Document:

Second Amendment to Arctic Cat Inc. 2007 Omnibus Stock and Incentive Plan

 EXHIBIT 10.1 

SECOND AMENDMENT TO THE 
 ARCTIC CAT INC. 2007 OMNIBUS STOCK AND INCENTIVE PLAN 
 April 1, 2011

 RECITALS: 
  

	A.	The Arctic Cat Inc. 2007 Omnibus Stock and Incentive Plan (the “Plan”) was adopted by the Board of Directors (the “Board”) of Arctic Cat Inc. (the
“Company”) on June 20, 2007, and was approved by the shareholders of the Company on August 8, 2007. 

  

	B.	The shareholders of the Company amended the Plan on August 6, 2009 to increase the number of shares of Common Stock available for issuance under the Plan and the
Board amended the Plan on August 6, 2009 to modify the terms of the annual automatic option grants to non-employee directors of the Company. 

  

	C.	Applicable rules of the Securities and Exchange Commission have been amended to eliminate the need to specify automatic grants of Awards to non-employee directors and
the Plan has always provided the Board or the Committee (as defined in the Plan) with discretion to provide additional or substitute Awards to any director. 

 

	D.	The Board amended the Plan on March 21, 2011 to provide greater flexibility in the grant of Awards under the Plan to non-employee directors of the Company and
adopted this Second Amendment to the Plan. 

 AMENDMENT: 
 THEREFORE, the Plan is hereby amended as follows: 
  

	1.	The first paragraph of Section 6(d) of the Plan is hereby amended to read as follows: 

“(d) Directors Who Are Not Employees. Each person who is not an employee of the Company or its Subsidiaries
and who is serving as a director of the Company on April 1 of each year, shall as of each April 1 be granted an Award with such terms as the Board in its discretion may determine prior to or at the time of such grant; provided that any
such Director may decline receipt of said Award; provided, further, that any person who is not an employee of the Company or its Subsidiaries and who is appointed as a director of the Company by action of the Board after April 1 may, at the
discretion of the Board, be granted an Award with such terms as the Board in its discretion determines.” 
  

	3.	This Second Amendment to the Arctic Cat 2007 Omnibus Stock and Incentive Plan shall be effective as of April 1, 2011.Amended Form of Director Non-Qualified Stock Option Agreement

 EXHIBIT 10.2 

FORM OF 
 ARCTIC
CAT INC. 
 DIRECTOR 
 NON-QUALIFIED 
 STOCK OPTION AGREEMENT 

THIS OPTION AGREEMENT (“Agreement”) is made as of the 1st day of April 20     (the
“Option Date”), between ARCTIC CAT INC., a Minnesota corporation (the “Company”), and
                                        
, a non-employee member of the Board of Directors of the Company (the “Optionee”). 
 WHEREAS, the Company desires,
by affording the Optionee an opportunity to purchase shares of its Common Stock, $.01 par value (the “Common Stock”), as hereinafter provided, to carry out the purpose of the 2007 Omnibus Stock and Incentive Plan (the “2007 Stock
Plan”) of the Company approved by its shareholders; 
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter
set forth and for other good and valuable consideration, the parties hereto have agreed, and do hereby agree, as follows: 
 1.
Grant of Option; First Year Forfeiture. The Company hereby grants to the Optionee the right and Option (hereinafter called the “Option”) to purchase from the Company all or any part of an aggregate amount of 6,000 shares of the
Common Stock of the Company on the terms and conditions herein set forth. This grant does not qualify as an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended. In the event the Optionee’s services as
a member of the Board of Directors of the Company is terminated for any reason prior to the first anniversary of the date of this Agreement, the Optionee shall, for no consideration, forfeit to the Company all of the Option granted by this
Agreement. 
 2. Purchase Price. The purchase price of the shares of the Common Stock covered by the Option shall be
$             per share. 
 3. Term of Option. The
term of the Option shall be for a period expiring ten (10) years from the Option Date. In no event shall the Option be exercisable after the expiration of the term of the Option. 

4. Exercise of Option. During the first year the Option is outstanding it may not be exercised with respect to any of the shares
covered thereby. The Option may thereafter be exercised during the term specified in Section 3 as follows: 

  
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	 	(a)	from and after 12 months from the Option Date, the Option may be exercised as to 2,000 shares; 

 

	 	(b)	from and after 24 months from the Option Date, the Option may be exercised as to an additional 2,000 shares; and 

 

	 	(c)	from and after 36 months from the Option Date, the Option may be exercised as to an additional 2,000 shares. 

