Document:

Form of Nonqualified Stock Option Agreement (Annual Grant)

 Exhibit 10.29 
  
 UNOCAL CORPORATION 
 (“Company”) 
  
 NONQUALIFIED STOCK OPTION
AGREEMENT 
 (Annual Grant) 
  
 THIS OPTION AGREEMENT is between the Company and the Optionee named below and evidences the Company’s grant to the Optionee of a Nonqualified Stock Option to
purchase authorized but unissued or treasury shares of the Company’s Common Stock. The Option is granted pursuant to and subject to the Company’s 2001 Directors’ Deferred Compensation and Stock Award Plan (the “2001
Plan”) and the Terms and Conditions for Stock Options Granted Under the 2001 Plan (the “Terms”), incorporated herein by this reference. 
  

									
	Optionee:	  	______________________	  	 	  	 Exercise Price
 Per
Share:
	  	$                1
					
	Number of Shares:	  	______________________1	  	 	  	 	  	 
					
	Grant Date:	  	___________ ___, ______	  	 	  	Expires:	  	___________ ___, _____2

  

								
	Vesting Schedule:	  	% Vesting1, 2

	 	 	Date of Vesting1, 2

	  	 
	 	  	50	%	 	May 1, 200        	  	 
	 	  	50	%	 	May 1, 200        	  	 

	1	Subject to adjustment under Sections 5(g) and 9 of the 2001 Plan. 

  

	2	Subject to early termination if the Optionee’s service as a director terminates or in certain other circumstances. See Sections 3 through 5 of the Terms and
Sections 5(e) and 5(f) of the 2001 Plan for exceptions and additional details regarding possible early termination of the Option. 

 Optionee accepts the Option and agrees to (and acknowledges receipt of a copy of) the 2001 Plan and the Terms. Optionee understands and agrees that the Option will
be rescinded if stockholders approve the Company’s 2004 Directors’ Deferred Compensation and Restricted Stock Unit Award Plan (the “2004 Plan”) in 2004. 
  

									
	 UNOCAL CORPORATION
 (a Delaware
corporation)
	 	 	 	AGREED AND ACKNOWLEDGED:
				
	By:	 	 	 	 	 	 
	 	 	
	 	 	 	

	 	 	 	 	 	 	 (Optionee’s Signature)

				
	 Its:
	 	  

	 	 	 	  

	 	 	 	 	 	 	(Address)
				
	 	 	 	 	 	 	  

	 	 	 	 	 	 	 (City, State, Zip Code)

  

 CONSENT OF SPOUSE 
  
 In consideration of the execution of the foregoing Stock Option Agreement by the Company, I, the spouse of the Optionee
named above, join with my spouse in executing this Agreement and agree to be bound by all of the terms and provisions of this Agreement and of the 2001 Plan. 
  

									
				
	Date:
                                	 	 	 	 	 	 
	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	Signature of Spouse

  

 2 

 TERMS AND CONDITIONS FOR 
 NONQUALIFIED STOCK OPTIONS 
 GRANTED UNDER THE 
 2001 DIRECTORS’ DEFERRED COMPENSATION AND STOCK AWARD PLAN 
  
 1. Exercisability of Option. Subject to earlier rescission pursuant to Section 12 hereof, the Option shall
vest and become exercisable as set forth on the facing page of this Option Agreement. The Option may be exercised only to the extent the Option is exercisable and vested, and, during the Optionee’s lifetime, only by the Optionee, with
limited exception pursuant to Section 8(d) of the 2001 Plan. 
  
 (a) Cumulative Exercisability. To the extent the Optionee does not in any year purchase all the shares that the Optionee may then exercise, the Optionee has the right thereafter to purchase such
remaining shares until the Option terminates or expires. 
  
 (b) No Fractional Shares. Fractional share interests shall be disregarded, but may be cumulated. 
  
 (c) Minimum Exercise. No fewer than 100 shares may be purchased at any one time, unless the number purchased is the total
number at the time exercisable under the Option. 
  
