Document:

exv10w24

EXHIBIT 10.24

NONQUALIFIED STOCK OPTION NOTICE AND AGREEMENT

BOB EVANS FARMS, INC.

OPTIONEE:         
             
                   

OPTION NUMBER:               
      

ID: 31-4421866

ADDRESS: 3776 SOUTH HIGH STREET, COLUMBUS, OH 43207

PLAN: FIRST AMENDED AND RESTATED 1998 STOCK OPTION AND INCENTIVE

PLAN ID:                
           
              

EFFECTIVE         
                   
             , YOU HAVE BEEN GRANTED A
NONQUALIFIED STOCK OPTION TO BUY SHARES OF COMMON STOCK, PAR VALUE $0.01 PER SHARE, OF BOB EVANS FARMS, INC. AT AN EXERCISE PRICE OF
$                      FOR EACH SHARE.

THE TOTAL
EXERCISE PRICE FOR THE SHARES SUBJECT TO THIS NONQUALIFIED STOCK OPTION IS $           
          .

THIS NONQUALIFIED STOCK OPTION WILL VEST AND BECOME EXERCISABLE OVER A PERIOD OF THREE YEARS
ACCORDING TO THE FOLLOWING SCHEDULE:

	 	 	 	 	 	 	 	 	 	 
	Vesting Date:

	 	 	 	Number of Shares:	 	 	 	 	 
	 

	 	 

	 	 	 	 

	 	 	 
	 	 	 	 	BOB EVANS FARMS, INC.	 	 	 
	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	BY: STEWART K. OWENS, CHAIRMAN AND CHIEF	 
	 	 	 	 	EXECUTIVE OFFICER	 
	 	 	 	 	DATE: [INSERT DATE]	 

THIS NONQUALIFIED STOCK OPTION NOTICE AND AGREEMENT IS NOT A STOCK CERTIFICATE OR A NEGOTIABLE
INSTRUMENT. THE STOCK OPTION REPRESENTED BY THIS NONQUALIFIED STOCK OPTION NOTICE AND AGREEMENT IS
NON-TRANSFERABLE.

BY YOUR RECEIPT OF THIS NONQUALIFIED STOCK OPTION NOTICE AND AGREEMENT, YOU AND THE COMPANY AGREE
THAT THIS NONQUALIFIED STOCK OPTION IS GRANTED UNDER AND GOVERNED BY THE TERMS AND CONDITIONS OF
THE BOB EVANS FARMS, INC. FIRST AMENDED AND RESTATED 1998 STOCK OPTION AND INCENTIVE PLAN,
INCLUDING THE TERMS AND CONDITIONS SET FORTH ON THE REVERSE SIDE OF THIS NONQUALIFIED STOCK OPTION
NOTICE AND AGREEMENT.

 

 

BOB EVANS FARMS, INC. FIRST AMENDED AND RESTATED 1998 STOCK OPTION AND INCENTIVE PLAN NONQUALIFIED
STOCK OPTION NOTICE AND AGREEMENT

BOB EVANS FARMS, INC. (THE “COMPANY”) IS PLEASED TO INFORM YOU THAT YOU HAVE BEEN GRANTED A
NONQUALIFIED STOCK OPTION (“OPTION”) TO PURCHASE SHARES OF COMMON

STOCK, PAR VALUE $0.01, OF THE COMPANY (“SHARES”). YOUR OPTION HAS BEEN AWARDED UNDER THE BOB EVANS
FARMS, INC. FIRST AMENDED AND RESTATED 1998 STOCK OPTION AND INCENTIVE PLAN (THE “PLAN”), WHICH,
TOGETHER WITH THIS NONQUALIFIED STOCK OPTION NOTICE AND AGREEMENT (“AGREEMENT”), SETS FORTH THE
TERMS AND CONDITIONS OF THIS OPTION AND IS INCORPORATED BY REFERENCE INTO THIS AGREEMENT. A
PROSPECTUS DESCRIBING THE PLAN IN MORE DETAIL [HAS BEEN DELIVERED TO YOU] OR [ACCOMPANIES THIS
AGREEMENT]. COPIES OF THE PLAN AND THE PROSPECTUS ARE ALSO AVAILABLE THROUGH OUR HUMAN RESOURCES
DEPARTMENT. THE PLAN AND THE PROSPECTUS CONTAIN IMPORTANT INFORMATION AND WE URGE YOU TO REVIEW
THEM CAREFULLY.

