Document:

EX-10.2

 

Exhibit 10.2

BOB EVANS FARMS, INC.

PERFORMANCE INCENTIVE PLAN

NOTICE OF ELIGIBILITY AND PARTICIPATION AGREEMENT

	 	 	 
	TO:

	 	[Participant’s Name]
	 
	 	 
	FROM:

	 	Bob Evans Farms, Inc. Compensation Committee (“Committee”)
	 
	 	 
	DATE:
	 	 
	 

	 	 
	 
	 	 
	RE:

	 	Bob Evans Farms, Inc. Performance Incentive Plan (“PIP”)

The
Committee has selected you to participate in the PIP for the fiscal
year ending ___, 200___ (“200___ Performance Period”) and has established your “Target Award” at ___% of the base salary
you are paid during the 200___ Performance Period, although the actual amount of your “PIP Award”
will be calculated under Sections 1.00 and 2.00. Also, you must satisfy the terms and conditions
described in Section 3.00 to receive your PIP Award.

Any grants you receive will be made under the Bob Evans Farms, Inc. 2006 Equity and Cash Incentive
Plan (“Equity Plan”). This award is intended to be performance-based compensation under Section
162(m) of the Internal Revenue Code.

1.00  Earning Your Option

After the
200___ Performance Period ends, 25% of the dollar value of your Target Award will be paid
as an “Option” to buy Shares through the Equity Plan. The number of Shares you may buy will be [1]
25% of the dollar value of your Target Award, divided by [2] the fair market value of the Option
(determined by using the Black-Scholes valuation model and discounted for vesting conditions) and
[3] rounded up to the next whole Share, but may not exceed any limitation under the Equity Plan.
You also will receive an award agreement describing the Option’s exercise price (which will be
equal to the “fair market value” as defined in the Equity Plan (“FMV”) of a Share on the Option’s
grant date), when the Option may be exercised and any other terms and conditions affecting the
Option.

2.00  Earning Your Whole Shares

The rest of your PIP Award will be paid as “Whole Shares” through the Equity Plan if [insert
performance goals]. The number of Whole Shares you receive (if any) will be calculated first by
determining the value of the award you have earned, which will be based on the following table
(percentages for performance between the levels shown will be interpolated to the nearest
one-hundredth of a percent), but may not exceed any limitation under the Equity Plan:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	% of Goal	 	 	Less than	 	 	 	 	 	 	 	 	 	 	 	 	 	 	120% or	 
	 	Attained	 	 	80%	 	 	80%	 	 	90%	 	 	100%	 	 	110%	 	 	More	 
	 	Payout %
	 	 	0%
	 	 	37.5% of your

Target Award
	 	 	56.25% of your

Target Award
	 	 	75% of your

Target Award
	 	 	93.75% of your

Target Award
	 	 	112.5% of your

Target Award	 
	 

After the
200___ Performance Period ends and the value of your earned award is calculated, you
will receive a number of Whole Shares equal to [1] the value of your earned award, divided by [2]
the FMV of a Share on the date the Whole Shares are granted (discounted to reflect vesting
requirements) and [3] rounded up to the next whole Share, but such number may not exceed any
limitation under the Equity Plan. You also will receive an award agreement
describing any other
terms and conditions affecting the Whole Shares.

 

 

3.00  Termination of Employment

In addition to meeting the requirements described in Sections 1.00 and 2.00, you will receive the
Options and Whole Shares only if you are employed by the Company or any of its affiliates through
the entire 200___ Performance Period and on the date the Committee grants Whole Shares and Options
for the 200___ Performance Period under the PIP. However,
if, after the 200___ Performance Period
but before the Options and Whole Shares for the 200___ Performance Period are granted, you die,
become “disabled” (as determined by the Committee in its sole discretion) or “retire” (as defined
in the Equity Plan) or if your employment ends for another reason that the Committee believes is
not violative of the purpose of the PIP, you (or your beneficiary) will be paid cash (but not
Options or Whole Shares) equal to the value of the PIP Award that you
earned during the 200___ Performance Period.