 2.
Method of Exercise of Option. To the extent exercisable, the Option may be exercised by the Optionee’s delivery to the Company of a properly completed and executed exercise form as from time to time approved by the Committee
stating the number of shares to be purchased pursuant to the Option and accompanied by payment in one or a combination of the following methods: 
  
 (a) by cash or by check payable to the order of the Company, in the full amount of the purchase price of the shares and amounts required
to satisfy any applicable withholding taxes; 
  
 (b) by the delivery of shares that have been held by the Optionee for at least six months, in accordance with Section 5(d) of the 2001 Plan; and 
  
 (c) by “cashless exercise” through a broker, if authorized by the Committee. 
  
 Other payment methods may be permitted only if expressly authorized by the Committee with
respect to this Option or all options under the 2001 Plan. 
  
 3.
Continuance of Service Required. The vesting schedule requires continued service through each applicable vesting date as a condition to the vesting of the applicable installment and rights and benefits under this Agreement. Partial
service, even if substantial, during any vesting period will not entitle the Optionee to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of service as provided in Section 4 below or
under the 2001 Plan, except as otherwise expressly provided in the 2001 Plan. 
  

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 4. Effect of Termination of Directorship. If the Optionee’s services as a director
terminate, the Option and all other rights and benefits under this Agreement terminate except that the Optionee may, at any time within the following periods after the date of termination of service (the “Termination Date”), and provided
that the Optionee was not terminated for Cause, exercise the Option but only to the extent the Option was vested and exercisable on the Termination Date and has not otherwise expired: 
  

	 	•	If the Optionee has served on the Board for three years or more and his or her services terminate for any reason other than Cause, the Optionee will have until the date that is
three years after the Termination Date to exercise his or her Option; 

  

	 	•	If the Optionee has served on the Board for less than three years and his or her services terminate for any reason other than Cause, the Optionee will have until the date that is
two years after the Termination Date to exercise his or her Option; 

  

	 	•	If the Optionee’s services are terminated for Cause, the Option, to the extent vested and unvested shall immediately terminate on the Termination Date.

  

	Options	vesting by acceleration as of the Termination Date are deemed vested. 

  
 5. Leaves of Absence. Absence from service caused by military service, authorized sick leave or other leave approved in writing by the
Company or the Committee shall not be considered a termination of service by the Company for purposes of Section 4, provided such leave is for a period of not more than 90 days. 
  
 6. Optionee not a Stockholder. Neither the Optionee nor any other person entitled to exercise the Option shall
have any of the rights or privileges of a stockholder of the Company as to any shares of Common Stock until the issuance and delivery to him or her of the shares acquired upon exercise of the Option. No adjustment will be made for dividends or other
rights as to a stockholder for which a record date is prior to such date of delivery. 
  
 7. Notices. Any notice to be given shall be in writing and addressed to the Company at its principal office, to the attention of the Corporate Secretary, and to the Optionee at his or her last address of
record, or at such other address as either party may hereafter designate in writing to the other for purposes of notices in respect of the Option. 
  
 8. Effect of Award Agreement. The Option Agreement shall be binding upon and inure to the benefit of any successor or successors of the
Company, except to the extent the Committee determines otherwise. 
  
 9. Choice of Law. The construction, interpretation, performance and enforcement of the Option Agreement and the Option shall be governed by the laws of the State of Delaware. 
  
 10. Defined Terms. Capitalized terms used herein and not
otherwise defined herein shall have the meaning assigned by the 2001 Plan. 
  

 4 

 11. 2001 Plan. The Option and all rights of Optionee thereunder are subject to, and the
Optionee agrees to be bound by, all of the terms and conditions of the provisions of the 2001 Plan. Unless otherwise expressly provided in these Terms and Conditions, provisions of the 2001 Plan that confer discretionary authority on the Committee
do not (and shall not be deemed to) create any additional rights in the Optionee not expressly set forth in the Optionee’s Option Agreement or in a written amendment thereto. If there is any conflict or inconsistency between the terms and
conditions of this Option Agreement and of the 2001 Plan, the terms and conditions of the 2001 Plan shall govern. The Participant acknowledges receipt of a complete copy of the 2001 Plan and agrees to be bound by its terms. 
  
