. The shares may not be sold or
transferred in the absence of such registration or an opinion of counsel that
registration is not required due to an exemption from registration under that
Act."

         10. EMPLOYMENT RIGHT. This Agreement shall not be construed as
requiring the Company to retain Participant as an employee or affect or limit
the right of the Company to terminate the employment of Participant at any time
for any reason or to give Participant any additional rights as an employee
beyond those rights granted by law or by contract. As consideration for
receiving the option, Participant agrees that he will remain in the employ of
the Company for at least one year from the date of the grant of the option,
unless his employment is terminated because of disability or with the consent of
the Company.

2
<PAGE>

         11. COMPLIANCE WITH PLAN. Participant agrees to comply with all
applicable provisions of the Plan, a copy of which has been delivered to
Participant and receipt of which is hereby acknowledged.

         12. CONFLICT WITH PLAN. In the event of any conflict between any term
of this Agreement and the Plan, the terms of the Plan shall prevail. Except for
terms defined in this Agreement, the definitions contained in the Plan will
apply to this Agreement.

         13. ASSIGNMENT AND DISPOSITION. Participant shall not transfer or
assign or in any way dispose of any option granted herein except in accordance
with the Plan and applicable law.

         14. NOTICE OF EXERCISE. This option may be exercised by delivering to
the Company at the office of its Chief Financial Office a written notice, signed
by the person entitled to exercise the option and stating the number of shares
to be purchased. Such notice shall, as an essential part thereof, be accompanied
by payment of the full purchase price of the shares to be purchased.
Upon payment within the time period specified by the Company of the amount, if
any, required to be withheld for Federal, state and local tax purposes as a
result of the exercise of the option, the option shall be deemed exercised as of
the date the Company received the written notice of exercise. The Participant
may satisfy any withholding requirement by authorizing the Company at the time
of exercise to withhold from his next salary payment all or part of the amount
required to be withheld by the Company as a result of such exercise. Participant
may satisfy the withholding obligation by authorizing the Company to withhold
shares from the shares acquired hereunder equal in value to the amount required
to satisfy such withholding. Payment of the purchase price may be made in cash
or in shares equal in value to the exercise price, or partly in cash and partly
in shares. The option shall not be exercisable if the exercise would violate any
applicable state securities law, any registration or other requirements under
the Act or any applicable legal requirement of any other governmental authority.

         IN WITNESS WHEREOF, the Company and Participant have executed this
Incentive Stock Option Agreement as of the date indicated above.

                                                  HMI INDUSTRIES INC.

                                                  By  /s/ Carl H. Young
                                                     ------------------------
                                                     Carl H. Young, President

                                                  /s/ James R. Malone
                                                  ---------------------------
                                                  James R. Malone

3<PAGE>

                                                                   EXHIBIT 10(a)

                              EMPLOYMENT AGREEMENT

         This Employment Agreement ("Agreement") is made as of the 25th day of
September 2001, between James C. Spira ("Spira") and American Greetings
Corporation ("AG" or "Company").

         In consideration of the mutual promises contained herein, the parties
agree as follows:

         1. POSITION: Spira is employed by AG as the Company's President and
Chief Operating Officer. Spira will perform any and all reasonable duties
commensurate with these positions, devote substantially all of his business time
and attention and give his reasonable best efforts to the business affairs of
the Company as the AG Board of Directors or Executive Committee may from time to
time determine. Spira may serve on corporate, civic and charitable boards and
committees, deliver lectures, fulfill speaking engagements and manage personal
investments so long as they do not significantly interfere with the performance
of his duties under this Agreement.

         2. TERM: Employment pursuant to this Agreement commenced on June 25,
2000, and will continue until terminated by Company or Spira. While the parties
contemplate that the term, unless extended by the parties, will end on or around
June 25, 2003, it is understood that Spira's employment with AG, whether
pursuant to this Agreement or otherwise, is terminable at-will, and may be
terminated by either party at any time for any reason or for no reason.

         3. COMPENSATION: During the term of this Agreement, in addition to the
other health and welfare benefits normally offered to Executive Officers (as
designated by the AG Board of Directors or otherwise), including participation
in the AG Retirement Profit Sharing and Savings Plan, and the health care,
disability and life insurance plans, Spira will receive the following base
salary and benefits:

                  a. BASE SALARY: Spira will be paid an annual base salary of
         $500,000, less payroll taxes and other withholdings ("Base Salary").
         Such Base Salary will be reviewed around the end of each AG fiscal year
         and at that time may be increased at the discretion of the AG Board of
         Directors.

                  b. STOCK GRANT. The Company has granted to Spira the following
         shares of Class A Common Stock of AG on the terms stated herein. Spira
         shall pay no purchase price for the shares, but at Spira's written
         election, shares may be withheld by the Company to pay federal, state
         and local taxes and withholdings.

