Document:

<PAGE>

                     ANCHOR NATIONAL LIFE INSURANCE COMPANY

                         OPTIONAL INCOME BENEFIT (OIB)
                                  ENDORSEMENT

This Endorsement is made a part of, and subject to, the other terms and
conditions of the Contract to which it is attached. This Endorsement becomes
effective on the Effective Date. All the terms have the same meanings as in the
Contract except as defined below.

                                 SPECIFICATIONS

<TABLE>
<CAPTION>
CONTRACT NUMBER:                                  GROWTH RATE:
<S>                                               <C>
      A1111111111                                        [3.25%]

EFFECTIVE DATE:                                   OIB CHARGE PERCENTAGE:
      June 1, 2001                                      [ 0.15%]

ENDORSEMENT DATE:                                 EARLIEST INCOME BENEFIT DATE:
     June 1, 2001                                       June 1, 2011
</TABLE>

                                   DEFINITIONS

EFFECTIVE DATE
The Effective Date of the OIB Endorsement is as shown above. If elected at
Contract issue, the Effective Date and the Endorsement Date will be the same as
the Contract Date. If elected after Contract issue, the Effective Date is the
Contract anniversary immediately following the Endorsement Date.

ENDORSEMENT DATE
The Endorsement Date is the date that the OIB Endorsement was issued, as shown
above.

INCOME BENEFIT BASE
The amount We use to determine the OIB, as discussed below.

INCOME BENEFIT DATE
The Contract anniversary date on which the OIB is calculated. The Income Benefit
Date, which is selected by You, must be the [tenth] or later Contract
anniversary following the Effective Date unless You elect to step-up the Income
Benefit Base. If You elect to step-up the Income Benefit Base, the Income
Benefit Date must be the [tenth] or later Contract anniversary following the
most recent Step-Up Date. In order for the OIB to take effect, the Annuity Date
You select must be within the 30 days following Your Income Benefit Date. The
Income Benefit Date must be no later than the latest Annuity Date as discussed
in the ANNUITY PROVISIONS of Your Contract. To arrange selection of an Income
Benefit Date contact Our Annuity Service Center.

STEP-UP DATE
The Contract anniversary following the date on which you most recently elected
to step-up your Income Benefit Base. Electing to step-up the Income Benefit Base
will affect Your earliest Income Benefit Date. The Step-Up Date must be no later
than seven years prior to the latest Annuity Date as shown on the Contract Data
Page.

                                       1

<PAGE>

                                   PROVISIONS

OIB
This Endorsement provides for guaranteed minimum annuity payments under selected
Fixed Annuity Payment Options which are provided for in Your Contract and
specified in this Endorsement.

We will only provide for the guaranteed minimum annuity payments under the OIB
if You select an Annuity Date which is within 30 days following any Income
Benefit Date, and Your entire Contract Value is to be distributed under one of
the Fixed Annuity Payment Options described in this Endorsement. The Annuity
Date, as defined in Your Contract, is the date selected by You on which Annuity
Payments are to begin.

On the Annuity Date, the amount of the guaranteed Fixed Annuity payment is
calculated by applying the Income Benefit Base as of the Income Benefit Date, as
described below, reduced by: (a) any Partial Withdrawals of Contract Value
(which include any charges associated with those withdrawals) since the Income
Benefit Date; and (b) any Withdrawal Charges otherwise applicable to amounts in
Your Contract, calculated as if You fully surrender Your Contract as of the
Income Benefit Date; and (c) any applicable premium taxes, to the annuity rates
set forth in this Endorsement.

This amount is compared to the Fixed Annuity payment amount under the same
Annuity Payment Option provided for in the ANNUITY PROVISIONS of Your Contract
which is calculated based on Your Contract Value on the Annuity Date. We will
pay whichever is greater. You may also select any other Annuity Payment Option
as outlined in Your Contract to be applied to your actual Contract Value.
However, We will not provide for guaranteed minimum annuity payments under this
OIB.

INCOME BENEFIT BASE
On the Effective Date of this Endorsement, the Income Benefit Base is equal to
the entire Contract Value. If the OIB is elected at Contract issue, the Income
Benefit Base on the Contract Date is the First Purchase Payment. If you elect to
step-up the Income Benefit Base, as discussed below, the Income Benefit Base is
equal to the Contract Value on the Step-Up Date.