5. Non-Transferability. The Option shall not be transferable otherwise than by will or the laws of descent and distribution, and
the Option may be exercised, during the lifetime of the Optionee, only by the Optionee. More particularly (but without limiting the generality of the foregoing), the Option may not be assigned, transferred (except as provided above), pledged, or
hypothecated in any way; shall not be assignable by operation of law; and shall not be subject to execution, attachment, or similar process. Any attempted assignment, transfer, pledge, hypothecation, or other disposition of the Option contrary to
the provisions hereof, and the levy of any execution, attachment, or similar process upon the Option, shall be null and void and without effect. 
 6. Method of Exercising Option. Subject to the terms and conditions of this Option Agreement, the Option may be exercised by written notice to the Chief Financial Officer of the Company at the
principal office of the Company. Such notice shall state the election to exercise the Option and the number of shares in respect of which it is being exercised, and shall be signed by the person so exercising the Option. Such notice shall be
accompanied by payment of the full purchase price of such shares which payment shall be made in cash or by certified check or bank draft payable to the Company, by any other form of legal consideration deemed sufficient by the Company and consistent
with the purpose of the 2007 Stock Plan and applicable law, or in the sole discretion of the Company, by delivery of shares of unrestricted Common Stock of the Company with a fair market value equal to the purchase price or by a combination of cash
and such shares, whose fair market value shall equal the purchase price. For purposes of this paragraph the “fair market value” of the Common Stock of the Company shall be established in the manner set forth in Section 2(p) of the
2007 Stock Plan. The certificate or certificates for the shares as to which the Option shall have been so exercised shall be registered in the name of the person so exercising the Option, or if the Optionee so elects, in the name of the Optionee or
one other person as joint tenants, and shall be delivered as soon as practicable after the notice shall have been received. In the event the Option shall be exercised by any person other than the Optionee, such notice shall be accompanied by
appropriate proof of the right of such person to exercise the Option. All shares that shall be purchased upon the exercise of the Option as provided herein shall be fully paid and nonassessable. 

7. Withholding Requirements. Upon exercise of the Option by the Optionee and prior to the delivery of shares purchased pursuant to
such exercise, the Company shall have the right to require the Optionee to remit to the Company cash in an amount sufficient to satisfy applicable federal and state tax withholding requirements. The Company shall inform the Optionee as to whether it
will require the Optionee to remit cash for withholding taxes in 

  
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accordance with the preceding sentence within two (2) business days after receiving from the Optionee notice that such Optionee intends to exercise, or has exercised, all or a portion of the
Option. 
 8. Stock Plan. This Option is subject to certain additional terms and conditions set forth in the 2007 Stock
Plan pursuant to which this Option has been issued. A copy of the 2007 Stock Plan is on file with the Chief Financial Officer of the Company and each Option holder by acceptance hereof agrees to and accepts this Option subject to the terms of the
2007 Stock Plan. 
 9. General. The Company shall at all times during the term of the Option reserve and keep available
such number of shares of Common Stock as will be sufficient to satisfy the requirements of this Option Agreement, shall pay all original issue and transfer taxes with respect to the issue and transfer of shares pursuant hereto and all other fees and
expenses necessarily incurred by the Company in connection therewith, and will from time to time use its best efforts to comply with all laws and regulations which, in the opinion of counsel for the Company, shall be applicable thereto. 

10. Investment Certificate. Prior to the receipt of the certificates pursuant to the exercise of the Option granted hereunder, the
Optionee shall, if required in the Company’s discretion, demonstrate an intent to hold the shares acquired by exercise of the Option for investment and not with a view to resale or distribution thereof to the public by delivering to the Company
an investment certificate or letter in such form as the Company may require. 
 11. Status. Neither the Optionee nor the
Optionee’s executor, administrator, heirs, or legatees shall be or have any rights or privileges of a shareholder of the Company in respect of the shares transferable upon exercise of the Option granted hereunder, unless and until certificates
representing such shares shall be endorsed, transferred, and delivered and the transferee has caused the Optionee’s name to be entered as the shareholder of record on the books of the Company. 

12. Company Authority. The existence of the Option herein granted shall not affect in any way the right or power of the Company or
its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business or any merger or consolidation of the Company, or any issue of bonds,
debentures, preferred or prior preference stock ahead of or affecting the Common Stock of the Company of the rights thereof, or dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any
other corporate act or proceeding, whether of a similar character or otherwise. 
 13. Disputes. As a condition of the
granting of the Option herein granted, the Optionee agrees, for the Optionee and the Optionee’s personal representatives, that any dispute or disagreement which may arise under or as a result of or pursuant to this Option Agreement shall be
determined by the Board of Directors of the Company, in its sole discretion, and that any interpretation by the Board of the terms of this agreement shall be final, binding and conclusive. 

  
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 14. Binding Effect. This Option Agreement shall be binding upon the heirs, executors,
administrators and successors of the parties hereto. 
 IN WITNESS WHEREOF, the Company has caused this Option Agreement to be
duly executed by an officer thereunto duly authorized, and the Optionee has hereunto set his or her hand, all as of the day and year first above written. 

 

					
		 	ARCTIC CAT INC.
		
	By	 	  

		 	Its Chief Executive Officer
			
		 	  
	 	
		 	  
	 	, Optionee

  
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