                           (i) UNRESTRICTED GRANT. As of June 22, 2001, the
                           Company granted to Spira 175,000 shares of Class A
                           Common Stock, which grant vested immediately as of
                           June 22, 2001, at the grant date price of $10.36 per
                           share, for a total value of $1,813,000. This is an
                           unrestricted grant from shares held in Treasury that
                           may be sold, assigned, transferred, pledged,
                           hypothecated, gifted or otherwise disposed of
                           (collectively, "transferred") by Spira at any time
                           following the June 22, 2001 grant date, subject to
                           applicable federal, state and local law and AG
                           policies and procedures regarding trading by
                           insiders. The Company shall file at its expense, and
                           as soon as practical, a Form S-8 and/or such other
                           forms and documents (including, but not limited to, a
                           reoffer prospectus) as may be necessary to register
                           the shares subject to this unrestricted grant and
                           Spira shall fully cooperate in such filings. To the
                           extent that it has not already done so, the

<PAGE>

                           Company shall deliver certificates for the shares
                           subject to this unrestricted grant to Spira as soon
                           as practical after the date hereof. Mr. Spira has
                           informed the Company that if he does not use shares
                           of Class A Common Stock to satisfy any tax
                           withholding requirement, he intends to deposit the
                           shares subject to this unrestricted grant with a
                           broker with an order to sell such shares should their
                           fair market value decrease to a stated price. The
                           Company acknowledges that the foregoing is neither
                           addressed nor prohibited under AG policies and
                           procedures regarding trading by insiders. Spira
                           acknowledges that his decision to proceed with the
                           foregoing is a personal decision and his alone, that
                           he will fully comply with the requirements for Rule
                           10b5-1 plans, and that prior to any transaction in
                           such shares he will allow the Company to review and
                           approve the planned transaction, which approval shall
                           not be unreasonably withheld.

                           (ii) RESTRICTED GRANT. As of September 5, 2001, the
                           Company granted to Spira 65,000 restricted shares of
                           Class A Common Stock ("Restricted Shares") at the
                           grant date price of $12.70 per share, for a total
                           value of $825,500. These Restricted Shares were
                           granted under the Company's 1997 Equity and
                           Performance Incentive Plan ("1997 Plan") [Attachment
                           1] and are subject to the substantial risk of
                           forfeiture and restrictions on transfer described in
                           paragraph 6. of the Plan. Such restrictions on the
                           Restricted Shares shall lapse and Spira may
                           thereafter transfer them upon the occurrence of the
                           following:

                           (a)  43,333 Restricted Shares may be transferred on
                                and after (but not before) June 25, 2002, only
                                if both of the following occur for FY02: (1) the
                                Company attains the restructure savings goal set
                                in the annual management incentive plan and
                                earns $1.14 per share (as adjusted for stock
                                splits or stock dividends after September 5,
                                2001); and (2) the AG Board declares an annual
                                bonus to AG management under the annual
                                management incentive plan. Except as set forth
                                in paragraph 3.b.(ii)(c) below, if both
                                conditions are not met, Spira's interest in the
                                43,333 Restricted Shares shall terminate on June
                                26, 2002, and Spira shall forthwith deliver or
                                cause to be delivered to the AG Secretary the
                                certificates(s), if any, previously delivered to
                                Spira for such shares, accompanied by such
                                endorsement(s) and/or instrument(s) of transfer
                                as the Secretary may require.

                           (b)  21,667 Restricted Shares may be transferred on
                                and after June 25, 2003, only if both of the
                                following occur for FY03: (1) the Company
                                attains the annual bonus goals for AG management
                                established hereafter by the AG Board; and (2)
                                the AG Board declares an annual bonus to AG
                                management under the annual management incentive
                                plan. Except as set forth in paragraph
                                3.b.(ii)(c) below, if both conditions are not
                                met, Spira's interest in the 21,667 Restricted
                                Shares shall terminate on June 26, 2003, and
                                Spira shall forthwith deliver or cause to be
                                delivered to the AG Secretary the
                                certificates(s), if any, previously delivered to
                                Spira for such shares, accompanied by such
                                endorsement(s) and/or instrument(s) of transfer
                                as the Secretary may require.

                          (c)   All of the Restricted Stares shall become
                                immediately vested (and all substantial risk
                                of forfeitures and restrictions on transfer
                                will lapse) upon the happening of: (a)
                                Spira's death, or permanent and total
                                disability, (b)

<PAGE>

                                    AG's termination of Spira's employment
                                    without cause, or (c) a Change in Control of
                                    the Company (as defined in the Company's
                                    1997 Equity and Performance Incentive Plan
                                    as in effect as of the date hereof).

                        The terms of the restricted stock grant contained
                        herein are incorporated into the attached Restricted
                        Share Agreement.

                  c. STOCK OPTIONS. Effective September 5, 2001, the Company
         granted to Spira, pursuant to the equity plans set forth below, stock
         options to purchase shares of Class A Common Stock ("Option Shares") in
         the number, at the prices and on the vesting schedule set forth below
         in accordance with Company policies and procedures regarding the
         exercise of Options and as further set forth in the attached Stock
         Option Agreements [Attachment 2]:

<TABLE>
<CAPTION>

         ----------------------- ----------------------- ------------------------------------- -----------------------------
                                 OPTION GRANT PRICE      ATTACHED PLAN GRANTED UNDER
         NO. OF OPTIONS *        PER SHARE                                                     VESTING DATE
         ----------------------- ----------------------- ------------------------------------- -----------------------------
<S>     <C>                <C>                     <C>                                       <C>
              164,712            $13.01                  1992 Plan                             3/6/02

               51,449            $13.01                  1996 Plan                             3/6/02

               51,113            $13.01                  1996 Plan                             6/26/02

                2,375            $12.70                  1997 Plan                             6/26/02

               25,557            $13.01                  1996 Plan                             6/26/03

                1,188            $12.70                  1997 Plan                             6/26/03
</TABLE>