OPTION INFORMATION:

Optionee: [Insert Name]

Grant Date: [Insert grant date]

Shares Subject to the Option [Insert Number]

Exercise Price: [Insert Exercise Price] per Share

Last Exercise Date: [Insert Expiration Date]

VESTING: You may not exercise this Option until the Option has vested. The Option will vest and
become exercisable according to the following schedule with respect to each installment of Shares:

	 	 	 

	Vesting Date

	 	Number of Shares

This vesting schedule may be affected if (1) you die, (2) you retire, (3) your employment with the
Company is terminated or (4) there is a change in control of the Company, as explained later in
this Agreement.

OPTION TERM: You must exercise this Option before the Last Exercise Date, or an earlier date if you
die or retire, if your employment with the Company is terminated, or if there is a change in
control of the Company (as explained later this Agreement). After that time, this Option will
become null and void.

EXERCISE: Exercising this Option means that you exchange this Option for a number of Shares by
purchasing each Share that you wish to buy at the Exercise Price. You can only buy the number of
Shares as to which the Option has vested on the exercise date. For example, if you

 

 

were to receive an option to buy 200 Shares that vests in two annual installments of 100
Shares, you can buy up to 100 Shares on or after the first vesting date. You cannot buy the
remaining 100 Shares until on or after the second vesting date. The number of Shares you may
purchase on any date cannot exceed the total number of Shares as to which the Option is vested by
that date, less any Shares you previously acquired by exercising this Option.

To exercise this Option, you must deliver to the Company (1) a written notice that states the
number of Shares you wish to buy and (2) the Purchase Price. The Purchase Price is the Exercise
Price multiplied by the number of Shares you are buying. You may pay the Purchase Price in one of
the following ways:

(1) Cash: Deliver cash, a cashier’s check or a personal check to the Company in the amount
of the Purchase Price.

(2) Swap/Stock-for-Stock Exercise: Deliver to the Company Shares that you already own which
have a Fair Market Value equal to the Purchase Price. The “Fair Market Value” of the Company’s
Shares, on any given date, is the last reported sale price of the Shares on NASDAQ.

(3) Broker Assisted Exercise: Authorize a broker to sell some or all of the Shares to be
acquired through the exercise of the Option and instruct the broker to pay the Company the portion
of the sale proceeds equal to the Purchase Price and to pay you any sale proceeds remaining after
paying the Purchase Price and the broker’s fee.

TAX WITHHOLDING: The Company must withhold federal, state and local taxes in connection with the
exercise of this Option and the Company has the right to require these payments from you. The
Company permits you to make these payments (1) in cash (including cash resulting from a broker
assisted exercise), (2) by having the Company withhold from the Shares you are to receive upon
exercise a number of Shares having a Fair Market Value equal to the payment due, or (3) delivering
Shares to the Company that you already own which have a Fair Market Value equal to the payment due.
You must select one of these alternatives when you exercise this Option.

EXERCISE FOLLOWING RETIREMENT, DEATH, DISABILITY, TERMINATION OF EMPLOYMENT OR A CHANGE IN CONTROL
OF THE COMPANY:

Retirement (minimum age 55): If you retire, this Option will vest immediately and become
fully exercisable. You must exercise this Option by the Last Exercise Date.

Death: If you die while employed by the Company, the unvested portion of this Option will
be cancelled. The legal representative of your estate must exercise the vested portion of this
Option by the Last Exercise Date or within one year of the date of your death, whichever is
earlier.