For purposes of subsequent calculation of the Income Benefit Base, the Income
Benefit Base is equal to (a) plus (b) less (c), where;

        (a) is the Income Benefit Base on the prior Contract anniversary (or the
        Contract Date if being calculated on the first Contract anniversary)
        accumulated at the Growth Rate indicated in the SPECIFICATIONS section
        of this Endorsement, and

        (b) is the sum of all Purchase Payments received after the prior
        Contract anniversary (or after the Contract Date if being calculated on
        the first Contract Anniversary) accumulated at the Growth Rate indicated
        in the SPECIFICATIONS section of this Endorsement, starting on the date
        each Purchase Payment is allocated to the Contract, and

        (c) is the sum of Income Benefit Base reductions made after the prior
        Contract anniversary (or after the Contract Date if being calculated on
        the first Contract anniversary) accumulated at the Growth Rate indicated
        in the SPECIFICATIONS section of this Endorsement, starting on the date
        each deduction occurs.

An Income Benefit Base reduction is calculated on a pro rata basis to
effectively reduce the Income Benefit Base in proportion to the actual reduction
in Contract Value. The reduction is equal to the Income Benefit Base immediately
prior to a Partial Withdrawal of Contract Value (which includes any charges
associated with the withdrawal) multiplied by the percentage reduction in
Contract Value resulting from the Partial Withdrawal of Contract Value.

                                       2

<PAGE>

THE INCOME BENEFIT BASE IS USED SOLELY FOR THE PURPOSE OF CALCULATING THE OIB
AND DOES NOT PROVIDE A CONTRACT VALUE OR GUARANTEE PERFORMANCE OF ANY INVESTMENT
OPTION.

GROWTH RATE
The Growth Rate will be the rate shown in the SPECIFICATIONS section of this
Endorsement through the Contract anniversary immediately following the
Annuitant's 90th birthday. The Growth Rate is reduced to 0.00% on the Contract
anniversary immediately following the Annuitant's 90th birthday.

STEP-UP OF INCOME BENEFIT BASE
Within the 30 days before a Contract anniversary, the Owner may elect to step-up
the Income Benefit Base to the Contract Value on that Contract anniversary by
sending to Us a written notice. If the Owner elects to step-up the Income
Benefit Base, the earliest Income Benefit Date is extended to the seventh
Contract anniversary following the most recent Step-Up Date and the OIB Charge,
discussed below, will be calculated based on the increased Income Benefit Base,
from the Step-Up Date forward.

OIB CHARGE
This annual charge is to compensate Us for the risk assumed as a result of
contractual obligations to provide the OIB. The OIB Charge Percentage will never
be greater than the percentage shown on the SPECIFICATIONS section of this
Endorsement. The OIB Charge equals the OIB Charge Percentage multiplied by the
Income Benefit Base in effect on that Contract anniversary. The OIB Charge is
deducted from the Contract Value annually, on each Contract anniversary. This
charge is no longer deducted after the Annuity Date.

Upon Total Withdrawal of the Contract Value, We will deduct the OIB Charge from
the Contract Value. If the Total Withdrawal of the Contract Value is requested
on any date other than the Contract anniversary, this charge will be calculated
based on the Income Benefit Base immediately prior to the Total Withdrawal and
will not be prorated.

TERMINATION
Once elected, You cannot terminate this OIB option.

                        OIB FIXED ANNUITY PAYMENT OPTIONS

OPTION 1  - LIFE ANNUITY WITH PAYMENTS GUARANTEED FOR  10 YEARS
Payments are payable to the Payee during the lifetime of the Annuitant. If, at
the death of the Annuitant, payments have been made for less than 10 years, the
remaining guaranteed annuity payments will be continued to the Beneficiary.

OPTION 2 - JOINT AND SURVIVOR LIFE ANNUITY WITH PAYMENTS GUARANTEED FOR 20 YEARS
Payments are payable to the Payee during the lifetime of the Annuitant and
during the lifetime of a designated second person. If, at the death of the
survivor, payments have been made for less than 20 years, the remaining
guaranteed annuity payments will be continued to the Beneficiary.

