Document:

exv10w5

 

Exhibit 10.5

PEERLESS SYSTEMS CORPORATION

STOCK OPTION GRANT NOTICE AND

STOCK OPTION AGREEMENT

     Peerless Systems Corporation, a Delaware corporation (the “Company”) hereby grants to the
holder listed below (“Participant”), an option to purchase the number of shares of the Company’s
common stock, par value $0.001 (“Stock”), set forth below (the “Option”). This Option is subject
to all of the terms and conditions set forth herein and in the Stock Option Agreement attached
hereto as Exhibit A (the “Stock Option Agreement”) which is incorporated herein by
reference. Unless otherwise defined herein, the terms used shall have the same defined meanings as
ascribed to them in the Company’s 2005 Incentive Award Plan (the “Plan”) and the Stock Option
Agreement.

	 	 	 
	Participant:

	 	Richard L. Roll
	 
	 	 
	Grant Date:

	 	December 15, 2006
	 
	 	 
	Exercise Price per Share:

	 	$ 2.84
	 
	 	 
	Total Exercise Price:

	 	$ 1,136,000
	 
	 	 
	Total Number of Shares Subject to the Option:

	 	400,000 shares
	 
	 	 
	Expiration Date:

	 	See Vesting Schedule below

Type of Option:      o Incentive Stock Option       þ Non-Qualified Stock Option

Vesting Schedule:

	 	 	 	The number of shares with respect to which this Option shall vest will be
200,000 shares when the Company’s common stock is at or above $10.00 and
200,000 shares when the Company’s common stock is at or above $14.00. A
price hurdle is deemed to have been achieved when the closing price of the
Company’s common stock is at or above the price hurdle for 90 consecutive
trading days or, in the event of a Change in Control as defined in your
employment letter agreement dated December 12, 2006, if the price per share
realized by the Company’s public shareholders is at or above the price
hurdle. You will have five years to achieve the price hurdles, commencing on
the date of grant, and any options earned for price hurdle achievement will
have a 7-year life from the date of grant.

     By his or her signature, Participant agrees to be bound by the terms and conditions of the
Stock Option Agreement and this Grant Notice. Participant has reviewed the Stock Option Agreement
and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel
prior to executing this Grant Notice and fully understands all provisions of this Grant Notice, and
the Stock Option Agreement.

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     Participant hereby agrees to accept as binding, conclusive and final all decisions or
interpretations of the Board of Directors of the Company upon any questions relating to the Option.

	 	 	 	 	 	 	 
	PEERLESS SYSTEMS CORPORATION	 	PARTICIPANT
	 
	 	 	 	 	 	 
	By:

	 	/s/ John Rigali
	 	By:
	 	/s/ Richard L. Roll
	 

	 	 
	 	 	 	 
	Print Name:

	 	John Rigali
	 	Print Name:
	 	Richard L. Roll
	Title:

	 	Vice President and CFO	 	 	 	 
	Address:

	 	2381 Rosecrans Avenue
	 	Address:
	 	15 Cellano
	 

	 	El Segundo, CA 90245
	 	 	 	Laguna Niguel, CA 92677

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EXHIBIT A

TO STOCK OPTION GRANT NOTICE

STOCK OPTION AGREEMENT

     Pursuant to the Stock Option Grant Notice (the “Grant Notice”) to which this Stock Option
Agreement (this “Agreement”) is attached, Peerless Systems Corporation, a Delaware corporation (the
“Company”), has granted to Participant an option to purchase the number of shares of Stock
indicated in the Grant Notice.

ARTICLE I

GENERAL

     1.1 Defined Terms. Capitalized terms not specifically defined herein shall have the
meanings specified in the Grant Notice and the Company’s 2005 Incentive Award Plan (the “Plan”).

ARTICLE II

GRANT OF OPTION

     2.1 Grant of Option. In consideration of Participant’s past and/or continued
employment with or service to the Company or a Parent or Subsidiary and for other good and valuable
consideration, effective as of the Grant Date set forth in the Grant Notice (the “Grant Date”), the
Company irrevocably grants to Participant the Option to purchase any part or all of an aggregate of
the number of shares of Stock set forth in the Grant Notice, upon the terms and conditions set
forth in this Agreement. Unless designated as a Non-Qualified Stock Option in the Grant Notice,
the Option shall be an Incentive Stock Option to the maximum extent permitted by law.

     2.2 Exercise Price. The exercise price of the shares of Stock subject to the Option
shall be as set forth in the Grant Notice, without commission or other charge; provided, however,
that the exercise price per share of Stock subject to the Option shall not be less than 100% of the
Fair Market Value of a share of Stock on the Grant Date. Notwithstanding the foregoing, if this
Option is designated as an Incentive Stock Option and Participant owns (within the meaning of
Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of
stock of the Company or any “subsidiary corporation” of the Company or any “parent corporation” of
the Company (each within the meaning of Section 424 of the Code), the exercise price per share of
Stock subject to the Option shall not be less than 110% of the Fair Market Value of a share of
Stock on the Grant Date.

     2.3 Consideration to the Company; No Employment Rights. In consideration of the grant
of the Option by the Company, Participant agrees to render faithful and efficient services to the
Company or any Parent or Subsidiary. Nothing in the Plan or this Agreement shall confer upon
Participant any right to continue in the employ or service of the Company or any Parent or
Subsidiary or shall interfere with or restrict in any way the rights of the Company and its Parents
and Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the
services of Participant at any time for any reason whatsoever, with or without Cause, except to the
extent expressly provided otherwise in a written agreement between the Company, a Parent or a
Subsidiary and Participant.

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ARTICLE III

PERIOD OF EXERCISABILITY

     3.1 Commencement of Exercisability.

          (a) Subject to Sections 3.3, 5.8 and 5.10, the Option shall become vested and exercisable in
such amounts and at such times as are set forth in the Grant Notice.

          (b) No portion of the Option which has not become vested and exercisable at the date of
Participant’s Termination of Employment, Termination of Directorship or Termination of Consultancy
shall thereafter become vested and exercisable, except as may be otherwise provided by the Board of
Directors or as set forth in a written agreement between the Company and Participant.