                          *See attached Schedule for Calculations [Attachment 3]

                  (I) TIME WITHIN WHICH TO EXERCISE OPTIONS. The options vesting
                  on March 6, 2002, shall be exercisable for 10 years, through
                  September 5, 2011. The options vesting on June 26, 2002, shall
                  be exercisable for 10 years, through September 5, 2011;
                  provided, however, if AG does not achieve both (a) the
                  restructure savings goal in the annual management incentive
                  plan for FY02, and (b) FY02 earnings of $1.14 per share (as
                  adjusted for stock splits or stock dividends after September
                  5, 2001), then such options shall be exercisable for 6 months
                  plus 1 day following the later of (x) the date that it is
                  determined that such FY02 thresholds were not met or (y) the
                  date of the termination of Spira's employment with AG. The
                  options vesting on June 26, 2003, shall be exercisable for 10
                  years, through September 5, 2011; provided, however, if AG
                  does not achieve the annual bonus goals for AG management set
                  by the Board for FY03, then such options shall be exercisable
                  for 6 months plus 1 day following the later of (x) the date
                  that it is determined that such FY03 thresholds were not met
                  or (y) the date of the termination of Spira's employment with
                  AG.

                  (ii) ACCELERATION OF VESTING. Any options not vested at the
                  time of any of the following events shall become vested
                  immediately upon the happening thereof:

<PAGE>
                  (a) Spira's death, or permanent and total disability, (b)
                  AG's termination of Spira's employment without cause, or (c)
                  a Change in Control of the Company (as defined in the
                  Company's 1997 Equity and Performance Incentive Plan as in
                  effect as of the date hereof). The options so vested by
                  acceleration shall be exercisable on the same basis as the
                  options vesting on the next scheduled vesting date. For
                  purposes hereof, "cause" means any of the following: (I)
                  Spira's conviction of a felony or misdemeanor involving fraud
                  or moral turpitude, (ii) the willful or intentional breach of
                  a material fiduciary duty owed to the Company or (iii) the
                  willful or intentional refusal to follow the lawful and
                  reasonable written policies of the Company or lawful and
                  reasonable written directives of the Company's Board of
                  Directors, which refusal is not cured within thirty
                  (30) days after delivery of written notice to Spira.

                  d. REIMBURSEMENT FOR PROFESSIONAL FEES. The Company will
         reimburse Spira for up to $10,000 of fees and costs for legal,
         accounting and other professional services related to the negotiation
         and drafting of this Agreement.

                  e. OTHER COMPENSATION. Except as set forth herein, Spira shall
         not be eligible to participate in or receive any other compensation,
         bonus or benefits, including without limitation, benefits under the AG
         Supplemental Executive Retirement Plan.

         4.       CONFIDENTIAL AND TRADE SECRET INFORMATION:

                  a. Spira acknowledges that in the course of his employment
         with AG he has and will have access to confidential information and
         trade secrets ("Confidential Information"), misuse or disclosure of
         which would adversely affect AG's business. Spira agrees that he will
         not, either during his employment with AG or at any time thereafter,
         use for himself or others, or disclose or convey to others (except as
         is necessary in the ordinary course of his employment) any of AG's
         Confidential Information. Confidential Information shall include
         documents so marked, as well as any other information, oral or written,
         that a reasonable person would believe to be confidential to or a trade
         secret of AG. This paragraph shall not prohibit disclosure of
         information that has become public, unless it became public through
         Spira's breach of this Agreement.

                  b. Upon Spira's termination, regardless of the reason, Spira
         will promptly surrender to AG any of its property in Spira's possession
         including, but not limited to, all correspondence, memoranda, notes,
         records, reports, plans, electronic files, computer printouts,
         reproductions, slides and any other papers, files or items, and all
         copies thereof, received or made by Spira in connection with his
         employment with AG.

         5. NON-COMPETITION; NON-DISPARAGEMENT: In consideration of AG's
agreement to employ Spira under the terms of this Agreement, Spira agrees that
he will not engage anywhere in the United States or Canada, directly or
indirectly, in any business activities, either as principal, agent or consultant
or through any corporation, firm or organization of which he may be an officer,
director, employee, substantial shareholder, partner, member or be otherwise
affiliated that are in competition with AG's businesses at such time, for the
period of his employment hereunder and for three (3) years thereafter.

         Spira has carefully read and considered the provisions hereof and,
having done so, agrees that the restrictions set forth herein (including, but
not limited to, the time periods and geographical area of the restrictions) are
fair and reasonably required for the protection of the interests of the Company.
<PAGE>

         At no time during or after his employment with AG shall Spira, directly
or indirectly, disparage AG or AG's management.

         In addition to all of the remedies otherwise available to the Company,
including, but not limited to, recovery of damages and reasonable attorneys'
fees incurred in the enforcement of this Agreement, the Company shall have the
right to injunctive relief to restrain and enjoin any actual or threatened
breach of the provisions of paragraphs 4 and 5. All of the Company's remedies
for breach of this Agreement shall be cumulative and the pursuit of one remedy
shall not be deemed to exclude any other remedies.

         6. CONFLICT OF INTEREST: Spira represents and warrants that he has no
interest or obligation that is inconsistent with or in conflict with this
Agreement or that would prevent, limit or impair his performance of any part of
this Agreement.