4.00  Signature

By signing below, you [1] agree to be bound by the terms and conditions of the PIP and the Equity
Plan, [2] acknowledge that you understand the terms of your award and the conditions that you must
meet before you receive anything under the PIP or the Equity Plan and [3] without any
consideration, agree to accept any changes needed to avoid penalties that might be imposed on you
under Section 409A of the Internal Revenue Code.

	 	 	 
	 

Date 

	 	 

[Participant’s Name]
	RECEIVED BY

	 	 
	 

Authorized Company Representative

 

Print Name

 

DateEX-10.3

 

Exhibit 10.3

BOB EVANS FARMS, INC.

PERFORMANCE INCENTIVE PLAN

NOTICE OF ELIGIBILITY AND PARTICIPATION AGREEMENT

	 	 	 
	TO:

	 	[Participant’s Name]
	 
	 	 
	DATE:
	 	 
	 

	 	 
	 
	 	 
	RE:

	 	Bob Evans Farms, Inc. Performance Incentive Plan (“PIP”)

You have
been selected to participate in the PIP for the fiscal year ending
___, 200___ (“200___ Performance Period”). Your “Target Award” under the PIP is [___]% of the base salary you are paid
during the 200___ Performance Period, although the actual amount of your “PIP Award” will be
calculated under Section 1.00. If you satisfy the terms and conditions described in Sections 1.00
and 2.00, your PIP Award will be paid as described in those sections.

Any grants you receive will be made under the Bob Evans Farms, Inc. 2006 Equity and Cash Incentive
Plan (“Equity Plan”).

1.00  Earning Your PIP Award

After the
200___ Performance Period ends, you may receive a PIP Award if [insert performance goals].
The PIP Award earned will be based on the following table (percentages for performance between the
levels shown will be interpolated to the nearest one-hundredth of a percent):

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	% of Goal	 	 	Less than	 	 	 	 	 	 	 	 	 	 	 	 	 	 	120% or	 
	 	Attained	 	 	80%	 	 	80%	 	 	90%	 	 	100%	 	 	110%	 	 	More	 
	 	Your PIP

Award
	 	 	0% of your

Target Award
	 	 	50% of your

Target Award
	 	 	75% of your

Target Award
	 	 	100% of your

Target Award
	 	 	125% of your

Target Award
	 	 	150% of your

Target Award	 
	 

After the
200___ Performance Period ends and the value of your PIP Award has been calculated,
you will receive:

[1] A cash award equal to 50% of your PIP Award; and

[2] “Restricted Shares” of the Company’s common stock (“Shares”) under the Equity Plan. The
number of Restricted Shares you receive will equal [a] the value of 50% of your PIP Award,
divided by [b] the “fair market value” (as defined in the Equity Plan) of a Share on the
date the Restricted Shares are granted (discounted to reflect vesting requirements) and [c]
rounded up to the next whole Share.

You also will receive award agreements describing when your cash award and Restricted Shares will
vest and any other terms and conditions affecting them.

2.00  Termination of Employment

In addition to meeting the requirements described in Section 1.00, you normally will receive a PIP
Award only if you are employed by the Company or any of its
affiliates through the entire 200___ Performance Period and on the date the Company’s Compensation Committee (“Committee”) grants the
cash award and Restricted Shares for the 200___ Performance Period under the PIP. However, if,
after the 200___ Performance Period but before the cash
awards and Restricted Shares for the 200___ Performance Period are granted, you die, become “disabled” (as determined by the Committee in its
sole discretion) or “retire” (as defined in the Equity Plan) or if your employment ends for another
reason that the Committee decides is not violative of the

 

 

purpose of the PIP, you (or your beneficiary) will be paid cash (but not Restricted Shares) equal
to the value of the PIP Award that you earned during the
200___ Performance Period.

3.00  Acceptance

By signing below, you [1] agree to be bound by the terms and conditions of the PIP and the Equity
Plan, [2] acknowledge that you understand the terms of your award and the conditions that you must
meet before you receive anything under the PIP or the Equity Plan and [3] without any
consideration, agree to accept any changes needed to avoid penalties that might be imposed on you
under Section 409A of the Internal Revenue Code.

