Document:

Exhibit 10.1

Exhibit 10.1

LANCASTER COLONY CORPORATION

FORM OF RESTRICTED STOCK AWARD AGREEMENT

This Restricted Stock Award Agreement (this “Agreement”) is dated as of _____, _____,
by and between Lancaster Colony Corporation, an Ohio corporation (the “Company”), and
_____, a Service Provider for the Company (the “Grantee”).

W I T N E S S E T H

WHEREAS, the Company desires to award Restricted Stock to the Grantee in accordance with the
provisions of the Amended and Restated 2005 Stock Plan (the “Plan”); and

WHEREAS, the Grantee wishes to accept such award; and

WHEREAS, the execution of this Agreement has been authorized by a resolution of the
Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of the Company
that was duly adopted on _____, _____; and

WHEREAS, the Company hereby confirms to the Grantee the grant, effective on _____,
_____(the “Grant Date”), pursuant to the Plan, of _____shares of Restricted Stock (“Awarded
Shares”) subject to the terms and conditions of the Plan and the terms and conditions described
below; and

WHEREAS, the parties hereto understand and agree that any terms used and not defined herein
have the same meanings as in the Plan.

NOW, THEREFORE, the Company and the Grantee hereby agree as follows:

1. Provisions of the Plan Controlling. The Grantee specifically understands and
agrees that the Awarded Shares are being granted under the Plan, and are being granted to the
Grantee as Restricted Stock pursuant to the Plan, copies of which the Grantee acknowledges the
Grantee has read and understands and by which the Grantee agrees to be bound. The provisions of
the Plan are incorporated herein by reference. In the event of a conflict between the terms and
conditions of the Plan and this Agreement, the provisions of the Plan will control.

2. Vesting of Awarded Shares.

(a) Except as provided in Section 2(b) and 2(c), the Awarded Shares shall be
forfeited to the Company for no consideration in the event the Grantee (i) voluntarily
ceases to retain Continuous Status as an Employee or Consultant prior to the third
anniversary of the Grant Date or (ii) ceases to retain Continuous Status as an Employee or
Consultant as a result of being terminated by the Company, with or without cause, prior to
the third anniversary of the Grant Date.

(b) The Awarded Shares shall be fully vested in the Grantee and no longer subject to a
risk of forfeiture pursuant to Section 2(a) upon the occurrence of the earlier of
the following events:

 

 

 

(i) the date on which the Grantee dies or ceases to retain
Continuous Status as an Employee or Consultant as a result of
the Grantee’s Disability; or

(ii) the third anniversary of the Grant Date.

(c) Unless the Board determines otherwise:

(i) one third of the Awarded Shares shall be fully vested in the Grantee and no
longer subject to a risk of forfeiture pursuant to Section 2(a) if Grantee
Retires after the first anniversary of the Grant Date but before the second
anniversary of the Grant Date; and

(ii) two thirds of the Awarded Shares shall be fully vested in the Grantee and
no longer subject to a risk of forfeiture pursuant to Section 2(a) if Grantee
Retires after the second anniversary of the Grant Date but before the third
anniversary of the Grant Date.

For purposes of this Agreement: “Retire” shall mean, unless the Board determines otherwise,
the Grantee’s termination of his or her employment (other than by death or Disability) after the
Grantee attains age 63 and has achieved ten years of Continuous Status as an Employee or
Consultant; “Vesting Date” shall mean the earliest of a Change in Control or the events described
in Section 2(b) or Section 2(c).

3. Dividend and Voting Rights.

(a) Dividends payable with respect to the Awarded Shares during the period prior to the
Vesting Date shall be paid to the Grantee in the same manner as paid on the Common Stock of
the Company, unless the Grantee forfeits the Awarded Shares pursuant to Section 2(a)
hereof, in which case the Grantee shall also forfeit the right to receive any dividends not
paid prior to such forfeiture.

(b) The Grantee shall have the right to vote any Awarded Shares; provided, that
such voting rights shall lapse with respect to any Awarded Shares that are forfeited to the
Company pursuant to this Agreement.