         7. CONFLICT WITH PLANS: If the terms of this Agreement conflict or
cannot otherwise be construed consistently with any of the terms of the 1992,
1996 and/or 1997 Plans, as applicable, the terms of such applicable Plan(s)
shall govern. In this regard, to the Company's knowledge, the terms of the
Restricted Shares and Options described in Section 3.b.(ii) and 3.c. of this
Agreement and incorporated in the Restricted Share Agreement and Stock Option
Agreements attached hereto do not conflict with any of the terms of the 1992,
1996 and/or 1997 Plans, as applicable.

         8.       MISCELLANEOUS:

                  a. This Agreement constitutes the entire understanding between
         Spira and AG relating to the subject matter contained herein and this
         Agreement supersedes any previous oral or written agreement(s) and
         understandings. This Agreement may not be changed, modified, or altered
         without the express written consent of Spira and AG.

                  b. Either party's failure to insist upon strict adherence to
         any term of this Agreement on any occasion shall not be considered a
         waiver or deprive the other party of his/its rights thereafter to
         insist upon strict adherence to that term or any other term of this
         Agreement.

                  c. If any part or section of this Agreement is found to be
         contrary to law or unenforceable, the remainder shall remain in full
         force and effect.

                  d. This Agreement will be governed by and construed in
         accordance with the laws of the State of Ohio. Any disputes that cannot
         be resolved amicably shall be resolved by binding arbitration in
         Cleveland in accordance with the applicable rules of Solutions, the
         Company's alternative dispute resolution program, administered through
         the American Arbitration Association.

         9. REVIEW BY ADVISORS: Spira acknowledges that he has had ample
opportunity to consult with his legal and financial advisors, has carefully
considered this Agreement, and fully understands its provisions. He has not
relied on any other representations or statements, written or oral.

         10. SURVIVAL: The following paragraphs shall survive the expiration or
termination of this Agreement: 3.b(II); 3.c.; 3.d; 3.e; 4.; 5.; 7; 8; AND 10.

<PAGE>

AMERICAN GREETINGS CORPORATION              JAMES C. SPIRA

BY:  /s/ Morry Weiss                        /s/ James C. Spira
     --------------------------             -----------------------------
NAME:  Morry Weiss                          DATE: December 21, 2001
       ------------------------                   -----------------------
TITLE:  Chairman and CEO
        -----------------------
DATE:  December 20, 2001
       ------------------------

<PAGE>

AMERICAN GREETINGS CORPORATION
ADDITIONAL STOCK OPTION AGREEMENT TERMS
1992 EMPLOYEE STOCK OPTION PLAN
Cleveland, Ohio

WHEREAS, the Associate identified on the attached form, (the "Optionee") is an
employee of American Greetings Corporation or one of its subsidiaries (the
"Corporation"); and

WHEREAS, the Board of Directors of the Corporation at a meeting held on February
24, 1992, adopted the 1992 Employee Stock Option Plan ("1992 Plan") and the
Corporation through the Board of Directors or the Stock Option Committee of the
Board of Directors (the "Committee") has duly authorized the execution of this
stock option agreement;

NOW, THEREFORE, in consideration of their mutual promises herein, the
Corporation and the Optionee agree as follows:

Subject to the terms and conditions set forth in the 1992 Plan:

     (1) As of September 5, 2001, the Corporation hereby grants to the Optionee
options ("Options") to purchase Class A of Common Shares, par value $1 per Share
("Shares"), of the Corporation in the amount and at the price indicated on the
attached form, the option price being the fair market value of the stock at the
time of the grant of this option, and agrees to cause certificates for any
shares purchased hereunder to be delivered to the Optionee upon receipt of the
purchase price in cash or, in whole or in part, in Class A or Class B Common
Shares of the Corporation valued at fair market value as of the close of
business on the last business day preceding the date of exercise, to the extent
permitted by all applicable laws and regulations; provided that the Board of
Directors does not determine that the application of any Financial Accounting
Standards Board rule affecting the tender of Class A Common Shares would be
detrimental to the best interests of the Corporation.

     (2) The Options shall be exercisable, from time to time, in whole or in
part, at any time after the earliest of (i) March 6, 2002, (ii) the Optionee's
death, or permanent and total disability, (iii) the termination of the
Optionee's employment with the Corporation by the Corporation without cause (as
defined in that certain Employment Agreement (the "Employment Agreement")
between the Optionee and the Corporation dated as of September 25, 2001, or (iv)
a Change in Control of the Corporation (as defined in the Corporation's 1997
Equity and Performance Incentive Plan as in effect on the date hereof);
provided, however, in the case of (i), (ii) or (iv), only to the extent that the
Optionee is employed by the Corporation on such date.

     (3) The Options shall terminate on September 5, 2011, or, if earlier, the
date of such act or omission as constitutes grounds for termination of the
Optionee's employment with the Corporation by the Corporation for cause (as
defined in the Employment Agreement) if Optionee is thereafter terminated for
cause. Nothing contained in this option shall limit whatever right the
Corporation might otherwise have to terminate the employment of the Optionee and
the terms of this option shall not be affected in any manner by any agreement
between the Optionee and the Corporation other than the main Employment
Agreement together with its attachments.

     (4) This option is not transferable by the Optionee otherwise than by will
or by the laws of descent and distribution and shall be exercisable during the
Optionee's lifetime only by the Optionee.