                                      3

<PAGE>

                     OIB FIXED ANNUITY PAYMENT OPTIONS TABLE

BASIS OF COMPUTATION
The actuarial basis for the Table of Annuity Rates is the 1983a Annuity
Mortality Table with projection and a guaranteed interest rate of 2.75%. The
mortality table is projected using Projection Scale G factors, assuming
annuitization in the year 2000. The OIB Fixed Annuity Payment Options Table does
not reflect any applicable premium tax.

              OPTION 1 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
    (MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST)
                    LIFE ANNUITY (W/120 PAYMENTS GUARANTEED)

<TABLE>
<CAPTION>
     AGE OF                                           AGE OF
   ANNUITANT           MALE           FEMALE        ANNUITANT          MALE           FEMALE
<S>                    <C>            <C>           <C>                <C>            <C>
       55              4.04            3.68             71             5.99            5.32
       56              4.13            3.74             72             6.16            5.48
       57              4.21            3.81             73             6.33            5.65
       58              4.30            3.88             74             6.51            5.83
       59              4.40            3.96             75             6.69            6.01
       60              4.50            4.04             76             6.88            6.20
       61              4.60            4.13             77             7.06            6.40
       62              4.71            4.22             78             7.25            6.60
       63              4.83            4.31             79             7.43            6.81
       64              4.96            4.41             80             7.61            7.01
       65              5.09            4.52             81             7.79            7.22
       66              5.22            4.64             82             7.96            7.43
       67              5.36            4.76             83             8.12            7.63
       68              5.51            4.89             84             8.28            7.83
       69              5.67            5.02             85             8.42            8.01
       70              5.83            5.17
</TABLE>

              OPTION 2 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
    (MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST)
         JOINT & 100% SURVIVOR LIFE ANNUITY (W/240 PAYMENTS GUARANTEED)

<TABLE>
<CAPTION>
    AGE OF
     MALE
   ANNUITANT                                  AGE OF FEMALE ANNUITANT
<S>                  <C>         <C>        <C>        <C>        <C>        <C>        <C>
                      55          60         65         70         75         80         85
      55             3.39        3.54       3.67       3.78       3.85       3.89       3.90
      60             3.48        3.67       3.86       4.03       4.14       4.20       4.23
      65             3.54        3.78       4.03       4.26       4.43       4.53       4.58
      70             3.58        3.85       4.15       4.45       4.69       4.83       4.90
      75             3.60        3.90       4.23       4.58       4.87       5.05       5.14
      80             3.61        3.92       4.27       4.64       4.96       5.18       5.28
      85             3.62        3.92       4.28       4.67       5.01       5.23       5.34
</TABLE>

                                       4

<PAGE>

All other terms and conditions of the Contract remain unchanged. Signed for the
Company at Los Angeles, California.

    /s/ SUSAN L. HARRIS                                     /s/ ELI BROAD
----------------------------                        ----------------------------
        Susan L. Harris                                         Eli Broad
           Secretary                                            President

                                      5
<PAGE>

                     OIB FIXED ANNUITY PAYMENT OPTIONS TABLE

BASIS OF COMPUTATION
The actuarial basis for the Table of Annuity Rates is the 1983a Annuity
Mortality Table with projection and a guaranteed interest rate of 2.75%. The
mortality table is projected using Projection Scale G factors, assuming
annuitization in the year 2000, and assumes an equal distribution of males and
females. The OIB Fixed Annuity Table does not reflect any applicable premium
tax.

              OPTION 1 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
    (MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST)
                    LIFE ANNUITY (W/120 PAYMENTS GUARANTEED)

<TABLE>
<CAPTION>
                         AGE OF                      AGE OF
                        ANNUITANT                   ANNUITANT
                        <S>              <C>        <C>            <C>
                           55            3.86          71          5.66
                           56            3.93          72          5.82
                           57            4.01          73          5.99
                           58            4.09          74          6.17
                           59            4.18          75          6.35
                           60            4.27          76          6.54
                           61            4.36          77          6.73
                           62            4.47          78          6.92
                           63            4.57          79          7.12
                           64            4.69          80          7.31
                           65            4.80          81          7.50
                           66            4.93          82          7.69
                           67            5.06          83          7.88
                           68            5.20          84          8.05
                           69            5.35          85          8.22
                           70            5.50
</TABLE>