4. Additional Shares. If the Company pays a stock dividend or declares a stock split
on or with respect to any of its Common Stock, or otherwise distributes securities of the Company
to the holders of its Common Stock, the shares of stock or other securities of the Company issued
with respect to the Awarded Shares then subject to the restrictions contained in this Agreement
shall be held in escrow and shall be distributed to the Grantee on the Vesting Date, unless the
Grantee forfeits the Awarded Shares pursuant to Section 2(a) hereof, in which case the
Grantee shall also forfeit the right to receive such stock or other securities. If the Company
shall distribute to its shareholders shares of stock of another corporation, the shares of stock of
such other corporation distributed with respect to the Awarded Shares then subject to the
restrictions contained in this Agreement shall be held in escrow and shall be distributed to the
Grantee on such Vesting Date, unless the Grantee forfeits the Awarded Shares pursuant to
Section 2(a) hereof, in which case the Grantee shall also forfeit the right to receive such
stock.

 

 

 

5. Effect of Change in Control. Notwithstanding anything in this Agreement to the contrary,
including Section 2, in the event of a Change in Control, the Awarded Shares will be
affected in accordance with Section 15 of the Plan.

6. Adjustments. The Awarded Shares shall be subject to adjustment in accordance with
Section 15 of the Plan.

7. Legends. To the extent certificates representing the Awarded Shares are issued to
the Grantee pursuant to this Agreement, such certificates shall have endorsed thereon legends
substantially as follows (or in such other form as counsel for the Company may determine is
necessary or appropriate):

“The shares represented by this certificate are subject to
restrictions set forth in a Restricted Stock Award Agreement with
this Company dated _____, _____, a copy of which Agreement is
available for inspection at the offices of the Company or will be
made available upon request.”

8. Withholding Taxes. To the extent that the Company is required to withhold federal,
state, local or foreign taxes in connection with any delivery of Awarded Shares to the Grantee, and
the amounts available to the Company for such withholding are insufficient, it shall be a condition
to the receipt of such delivery that the Grantee make arrangements satisfactory to the Company for
payment of the balance of such taxes required to be withheld. The Grantee may elect that all or
any part of such withholding requirement be satisfied by retention by the Company of a portion of
the Awarded Shares to be delivered to the Grantee. If such election is made, the Awarded Shares so
retained shall be credited against such withholding requirement at the Fair Market Value of a Share
on the date of such delivery, with any fractional Shares that would otherwise be delivered being
rounded up to the next nearest whole Share. In no event shall the Fair Market Value of Awarded
Shares to be withheld pursuant to this Section 8 to satisfy applicable withholding taxes in
connection with the benefit exceed the minimum amount of taxes required to be withheld.

9. Notices. Any notices required or permitted by the terms of this Agreement or the
Plan must be in writing, shall be delivered to the Grantee at his or her address on file with the
Company or to the Company addressed as follows (or to such other address or addresses of which
notice in the same manner has previously been given), and will be deemed to have been duly given
(a) when delivered in person, (b) when dispatched by electronic facsimile transfer (if confirmed in
writing by mail simultaneously dispatched), (c) one business day after having been dispatched by a
nationally recognized overnight courier service or (d) three business days after being sent by
registered or certified mail, return receipt requested, postage prepaid:

Lancaster Colony Corporation

37 West Broad Street

Columbus, Ohio 43215

Attention: Corporate Secretary

10. No Employment Contract; Right to Terminate Employment. The grant of the Awarded
Shares to the Grantee is a voluntary, discretionary award being made on a one-time

 

 

 

basis and it does not constitute a commitment to make any future awards. The grant of the Awarded
Shares and any payments made hereunder will not be considered salary or other compensation for
purposes of any severance pay or similar allowance, except as otherwise required by law. Nothing
in this Agreement will give the Grantee any right to continue employment with the Company or any
Subsidiary, as the case may be, or interfere in any way with the right of the Company or a
Subsidiary to terminate the employment of the Grantee at any time.