     (5) The option shall not be exercisable if such exercise would involve a
violation of any applicable state securities law, and the Corporation hereby
agrees to make reasonable efforts to comply with any

<PAGE>

applicable state securities law.

     (6) This option shall not be exercisable if at the time of exercise such
exercise would require registration of the Class A Common Shares or other
securities to be purchased hereunder under the Securities Act of 1933, as
amended, or under any similar federal securities law then in effect and such
registration shall not then be effective. The Corporation shall register the
Class A Common Shares or other securities covered by this option under any such
law if (i) such registration shall be necessary to the exercise of this option
and the Board of Directors shall not determine that such registration would
result in undue expense or undue hardship to the Corporation or (ii) the Board
of Directors in its sole discretion determines that such registration is
desirable to effect the purposes for which this option is granted and would not
result in undue expense or undue hardship to the Corporation.

     (7) The Board of Directors shall make such adjustments in the option price
and in the number or kind of Class A Common Shares or other securities covered
by this option as the Board in its sole discretion, exercised in good faith, may
determine is equitably required to prevent dilution or enlargement of the rights
of the Optionee that would otherwise result from (a) any stock dividend, stock
split, combination of shares, issuance of stock purchase warrants or rights,
recapitalization or other changes in the capital structure of the Corporation,
or (b) any merger, consolidation, separation, reorganization or partial or
complete liquidation, or (c) any other corporate transaction or event having an
effect similar to any of the foregoing. No adjustment provided for in this
Section (7) shall require the Corporation to sell any fractional shares.

     (8) Option rights may be exercised by the Optionee by (i) delivering to the
Corporation (Attention of the Director, Retirement and Stock Administration)
written notice of the number and class of shares with respect to which the
rights are being exercised, and (ii) in those cases where the Optionee does not
intend to immediately sell the shares covered by this option, paying the
purchase price of the shares being acquired plus any required withholdings. The
Optionee shall have no rights as a shareholder with respect to any shares
covered by this option until the date that the option becomes exercisable with
respect to such shares, and for which the Optionee shall have paid in full. In
those cases where the Optionee intends to immediately sell shares covered by
this option, after notifying the Corporation of his or her intention to sell,
the broker retained to sell the exercised shares may provide the required amount
on or before the transaction settlement date.

     (9) Upon the exercise of options through the delivery of any class of the
Corporation's Common Shares, an Optionee who is in the active employ of the
Corporation shall receive Reload Options equal in number to the number of Common
Shares surrendered in order to exercise the Option. The option price for any
such Reload Options shall be the price of the Corporation's Class A Common
Shares, quoted by the National Association of Securities Dealers at the close of
business on the last business day preceding the date of grant of the Reload
Options. The Reload Options themselves may not be reloaded, may be exercised at
any time after they are granted, but may not be exercised after the date on
which the options in respect of which such Reload Options were granted, expire,
are canceled or terminate.

     (10) The term "subsidiary" as used in this agreement means any corporation
or other entity (other than the Corporation) in which the Corporation has a
direct or indirect interest of 50 percent or more of the total combined voting
power of all classes of stock of the corporation or other entity.

     (11) If any of the provisions of this Stock Option Agreement conflict with
those of the 1992 Plan, the provisions of the 1992 Plan shall govern.

AMERICAN GREETINGS CORPORATION

<PAGE>

 NOTICE OF GRANT OF STOCK OPTIONS               AMERICAN GREETINGS
 AND OPTION AGREEMENT                           ID: 34-0065325
                                                One American Road
                                                Cleveland, OH  44144

Expiration 09/05/11

JAMES C. SPIRA                                   OPTION NUMBER:  0000________
16950 SOUTH WOODLAND ROAD                        PLAN:           92___
SHAKER HEIGHTS, OH 44120                         ID:             ###-##-####

--------------------------------------------------------------------------------

Effective 09/05/01, you have been granted Non-Qualified Stock Options to buy
164,712 shares of American Greetings Corporation (the Company) stock at $13.01
per share.

The total option price of the shares granted is $2,142,903.10.

Shares will become vested on the date shown.

            Shares       VEST
            ------       ----
           164,712     03/06/02

--------------------------------------------------------------------------------

By your signature and the Company's signature below, you and the Company agree
that these options are granted under and governed by the terms and conditions of
the Company's Stock Option Plan as amended and the Option Agreement, all of
which are attached and made a part of this document.

--------------------------------------------------------------------------------

-------------------------------         ---------------------------------------
American Greetings Corporation          Date

-------------------------------         ---------------------------------------
JAMES C. SPIRA                          Date

                                                                Date: 11/14/2001
                                                                Time: 9:23:46 AM

<PAGE>

AMERICAN GREETINGS CORPORATION
STOCK OPTION AGREEMENT
1996 EMPLOYEE STOCK OPTION PLAN

Cleveland, Ohio

              WHEREAS, the Associate identified on the attached form, (the
"Optionee") is an employee of American Greetings Corporation (the "Company");
and

              WHEREAS, the Shareholders of the Corporation at a meeting held on
June 28, 1996, adopted the 1996 Employee Stock Option Plan ("Plan");

              NOW, THEREFORE, in consideration of their mutual promises herein,
the Company and the Optionee agree as follows:

              Subject to the terms and conditions set forth in the Plan:

     (1) As of September 5, 2001, the Company hereby grants to the Optionee
options ("Options") to purchase the Class of Common Shares, par value $1 per
Share ("Shares"), of the Company in the amount and at the price indicated on the
attached form ,the option price being the price of the Company's Class A Common
Shares quoted by the New York Stock Exchange ("NYSE") at the close of business
on the last business day preceding that day on which these Options are granted,
and agrees to cause certificates for any Shares purchased hereunder (or other
evidence of share ownership selected by the Company) to be delivered to the
Optionee upon receipt of the purchase price either in cash or, in whole or in
part, Class A and/or Class B Common Shares of the Company valued (in the case of
both Class A and/or Class B Common Shares) at the price for Class A Common
Shares quoted by NYSE at the close of business on the date of exercise, to the
extent permitted by all applicable laws and regulations.