     3.2 Duration of Exercisability. The installments provided for in the vesting schedule
set forth in the Grant Notice are cumulative. Each such installment which becomes vested and
exercisable pursuant to the vesting schedule set forth in the Grant Notice shall remain vested and
exercisable until it becomes unexercisable under Section 3.3.

     3.3 Expiration of Option. The Option may not be exercised to any extent by anyone
after the first to occur of the following events:

          (a) The expiration of seven years from the Grant Date;

          (b) If this Option is designated as an Incentive Stock Option and Participant owned (within
the meaning of Section 424(d) of the Code), at the time the Option was granted, more than 10% of
the total combined voting power of all classes of stock of the Company or any “subsidiary
corporation” of the Company or any “parent corporation” of the Company (each within the meaning of
Section 424 of the Code), the expiration of five years from the Grant Date;

          (c) The expiration of three months following the date of Participant’s Termination of
Employment, Termination of Directorship or Termination of Consultancy, unless such termination
occurs by reason of Participant’s death or Disability or Participant’s discharge for Cause;

          (d) The expiration of one year following the date of Participant’s Termination of Employment,
Termination of Directorship or Termination of Consultancy by reason of Participant’s death or
Disability; or

          (e) The expiration of three months following the date of Participant’s Termination of
Employment, Termination of Directorship or Termination of Consultancy by the Company or any Parent
or Subsidiary by reason of Participant’s discharge for Cause.

          Participant acknowledges that an Incentive Stock Option exercised more than three months after
Participant’s Termination of Employment, other than by reason of death or Disability, will be taxed
as a Non-Qualified Stock Option.

     3.4 Special Tax Consequences. Participant acknowledges that, to the extent that the
aggregate Fair Market Value (determined as of the time the Option is granted) of all shares of
Stock with respect to which Incentive Stock Options, including the Option, are exercisable for the
first time by Participant in any calendar year exceeds $100,000, the Option and such other options
shall be Non-Qualified Stock Options to the extent necessary to comply with the limitations imposed
by Section 422(d)

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of the Code. Participant further acknowledges that the rule set forth in the preceding
sentence shall be applied by taking the Option and other “incentive stock options” into account in
the order in which they were granted, as determined under Section 422(d) of the Code and the
Treasury Regulations thereunder.

ARTICLE IV

EXERCISE OF OPTION

     4.1 Person Eligible to Exercise. Except as provided in Sections 5.2(b) and 5.2(c),
during the lifetime of Participant, only Participant may exercise the Option or any portion
thereof. After the death of Participant, any exercisable portion of the Option may, prior to the
time when the Option becomes unexercisable under Section 3.3, be exercised by Participant’s
personal representative or by any person empowered to do so under the deceased Participant’s will
or under the then applicable laws of descent and distribution.

     4.2 Partial Exercise. Any exercisable portion of the Option or the entire Option, if
then wholly exercisable, may be exercised in whole or in part at any time prior to the time when
the Option or portion thereof becomes unexercisable under Section 3.3.

     4.3 Manner of Exercise. The Option, or any exercisable portion thereof, may be
exercised solely by delivery to the Secretary of the Company or the Secretary’s office of all of
the following prior to the time when the Option or such portion thereof becomes unexercisable under
Section 3.3:

          (a) An Exercise Notice in writing signed by Participant or any other person then entitled to
exercise the Option or portion thereof, stating that the Option or portion thereof is thereby
exercised, such notice complying with all applicable rules established by the Board of Directors.
Such notice shall be substantially in the form attached as Exhibit B to the Grant Notice
(or such other form as is prescribed by the Board of Directors);

          (b) The receipt by the Company of full payment for the shares with respect to which the Option
or portion thereof is exercised, including payment of any applicable withholding tax, which may be
in one or more of the forms of consideration permitted under Section 4.4;

          (c) A bona fide written representation and agreement, in such form as is prescribed by the
Board of Directors, signed by Participant or the other person then entitled to exercise such Option
or portion thereof, stating that the shares of Stock are being acquired for Participant’s own
account, for investment and without any present intention of distributing or reselling said shares
or any of them except as may be permitted under the Securities Act and then applicable rules and
regulations thereunder and any other applicable law, and that Participant or other person then
entitled to exercise such Option or portion thereof will indemnify the company against and hold it
free and harmless from any loss, damage, expense or liability resulting to the Company if any sale
or distribution of the shares by such person is contrary to the representation and agreement
referred to above. The Board of Directors may, in its absolute discretion, take whatever
additional actions it deems appropriate to ensure the observance and performance of such
representation and agreement and to effect compliance with the Securities Act and any other federal
or state securities laws or regulations and any other applicable law. Without limiting the
generality of the foregoing, the Board of Directors may require an opinion of counsel acceptable to
it to the effect that any subsequent transfer of shares acquired on an Option exercise does not
violate the Securities Act, and may issue stop-transfer orders covering such shares. Share
certificates evidencing Stock issued on exercise of the Option shall bear an appropriate legend
referring to the provisions of this subsection (c) and the agreements herein. The written
representation and agreement referred to in the first sentence of this subsection (c) shall,
however, not be required if the shares to be issued pursuant to such
exercise have been registered under the Securities Act, and such registration is then
effective in respect of such shares; and

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          (d) In the event the Option or portion thereof shall be exercised pursuant to Section 4.1 by
any person or persons other than Participant, appropriate proof of the right of such person or
persons to exercise the Option.

     4.4 Method of Payment. Payment of the exercise price shall be by any of the
following, or a combination thereof, at the election of the Participant:

          (a) cash;

          (b) check;

          (c) To the extent permitted under applicable laws, delivery of a notice that the Participant
has placed a market sell order with a broker with respect to shares of Stock then issuable upon
exercise of the Option, and that the broker has been directed to pay a sufficient portion of the
net proceeds of the sale to the Company in satisfaction of the aggregate exercise price; provided,
that payment of such proceeds is then made to the Company upon settlement of such sale;

          (d) With the consent of the Board of Directors, such payment may be made, in whole or in part,
through the surrender of shares of Stock then issuable upon exercise of the Option having a Fair
Market Value on the date of Option exercise equal to the aggregate exercise price of the Option or
exercised portion thereof;

          (e) With the consent of the Board of Directors, such payment may be made, in whole or in part,
through the delivery of shares of Stock which have been owned by Participant for at least six (6)
months, duly endorsed for transfer to the Company with a Fair Market Value on the date of Option
exercise equal to the aggregate exercise price of the Option or exercised portion thereof; or

          (f) With the consent of the Board of Directors, any combination of the consideration provided
in the foregoing paragraphs (a), (b), (c), (d) and (e).