              OPTION 2 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
    (MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST)
         JOINT & 100% SURVIVOR LIFE ANNUITY (W/240 PAYMENTS GUARANTEED)
<TABLE>
<CAPTION>
    AGE OF
   ANNUITANT                                     AGE OF ANNUITANT
   <S>               <C>         <C>        <C>        <C>        <C>        <C>        <C>
                      55          60         65         70         75         80         85
      55             3.39        3.51       3.61       3.68       3.73       3.75       3.76
      60             3.51        3.67       3.82       3.94       4.02       4.06       4.08
      65             3.61        3.82       4.03       4.21       4.33       4.40       4.43
      70             3.68        3.94       4.21       4.45       4.63       4.74       4.78
      75             3.73        4.02       4.33       4.63       4.87       5.01       5.07
      80             3.75        4.06       4.40       4.74       5.01       5.18       5.25
      85             3.76        4.08       4.43       4.78       5.07       5.25       5.34
</TABLE>

                                       4uEX-10.1

 

EXHIBIT 10.1

BOB EVANS FARMS, INC.

2006 EQUITY AND CASH INCENTIVE PLAN

INCENTIVE STOCK OPTION AWARD AGREEMENT

(For Employees — PIP Award)

     In recognition of your participation in the Bob Evans Farms, Inc. Performance Incentive Plan,
Bob Evans Farms, Inc. (“we” or “us”) has granted to you an Incentive Stock Option (“Option”) to
purchase shares of our common stock, par value $0.01 per share (“Shares”), subject to the terms and
conditions described in the Bob Evans Farms, Inc. 2006 Equity and Cash Incentive Plan (the “Plan”)
and this Incentive Stock Option Award Agreement (this “Award Agreement”). Your Option is intended
to qualify as an “incentive stock option” under Code §422. If for any reason your Option does not
qualify as an incentive stock option, then, to the extent it does not so qualify, your Option will
be regarded as a Nonqualified Stock Option.

     To ensure you fully understand the terms and conditions of your Option, you should read the
Plan and this Award Agreement carefully. Capitalized terms that are not defined in this Award
Agreement have the same meanings as in the Plan.

     You should return a signed copy of this Award Agreement to:

[Insert title]

Bob Evans Farms, Inc.

3776 S. High St.

Columbus, Ohio 43207

	1.	 	Summary of Your Option
	 
	 	 	Grant Date: [insert Grant Date].
	 
	 	 	Number of Shares Subject to Your Option: [insert number of shares] Shares.
	 
	 	 	Exercise Price: $[insert Exercise Price] per Share.
	 
	2.	 	When Your Option Will Vest

     (a) In General: You may not exercise your Option until it vests and becomes exercisable. In
general, your Option will vest and become exercisable with respect to:

	 	•	 	[insert number of shares] Shares on the first anniversary of the Grant Date;
	 
	 	•	 	[insert number of shares] Shares on the second anniversary of the Grant Date; and
	 
	 	•	 	[insert number of shares] Shares on the third anniversary of the Grant Date.

 

 

     (b) Acceleration of Vesting: Notwithstanding Section 2(a):

     (i) If your employment Terminates due to your death, Disability or Retirement, your
Option will become fully vested and exercisable on your Termination date; and

     (ii) Unless otherwise specified in a separate change in control agreement (or written
agreement of similar import) between you and us or any Related Entity, your Option will
become fully vested and exercisable if a Business Combination or Change in Control occurs
and:

     (A) We are not the surviving corporation following such Business Combination or
Change in Control; or

     (B) Within 24 months following such Business Combination or Change in Control,
the Plan is terminated and not replaced simultaneously with a similar program
providing comparable benefits; or

     (C) Within 24 months following such Business Combination or Change in Control,
your employment is Terminated by us and the Related Entities without Cause or by you
for Good Reason (as defined below).

     (c) Good Reason: Unless otherwise specified in an employment agreement or change in control
agreement between you and us or any Related Entity, “Good Reason” means, without your written
consent, (i) our or a Related Entity’s failure to pay or cause to be paid your base salary or bonus
(to the extent earned in accordance with the terms of any applicable arrangement), if any, when
due, (ii) any substantial and sustained diminution in your authority or responsibilities with us or
any Related Entity or (iii) we or a Related Entity require you to relocate more than 50 miles from
your principal place of employment on the Grant Date; provided that the events described in
clauses (i), (ii) and (iii) will constitute Good Reason only if we fail to cure such event within
30 days after we receive from you written notice of the event which constitutes Good Reason. “Good
Reason” will cease to exist for an event on the 60th day following the later of its
occurrence or your knowledge thereof, unless you have given us written notice thereof prior to such
date.