     (2)      The Options shall be exercisable, from time to time, in whole or
          in part, as follows:

         (a)      As of March 6, 2002,  the  Options  shall  become  exercisable
               as to 51,449 of the Options subject to this Stock Option
               Agreement, provided that the Optionee is then employed by the
               Company.

         (b)      As of June 26, 2002,  the Options  shall become  exercisable
              as to an  additional  51,113 of the Options subject to this Stock
              Option Agreement, provided that the Optionee is then employed by
              the Company.

         (c)  As of June 26, 2003, the Options shall become exercisable as to
              the remaining 25,557 of the Options subject to this Stock Option
              Agreement, provided that the Optionee is then employed by the
              Company.
         (d)  Notwithstanding anything to the contrary in this Section (2), the
              Options shall become exercisable in full (i.e., as to all of the
              Options subject to this Stock Option Agreement) at any time after
              the earliest of (i) the Optionee's death or permanent and total
              disability, (ii) the termination of the Optionee's employment with
              the Company by the Company without cause (as defined in that
              certain Employment Agreement (the "Employment Agreement") between
              the Optionee and the Company dated as of September 25, 2001, or
              (iii) a Change of Control of the Company (as defined in the
              Company's 1997 Equity and Performance Incentive Plan as in effect
              as of the date hereof); provided, however, in the case of (i) or
              (iii), only if the Optionee is employed by the Company on the date
              of such event.

<PAGE>

          (3) The Options shall terminate on September 5, 2011, or, if earlier,
the date of such act or omission as constitutes grounds for termination of the
Optionee's employment with the Corporation by the Corporation for cause (as
defined in the Employment Agreement) if Optionee is thereafter terminated for
cause. Notwithstanding the foregoing, if the Company does not achieve both (a)
the restructure savings goals in the annual management incentive plan for FY02
and (b) FY02 earnings of $1.14 per share ( as adjusted for stock splits or stock
dividends after the date hereof), then the Options that vested pursuant to
Section (2)(b ) above shall terminate upon the later of (x) the date that it is
determined that the FY02 thresholds set forth in (a) and (b) of this sentence
were not met or (y) the date that is six months and one day following the
Optionee's termination of employment with the Company, whether with cause or
without cause. Similarly, if the Company does not achieve the annual bonus goals
for Company management set by the Company's Board of Directors for FY03, then
the Options that vested pursuant to Section (2)( c) above shall terminate upon
the later of (x) the date that it is determined that the FY03 annual bonus goals
were not met or (y) the date that is six months and one day following the
Optionee's termination of employment with the Company, whether with cause or
without cause.

                   Nothing contained in this option shall limit whatever right
the Corporation might otherwise have to terminate the employment of the Optionee
and the terms of this option shall not be affected in any manner by any
agreement between the Optionee and the Corporation other than the main
Employment Agreement together with its attachments.

       (4) The Options are not transferable by the Optionee other than by will
or by the laws of descent and distribution. Those receiving Options in this
manner may exercise the Options upon the terms provided for in the Plan and this
Stock Option Agreement. The Options shall be exercisable during the Optionee's
lifetime only by the Optionee, except that in case of incompetence or disability
of an Optionee, an Option may be exercised on behalf of the Optionee by the
Optionee's guardian or legal representative.

       (5) The Options shall not be exercisable if at the time of exercise such
exercise would require registration of the Class A or Class B Common Shares or
other securities to be purchased hereunder under the Securities Act of 1933, as
amended, or under any similar federal securities law then in effect and such
registration shall not then be effective. The Company shall register the Class A
or Class B Common Shares or other securities covered by this Stock Option
Agreement under any such law if (a) such registration shall be necessary to the
exercise of the Options and the Compensation Committee shall not determine that
such registration would result in undue expense or undue hardship to the Company
or (b) the Compensation Committee in its sole discretion determines that such
registration is desirable to effect the purposes for which the Options are
granted and would not result in undue expense or undue hardship to the Company.

        (6) The Compensation Committee may make such adjustments in the grant
price and in the number or kind of Class A or Class B Common Shares covered by
this Stock Option Agreement as are equitably required to prevent dilution or
enlargement of the rights of the Optionee that would otherwise result from (a)
any stock dividend, stock split, combination of shares, recapitalization or
other changes in the capital structure of the Company, (b) any merger,
consolidation, separation, reorganization or partial or complete liquidation, or
(c) any other corporate transaction or event having an effect similar to any of
the foregoing. No adjustments provided for in this Section (6) shall require the
Company to sell any fractional Shares.