     4.5 Conditions to Issuance of Stock Certificates. The shares of Stock deliverable
upon the exercise of the Option, or any portion thereof, may be either previously authorized but
unissued shares or issued shares which have then been reacquired by the Company. Such shares shall
be fully paid and nonassessable. The Company shall not be required to issue or deliver any shares
of Stock purchased upon the exercise of the Option or portion thereof prior to fulfillment of all
of the following conditions:

          (a) The admission of such shares to listing on all stock exchanges on which such Stock is then
listed;

          (b) The completion of any registration or other qualification of such shares under any state
or federal law or under rulings or regulations of the Securities and Exchange Commission or of any
other governmental regulatory body, which the Board of Directors shall, in its absolute discretion,
deem necessary or advisable;

          (c) The obtaining of any approval or other clearance from any state or federal governmental
agency which the Board of Directors shall, in its absolute discretion, determine to be necessary or
advisable;

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          (d) The receipt by the Company of full payment for such shares, including payment of any
applicable withholding tax, which may be in one or more of the forms of consideration permitted
under Section 4.4; and

          (e) The lapse of such reasonable period of time following the exercise of the Option as the
Board of Directors may from time to time establish for reasons of administrative convenience.

     4.6 Rights as Stockholder. The holder of the Option shall not be, nor have any of the
rights or privileges of, a stockholder of the Company in respect of any shares purchasable upon the
exercise of any part of the Option unless and until such shares shall have been issued by the
Company to such holder (as evidenced by the appropriate entry on the books of the Company or of a
duly authorized transfer agent of the Company). No adjustment will be made for a dividend or other
right for which the record date is prior to the date the shares are issued, except as provided in
Section 12.3 of the Plan, which are incorporated herein by reference.

ARTICLE V

OTHER PROVISIONS

     5.1 Administration. The Board of Directors shall have the power to interpret this
Agreement and to adopt such rules for the administration, interpretation and application of this
Agreement as are consistent therewith and to interpret, amend or revoke any such rules. All
actions taken and all interpretations and determinations made by the Board of Directors in good
faith shall be final and binding upon Participant, the Company and all other interested persons.
No member of the Board of Directors shall be personally liable for any action, determination or
interpretation made in good faith with respect to this Agreement or the Option.

     5.2 Option Not Transferable.

          (a) Subject to Section 5.2(b), the Option may not be sold, pledged, assigned or transferred in
any manner other than by will or the laws of descent and distribution, unless and until the shares
underlying the Option have been issued, and all restrictions applicable to such shares have lapsed.
Neither the Option nor any interest or right therein shall be liable for the debts, contracts or
engagements of Participant or his or her successors in interest or shall be subject to disposition
by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether
such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment,
garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted
disposition thereof shall be null and void and of no effect, except to the extent that such
disposition is permitted by the preceding sentence.

          (b) Notwithstanding any other provision in this Agreement, with the consent of the Board of
Directors and to the extent the Option is not intended to qualify as an Incentive Stock Option, the
Option may be transferred to one or more Permitted Transferees, subject to the terms and conditions
set forth in Section 12.1(b) of the Plan, which are incorporated herein by reference.

          (c) Unless transferred to a Permitted Transferee in accordance with Section 5.2(b), during the
lifetime of Participant, only Participant may exercise the Option or any portion thereof. Subject
to such conditions and procedures as the Board of Directors may require, a Permitted Transferee may
exercise the Option or any portion thereof during Participant’s lifetime. After the death of
Participant, any exercisable portion of the Option may, prior to the time when the Option becomes
unexercisable under Section 3.3, be exercised by Participant’s personal representative or by any
person
empowered to do so under the deceased Participant’s will or under the then applicable laws of
descent and distribution.

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     5.3 Restrictive Legends and Stop-Transfer Orders.

          (a) The share certificate or certificates evidencing the shares of Stock purchased hereunder
shall be endorsed with any legends that may be required by state or federal securities laws.

          (b) Participant agrees that, in order to ensure compliance with the restrictions referred to
herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if
any, and that, if the Company transfers its own securities, it may make appropriate notations to
the same effect in its own records.

          (c) The Company shall not be required: (i) to transfer on its books any shares of Stock that
have been sold or otherwise transferred in violation of any of the provisions of this Agreement, or
(ii) to treat as owner of such shares of Stock or to accord the right to vote or pay dividends to
any purchaser or other transferee to whom such shares shall have been so transferred.

     5.4 Shares to Be Reserved. The Company shall at all times during the term of the
Option reserve and keep available such number of shares of Stock as will be sufficient to satisfy
the requirements of this Agreement.

     5.5 Notices. Any notice to be given under the terms of this Agreement to the Company
shall be addressed to the Company in care of the Secretary of the Company at the address given
beneath the signature of the Company’s authorized officer on the Grant Notice, and any notice to be
given to Participant shall be addressed to Participant at the address given beneath Participant’s
signature on the Grant Notice. By a notice given pursuant to this Section 5.5, either party may
hereafter designate a different address for notices to be given to that party. Any notice which is
required to be given to Participant shall, if Participant is then deceased, be given to the person
entitled to exercise his or her Option pursuant to Section 4.1 by written notice under this Section
5.5. Any notice shall be deemed duly given when sent via email or when sent by certified mail
(return receipt requested) and deposited (with postage prepaid) in a post office or branch post
office regularly maintained by the United States Postal Service.

     5.6 Titles. Titles are provided herein for convenience only and are not to serve as a
basis for interpretation or construction of this Agreement.