11. Relation to Other Benefits. Any economic or other benefit to the Grantee under
this Agreement or the Plan shall not be taken into account in determining any benefits to which the
Grantee may be entitled under any profit-sharing, retirement or other benefit or compensation plan
maintained by the Company or a Subsidiary and shall not affect the amount of any life insurance
coverage available to any beneficiary under any life insurance plan covering employees of the
Company or a Subsidiary.

12. Information. Information about the Grantee and the Grantee’s participation in the
Plan may be collected, recorded and held, used and disclosed for any purpose related to the
administration of the Plan. The Grantee understands that such processing of this information may
need to be carried out by the Company and its Subsidiaries and by third party administrators
whether such persons are located within the Grantee’s country or elsewhere, including the United
States of America. The Grantee consents to the processing of information relating to the Grantee
and the Grantee’s participation in the Plan in any one or more of the ways referred to above.

13. Benefit of Agreement. Subject to the provisions of the Plan and the other
provisions hereof, this Agreement is for the benefit of and is binding on the heirs, executors,
administrators, successors and assigns of the parties hereto.

14. Entire Agreement. This Agreement, together with the Plan, embodies the entire
agreement and understanding between the parties hereto with respect to the subject matter hereof
and supersedes all prior oral or written agreements and understandings relating to the subject
matter hereof. No statement, representation, warranty, covenant or agreement not expressly set
forth in this Agreement shall affect or be used to interpret, change or restrict the express terms
and provisions of this Agreement; provided, however, in any event, this Agreement
shall be subject to and governed by the Plan. The Board shall have authority, subject to the
express provisions of the Plan and this Agreement, to establish, amend and rescind rules and
regulations relating to the Plan, and to make all other determinations that are, in the judgment of
the Board, necessary or desirable for the administration of the Plan. The Board may correct any
defect, supply any omission or reconcile any inconsistency in the Plan or in this Agreement in the
manner and to the extent it shall deem expedient to carry the Plan into effect and it shall be the
sole and final judge of such expediency. All actions by the Board under the provisions of this
Section 14 shall be conclusive for all purposes.

15. Amendments. Any amendment to the Plan shall be deemed to be an amendment to this
Agreement to the extent that the amendment is applicable hereto; provided, however,
that no amendment shall adversely affect the rights of the Grantee with respect to the Awarded
Shares without the Grantee’s consent.

 

 

 

16. Severability. In the event that one or more of the provisions of this Agreement
shall be invalidated for any reason by a court of competent jurisdiction, any provision so
invalidated shall be deemed to be separable from the other provisions hereof, and the remaining
provisions hereof shall continue to be valid and fully enforceable.

17. Governing Law. This Agreement is made under, and shall be construed in accordance
with the internal substantive laws of the State of Ohio.

18. Waivers and Consents. The terms and provisions of this Agreement may be waived,
or consent for the departure therefrom granted, only by written document executed by the party
entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to
be or shall constitute a waiver or consent with respect to any other terms or provisions of this
Agreement, whether or not similar. Each such waiver or consent shall be effective only in the
specific instance and for the purpose for which it was given, and shall not constitute a continuing
waiver or consent.

19. Electronic Delivery and Consent to Electronic Participation. The Company may, in
its sole discretion, decide to deliver any documents related to the Awarded Shares and
participation in the Plan or future grants of Restricted Stock that may be granted under the Plan
by electronic means. Notwithstanding anything in this Agreement to the contrary, Grantee hereby
consents to receive such documents by electronic delivery and to participate in the Plan through an
on-line or electronic system established and maintained by the Company or another third party
designated by the Company, including the acceptance of Restricted Stock grants and the execution of
award agreements through electronic signature.

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Executed in the name and on behalf of the Company in Columbus, Ohio as of the _____day of
_____.

