Document:

Filed by sedaredgar.com - Royal Mines & Minerals Corp - Exhibit 10.2

DIRECTOR / OFFICER NON-QUALIFIED STOCK OPTION AGREEMENT
OF
 ROYAL MINES AND MINERALS CORP.
A Nevada Corporation

THIS AGREEMENT is made between ROYAL MINES AND
MINERALS CORP., a Nevada corporation (hereinafter referred to as the
"Company"), and «NAME» of «ADDRESS», «citystate» (hereinafter referred to
as the “Optionee”), a director or officer of the Company, or a director or
officer of the Company’s subsidiary, effective as of the «IssueDay» day of
«IssueMonth», «IssueYear».

1.           Option Granted

The Company hereby grants the Optionee a non-qualified option
to purchase «SHARES» («NUMBEROPTIONS») shares of the Company’s Common
Stock at a purchase price of «EXERCISEPRICE» US per share for a term
commencing on the effective date of this Agreement and expiring at 5:00 pm
(Pacific Time) on the «ExpireDay» day of «ExpireMonth», «ExpireYear» (the
“Expiration Date”), subject to termination as set forth herein. All options will
be fully vested upon execution of this Agreement.

2.           Time of Exercise of Option

The Optionee may exercise the option granted herein at any time
after the effective date of this Agreement until the date of termination of the
option as provided herein.

3.           Method of Exercise

This option shall be exercised by written notice delivered to
the Company at its principal place of business, stating the number of shares for
which the option is being exercised. The notice must be accompanied by a check
or other methods of payment acceptable to the Plan Administrator for the amount
of the purchase price, and comply with all the requirements of the Company’s
2009 Stock Incentive Plan dated January 12, 2009, a copy of which has been
provided to the Optionee.

4.           Capital Adjustments

The existence of this option shall not affect in any way the
right or power of the Company or its stockholders to: (1) make or authorize any
or all adjustments, recapitalizations, reorganizations, or other changes in the
Company's capital structure or its business; (2) enter into any merger or
consolidation; (3) issue any bonds, debentures, preferred or prior preference
stocks ahead of or affecting the common stock or the rights thereof, (4) issue
any securities convertible into any common stock, (5) issue any rights, options,
or warrants to purchase any common stock, (6) dissolve or liquidate the Company,
(7) sell or transfer all or any part of its assets or business, or (8) take any
other corporate act or proceedings, whether of a similar character or
otherwise.

5.            Reorganization, Merger, Amalgamation and
Consolidation

If there shall, prior to the exercise of any of the options
provided for by this Agreement, be any reorganization of the authorized capital
of the Company by way of consolidation, merger, subdivision, amalgamation or
otherwise, or the payment of any stock dividends, then there shall automatically
be an adjustment in either or both of the number of shares which may be
purchased pursuant hereto or the price at which such shares may be purchased so
that the rights evidenced hereby shall thereafter as reasonably as possible be
equivalent to those originally granted hereby. The Company shall have the sole
and exclusive power to make such adjustments as it considers necessary and
desirable.

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In the event of a complete liquidation of the Company or a
merger, reorganization, or consolidation of the Company with any other
corporation in which the Company is not the surviving corporation, or the
Company becomes a wholly-owned subsidiary of another corporation, any
unexercised options granted under this Agreement shall be deemed cancelled
unless the surviving corporation in any such merger, reorganization, or
consolidation elects to assume the options under this Agreement or to issue
substitute options in place thereof; provided, however, that notwithstanding the
foregoing, if such options would be cancelled in accordance with the foregoing,
the Optionee shall have the right exercisable during a ten-day period ending on
the fifth day prior to such liquidation, merger, or consolidation to exercise
such option in whole or in part without regard to any installment exercise
provisions in this Agreement.