     5.7 Governing Law; Severability. This Agreement shall be administered, interpreted
and enforced under the laws of the State of Delaware, without regard to the conflicts of law
principles thereof. Should any provision of this Agreement be determined by a court of law to be
illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain
enforceable.

     5.8 Conformity to Securities Laws. Participant acknowledges that the Option is
intended to conform to the extent necessary with all provisions of the Securities Act and the
Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange
Commission thereunder, and state securities laws and regulations. Notwithstanding anything herein
to the contrary, the Option shall be administered, and is granted and may be exercised, only in
such a manner as to conform to such laws, rules and regulations. To the extent permitted by
applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to
conform to such laws, rules and regulations.

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     5.9 Amendments. This Agreement may not be modified, amended or terminated except by
an instrument in writing, signed by Participant or such other person as may be permitted to
exercise the Option pursuant to Section 4.1 and by a duly authorized representative of the Company.

     5.10 Successors and Assigns. The Company may assign any of its rights under this
Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the
successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in
Section 5.2, this Agreement shall be binding upon Participant and his or her heirs, executors,
administrators, successors and assigns.

     5.11 Notification of Disposition. If this Option is designated as an Incentive Stock
Option, Participant shall give prompt notice to the Company of any disposition or other transfer of
any shares of Stock acquired under this Agreement if such disposition or transfer is made (a)
within two years from the Grant Date with respect to such shares or (b) within one year after the
transfer of such shares to him. Such notice shall specify the date of such disposition or other
transfer and the amount realized, in cash, other property, assumption of indebtedness or other
consideration, by Participant in such disposition or other transfer.

     5.12 Limitations Applicable to Section 16 Persons. Notwithstanding any other
provision of this Agreement, if Participant is subject to Section 16 of the Exchange Act, the
Option and this Agreement shall be subject to any additional limitations set forth in any
applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule
16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To
the extent permitted by applicable law, this Agreement shall be deemed amended to the extent
necessary to conform to such applicable exemptive rule.

     5.13 Entire Agreement. This Agreement (including all Exhibits hereto), and the Plan
(to the extent incorporated herein by reference), constitute the entire agreement of the parties
and supersede in their entirety all prior undertakings and agreements of the Company and
Participant with respect to the subject matter hereof.

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EXHIBIT B

TO STOCK OPTION GRANT NOTICE

FORM OF EXERCISE NOTICE

     Effective as of today,                      ___, 20___, the undersigned
(“Participant”) hereby elects to exercise Participant’s option to purchase the number of shares of
common stock specified below (the “Shares”) of Peerless Systems Corporation, a Delaware corporation
(the “Company”), under and pursuant to the Stock Option Grant Notice and Stock Option Agreement
dated as of                (the “Option Agreement”). Capitalized terms used
herein without definition shall have the meanings given in the Company’s 2005 Incentive Award Plan
(the “Plan”) and, if not defined in the Plan, the Option Agreement.

	 	 	 
	Grant Date:

	 	                                                            
	 
	 	 
	Number of Shares as to which Option
is Exercised:

	 	                                                            
	 
	 	 
	Exercise Price per Share:

	 	$                    
	 
	 	 
	Total Exercise Price:

	 	$                    
	 
	 	 
	Certificate to be issued in name of:

	 	                                                            
	 
	 	 
	Payment delivered herewith:

	 	$                     (Representing the full exercise price
for the Shares, as well as any applicable withholding
tax)
	 

	 	Form of Payment:                                         
	 

	 	                                      (Please specify)

Type of Option:      o Incentive Stock Option            o Non-Qualified Stock Option

     Participant acknowledges that Participant has received, read and understood the Option
Agreement. Participant agrees to abide by and be bound by their terms and conditions. Participant
understands that Participant may suffer adverse tax consequences as a result of Participant’s
purchase or disposition of the Shares. Participant represents that Participant has consulted with
any tax consultants Participant deems advisable in connection with the purchase or disposition of
the Shares and that Participant is not relying on the Company for any tax advice. The Option
Agreement is incorporated herein by reference. This Agreement and the Option Agreement constitute
the entire agreement of the parties and supersede in their entirety all prior undertakings and
agreements of the Company and Participant with respect to the subject matter hereof.

	 	 	 	 	 	 	 
	ACCEPTED BY:	 	 	 	 
	PEERLESS SYSTEMS CORPORATION	 	SUBMITTED BY:
	 
	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 
	Print Name:

	 	 	 	Print Name:	 	 
	 

	 	 
	 	 	 	 
	Title:
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Address:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

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Exhibit 10.1

COLLEGIATE PACIFIC INC.

2007 STOCK OPTION PLAN

I. PURPOSE OF THE PLAN

     The Collegiate Pacific Inc. 2007 Stock Option Plan (the “Plan”) is designed to: (a) promote
the long-term financial interests and growth of Collegiate Pacific Inc. (the “Company”), and its
Affiliates by attracting and retaining Directors, Employees or Consultants with the training,
experience and ability to enable them to make a substantial contribution to the success of the
Company and its Affiliates; (b) motivate Directors, Employees and Consultants by means of
growth-oriented incentives to enhance the profitable growth of the Company and its Affiliates and
(c) further the alignment of interests of Participants with those of the stockholders of the
Company through opportunities for increased ownership in the Company.

II. DEFINITIONS

     The following definitions shall be applicable throughout the Plan unless specifically modified
elsewhere in the Plan:

     A. “Affiliate” means any corporation, partnership, limited liability company or partnership,
association, trust or other organization which, directly or indirectly, controls, is controlled by,
or is under common control with, the Company. For purposes of the preceding sentence, “control”
(including, with correlative meanings, the terms “controlled by” and “under common control with”),
as used with respect to any entity or organization, shall mean the possession, directly or
indirectly, of the power (1) to vote more than 50% of the securities having ordinary voting power
for the election of directors of the controlled entity or organization or (2) to direct or cause
the direction of the management and policies of the controlled entity or organization, whether
through the ownership of voting securities or by contract or otherwise.