	 	 	 	 	 
	 	LANCASTER COLONY CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

ACCEPTANCE OF AGREEMENT

Grantee hereby: (a) acknowledges receiving a copy of the Plan, which has either been
previously delivered or is provided with this Agreement, and represents that he or she is familiar
with and understands all provisions of the Plan and this Agreement; (b) voluntarily and knowingly
accepts this Agreement and the Awarded Shares granted to him or her under this Agreement subject to
all provisions of the Plan and this Agreement; and (c) represents that he or she understands that
the acceptance of this Agreement through an on-line or electronic system, if applicable, carries
the same legal significance as if he or she manually signed the Agreement. Grantee further
acknowledges receiving a copy of the Company’s most recent annual report to shareholders and other
communications routinely distributed to the Company’s shareholders and a copy of the prospectus
pertaining to the Plan.Exhibit 10.2

Exhibit 10.2

LANCASTER COLONY CORPORATION

FORM OF STOCK APPRECIATION RIGHTS AGREEMENT

This Stock Appreciation Rights Agreement (this “Agreement”) is dated as of _____,
_____, by and between Lancaster Colony Corporation, an Ohio corporation (the “Company”), and
_____, a Service Provider for the Company (the “Grantee”).

W I T N E S S E T H

WHEREAS, the Company desires to award free-standing Stock Appreciation Rights to the Grantee
in accordance with the provisions of the Amended and Restated 2005 Stock Plan (the “Plan”); and

WHEREAS, the Grantee wishes to accept such award; and

WHEREAS, the execution of this Agreement has been authorized by a resolution of the
Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of the Company
that was duly adopted on _____, _____; and

WHEREAS, the Company hereby confirms to the Grantee the grant, effective on _____,
_____(the “Grant Date”), pursuant to the Plan, of _____free-standing Stock Appreciation Rights
(“SARs”) subject to the terms and conditions of the Plan and the terms and conditions described
below, which SARs are a right to receive Shares with a Fair Market Value equal to 100% of the
Spread at the time of exercise; and

WHEREAS, the parties hereto understand and agree that any terms used and not defined herein
have the same meanings as in the Plan.

NOW, THEREFORE, the Company and the Grantee hereby agree as follows:

1. Definitions. As used in this Agreement:

(a) “Base Price” means $_____, which is not less than the Fair Market Value of a Share
on the Grant Date.

(b) “Spread” means the excess of the Fair Market Value of a Share on the date on which
a SAR is exercised over the Base Price.

2. Vesting of SARs. The SARs shall become exercisable as follows:

(a) one-third of the SARs shall become exercisable on the first anniversary of the
Grant Date if the Grantee shall have retained Continuous Status as an Employee or Consultant
through such date;

(b) an additional one-third of the SARs shall become exercisable on the second
anniversary of the Grant Date if the Grantee shall have retained Continuous Status as an
Employee or Consultant through such date;

 

 

 

(c) the remaining one-third of the SARs shall become exercisable on the third
anniversary of the Grant Date if the Grantee shall have retained Continuous Status as an
Employee or Consultant through such date;

provided, that notwithstanding anything in this Section 2 to the contrary, any
Qualifying SARs that have not become exercisable prior to the date of Grantee’s Retirement shall
become exercisable, subject to Section 4(c), in accordance with the schedule set forth in
clauses (a), (b) and (c) of this Section 2 but without regard to
whether Grantee has retained Continuous Status as an Employee or Consultant. In calculating the
one-third amounts described in Sections 2(a), (b) and (c), fractional SARs shall be
rounded down to the nearest whole SAR for each of the first two anniversaries of the Grant Date,
and the remaining SARs shall be included with those SARs that become exercisable on the third
anniversary of the Grant Date. To the extent exercisable, the SARs may be exercised from time to
time in accordance with the Plan and this Agreement. To the extent the SARs or any portion thereof
do not become exercisable as provided in this Section 2, such unexercisable SARs or portion
thereof shall be forfeited to the Company for no consideration. For purposes of this Agreement:
“Retirement” shall mean, unless the Board determines otherwise, the Grantee’s termination of his or
her employment (other than by death or Disability) at least six months after the Grant Date and
after the Grantee attains age 63 and has achieved ten years of Continuous Status as an Employee or
Consultant.

3. Exercise of SARs.

(a) To the extent exercisable as provided in Section 2 or Section 5 of
this Agreement, the SARs may be exercised in whole or in part by delivery to the Company of
a statement in form and substance satisfactory to the Committee specifying the number of
SARs to be exercised.