        (7) The Options may be exercised by the Optionee by (a) delivering to
the Company (Attention of the Manager of Retirement Plans) written notice of the
number and class of Shares with respect to which the Options are being
exercised, and (b) in those cases where the Optionee does not intend to
immediately sell the Shares covered by the Options, paying the purchase price of
the Shares being acquired plus any required withholdings. The Optionee shall
have no rights as a shareholder with respect to any Shares covered by the
Options evidenced by this Stock Option Agreement until such time that the Option
is exercised and the Optionee pays the full purchase price for the underlying
Shares. In those cases where the Optionee intends to

<PAGE>

immediately sell Shares covered by the Options, after notifying the Company of
his or her intention to sell, the Optionee will receive the amount by which the
sale price exceeds the grant price for such shares, after deducting applicable
taxes and brokerage fees, but not interest that might otherwise be paid on an
advance of moneys to the Optionee between the exercise and settlement dates. The
sale price for both Class A and Class B Common Shares shall be the price of
Class A Common Shares as quoted by NYSE as of the close of business on the date
of exercise.

        (8) Upon the exercise of Options through the delivery of any class of
the Company's Common Shares held by an Optionee for at least six months, an
Optionee who is in the active employ of the Company shall receive replacement
Options equal in number to the number of Common Shares surrendered in order to
exercise the Option ("Reload Options"). The grant price for any such Reload
Options shall be the price of the Company's Class A Common Shares as quoted by
NYSE as of the close of business on the date of exercise of the Options. The
Reload Options themselves may not be reloaded, and may not be exercised after
the date on which the Options in respect of which such Reload Options were
granted, expire, are canceled or terminate.

       (9) If any of the provisions of this Stock Option Agreement conflict with
those of the 1996 Employee Stock Option Plan, the provisions of the 1996
Employee Stock Option Plan shall govern.

AMERICAN GREETINGS CORPORATION

<PAGE>

 NOTICE OF GRANT OF STOCK OPTIONS              AMERICAN GREETINGS
 AND OPTION AGREEMENT                          ID: 34-0065325
                                               One American Road
                                               Cleveland, OH  44144

JAMES C. SPIRA                                 OPTION NUMBER:  0000_____
16950 SOUTH WOODLAND ROAD                      PLAN:           96___
SHAKER HEIGHTS, OH  44120                      ID:           ###-##-####

--------------------------------------------------------------------------------

Effective 09/05/01, you have been granted a(n) Non-Qualified Stock Option to buy
 103,723 shares of of American Greetings Corporation (the Company) stock at
 $13.01 per share.

The total option price of the shares granted is $1,666,828.10.

Shares will become vested on the date shown.

SHARES                     VEST

51,449                     03/06/02

51,113                     06/26/02

25,557                     06/26/03

<PAGE>

By your signature and the Company's signature below, you and the Company agree
that these options are granted under and governed by the terms and conditions of
the Company's Stock Option Plan as amended and the Option Agreement, all of
which are attached and made a part of this document.

---------------------------------       ----------------------------------
American Greetings Corporation          Date

---------------------------------
JAMES C. SPIRA

<PAGE>

AMERICAN GREETINGS CORPORATION
STOCK OPTION AGREEMENT
1997 EQUITY AND PERFORMANCE INCENTIVE PLAN

Cleveland, Ohio

         WHEREAS, the Associate identified on the attached form, (the
"Optionee") is an employee of American Greetings Corporation or one of its
subsidiaries (the "Company"); and

         WHEREAS, the Company is authorized under the attached 1997 Equity and
Performance Incentive Plan ("Plan") to grant stock options to certain employees
including the optionee;

         NOW, THEREFORE, in consideration of their mutual promises herein, the
Company and the Optionee agree as follows:

         Subject to the terms and conditions set forth in the Plan:

(1)      The Company hereby grants to the Optionee options ("Options") to
         purchase the Class of Common Shares, par value $1 per Share ("Shares"),
         of the Company in the amount and at the price indicated on the attached
         form, the option price being the market price of the Company's Class A
         Common Shares quoted by the New York Stock Exchange ("NYSE") on the day
         on which these Options are granted, and agrees to cause certificates
         for any Shares purchased hereunder (or other evidence of share
         ownership selected by the Company) to be delivered to the Optionee upon
         receipt of the purchase price either (i) in cash or check; (ii) in
         whole or in part, Class A and/or Class B Common Shares of the Company
         valued (in the case of both Class A and/or Class B Common Shares) at
         the time of exercise at least equal to the option price; (iii) by
         surrender of any other award or grant under the Plan valued at the time
         of exercise at least equal to the option price; or (iv) a combination
         of such payment methods.

(2)      The Options shall be exercisable, from time to time, in whole or in
         part, as follows:

   (a)   As of June 26, 2002, the Options shall become exercisable as to an
         additional 2,375 of the Options subject to this Stock Option
         Agreement, provided that the Optionee is then employed by the Company.

   (b)   As of June 26, 2003, the Options shall become exercisable as to the
         remaining 1,188 of the Options subject to this Stock Option Agreement,
         provided that the Optionee is then employed by the Company.

   (c)   Notwithstanding anything to the contrary in this Section (2), the
         Options shall become exercisable in full (i.e., as to all of the
         Options subject to this Stock Option Agreement) at any time after the
         earliest of (i) the Optionee's death or permanent and total disability,
         (ii) the termination of the Optionee's employment with the Company by
         the Company without cause (as defined in that certain Employment
         Agreement (the "Employment Agreement") between the Optionee and the
         Company dated as of September 25, 2001, or (iii) a Change of Control of
         the Company (as defined in the Company's 1997 Equity and Performance
         Incentive Plan as in effect as of the date hereof); provided, however,
         in the case of (i) or (iii), only if the Optionee is employed by the
         Company on the date of such event.