     B. “Award” means any Option granted to a Participant under the Plan.

     C. “Board” means the Board of Directors of the Company.

     D. “Cash Merger” shall have the meaning assigned to such term in Section VIII(D) of the Plan.

     E. “Change of Control” shall have the meaning assigned to such term in Section VIII(D) of the
Plan.

     F. “Code” means the Internal Revenue Code of 1986, as amended. Reference in the Plan to any
section of the Code shall be deemed to include any amendments or successor provisions to such
section and any regulations under such section.

     G. “Committee” means the Compensation Committee of the Board, each member of which shall be a
“non-employee director” within the meaning of applicable Rule 16b-3 under the Exchange Act. Each
grant of an Option to a “covered employee” within the meaning of Code Section 162(m) will be made
by a Committee which is comprised solely of two or more “outside directors” within the meaning of
Code Section 162(m).

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     H. “Common Stock” means the common stock, par value $0.01 per share, of the Company, or any
security into which such common stock may be changed by reason of any transaction or event of the
type described in Section VIII below.

     I. “Company” means Collegiate Pacific Inc., a Delaware corporation, and any successor thereto
that adopts the Plan.

     J. “Consultant” means any person who is not an Employee or a Director and who is providing
advisory or consulting services to the Company or any Affiliate.

     K. “Director” means an individual who is a member of the Board.

     L. “Employee” means any person in an employment relationship with the Company or any
Affiliate.

     M. “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     N. “Fair Market Value” means the closing sale price (or average of the quoted closing bid or
asked prices if there is no closing sale price reported) of the Common Stock on the date specified
as reported by NASDAQ or by the principal national stock exchange on which the Common Stock is then
listed. If no prices are reported on that date, then the fair market value shall be the closing
sale price on the last preceding date on which such prices of the Common Stock are so reported. If
the Common Stock is traded over the counter at the time a determination of its fair market value is
required to be made hereunder, its fair market value shall be deemed to be equal to the average
between the reported high and low or closing bid and asked prices of Common Stock on the most
recent date on which the Common Stock was publicly traded. In the event Common Stock is not
publicly traded at the time a determination of its value is required to be made hereunder, the
determination of its fair market value shall be made by the Committee in such manner as it deems
appropriate.

     O. “Incentive Stock Option” means an incentive stock option within the meaning of section 422
of the Code.

     P. “Nonqualified Stock Option” means an Option that does not satisfy all of the applicable
requirements of section 422 of the Code or by its terms is not intended to be treated as an
Incentive Stock Option.

     Q. “Option” means an Award granted under Section VII of the Plan and includes both Incentive
Stock Options to purchase Common Stock and Nonqualified Stock Options to purchase Common Stock.

     R. “Option Agreement” means a written agreement between the Company and a Participant with
respect to an Option.

     S. “Participant” means an Employee, Consultant, or Director who has been granted an Award.

     T. “Plan” means the Collegiate Pacific Inc. 2007 Stock Option Plan, as amended from time to
time.

     U. “Stock Merger” shall have the meaning assigned to such term in Section VIII(D) of the Plan.

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III. EFFECTIVE DATE AND DURATION OF THE PLAN

     The Plan shall become effective upon the date of its adoption by the Board; provided, however,
the Plan is approved by the stockholders of the Company within 12 months thereafter.
Notwithstanding any provision in the Plan or in any Option Agreement, no Option shall be
exercisable prior to such stockholder approval. No further Awards may be granted under the Plan
after 10 years from the date the Plan is adopted by the Board. The Plan shall remain in effect
until all Options granted under the Plan have been exercised or expired.

IV. ADMINISTRATION

     A. Composition of Committee. The Plan shall be administered by the Committee
appointed by the Board. In the absence of the Board’s appointment of the Committee to administer
the Plan, the Board shall serve as the Committee.

     B. Powers. Subject to the express provisions of the Plan, the Committee shall have
authority, in its discretion, to determine which Employees, Consultants, or Directors shall receive
an Award, the time or times when such Award shall be made, whether an Incentive Stock Option or
Nonqualified Stock Option shall be granted, and the number of shares to be subject to each Option.
In making such determinations, the Committee shall take into account the nature of the services
rendered by the respective Employees, Consultants, or Directors, their present and potential
contribution to the Company’s success and such other factors as the Committee in its discretion
shall deem relevant.

     C. Additional Powers. The Committee shall have such additional powers as are
delegated to it by the other provisions of the Plan. Subject to the express provisions of the
Plan, this shall include the power to construe the Plan and the respective agreements executed
hereunder, to prescribe rules and regulations relating to the Plan, and to determine the terms,
restrictions and provisions of the agreement relating to each Award, including such terms,
restrictions and provisions as shall be requisite in the judgment of the Committee to cause
designated Options to qualify as Incentive Stock Options, and to make all other determinations
necessary or advisable for administering the Plan. The Committee may correct any defect or supply
any omission or reconcile any inconsistency in the Plan or in any agreement relating to an Award in
the manner and to the extent it shall deem expedient to carry it into effect. The determinations
of the Committee on the matters referred to in this Section IV shall be conclusive.

V. SHARES SUBJECT TO THE PLAN; GRANT OF AWARDS

     A. Shares Subject to the Plan. Subject to adjustment in the same manner as provided
in Section VIII with respect to shares of Common Stock subject to Options then outstanding, the
aggregate number of shares of Common Stock that may be issued under the Plan shall not exceed
500,000 shares. Shares shall be deemed to have been issued under the Plan only (1) to the extent
actually issued and delivered pursuant to an Award or (2) to the extent an Award is settled in
cash. To the extent that an Award lapses or the rights of its holder terminate, any shares of
Common Stock subject to such Award shall again be available for the grant of an Award under the
Plan.

     B. Grant of Awards. The Committee may from time to time grant an Award to one or more
Employees, Consultants, or Directors determined by it to be eligible for participation in the Plan
in accordance with the terms of the Plan.

     C. Stock Offered. Subject to the limitations set forth in Section V(A), the stock to
be offered pursuant to the grant of an Award may be authorized but unissued Common Stock or Common
Stock previously issued and outstanding and reacquired by the Company. Any of such shares which

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remain unissued and which are not subject to outstanding Awards at the termination of the Plan
shall cease to be subject to the Plan but, until termination of the Plan, the Company shall at all
times make available a sufficient number of shares to meet the requirements of the Plan.