Disability: If your employment with the Company is terminated because you become disabled,
the unvested portion of this Option will be cancelled. You must exercise the vested portion of this
Option by the Last Exercise Date or within one year of the date of your termination of employment,
whichever is earlier.

 

 

Termination of Employment: If you voluntarily terminate your employment with the Company,
the unvested portion of this Option will be cancelled. You must exercise the vested portion of this
Option by the Last Exercise Date or within 90 days following the date you notify the Company of
your intention to terminate your employment, whichever is earlier. If your employment with the
Company is terminated by the Company for “cause” (as defined in the Plan), this Option will be
cancelled immediately (both the vested and unvested portions).

Change in Control of the Company: This Option will vest immediately and become fully
exercisable if, within 36 months after a change in control of the Company, the Plan is terminated
and not replaced simultaneously with a similar program providing comparable benefits. A “change in
control” is defined in the Plan.

RESTRICTIONS ON TRANSFER OF OPTION: You may not assign, alienate, pledge, sell or otherwise
transfer this Option, and any purported transfer will be void and unenforceable against the
Company. Notwithstanding this prohibition, this Option may be transferred by will or by the laws of
descent and distribution. During your lifetime, this Option may be exercised only by you or your
guardian or legal representative.

TAX CONSEQUENCES: This brief discussion of the federal tax rules that affect this Option is
provided as general information (not as personal tax advice) and is based on the Company’s
understanding of federal tax laws and regulations in effect as of the Grant Date. YOU SHOULD
CONSULT WITH A TAX OR FINANCIAL ADVISER TO ENSURE YOU FULLY UNDERSTAND THE TAX RAMIFICATIONS OF
YOUR OPTION.

You will not be required to pay ordinary income taxes on the value of this Option when it is issued
or when it becomes exercisable. However, you will be required to pay federal, state and local taxes
when you exercise this Option. The amount taxed is the difference between the Fair Market Value of
each Share you buy when you exercise this Option minus the Exercise Price for each Share you buy,
multiplied by the number of Shares you buy. The Company must withhold these taxes (see discussion
of “Tax Withholding”). When you sell your Shares, the difference between their Fair Market Value
when sold and the Exercise Price will be taxed as a long term capital gain (or loss), if you sell
the Shares more than one year after you exercise the Option, or as a short term capital gain (or
loss), if you sell the Shares one year or less after you exercise the Option.

PLAN CONTROLS: THE COMPANY HAS DEVELOPED THE PLAN TO ENCOURAGE YOUR CONTINUED EFFORT AND COMMITMENT
TO THE COMPANY. THE TERMS CONTAINED IN THE PLAN ARE INCORPORATED INTO AND MADE A PART OF THIS
AGREEMENT AND THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE TERMS OF THE
PLAN. IN THE EVENT OF ANY ACTUAL OR ALLEGED CONFLICT BETWEEN THE TERMS OF THE PLAN AND TERMS OF

THIS AGREEMENT, THE TERMS OF THE PLAN SHALL BE CONTROLLING AND DETERMINATIVE.

 

 

OPTIONS AS AN INVESTMENT: DECIDING WHETHER AND WHEN TO EXERCISE THIS OPTION IS AN IMPORTANT
INVESTMENT DECISION. THE VALUE OF THIS OPTION IS THE DIFFERENCE BETWEEN THE EXERCISE PRICE AND THE
FAIR MARKET VALUE OF SHARES ON THE EXERCISE DATE. IF THE FAIR MARKET VALUE OF THE SHARES RISES, YOU
MAY REALIZE A GAIN. HOWEVER, THERE IS NO GUARANTEE THAT THE VALUE OF THE SHARES WILL RISE. IF THE
FAIR MARKET VALUE OF THE SHARES DECLINES, YOU MAY LOSE ALL OR SOME OF YOUR INVESTMENT.