3. When You May Exercise Your Option and When It Will Expire

     (a) In General: In general, you may exercise all or any part of the vested portion of your
Option at any time prior to the tenth anniversary of the Grant Date (the “Expiration Date”).

     (b) Effect of Termination: Notwithstanding the foregoing, if your employment Terminates prior
to the Expiration Date, your Option will remain exercisable for the period specified below:

	 	•	 	Retirement. If your employment Terminates due to your Retirement, the vested
portion of your Option may be exercised at any time before the Expiration Date;
provided, however, if your Option is not exercised within three
months after your Retirement date, it will be treated as a Nonqualified Stock
Option.

2

 

	 	•	 	Death or Disability. If your employment Terminates due to your death or
Disability, the vested portion of your Option may be exercised at any time before
the earlier of the Expiration Date or the first anniversary of your Termination
date.
	 
	 	•	 	Cause. If your employment is Terminated for Cause, your Option (whether or not
then exercisable) will be forfeited on your Termination date.
	 
	 	•	 	Without Cause or By You for Any Reason Other Than Retirement, Death or
Disability. If your employment is Terminated involuntarily without Cause or by you
for any reason other than your Retirement, death or Disability, (i) the unvested
portion of your Option will be forfeited on your Termination date and (ii) the
vested portion of your Option may be exercised at any time before the earlier of
the Expiration Date or 30 days after your Termination date. Notwithstanding the
foregoing, if the 30-day period described in the preceding sentence expires during
a “blackout period” (as described in our insider trading policy), the vested
portion of your Option may be exercised at any time before the earlier of the
Expiration Date or a number of days following the expiration of the blackout period
equal to the number of days during such blackout period before your Option would
have otherwise expired.
	 
	 	 	 	Example: Assume your employment Terminates voluntarily on July 6. You must
exercise the vested portion of your Option on or before August 5 (which is 30 days
after your Terminate date). A blackout period begins on August 1 and ends on August
7. Subject to the occurrence of the Expiration Date, you would be given an
extension of five days following the end of the blackout period to exercise the
vested portion of your Option. Thus, the vested portion of your Option could be
exercised at any time before the earlier of the Expiration Date or August 12.

     (c) Effect of Change in Control or Business Combination: If a Change in Control or Business
Combination occurs, the Committee may, but will not be obligated to:

	 	•	 	Cancel your Option for fair value (as determined in the sole discretion of the
Committee) which may equal the excess, if any, of the value of the consideration to
be paid in the Change in Control or Business Combination transaction, as the case
may be, to holders of the same number of Shares subject to your Option (or, if no
consideration is paid in such transaction, the Fair Market Value of the Shares
subject to your Option) over the aggregate Exercise Price of your Option; or
	 
	 	•	 	Provide for the issuance of substitute Awards that will substantially preserve
the otherwise applicable terms of your Option as determined by the Committee in its
sole discretion; or
	 
	 	•	 	Provide that for a period of 15 days prior to the Change in Control or Business
Combination, as the case may be, your Option will be exercisable as to all Shares
subject thereto and that upon the occurrence of such Change in Control or

3

 

	 	 	 	Business Combination, your Option will terminate and be of no further force and
effect.

     (d) Restrictive Covenants: Unless we or a Related Entity otherwise agree in writing, any
portion of your Option that has not been exercised will be forfeited if you:

	 	•	 	Serve (or agree to serve) as an officer, director, manager, consultant or
employee of any proprietorship, partnership, corporation or limited liability
company or become the owner of a business or a member of a partnership or limited
liability company that competes with any portion of our or a Related Entity’s
business or renders any service to entities that compete with any portion of our or
a Related Entity’s business;
	 
	 	•	 	Refuse or fail to consult with, supply information to, or otherwise cooperate
with, us or any Related Entity after having been requested to do so; or
	 
	 	•	 	Deliberately engage in any action that the Committee concludes could harm us or
any Related Entity.

4. Exercising Your Option

     You must follow the procedures described below to exercise your Option. If you do not follow
these procedures, your attempted exercise will be disregarded.