6.           Transfer of this Option

During the Optionee's lifetime, this option shall be
exercisable only by the Optionee. This option shall not be transferable by the
Optionee other than by the laws of descent and distribution upon the Optionee's
death. In the event of the Optionee's death during the term of this Agreement,
the Optionee's personal representatives may exercise any portion of this option
that remains vested and unexercised at the time of the Optionee's death,
provided that any such exercise must be made, if at all, during the period
within six (6) months after the Optionee's death, and subject to the option
termination date specified in Paragraph 7(d) below.

7.           Termination of Option

This Agreement and the Optionee's right to exercise any options
shall terminate on the earliest of the following dates:

	 	(a) 	
      Subject to subsection (b) below, the date which is thirty
      (30) days from the later of the dates on which: (i) the Optionee ceases to
      act as a director or officer of the Company or any subsidiary of the
      Company; (ii) the Optionee ceases to be engaged as a consultant of the
      Company or any subsidiary of the Company, if applicable; (iii) the
      Optionee ceases to be an employee of the Company or any subsidiary of the
      Company, if applicable;

	 	 	 
	 	(b) 	
      In the event of the termination of the Optionee as a
      director, officer, employee or consultant as a result of a breach of the
      Optionee’s obligations to the Company or any subsidiary of the Company,
      the earliest date on which the Optionee is terminated as a director,
      officer, employee or consultant;

	 	 	 
	 	(c) 	
      The date which is six months from the date of the
      Optionee's death, in the event of termination as a result of the death of
      the Optionee; or

	 	 	 
	 	(d) 	
      The Expiration Date.

8.           Rights as Shareholder

The Optionee will not be deemed to be a holder of any shares
pursuant to the exercise of this option until he or she pays the option price
and a stock certificate is delivered to him or her for those shares. 

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No adjustment shall be made for dividends or other rights for
which the record date is prior to the date the stock certificate is
delivered.

9.            Integration with the Company’s 2009 Stock Incentive
Plan

All of the terms and conditions of the Company’s 2009 Stock
Incentive Plan, a copy of which has been provided to the Optionee, are
specifically made a part of this Agreement and shall control with regard to the
interpretation or construction of any provision that is inconsistent herewith.
This Agreement will be governed by and construed in accordance with the laws of
the State of Nevada.

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the «IssueDay» day of «IssueMonth», «IssueYear».

	ROYAL MINES AND MINERALS CORP. 	 
	by its authorized signatory: 	 
	 	 
	 	 
	
       
	 
	Authorized Signatory 	 
	  	 
	 	 
	 	 
	OPTIONEE: 	 
	  	 
	 	 
	 	 
	SIGNATURE OF DIRECTOR / OFFICER 	 
	  	 
	«NAME» 	 
	NAME OF DIRECTOR / OFFICER 	 
	 	 
	«ADDRESS» 	 
	ADDRESS 	 
	 	 
	 	 
	«CITYSTATE» 	 
	  	 
	«NUMBEROPTIONS» 	 
	NUMBER OF OPTIONSwww.eXFILE.com  888.775-4789   LIFEWAY FOODS

     

    EXHIBIT
10.1

    SEVENTH
EXTENSION

    TO

    STOCKHOLDERS’
AGREEMENT

    

    This
SEVENTH EXTENSION TO STOCKHOLDERS’ AGREEMENT (the “Seventh Extension”) is hereby
entered into as of the 15th day of
January, 2009, by and between Lifeway Foods, Inc., an Illinois corporation (the
“Company”) and DS Waters, L.P., a Delaware limited partnership (“DSW”)
(“Stockholder”). Unless otherwise defined herein, all capitalized terms used
herein shall have the same meaning ascribed to those terms in the Stockholders’
Agreement.