VI. ELIGIBILITY

     Awards may be granted only to persons who, at the time of grant, are Employees, Consultants,
or Directors. An Award may be granted on more than one occasion to the same person, and, subject
to the limitations set forth in the Plan, such Award may include an Incentive Stock Option, a
Nonqualified Stock Option, or any combination thereof.

VII. STOCK OPTIONS

     A. Option Period. The term of each Option shall be as specified by the Committee at
the date of grant; provided, however, that each such Option by its terms shall not be exercisable
after the expiration of ten years from the date of grant.

     B. Limitations on Exercise of Option. An Option shall be exercisable in whole or in
such installments and at such times as determined by the Committee; provided, that except in the
case of an Award issued in connection with the start of employment or service with the Company or
its subsidiaries, or under such other circumstances as are deemed appropriate by the Compensation
Committee, an Option shall not be exercisable prior to the first anniversary of the date of the
Award. If the Compensation Committee provides, in its sole discretion, that any Option is
exercisable only in installments, the Compensation Committee may waive such installment exercise
provisions at any time at or after grant in whole or in part, based on such factors as the
Compensation Committee shall determine, in its sole discretion.

     C. Special Limitations on Incentive Stock Options. An Incentive Stock Option may be
granted only to an individual who is employed by the Company or any parent or subsidiary
corporation (as defined in section 424 of the Code) of the Company at the time the Option is
granted. To the extent that the aggregate fair market value (determined at the time the respective
Incentive Stock Option is granted) of stock with respect to which Incentive Stock Options are
exercisable for the first time by an individual during any calendar year under all incentive stock
option plans of the Company and its parent and subsidiary corporations exceeds $100,000, such
Incentive Stock Options shall be treated as Nonqualified Stock Options. The Committee shall
determine, in accordance with applicable provisions of the Code, Treasury Regulations and other
administrative pronouncements, which of a Participant’s Incentive Stock Options will constitute
Nonqualified Stock Options because of such limitation and shall notify the Participant of such
determination as soon as practicable after such determination. No Incentive Stock Option shall be
granted to an individual if, at the time the Option is granted, such individual owns stock
possessing more than 10% of the total combined voting power of all classes of stock of the Company
or of its parent or subsidiary corporation, within the meaning of section 422(b)(6) of the Code,
unless (i) at the time such Option is granted the option price is at least 110% of the Fair Market
Value of the Common Stock subject to the Option and (ii) such Option by its terms is not
exercisable until after the expiration of five years from the date of grant. An Incentive Stock
Option shall not be transferable otherwise than by will or the laws of descent and distribution,
and shall be exercisable during the Participant’s lifetime only by such Participant or the
Participant’s guardian or legal representative.

     D. Option Agreement. Each Award shall be evidenced by an Option Agreement in such form
and containing such provisions not inconsistent with the provisions of the Plan as the Committee
from time to time shall approve. Each Option Agreement shall specify the effect of termination of
(1) employment, (2) the consulting or advisory relationship, or (3) membership on the Board, as
applicable,

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on the exercisability of the Option. An Option Agreement may provide for the payment of the
option price, in whole or in part, by either check, the withholding of Common Stock otherwise
deliverable upon exercise of the Option or the delivery of a number of shares of Common Stock (plus
cash if necessary) having a Fair Market Value equal to such option price. The terms and conditions
of the respective Option Agreements need not be identical. Subject to the consent of the
Participant, the Committee may, in its sole discretion, amend an outstanding Option Agreement from
time to time in any manner that is not inconsistent with the provisions of the Plan (including,
without limitation, an amendment that accelerates the time at which the Option, or a portion
thereof, may be exercisable.)

     E. Option Price and Payment. The price at which a share of Common Stock may be
purchased upon exercise of an Option shall be determined by the Committee but, subject to
adjustment as provided in Section VIII, such purchase price shall not be less than the Fair Market
Value of a share of Common Stock on the date of the Award. The Option or portion thereof may be
exercised by delivery of an irrevocable notice of exercise to the Company, as specified by the
Committee. The purchase price of the Option or portion thereof shall be paid in full in the manner
prescribed in Section VIID above or in any other manner approved by the Committee.

     F. Stockholder Rights and Privileges. The Participant shall be entitled to all the
privileges and rights of a stockholder only with respect to such shares of Common Stock as have
been purchased under the Option and for which certificates of stock have been registered in the
Participant’s name.

     G. No Repricing. Other than in connection with a change on the Company’s
capitalization (as defined in Section VIII), the exercise price of an Option may not be reduced
without approval of the Company’s stockholders (including canceling previously awarded Options and
regranting them with a lower exercise price).

VIII. RECAPITALIZATION OR REORGANIZATION

     A. No Effect on Right or Power. The existence of the Plan and the Awards granted
hereunder shall not affect in any way the right or power of the Board or the stockholders of the
Company to make or authorize any adjustment, recapitalization, reorganization or other change in
the Company’s or any Affiliate’s capital structure or its business, any merger or consolidation of
the Company or any Affiliate, any issue of debt or equity securities ahead of or affecting Common
Stock or the rights thereof, the dissolution or liquidation of the Company or any Affiliate or any
sale, lease, exchange or other disposition of all or any part of its assets or business or any
other corporate act or proceeding.

     B. Subdivision or Consolidation of Shares; Stock Dividends. The shares with respect to
which Options may be granted are shares of Common Stock as presently constituted, but if, and
whenever, prior to the expiration of an Option theretofore granted, the Company shall effect a
subdivision or consolidation of shares of Common Stock or the payment of a stock dividend on Common
Stock without receipt of consideration by the Company, the number of shares of Common Stock with
respect to which such Option may thereafter be exercised (1) in the event of an increase in the
number of outstanding shares shall be proportionately increased, and the purchase price per share
shall be proportionately reduced, and (2) in the event of a reduction in the number of outstanding
shares shall be proportionately reduced, and the purchase price per share shall be proportionately
increased. Any fractional share resulting from such adjustment shall be rounded up to the next
whole share.