     (a) Your Option may be exercised with respect to whole Shares only. To exercise all or any
part of the vested portion of your Option, you must take the following steps before the Option
expires:

	 	•	 	Complete a copy of the Incentive Stock Option Exercise Form, which is attached
to this Award Agreement as Exhibit A; and
	 
	 	•	 	Pay the aggregate Exercise Price for the Shares being purchased through the
exercise of the Option.

     (b) You may pay the aggregate Exercise Price:

	 	•	 	By cash, personal check or money order in the amount of the Exercise Price
multiplied by the number of Shares being purchased. The personal check or money
order must be made payable to “Bob Evans Farms, Inc.”
	 
	 	•	 	Through the delivery or attestation of Shares owned by you for at least six
months before the Option is exercised (or such other period established by
generally accepted accounting principles). In this case, the Shares delivered or
attested must have a Fair Market Value equal to the aggregate Exercise Price of the
Shares being purchased.
	 
	 	•	 	To the extent permitted by the Committee, through a “net share” exercise. In
this case, you will be issued a number of Shares with a Fair Market Value equal to
the

4

 

	 	 	 	difference between the Fair Market Value of the Shares being purchased minus the
aggregate Exercise Price of the Shares being purchased.
	 
	 	•	 	To the extent permitted by the Committee and by applicable law, through a
“cashless exercise.” In this case, you will deliver irrevocable instructions to a
broker to (i) sell the Shares obtained upon the exercise of the Option and (ii)
deliver promptly to us an amount out of the proceeds of such sale equal to the
aggregate Exercise Price for the Shares being purchased.

     (c) As soon as administratively practicable after our determination that the Option has been
validly exercised as to any of the Shares, we will issue or transfer the relevant number of Shares
to you.

5. Other Rules Affecting Your Option

     (a) Rights Before Your Option Is Exercised: You may not vote or receive any dividends
associated with the Shares underlying the unexercised portion of your Option.

     (b) Beneficiary Designation: You may name a beneficiary or beneficiaries to receive or
exercise any vested Award that is unpaid or unexercised at your death by completing a Beneficiary
Designation Form. If you have not completed a Beneficiary Designation Form or if you wish to
change your beneficiary, you may complete the Beneficiary Designation Form attached to this Award
Agreement as Exhibit B. The Beneficiary Designation Form does not need to be completed now
and is not required to be completed as a condition of exercising your Option. However, if you die
without completing a Beneficiary Designation Form or if you do not complete the form correctly,
your beneficiary will be your surviving spouse or, if you do not have a surviving spouse, your
estate.

(c) Tax Withholding:

     (i) You may be required to pay to us or a Related Entity and, subject to Code §409A, we
or any Related Entity will have the right and are hereby authorized to withhold from any
issuance or transfer due under this Award Agreement or under the Plan or from any
compensation or other amount owing to you, applicable withholding taxes with respect to your
Option, its exercise or any issuance or transfer under this Award Agreement or the Plan and
to take such action as may be necessary in our opinion to satisfy all obligations for the
payment of such taxes.

     (ii) Without limiting the generality of Section 5(c)(i), to the extent permitted by the
Committee, you may satisfy the foregoing withholding liability: (A) by having us withhold
from the number of Shares that otherwise would be issued to you when you exercise your
Option a number of Shares with a Fair Market Value equal to the statutory minimum
withholding liability; (B) through the delivery or attestation of a number of Shares owned
by you for at least six months before the Option is exercised (or such other period
established by generally accepted accounting principles) and that have a Fair Market Value
equal to the statutory minimum withholding liability; or (C) to the extent permitted by
applicable law, by delivering irrevocable instructions to a broker to (I) sell

5

 

the Shares obtained upon the exercise of the Option and (II) deliver promptly to us an
amount out of the proceeds of such sale equal to the statutory minimum withholding
liability.

     (d) Transferring Your Option: In general, your Option may not be sold, transferred, pledged,
assigned or otherwise alienated or hypothecated, except by will or the laws of descent and
distribution. However, as described in Section 5(b), you may complete a Beneficiary Designation
Form to name the person who may exercise your Option if you die before the Option expires.

     (e) Governing Law: This Award Agreement will be construed in accordance with and governed by
the laws (other than laws governing conflicts of laws) of the State of Ohio except to the extent
that the Delaware General Corporation Law is mandatorily applicable.