    

    WHEREAS,
Danone Foods, Inc., a Delaware corporation (“DFI”) executed that certain Stock
Power dated November 10, 2005, transferring all the shares of the Company which
were held by DFI as of such date that are the subject of that certain
Stockholders’ Agreement by and among DFI and the Company and certain other
parties dated as of October 1, 1999, as amended on December 24, 1999 (as amended
and extended, the “Stockholders’ Agreement”) and as extended by that certain
First Extension to Stockholders’ Agreement dated September 28, 2004 (the “First
Extension”) and by that certain Second Extension to Stockholders’ Agreement
dated October 29, 2004 (“Second Extension”) and by that certain Third Extension
to Stockholders’ Agreement dated December 30, 2004 (the “Third Extension”) and
by that certain Fourth Extension to Stockholders’ Agreement dated April 28, 2006
(the “Fourth Extension”) and by that certain Fifth Extension to Stockholders’
Agreement dated December 26, 2007 (the “Fifth Extension”) and by the Sixth
Extension to Stockholders’ Agreement entered into as of December 31, 2007 (the
“Sixth Extension”) are the subject of the Stockholders’ Agreement to
DSW;

    

    WHEREAS,
DSW accepted such shares subject to the covenants and restrictions contained in
the Stockholders’ Agreement and DSW hereby agrees to be bound by its terms
contained therein;

    

    WHEREAS,
under the Sixth Extension, the Standstill Period and the operative period of
Section 6.02 of the Stockholders’ Agreement (“Non-Compete Period”) expires on
December 31, 2008;  and

    

    WHEREAS,
each of the Company and the Stockholders desires to further amend the
Stockholders’ Agreement to extend the Standstill Period and the Non-Compete
Period, with the specific exclusion of the company, Stonyfield Farms, Inc. from
any such obligation, of the Stockholders’ Agreement as more fully provided in
this Seventh Extension.

    

    NOW,
THEREFORE, in consideration of the entry of the parties into this Seventh
Extension and for other good and valuable consideration, the receipt of which is
acknowledged herein, the parties hereto agree as follows:

    

    1.    Acceptance of Terms of
Stockholders’ Agreement; Acknowledgment.  DSW represents to
Company that DSW is an Affiliate of DFI and that DSW has been assigned the
Stockholders’ Agreement and the shares of Company from DFI and, DSW further
agrees to 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    be bound
by, and receive all the benefits of, the terms and conditions of the
Stockholders’ Agreement.

     

    2.    Extension of Standstill
Period.  The Standstill Period shall be extended to include any
time during the period beginning on October 1, 1999 and ending at the close of
business on December 31, 2009 and during which the Stockholders Beneficially
Owns 10% or more of the outstanding shares of Common Stock on a Fully Diluted
Basis.

     

    3.    Extension of Non-Compete
Period.  The Non-Compete Period shall be extended to include
the period beginning on October 1, 1999 and ending at the close of business on
December 31, 2009, with the exception that the Stonyfield Farms, Inc. entity
shall be specifically excluded from any and all non-compete
obligations.  The non-compete obligations shall apply only to
kefir.

     

    4.    Governing
Law.  This Seventh Extension shall be governed by and construed
in accordance with the laws of the State of Illinois.

     

    5.    No Waiver of Other
Rights.  The execution, delivery and effectiveness of this
Seventh Extension shall not, except as expressly provided herein, operate as a
waiver of any right, power or remedy of any of the parties to the Stockholders’
Agreement.

     

    6.    Counterparts.  This
Seventh Extension may be executed in any number of
counterparts, each of which shall be deemed to be an original and all of which
counterparts together shall constitute one and the same instrument.

     

    

    [Signature
Page Follows]

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
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    IN
WITNESS WHEREOF, this Seventh Extension is hereby executed as of the date first
above written.

    

    

    
      	
              LIFEWAY
      FOODS, INC.,

              an
      Illinois corporation

            	
              DS
      WATERS, L.P.,

              a
      Delaware limited partnership

               

              By:
      DS Waters General Partner, LLC, its general partner

            
	
               

               

              By: 
       /s/ Julie
      Smolyansky

              

                
      

              Name:
      Julie Smolyansky

              Its:
      President

            	
               

               

              By: 
       /s/ Karen Aviles

              

                
      

              Name:
      Karen Aviles

              Its:
      Treasurer

            
	 
      	 
      

    

    

    

    

    

    
 

     

     

     

    
      
        
        

      

      
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