     C. Recapitalizations. If the Company recapitalizes, reclassifies its capital stock, or
otherwise changes its capital structure (a “recapitalization”), the number and class of shares of
Common Stock covered by an Option theretofore granted shall be adjusted so that such Option shall
thereafter cover the number and class of shares of stock and securities to which the Participant
would have been entitled

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pursuant to the terms of the recapitalization if, immediately prior to the recapitalization,
the Participant had been the holder of record of the number of shares of Common Stock then covered
by such Option.

     D. Change of Control. In the event of a Change in Control (as defined below) each
outstanding Option shall become fully vested and exercisable as to all Options, including Options
that would not otherwise be vested or exercisable. For purposes of this Plan, a “Change of
Control” shall be deemed to have occurred if:

	 	•	 	any person or related group of persons directly or indirectly acquires
beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of
securities possessing more than fifty percent (50%) of the total combined voting power
of the Company’s outstanding securities;
	 
	 	•	 	a merger or consolidation occurs in which the Company is not the surviving
entity, or any reverse merger in which the Company is the surviving entity but in which
securities possessing more than fifty percent (50%) of the total combined voting power
of the Company’s outstanding securities are transferred to holders different from those
who held such securities immediately prior to such merger; or
	 
	 	•	 	all or substantially all of the Company’s assets are sold or transferred other
than in connection with an internal reorganization of the Company.

In the event a Change of Control is triggered by a merger or consolidation of the Company with or
into another corporation pursuant to which shares of Common Stock are converted into the right to
receive cash (a “Cash Merger”), then in such event each Option not otherwise exercised prior to the
effective time of the Cash Merger shall be exchangeable after the effective time of the Cash Merger
only for the excess, if any, of the per share consideration paid in the Cash Merger over the per
share exercise price of each Option specified in the applicable Option Agreement (subject to all
applicable withholding), and for all other purposes each Option Agreement shall be cancelled and
shall no longer be exercisable for shares of any entity upon the effective time of the Cash Merger.
In the event a Change of Control is triggered by a merger or consolidation of the Company with or
into another corporation pursuant to which shares of Common Stock are converted into the right to
receive any securities (a “Stock Merger”), then in such event each Option not otherwise exercised
prior to the effective time of the Stock Merger shall be exercisable after the effective time of
the Stock Merger only for such securities and/or property into which shares of Common Stock would
have been converted if such Option had been exercised immediately prior to the effective time of
the Stock Merger.

     E. Other Changes in the Common Stock. In the event of changes in the outstanding
Common Stock by reason of recapitalizations, reorganizations, mergers, consolidations,
combinations, split-ups, split-offs, spin-offs, liquidations, exchanges or other relevant changes
in capitalization or distributions to the holders of Common Stock occurring after the date of the
grant of any Award and not otherwise provided for by this Section VIII, such Award and any
agreement evidencing such Award shall be subject to adjustment by the Committee at its discretion
as to the number and price of shares of Common Stock or other consideration subject to such Award.
In the event of any such change in the outstanding Common Stock or distribution to the holders of
Common Stock, or upon the occurrence of any other event described in this Section VIII, the
aggregate number of shares available under the Plan shall be appropriately adjusted to the extent,
if any, determined by the Committee, whose determination shall be conclusive.

     F. No Adjustments unless Otherwise Provided. Except as hereinbefore expressly
provided, the issuance by the Company of shares of stock of any class or securities convertible
into shares of stock

- 6 -

 

of any class, for cash, property, labor or services, upon direct sale, upon the exercise of
rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the
Company convertible into such shares or other securities, and in any case whether or not for fair
value, shall not affect, and no adjustment by reason thereof shall be made with respect to, the
number of shares of Common Stock subject to Awards theretofore granted or the purchase price per
share, if applicable.

IX. AMENDMENT AND TERMINATION OF THE PLAN

     The Board in its discretion may terminate the Plan at any time with respect to any shares of
Common Stock for which Awards have not theretofore been granted. The Board shall have the right to
alter or amend the Plan or any part thereof from time to time; provided that no change in the Plan
may be made that would impair the rights of a Participant with respect to an Award theretofore
granted without the consent of the Participant, and provided, further, that the Board may not,
without approval of the stockholders of the Company, amend the Plan to (A) increase the maximum
aggregate number of shares that may be issued under the Plan, (B) change the class of individuals
eligible to receive Awards under the Plan, (C) extend the term of the Plan or (D) reduce the price
at which options may be granted below the Fair Market Value.

X. MISCELLANEOUS

     A. No Right to An Award. Neither the adoption of the Plan nor any action of the Board
or of the Committee shall be deemed to give an Employee, Consultant, or Director any right to be
granted an Option or any other rights hereunder except as may be evidenced by an Option Agreement
duly executed on behalf of the Company, and then only to the extent and on the terms and conditions
expressly set forth therein. The Plan shall be unfunded. The Company shall not be required to
establish any special or separate fund or to make any other segregation of funds or assets to
assure the performance of its obligations under any Award.

     B. No Employment/Membership Rights Conferred. Nothing contained in the Plan shall (1)
confer upon any Employee or Consultant any right with respect to continuation of employment or of a
consulting or advisory relationship with the Company or any Affiliate or (2) interfere in any way
with the right of the Company or any Affiliate to terminate his or her employment or consulting or
advisory relationship at any time. Nothing contained in the Plan shall confer upon any Director
any right with respect to continuation of membership on the Board.

     C. Other Laws; Withholding. The Company shall not be obligated to issue any Common
Stock pursuant to any Award granted under the Plan at any time when the shares covered by such
Award have not been registered under the Securities Act of 1933, as amended, and such other state
and federal laws, rules and regulations as the Company or the Committee deems applicable and, in
the opinion of legal counsel for the Company, there is no exemption from the registration
requirements of such laws, rules and regulations available for the issuance and sale of such
shares. No fractional shares of Common Stock shall be delivered, nor shall any cash in lieu of
fractional shares be paid. The Company shall have the right to deduct in connection with all
Awards any taxes required by law to be withheld and to require any payments required to enable it
to satisfy its withholding obligations.