     (f) Other Agreements: Your Option will be subject to the terms of any other written
agreements between you and us to the extent that those other agreements do not directly conflict
with the terms of the Plan or this Award Agreement.

     (g) Adjustments to Your Option: If there is a Share dividend, Share split, recapitalization
(including payment of an extraordinary dividend), merger, consolidation, combination, spin-off,
distribution of assets to stockholders, exchange of Shares or other similar corporate change
affecting Shares, the Committee will appropriately adjust the number of Shares subject to your
Option, the Exercise Price and any other factors, limits or terms affecting your Option. Any
decision by the Committee as to the appropriate adjustments to be made to your Option will be
binding on you.

     (h) Buy Out of Option: We may offer to buy for cash or by substitution of another Award (but
only to the extent that the offer and the terms of the offer do not, and on their face are not
likely to, generate penalties under Code §409A or violate any other applicable law) your Option,
whether or not exercisable, by providing to you written notice (“Buy Out Offer”) of our intention
to exercise the rights reserved in Section 15.05 of the Plan and other information, if any,
required to be included under applicable securities laws. If a Buy Out Offer is made and you
accept it, we will transfer to you the value (determined under procedures adopted by the Committee)
of your Option. We will complete any such buy out as soon as administratively feasible after the
date you accept the Buy Out Offer.

     (i) Other Terms and Conditions: Your Option is subject to the terms and conditions described
in this Award Agreement and the Plan, which is incorporated by reference into and made a part of
this Award Agreement. You should read the Plan carefully to ensure you fully understand all the
terms and conditions of your Option. In the event of a conflict between the terms of the Plan and
the terms of this Award Agreement, the terms of the Plan will govern. The Committee has the sole
responsibility of interpreting the Plan and this Award Agreement, and its determination of the
meaning of any provision in the Plan or this Award Agreement shall be binding on you.

6

 

     (j) Signature in Counterparts: This Award Agreement may be signed in counterparts, each of
which will be deemed an original, but all of which will constitute one and the same instrument.

*       *       *       *       *

Your Acknowledgment

By signing below as the “Participant,” you acknowledge and agree that:

	 	•	 	A copy of the Plan has been made available to you; and
	 
	 	•	 	You understand and accept the terms and conditions placed on your Option and
understand what you must do to exercise your Option.

	 	 	 	 	 	 	 	 	 	 	 
	PARTICIPANT	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Date:	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Signature	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Print Name	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	BOB EVANS FARMS, INC.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	Date:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	[Insert name and title]	 	 	 	 	 	 	 	 

7

 

EXHIBIT A

BOB EVANS FARMS, INC.

2006 EQUITY AND CASH INCENTIVE PLAN

INCENTIVE STOCK OPTION EXERCISE NOTICE

By completing this Notice and returning it to the Company at the address given below, I elect to
exercise all or a portion of the Option and to purchase the Shares described below. Capitalized
terms not defined in this Notice have the same meanings as in the Plan and applicable Award
Agreement.

Note: You must complete a separate Notice for each Option that is being exercised (e.g., if
you are simultaneously exercising an Option to purchase 200 Shares granted on June 30, 2007
and an Option to purchase 100 Shares granted on July 15, 2007, you must complete two
Notices, one for each Option being exercised).

     Option to be Exercised and Shares: This Notice relates to the exercise of the following Option for
the following number of Shares (fill in the blanks):

     Grant Date of Option:                                         

     Number of Shares Being Purchased Under Notice:                                         

Exercise Price: The aggregate Exercise Price due is $                                        .

Note: This amount must equal the product of the Exercise Price per Share specified in the
applicable Award Agreement multiplied by the number of Shares being purchased.

Payment of Exercise Price: I have decided to pay the Exercise Price by (check one):

	 	—	 	Cash or personal check or money order payable to “Bob Evans Farms, Inc.” If
you select this method, you must include full payment of the aggregate Exercise Price
with this Notice.
	 
	 	—	 	Through the delivery or attestation process described in the applicable Award
Agreement. If you select this method, you should contact us at the address below
regarding this method’s effect on the number of Shares you will receive upon exercise
of your Option.
	 
	 	—	 	Through a “net share” exercise, as described in the applicable Award Agreement.
If you select this method, you should contact us at the address below regarding this
method’s effect on the number of Shares you will receive upon exercise of your Option.
	 