	 	 	 
	 

Date 

	 	 

[Participant’s Name]
	RECEIVED BY

	 	 
	 

Authorized Company Representative

 

Print Name

 

Date
	 	 

2EX-10.4

 

Exhibit 10.4

BOB EVANS FARMS, INC.

PERFORMANCE INCENTIVE PLAN

NOTICE OF ELIGIBILITY AND PARTICIPATION AGREEMENT

	 	 	 
	TO:

	 	[Participant’s Name]
	 
	 	 
	DATE:
	 	 
	 

	 	 
	 
	 	 
	RE:

	 	Bob Evans Farms, Inc. Performance Incentive Plan (“PIP”)

You have
been selected to participate in the PIP for the fiscal year ending
___, 200___ (“200___
Performance Period”). Your “Target Award” under the PIP is [___]% of the base salary you are paid
during the 200___ Performance Period, although the actual amount of your “PIP Award” will be
calculated under Section 1.00. If you satisfy the terms and conditions described in Sections 1.00
and 2.00, your PIP Award will be paid as described in those sections.

Any grants you receive will be made under the Bob Evans Farms, Inc. 2006 Equity and Cash Incentive
Plan (“Equity Plan”).

1.00  Earning Your PIP Award

After the
200___ Performance Period ends, you may receive a PIP Award if [insert performance goals].
The PIP Award earned will be based on the following table (percentages for performance between the
levels shown will be interpolated to the nearest one-hundredth of a percent):

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	% of Goal	 	 	Less than	 	 	 	 	 	 	 	 	 	 	 	 	 	 	120% or	 
	 	Attained	 	 	80%	 	 	80%	 	 	90%	 	 	100%	 	 	110%	 	 	More	 
	 	Your PIP 

Award
	 	 	0% of your

Target Award
	 	 	50% of your

Target Award
	 	 	75% of your

Target Award
	 	 	100% of your

Target Award
	 	 	125% of your

Target Award
	 	 	150% of your

Target Award	 
	 

After the
200___ Performance Period ends and the value of your PIP Award has been calculated,
you will receive:

[1] A cash award equal to 50% of your PIP Award; and

[2] “Whole Shares” of the Company’s common stock (“Shares”) under the Equity Plan. The
number of Whole Shares you receive will equal [a] the value of 50% of your PIP Award,
divided by [b] the “fair market value” (as defined in the Equity Plan) of a Share on the
date the Whole Shares are granted (discounted to reflect vesting requirements) and [c]
rounded up to the next whole Share.

You also will receive award agreements describing when your cash award will vest and any other
terms and conditions affecting your cash award and the Whole Shares.

2.00  Termination of Employment

In addition to meeting the requirements described in Section 1.00, you normally will receive a PIP
Award only if you are employed by the Company or any of its
affiliates through the entire 200___
Performance Period and on the date the Company’s Compensation Committee (“Committee”) grants the
cash award and Whole Shares for the 200___ Performance Period under the PIP. However, if, after the
200___ Performance Period but before the cash awards and
Whole Shares for the 200___ Performance
Period are granted, you die, become “disabled” (as determined by the Committee in its sole
discretion) or “retire” (as defined in the Equity Plan) or if your employment ends for another
reason that the Committee decides is not violative of the purpose

 

 

of the PIP, you (or your beneficiary) will be paid cash (but not Whole Shares) equal to the value
of the PIP Award that you earned during the 200     Performance Period.

3.00  Acceptance

By signing below, you [1] agree to be bound by the terms and conditions of the PIP and the Equity
Plan, [2] acknowledge that you understand the terms of your award and the conditions that you must
meet before you receive anything under the PIP or the Equity Plan and [3] without any
consideration, agree to accept any changes needed to avoid penalties that might be imposed on you
under Section 409A of the Internal Revenue Code.

	 	 	 
	 

Date 

	 	 

[Participant’s Name]
	RECEIVED BY

	 	 
	 

Authorized Company Representative

 

Print Name

 

Date
	 	 

2

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