NO RIGHTS AS A STOCKHOLDER: YOU SHALL NOT HAVE ANY RIGHTS AS A STOCKHOLDER OF THE COMPANY WITH
RESPECT TO ANY OF THE SHARES SUBJECT TO THIS OPTION UNTIL YOU EXERCISE THE OPTION AND THE COMPANY
ISSUES A CERTIFICATE TO YOU EVIDENCING SUCH SHARES.

SECTION 16 OFFICERS AND AFFILIATES: IF YOU ARE AN EXECUTIVE OFFICER OF THE COMPANY SUBJECT TO THE
REQUIREMENTS OF SECTION 16 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, YOU ARE RESPONSIBLE
FOR ENSURING THAT ALL THE REQUIREMENTS OF SECTION 16 ARE MET, INCLUDING FILING NOTICES WITH THE
SECURITIES AND EXCHANGE COMMISSION ON FORM 4 WHEN YOU RECEIVE AND WHEN YOU EXERCISE THIS OPTION.
ADDITIONALLY, THE METHODS BY WHICH YOU MAY EXERCISE THIS OPTION MAY BE SUBJECT TO ADDITIONAL
RESTRICTIONS UNDER THE FEDERAL SECURITIES LAWS. ALSO, CERTAIN RESTRICTIONS ARE IMPOSED BY THE
FEDERAL SECURITIES LAWS ON THE RESALE OF SHARES ACQUIRED UNDER THE PLAN BY PERSONS DEEMED TO BE
“AFFILIATES” OF THE COMPANY. AN “AFFILIATE” IS A PERSON WHO POSSESSES THE POWER (DIRECT OR
INDIRECT) TO DIRECT OR CAUSE THE DIRECTION OF THE COMPANY’S MANAGEMENT OR POLICIES.exv10w25

EXHIBIT 10.25

RESTRICTED STOCK AWARD NOTICE AND AGREEMENT

	 	 	 

	BOB EVANS FARMS, INC.

	 	AWARD NUMBER:          
                    
	 
	 	 
	ID: 31-4421866

	 	PLAN: FIRST AMENDED AND RESTATED 1998 STOCK
OPTION AND INCENTIVE PLAN
	 
	 	 
	3776 SOUTH HIGH STREET
	 	 
	COLUMBUS, OH 43207
	 	 
	OPTIONEE:         
           
            

	 	ID:                
                     
               

EFFECTIVE           
              
                , YOU HAVE BEEN GRANTED A
RESTRICTED STOCK AWARD CONSISTING OF
              
       SHARES OF COMMON STOCK, PAR VALUE $0.01 PER SHARE, OF BOB EVANS FARMS, INC (THE
“COMPANY”). YOU WILL NOT RECEIVE THE COMMON STOCK SUBJECT TO THIS RESTRICTED STOCK AWARD UNLESS AND
UNTIL THE APPLICABLE VESTING CONDITIONS ARE SATISFIED. THESE VESTING CONDITIONS AND THE OTHER TERMS
OF THIS RESTRICTED STOCK AWARD ARE EXPLAINED ON THE REVERSE SIDE OF THIS DOCUMENT.

	 	 	 	 	 
	 	BOB EVANS FARMS, INC.

 	 
	 	BY: 	 	 
	 	 	 	STEWART K. OWENS CHAIRMAN AND CHIEF EXECUTIVE OFFICER	 
	 	 	 	DATE:           
                  
                  
             
                   	 
	 

THIS RESTRICTED STOCK AWARD NOTICE AND AGREEMENT IS NOT A STOCK CERTIFICATE OR A NEGOTIABLE
INSTRUMENT. THE STOCK SUBJECT TO THIS RESTRICTED STOCK AWARD NOTICE AND AGREEMENT CANNOT BE
TRANSFERRED, PLEDGED, ASSIGNED OR OTHERWISE ENCUMBERED UNTIL ALL APPLICABLE VESTING CONDITIONS ARE
SATISFIED.