(b) Upon exercise, the Company will issue to the Grantee the number of Shares equal to
the quotient of (i) the product of (A) the Spread multiplied by (B) the number of SARs
exercised divided by (ii) the Fair Market Value of a Share on the date of exercise, with
such quotient rounded down to the nearest whole Share.

4. Termination of SARs. The SARs shall terminate upon the earliest to occur of the
following:

(a) 90 days after the Grantee ceases to retain Continuous Status as an Employee or
Consultant other than upon the Grantee’s death or Disability or Retirement;

(b) 180 days after the Grantee ceases to retain Continuous Status as an Employee or
Consultant as a result of the Grantee’s Disability;

(c) One year after the Grantee ceases to retain Continuous Status as an Employee or
Consultant as a result of the Grantee’s death; and

(d) Five years from the Grant Date.

 

 

 

5. Effect of Change in Control. Notwithstanding anything in this Agreement to the
contrary, including Section 2, in the event of a Change in Control, the SARs will be
affected in accordance with Section 15 of the Plan.

6. Transferability. No SAR may be transferred by the Grantee other than by will or
the laws of descent and distribution. The SARs may be exercised during a Grantee’s lifetime only
by the Grantee or, in the event of the Grantee legal incapacity, by the Grantee’s guardian or legal
representative acting in a fiduciary capacity on behalf of the Grantee under state law and court
supervision. The SARs may be exercised after the Grantee’s death by (a) the Grantee’s designated
beneficiary, provided such beneficiary has been designated prior to the Grantee’s death in a form
acceptable to the Committee, or (b) the personal representative of the Grantee’s estate or by the
person(s) to whom the SARs are transferred pursuant to the Grantee’s will or in accordance with the
laws of descent and distribution.

7. Compliance with Law. The SARs shall not be exercisable if such exercise would
involve a violation of any applicable federal or state securities law, and the Company hereby
agrees to make reasonable efforts to comply with any applicable federal and state securities law.

8. Adjustments. The SARs shall be subject to adjustment in accordance with Section 15
of the Plan.

9. Withholding Taxes. To the extent that the Company is required to withhold federal,
state, local or foreign taxes in connection with the exercise of the SARs, and the amounts
available to the Company for such withholding are insufficient, it shall be a condition to such
exercise that the Grantee make arrangements satisfactory to the Company for payment of the balance
of such taxes required to be withheld. The Grantee may elect that all or any part of such
withholding requirement be satisfied by retention by the Company of a portion of the Shares to be
delivered to the Grantee. If such election is made, the Shares so retained shall be credited
against such withholding requirement at the Fair Market Value of a Share on the date of such
delivery, with any fractional Shares that would otherwise be delivered being rounded up to the next
nearest whole Share. In no event shall the Fair Market Value of Shares to be withheld pursuant to
this Section 9 to satisfy applicable withholding taxes in connection with the benefit
exceed the minimum amount of taxes required to be withheld.

10. Notices. Any notices required or permitted by the terms of this Agreement or the
Plan must be in writing, shall be delivered to the Grantee at his or her address on file with the
Company or to the Company addressed as follows (or to such other address or addresses of which
notice in the same manner has previously been given), and will be deemed to have been duly given
(a) when delivered in person, (b) when dispatched by electronic facsimile transfer (if confirmed in
writing by mail simultaneously dispatched), (c) one business day after having been dispatched by a
nationally recognized overnight courier service or (d) three business days after being sent by
registered or certified mail, return receipt requested, postage prepaid:

Lancaster Colony Corporation

37 West Broad Street

Columbus, Ohio 43215

Attention: Corporate Secretary

 

 

 

11. No Employment Contract; Right to Terminate Employment. The grant of SARs to the
Grantee is a voluntary, discretionary award being made on a one-time basis and it does not
constitute a commitment to make any future awards. The grant of the SARs and any payments made
hereunder will not be considered salary or other compensation for purposes of any severance pay or
similar allowance, except as otherwise required by law. Nothing in this Agreement will give the
Grantee any right to continue employment with the Company or any Subsidiary, as the case may be, or
interfere in any way with the right of the Company or a Subsidiary to terminate the employment of
the Grantee at any time.