	 	—	 	Through a “cashless exercise,” as described in the applicable Award Agreement.
If you select this method, you should contact us at the address below regarding this
method’s effect on the number of Shares you will receive upon exercise of your Option.

*       *       *       *       *

Acknowledgement

By signing below, I acknowledge and agree that:

	 	•	 	I fully understand the tax consequences of exercising the Option and buying Shares
and understand that there is no guarantee that the value of these Shares will
appreciate;
	 
	 	•	 	This Notice will not be effective if it is not returned to the Company at the
address given below before the date the Option expires, as specified in the Award
Agreement under which such Option was issued or if full payment of the aggregate
Exercise Price is not made as described in this Notice; and

 

 

	 	•	 	The Shares that I am buying pursuant to this Notice will be issued or transferred to
me as soon as administratively practicable.

	 	 	 	 	 
	  	 	 
	(Participant’s signature)	 	 
	 	 	 
	  	 	 
	(Participant’s printed name)	 	 
	 	 	 
	Date signed:
	 	 	 	 
	 

	 	 
 	 	 

Return this signed and completed Notice to us at the following address:

[Insert Title]

Bob Evans Farms, Inc.

3776 S. High St.

Columbus, Ohio 43207

2

 

EXHIBIT B

BOB EVANS FARMS, INC.

2006 EQUITY AND CASH INCENTIVE PLAN

BENEFICIARY DESIGNATION FORM

     Primary Beneficiary Designation. I designate the following person(s) as my primary beneficiary or
beneficiaries, in the proportion specified, to receive or to exercise any vested Awards under the
Bob Evans Farms, Inc. 2006 Equity and Cash Incentive Plan (the “Plan”) that are unpaid or
unexercised at my death:

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	% to	 	 	 	 
	 

	 	 
	 	 	 	 
	 	 
	 

	 	 	 	 	 	(Name)
	 	(Relationship)
	 

	 	Address:	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	% to	 	 	 	 
	 

	 	 
	 	 	 	 
	 	 
	 

	 	 	 	 	 	(Name)
	 	(Relationship)
	 

	 	Address:	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	% to	 	 	 	 
	 

	 	 
	 	 	 	 
	 	 
	 

	 	 	 	 	 	(Name)
	 	(Relationship)
	 

	 	Address:	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	% to	 	 	 	 
	 

	 	 
	 	 	 	 
	 	 
	 

	 	 	 	 	 	(Name)
	 	(Relationship)
	 

	 	Address:	 	 	 	 	 	 
	 	 	 	 	 

Note: You are not required to name more than one primary beneficiary but, if you do, the sum of
these percentages may not be greater than 100 percent.

Contingent Beneficiary Designation. If one or more of my primary beneficiaries dies before I die,
I direct that any vested Awards under the Plan that are unpaid or unexercised at my death and that
might otherwise have been paid to that beneficiary be:

___Allocated to my other named primary beneficiaries in proportion to the allocation
given above (ignoring the interest allocated to the deceased primary beneficiary); or

___Allocated, in the proportion specified, among the following contingent beneficiaries:

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	% to	 	 	 	 
	 

	 	 
	 	 	 	 
	 	 
	 

	 	 	 	 	 	(Name)
	 	(Relationship)
	 

	 	Address:	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	% to	 	 	 	 
	 

	 	 
	 	 	 	 
	 	 
	 

	 	 	 	 	 	(Name)
	 	(Relationship)
	 

	 	Address:	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	% to	 	 	 	 
	 

	 	 
	 	 	 	 
	 	 
	 

	 	 	 	 	 	(Name)
	 	(Relationship)
	 

	 	Address:	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	% to	 	 	 	 
	 

	 	 
	 	 	 	 
	 	 
	 

	 	 	 	 	 	(Name)
	 	(Relationship)
	 

	 	Address:	 	 	 	 	 	 
	 	 	 	 	 

Note: You are not required to name more than one contingent beneficiary but, if you do, the sum
of these percentages may not be greater than 100 percent.

	 	 	 	 	 
	 

	 	 	 	 
	(Signature)

	 	(Date)
	 	 
	 
	 	 	 	 
	 
 (Print
Name)
	 	 	 	 

Please return an executed copy of this form to us at the following address: [Insert Title],
Bob Evans Farms, Inc., 3776 S. High St., Columbus, Ohio 43207.

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