BY YOUR RECEIPT OF THIS RESTRICTED STOCK AWARD NOTICE AND AGREEMENT, YOU AND THE COMPANY AGREE THAT
THIS RESTRICTED STOCK AWARD IS GRANTED UNDER AND GOVERNED BY THE TERMS AND CONDITIONS OF THE BOB
EVANS FARMS, INC. FIRST AMENDED AND RESTATED 1998 STOCK OPTION AND INCENTIVE PLAN, INCLUDING THE
TERMS AND CONDITIONS SET FORTH ON THE REVERSE SIDE OF THIS RESTRICTED STOCK AWARD NOTICE AND
AGREEMENT.

 

 

SECTION 409A OF THE INTERNAL REVENUE CODE (“SECTION 409A”) IMPOSES SUBSTANTIAL PENALTIES ON PERSONS
WHO RECEIVE SOME FORMS OF DEFERRED COMPENSATION. YOUR RESTRICTED STOCK AWARD HAS BEEN DESIGNED TO
AVOID THESE PENALTIES. HOWEVER, BECAUSE THE INTERNAL REVENUE SERVICE HAS NOT YET ISSUED RULES FULLY
DEFINING THE EFFECT OF SECTION 409A, IT MAY BE NECESSARY TO REVISE YOUR RESTRICTED STOCK AWARD
NOTICE AND AGREEMENT IF YOU ARE TO AVOID THESE PENALTIES. BY ACCEPTING THIS RESTRICTED STOCK AWARD,
YOU AGREE TO ACCEPT THOSE REVISIONS, WITHOUT ANY FURTHER CONSIDERATION, EVEN IF THOSE REVISIONS
CHANGE THE TERMS OF YOUR RESTRICTED STOCK AWARD AND REDUCE ITS VALUE OR POTENTIAL VALUE.

Bob Evans Farms, Inc. (the “Company”) is pleased to inform you that you have been granted a
“Restricted Stock Award.” Your Award has been awarded under the Bob Evans Farms, Inc. First
Amended and Restated 1998 Stock Option and Incentive Plan (the “Plan”), which, together with this
Restricted Stock Award Notice and Agreement (“Agreement”), sets forth the terms and conditions of
this Award and is incorporated by reference into this Agreement. A prospectus describing the Plan
in more detail has been delivered to you. Copies of the Plan and the prospectus are also available
at our Compensation Department. The Plan and the prospectus contain important information and we
urge you to review them carefully.

AWARD INFORMATION

Grantee:       
              

Grant
Date:                     

Number of Shares         
                    
            

Restricted
Stock Awarded:                
                 
        

WHAT IS A RESTRICTED STOCK AWARD?

A Restricted Stock Award is a grant of shares of common stock, par value $0.01, of the Company
(“Shares”), but your right to receive the Shares is subject to a risk of forfeiture and other
restrictions that will lapse or “vest” upon the occurrence of certain events. We call the Shares
subject to this Restricted Stock Award “Restricted Stock.” Until the vesting requirements are
satisfied, your Restricted Stock will be credited to an account maintained for you by the Company.
The Company will deliver unrestricted shares to you within 60 days after the last day of the month
in which applicable vesting requirements are satisfied. You will not receive certificates for the
Restricted Stock unless and until the vesting requirements are satisfied.

 

 

VESTING:

You will satisfy the vesting requirements for your Restricted Stock Award pursuant to the following
schedule:

The Following Number of Shares of Restricted Stock Will Vest On:     
                      
              

As soon as administratively feasible after each vesting date, you will be issued common shares
equal in number to the number of shares of Restricted Stock then vesting.

You also will satisfy the vesting requirements if you retire (as defined in the Plan), die or
become disabled (as defined in the Plan) before the dates shown in this table.

If your employment with the Company (and its subsidiaries) ends for any reason (other than
retirement, death or disability) before the dates specified in the table above, you will forfeit
the unvested portion of the Restricted Stock credited to your account.

EFFECT OF A CHANGE IN CONTROL OF THE COMPANY: This Award will vest immediately and become fully
exercisable if, within 36 months after a change in control of the Company, the Plan is terminated
and not replaced simultaneously with a similar program providing comparable benefits. A “change in
control” is defined in the Plan.