<PAGE>
     (3) The Options shall terminate on September 5, 2011, or, if earlier, the
date of such act or omission as constitutes grounds for termination of the
Optionee's employment with the Corporation by the Corporation for cause (as
defined in the Employment Agreement) if Optionee is thereafter terminated for
cause. Notwithstanding the foregoing, if the Company does not achieve both (a)
the restructure savings goals in the annual management incentive plan for FY02
and (b) FY02 earnings of $1.14 per share ( as adjusted for stock splits or stock
dividends after the date hereof), then the Options that vested pursuant to
Section (2)(a) above shall terminate upon the later of (x) the date that it is
determined that the FY02 thresholds set forth in (a) and (b) of this sentence
were not met or (y) the date that is six months and one day following the
Optionee's termination of employment with the Company, whether with cause or
without cause. Similarly, if the Company does not achieve the annual bonus goals
for Company management set by the Company's Board of Directors for FY03, then
the Options that vested pursuant to Section (2)(b) above shall terminate upon
the later of (x) the date that it is determined that the FY03 annual bonus goals
were not met or (y) the date that is six months and one day following the
Optionee's termination of employment with the Company, whether with cause or
without cause.

          Nothing contained in this option shall limit whatever right the
Corporation might otherwise have to terminate the employment of the Optionee and
the terms of this option shall not be affected in any manner by any agreement
between the Optionee and the Corporation other than the main Employment
Agreement together with its attachments.

     (4) Persons receiving Options by will or by the laws of descent and
distribution may exercise the Options upon the terms provided for in the Plan
and this Stock Option Agreement.

     (5) The Options shall not be exercisable if at the time of exercise such
exercise would require registration of the Class A or Class B Common Shares or
other securities to be purchased hereunder under the Securities Act of 1933, as
amended, or under any similar federal securities law then in effect and such
registration shall not then be effective. The Company shall register the Class A
or Class B Common Shares or other securities covered by this Stock Option
Agreement under any such law if such registration shall be necessary to the
exercise of the Options and the Compensation Committee in its sole discretion
determines that such registration would not result in undue expense, hardship to
the Company and that such registration is desirable to effect the purposes for
which the Options are granted.

     (6) The Options may be exercised by the Optionee by (a) delivering to the
Company (Attention of the Director - Retirement & Payroll or successor to such
job title) written notice of the number and class of Shares with respect to
which the Options are being exercised, and (b) in those cases where the Optionee
does not intend to immediately sell the Shares covered by the Options, paying
the purchase price of the Shares being acquired plus any required withholdings.
The Optionee shall have no rights as a shareholder with respect to any Shares
covered by the Options evidenced by this Stock Option Agreement until such time
that the Option is exercised and the Optionee pays the full purchase price for
the underlying Shares. In those cases where the Optionee intends to immediately
sell Shares covered by the Options, after notifying the Company of his or her
intention to sell, the Optionee will receive the amount by which the sale price
exceeds the grant price for such shares, after deducting applicable taxes and
brokerage fees, but not interest that might otherwise be paid on an advance of
moneys to the Optionee between the exercise and settlement dates. The sale price
for both Class A and Class B Common Shares shall be the price of Class A Common
Shares as quoted by NYSE as of the close of business on the date of exercise.

     (7) Upon the exercise of Options or Reload Options (as defined below)
through the delivery of any class of the Company's Common Shares or other grants
or awards under paragraph 4.(d) of the Plan held by an Optionee for at least six
months, an Optionee who is in the active employ of the Company shall receive
replacement Options equal in number to the number of Common Shares and/or other
grants or awards surrendered in order to exercise the Options and on the same
terms as the Options or Reload Options

<PAGE>

surrendered, except that Reload Options shall not be exercisable more than ten
(10) years from the date of grant of the initial Options ("Reload Options"). The
Reload Options themselves may not be reloaded, and may not be exercised after
the date on which the Options in respect of which such Reload Options were
granted, expire, are canceled or terminate.

     (8) If any provision of this Stock Option Agreement conflicts with any
provision in the 1997 Equity and Performance Incentive Plan, the provisions of
the 1997 Equity and Performance Incentive Plan shall govern.

AMERICAN GREETINGS CORPORATION

---------------------------------------------------------------------------

NOTICE OF GRANT OF STOCK OPTIONS                 AMERICAN GREETINGS
AND OPTION AGREEMENT                             ID: 34-0065325
                                                 ONE AMERICAN ROAD
                                                 CLEVELAND, OH  44144

----------------------------------------------------------------------------

JAMES C. SPIRA                                   OPTION NUMBER: 0000____
16950 SOUTH WOODLAND ROAD                        PLAN:          97___
SHAKER HEIGHTS, OH  44120                        ID:            ###-##-####

-----------------------------------------------------------------------------

Effective 09/05/01, you have been granted a(n) Non-Qualified Stock Option
to buy 3,563 shares of American Greetings Corporation (the Company) stock at
$12.70 per share.

The total option price of the shares granted is $45,250.10.

Shares will become vested on the date shown.

Shares              Vest
------             -----

 2,375             06/26/02
 1,188             06/26/03

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