12. Relation to Other Benefits. Any economic or other benefit to the Grantee under
this Agreement or the Plan shall not be taken into account in determining any benefits to which the
Grantee may be entitled under any profit-sharing, retirement or other benefit or compensation plan
maintained by the Company or a Subsidiary and shall not affect the amount of any life insurance
coverage available to any beneficiary under any life insurance plan covering employees of the
Company or a Subsidiary.

13. Information. Information about the Grantee and the Grantee’s participation in the
Plan may be collected, recorded and held, used and disclosed for any purpose related to the
administration of the Plan. The Grantee understands that such processing of this information may
need to be carried out by the Company and its Subsidiaries and by third party administrators
whether such persons are located within the Grantee’s country or elsewhere, including the United
States of America. The Grantee consents to the processing of information relating to the Grantee
and the Grantee’s participation in the Plan in any one or more of the ways referred to above.

14. Amendments. Any amendment to the Plan shall be deemed to be an amendment to this
Agreement to the extent that the amendment is applicable hereto; provided, however,
that no amendment shall adversely affect the rights of the Grantee with respect to the SARs without
the Grantee’s consent.

15. Severability. In the event that one or more of the provisions of this Agreement
shall be invalidated for any reason by a court of competent jurisdiction, any provision so
invalidated shall be deemed to be separable from the other provisions hereof, and the remaining
provisions hereof shall continue to be valid and fully enforceable.

16. Governing Law. This Agreement is made under, and shall be construed in accordance
with the internal substantive laws of the State of Ohio.

17. Provisions of the Plan Controlling. The Grantee specifically understands and
agrees that the SARs are being granted under the Plan, copies of which Plan the Grantee
acknowledges the Grantee has read, understands and by which the Grantee agrees to be bound. The
provisions of the Plan are incorporated herein by reference. In the event of a conflict between
the terms and conditions of the Plan and this Agreement, the provisions of the Plan will control.
The Board shall have authority, subject to the express provisions of the Plan and this Agreement,
to establish, amend and rescind rules and regulations relating to the Plan, and to make all other
determinations that are, in the judgment of the Board, necessary or desirable for the
administration of the Plan. The Board may correct any defect, supply any omission or reconcile any
inconsistency in the Plan or in this Agreement in the manner and to the extent it

 

 

 

shall deem expedient to carry the Plan into effect and it shall be the sole and final judge of such
expediency. All actions by the Board under the provisions of this Section 17 shall be
conclusive for all purposes.

18. Electronic Delivery and Consent to Electronic Participation. The Company may, in
its sole discretion, decide to deliver any documents related to the SARs and participation in the
Plan or future grants of Stock Appreciation Rights that may be granted under the Plan by electronic
means. Notwithstanding anything in this Agreement to the contrary, Grantee hereby consents to
receive such documents by electronic delivery and to participate in the Plan through an on-line or
electronic system established and maintained by the Company or another third party designated by
the Company, including the acceptance of Stock Appreciation Rights grants and the execution of
award agreements through electronic signature.

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Executed in the name and on behalf of the Company in Columbus, Ohio as of the _____day of
_____.

	 	 	 	 	 
	 	LANCASTER COLONY CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

ACCEPTANCE OF AGREEMENT

Grantee hereby: (a) acknowledges receiving a copy of the Plan, which has either been
previously delivered or is provided with this agreement, and represents that he or she is familiar
with and understands all provisions of the Plan and this Agreement; (b) voluntarily and knowingly
accepts this Agreement and the SARs granted to him or her under this Agreement subject to all
provisions of the Plan and this Agreement; and (c) represents that he or she understands that the
acceptance of this Agreement through an on-line or electronic system, if applicable, carries the
same legal significance as if he or she manually signed the Agreement. Grantee further
acknowledges receiving a copy of the Company’s most recent annual report to shareholders and other
communications routinely distributed to the Company’s shareholders and a copy of the prospectus
pertaining to the Plan.

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