 12. Effect of 2004 Plan on Option. The Option and all rights of
the Optionee thereunder shall be rescinded, without any further action by the Committee, immediately upon the approval of the 2004 Plan by the Company’s stockholders at the 2004 annual meeting of stockholders. 
  

 5Executive Management Incentive Plan

 Exhibit 10.12 
  
 

 
 EXECUTIVE MANAGEMENT INCENTIVE PLAN 
 (Effective January 1, 2003) 
  
 Section 1.
Purpose. 
  
 The purpose of the Executive Management Incentive
Plan (the “Plan”) is to advance the interest of Coca-Cola Enterprises Inc. (the “Company”) by providing senior officers of the Company with additional incentive to assist the Company in meeting and exceeding its business goals.

  
 Section 2. Administration. 
  
 The Plan shall be administered by the Governance and Compensation Committee
(the “Committee”) of the Board of Directors of the Company (the “Board”). The Committee shall be comprised of not fewer than two members who shall be “outside directors” within the meaning of Section 162(m) of the
Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and the regulations thereunder. 
  
 The Committee may, subject to the provisions of the Plan, establish such rules and regulations or take such action as it deems necessary or advisable for
the proper administration of the Plan. Each interpretation made or action taken pursuant to the Plan shall be final and conclusive for all purposes and binding upon all persons, including, but not limited to, the Company, the Committee, the Board,
the affected Participants (as defined in Section 3), and their respective successors in interest. 
  
 Notwithstanding the foregoing, the Committee shall have no authority to increase the amount of an Award payable to a Participant that would otherwise be
due upon the attainment of the performance goal. The Committee shall, however, have the authority to reduce or eliminate any Award under the Plan. 
  
 Section 3. Eligibility. 
  
 Cash awards (“Awards”) may be made under this Plan to persons who are officers of the Company and its Subsidiaries (“Participants”).

  
 “Subsidiary” shall mean any corporation or other
business organization in which the Company owns, directly or indirectly, 20% or more of the voting stock, membership interests or capital during any Performance Period. 
  
 Section 4. Performance Goal Criteria. 
  
 For each calendar year for which the Committee determines an Award will be made (the “Performance Period”), the Committee shall establish a
“Total Performance Goal,” which consists of the attainment of (1) specific targets for the Company’s actual operating income, as compared to its budgeted operating income for that period, and (2) specific targets in the Company’s
actual sales volume, as compared to its sales volume budget for that period. All targets shall be preestablished in accordance with Section 162(m) of the Internal Revenue Code and regulations thereunder. 
  

 1 

 For purposes of this Plan, “operating income” is determined in the same manner as set forth in
the Company’s audited financial statements for the Performance Period, normalized for acquisitions, divestitures and other significant financial events, and “sales volume” is the amount of the Company’s product sold, measured in
physical cases. 
  
 Section 5. Calculation of Awards. 
  
 The Committee shall establish Award levels, described as percentages by
which a Participant’s annual base salary shall be multiplied, to determine the amount of an Award payable upon the attainment of specified targets described in Section 4. No Award under the Plan shall exceed 250% percent of a Participant’s
annual base salary. An Award paid to a Participant shall be calculated using the annual base salary in effect on December 31 of the year for which the Award is made. Notwithstanding the preceding sentence, the annual base salary used to calculate an
Award paid to a Participant (under this Section 5 or Section 6) may not exceed 110% of such Participant’s annual base salary in effect on January 1 of any Performance Period for which the Award is made. 
  
 Section 6. Prorated Awards. 
  
 (i) A person hired or promoted into a position identified in Section 3 (“Eligible Position”) during a Performance
Period shall receive a prorated Award for the period of time the person was employed in an Eligible Position, using the Participant’s annual base salary in effect on December 31 of the Performance Period for which the Award is made. 