RESTRICTIONS ON TRANSFER OF RESTRICTED STOCK: You may not pledge, transfer, assign, mortgage, sell
or otherwise dispose or encumber any of the shares subject to this Restricted Stock Award until
they are vested. Additionally, no interest in your Restricted Stock Award may be subject to seizure
for the payment of debts, judgments, alimony, or be reached or transferred in the event you become
bankrupt or insolvent until those shares vest. Once the vesting requirements are satisfied, the
Company does not impose any restrictions on the resale of the Shares issued to you. However,
certain restrictions may be imposed by the federal securities laws on the resale of the Shares you
acquire under the Plan. See “Section 16 Officers and Affiliates” below.

RIGHTS AS A STOCKHOLDER: During the period in which your Restricted Stock has not vested, you will
have all of the rights of a stockholder of the Company with respect to the Restricted Stock,
including the right to vote the Restricted Stock and to receive cash dividends paid on the
Restricted Stock (any dividends paid in Company stock will be held in the escrow account and
distributed or forfeited when the shares upon which they were paid are distributed or forfeited).
However, you will not be entitled to receive dividends or vote on matters with record dates prior
to the Grant Date, or record dates on or after the date you forfeit your Restricted Stock Award.

TAX WITHHOLDING: The Company must withhold federal, state and local taxes in connection with the
vesting of your Restricted Stock and the Company has the right to require these payments from you.
Unless you pay the Company the amount of these taxes in cash within 90

 

 

days of the date your Restricted Stock Award vests, the Company will withhold a number of the
Shares of Restricted Stock you would otherwise receive having a “Fair Market Value” equal to the
amount of tax withholding liability. The “Fair Market Value” of the Company’s Shares, on any given
date, is the last reported closing price of the Shares on the NASDAQ National Market System.

TAX CONSEQUENCES: This brief discussion of the federal tax rules that affect your Restricted Stock
Award is provided as general information (not as personal tax advice) and is based on the Company’s
understanding of federal tax laws and regulations in effect as of the date of this Restricted Stock
Award.

YOU SHOULD CONSULT WITH A TAX OR FINANCIAL ADVISER TO ENSURE YOU FULLY UNDERSTAND THE TAX
RAMIFICATIONS OF YOUR RESTRICTED STOCK AWARD.

You will not be required to pay ordinary income taxes on the value of this Restricted Stock Award
when issued. However, you will be required to pay federal, state and local income, wage and
employment taxes when the vesting requirements are met. The amount taxed is the full Fair Market
Value of the Restricted Stock on the date the vesting requirements are satisfied. The Company must
withhold these taxes (see discussion of “Tax Withholding”). When you sell the Shares you acquire
through this Restricted Stock Award, the difference between their Fair Market Value when sold and
the Fair Market Value on the vesting date will be taxed as a long term capital gain (or loss), if
you sell the Shares more than one year after the vesting date, or as a short term capital gain (or
loss), if you sell the Shares one year or less after the vesting date.

PLAN CONTROLS: The terms contained in the Plan are incorporated into and made a part of this
Agreement and this Agreement shall be governed by and construed in accordance with the terms of the
Plan. In the event of any actual or alleged conflict between the terms of the Plan and terms of
this Agreement, the terms of the Plan shall be controlling and determinative.

SECTION 16 OFFICERS AND AFFILIATES: If you are an executive officer of the Company subject to the
requirements of Section 16 of the Securities Exchange Act of 1934, as amended, you are responsible
for ensuring that all the requirements of Section 16 are met, including filing notices of your
receipt of this Restricted Stock Award with the Securities and Exchange Commission on a Form 4.
Additionally, certain restrictions are imposed by the federal securities laws on the resale of
Shares acquired under the Plan by persons deemed to be “affiliates” of the Company. An “affiliate”
is a person who possesses the power (direct or indirect) to direct or cause the direction of the
Company’s management or policies.

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