 
 (ii) A Participant who is transferred from one Eligible Position to
another Eligible Position during a Performance Period shall receive an Award that is prorated for the period of time the Participant was employed within each Eligible Position, using the Participant’s annual base salary in effect on December 31
of the Performance Period for which the Award is made. 
  
 (iii) A
Participant who is not employed in an Eligible Position on the last day of the Performance Period due to the Participant’s transfer to a position with the Company or a Subsidiary that is not an Eligible Position shall receive an Award that is
prorated for the period of time the Participant was employed in an Eligible Position, using the Participant’s annual salary on the last day that the Participant is employed in that Eligible Position. 
  
 (iv) A Participant whose employment with the Company or any Subsidiary
terminates prior to the last day of the Performance Period shall not receive any Award under the Plan unless the reason for such termination was the Participant’s death, disability, or retirement. In the event a Participant terminates on
account of such circumstances, the Participant shall receive a prorated Award determined as if the Participant transferred to a position within the Company that is ineligible for participation in the Plan as of the date of such termination.

  
 (v) For purposes of this Section 6: 
  
 (a) “Retirement” means a Participant’s
voluntary termination of employment on a date which is on or after the earliest date on which such Participant would be eligible for an immediately payable benefit pursuant to the terms of the defined benefit pension plan sponsored by the Company or
a Subsidiary in which the Participant participates. If the Participant does not participate in such a plan, the date shall be determined as if the Participant participated in the Company’s defined benefit plan covering the majority of its
non-bargaining employees in the United States. 
  

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 (b) “Disability” shall be determined according to the definition of “total
and permanent disability,” in effect at the time of the determination, in the defined benefit plan sponsored by the Company or a Subsidiary in which the Participant participates. If the Participant does not participate in such a plan or such
plan does not define “disability,” “disability” shall mean the Participant’s inability, by reason of a medically determinable physical or mental impairment, to engage in any substantial gainful activity, which condition, in
the opinion of a physician approved of by the Committee, is expected to have a duration of not less than one year. 
  
 (c) “Employed” means active employment during which the Participant is performing services to the Company or a Subsidiary,
except that a Participant will be considered employed during approved military leave (for no more than twelve months), disability leave (for no more than six months), personal leave (for no more than three months), or as required by applicable law.
Notwithstanding the foregoing, a employee will not be treated as employed while on any such leave during a particular performance period to the extent that the participant has already been entitled to payment with respect to a previous performance
period (whether under this plan or another incentive plan) for the same leave period. 
  
 (d) “Prorated” means the determination of the amount of an Award for partial participation in a particular Eligible Position,
which amount is determined according to the actual number of days in which a Participant was employed in the relevant Eligible Position(s) during the Performance Period for which the Award is made. 
  
 (e) For purposes of this Section 6, a Participant’s
employment with the Company or any Subsidiary will be deemed not to be a termination of employment if the Participant’s reason for termination is due to immediate employment with any other Subsidiary or any Related Company; however, in such
event, the Participant shall receive a prorated Award as if the Participant transferred to a position that is not eligible for participation under the Plan. The term “Related Company” shall include The Coca-Cola Company or any corporation
or business entity in which The Coca-Cola Company owns, directly or indirectly, 20% or more of the voting stock or capital if (i) such company is a party to an agreement with the Company that provides for reciprocity between the companies with
respect to certain compensation and benefit and (ii) the Company has assented to the Participant’s subsequent employment. 
  
 Section 7. Amendments, Modification and Termination of the Plan. 
  
 The Board or the Committee may terminate the Plan in whole or in part, may suspend the Plan in whole or in part from time to time, and may amend the Plan
from time to time to correct any defect or supply any omission or reconcile any inconsistency in the Plan or in the Awards made thereunder that does not constitute the modification of a material term of the Plan. Any such action may be taken without
the approval of the shareowners unless the Committee determines that the approval of shareowners would not be necessary to retain the benefits of Section 162(m) of the Internal Revenue Code. 
  
 Section 8. Governing Law. 
  
 The Plan and all determinations made and actions taken pursuant thereto shall be governed by the laws of the State of
Georgia and construed in accordance therewith. 
  

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