     D. No Restriction on Corporate Action. Nothing contained in the Plan shall be
construed to prevent the Company or any Affiliate from taking any action which is deemed by the
Company or such Affiliate to be appropriate or in its best interest, whether or not such action
would have an adverse effect on the Plan or any Award made under the Plan. No Participant,
beneficiary or other person shall have any claim against the Company or any Affiliate as a result
of any such action.

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     E. Restrictions on Transfer. An Award (other than an Incentive Stock Option, which
shall be subject to the transfer restrictions set forth in Section VII(C)) shall not be
transferable otherwise than (1) by will or the laws of descent and distribution, (2) pursuant to a
qualified domestic relations order as defined by the Code or Title I of the Employee Retirement
Income Security Act of 1974, as amended, or the rules thereunder, or (3) with the consent of the
Committee.

     F. Governing Law. The Plan shall be governed by, and construed in accordance with, the
laws of the State of Delaware, without regard to conflicts of law principles thereof.

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FORM

OF

INCENTIVE STOCK OPTION AGREEMENT

     This
Incentive Stock Option Agreement (the “Agreement”) is made as of the ___ day of
___, 200_, between Collegiate Pacific Inc., a Delaware corporation (the “Company”), and
[NAME] (“Optionee”).

     To carry out the purposes of the Collegiate Pacific Inc. 2007 Stock Option Plan (the “Plan”),
by affording Optionee the opportunity to purchase shares of the common stock of the Company, par
value $0.01 per share (“Stock”), and in consideration of the mutual agreements and other matters
set forth herein and in the Plan, the Company and Optionee hereby agree as follows:

     1. Grant of Option. The Company hereby irrevocably grants to Optionee the right and
option (“Option”) to purchase all or any part of an
aggregate of ___ shares of Stock on
the terms and conditions set forth herein and in the Plan, which Plan is incorporated herein by
reference as a part of this Agreement. In the event of any conflict between the terms of this
Agreement and the Plan, the Plan shall control. Capitalized terms used but not defined in this
Agreement shall have the meaning attributed to such terms under the Plan, unless the context
requires otherwise. This Option is intended to constitute an incentive stock option, within the
meaning of section 422(b) of the Code, to the maximum extent permitted under the Code. Optionee
acknowledges that only a portion of this Option may qualify as such an incentive stock option due
to the limitation set forth in section 422(d) of the Code.

     2. Purchase Price. The purchase price of Stock purchased pursuant to the exercise of
this Option shall be $         per share, which has been determined to be not less than the Fair Market
Value of the Stock at the date of grant of this Option. For all purposes of this Agreement, Fair
Market Value of Stock shall be determined in accordance with the provisions of the Plan.

     3. Exercise of Option. Subject to the earlier expiration of this Option as herein
provided or the occurrence of a Change in Control (as such term is defined below) while Optionee is
[employed by or serving as a director of] the Company, this Option may be exercised, by written
notice to the Company at its principal executive office addressed to the attention of its Corporate
Secretary (or such other officer or employee of the Company as the Company may designate from time
to time), at any time and from time to time after the date of grant hereof, but this Option shall
not be exercisable for more than a percentage of the aggregate number of shares of Stock offered by
this Option determined by the number of full years from the date of grant hereof to the date of
such exercise, in accordance with the following
schedule:

[add vesting schedule]

     In the event of a Change in Control (as defined below) each outstanding Option shall become
fully vested and exercisable as to all Options, including Options that would not otherwise be
vested or exercisable. For purposes of this Plan, a “Change of Control” shall be deemed to have
occurred if:

          (a) any person or related group of persons directly or indirectly acquires beneficial
ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than
fifty percent (50%) of the total combined voting power of the Company’s outstanding securities;

- 1 -

 

          (b) a merger or consolidation occurs in which the Company is not the surviving entity, or any
reverse merger in which the Company is the surviving entity but in which securities possessing more
than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities
are transferred to holders different from those who held such securities immediately prior to such
merger; or

          (c) all or substantially all of the Company’s assets are sold or transferred other than in
connection with an internal reorganization of the Company.

     In the event a Change of Control is triggered by a merger or consolidation of the Company with
or into another corporation pursuant to which shares of Stock are converted into the right to
receive cash (a “Cash Merger”), then in such event the portion of this Option not otherwise
exercised prior to the effective time of the Cash Merger shall be exchangeable after the effective
time of the Cash Merger only for the excess, if any, of the per share consideration paid in the
Cash Merger over the per share exercise price of this Option specified in this Agreement (subject
to all applicable withholding), and for all other purposes this Agreement shall be cancelled and
shall no longer be exercisable for shares of any entity upon the effective time of the Cash Merger.
In the event a Change of Control is triggered by a merger or consolidation of the Company with or
into another corporation pursuant to which shares of Stock are converted into the right to receive
any securities (a “Stock Merger”), then in such event the portion of this Option not otherwise
exercised prior to the effective time of the Stock Merger shall be exercisable after the effective
time of the Stock Merger only for such securities and/or property into which shares of Stock would
have been converted if the unexercised portion of this Option had been exercised immediately prior
to the effective time of the Stock Merger.

     In addition, in no event shall a recapitalization of the Company, a reclassification of the
Company’s capital stock, or other change in the Company’s capital structure (a “recapitalization”),
constitute a Change in Control, and the exercise of this Option shall not be accelerated upon the
occurrence of any such recapitalization.

     This Option may be exercised only while Optionee remains an [employee or director] of the
Company and will terminate and cease to be exercisable upon Optionee’s termination of [employment
or as a director] with the Company, except that:

               (1) If Optionee’s employment with the Company terminates by reason of disability (within the
meaning of section 22(e)(3) of the Code), this Option may be exercised by Optionee (or Optionee’s
legal representative) at any time during the period of one year following such termination, but
only as to the number of shares of Stock Optionee was entitled to purchase hereunder as of the date
Optionee’s employment so terminates.

               (2) If Optionee dies while in the employ of the Company, Optionee’s estate, or the person who
acquires this Option by will or the laws of descent and distribution or otherwise by reason of the
death of Optionee, may exercise this Option at any time during the period of one year following the
date of Optionee’s death, but only as to the number of shares of Stock Optionee was entitled to
purchase hereunder as of the date of Optionee’s death.

               (3) If Optionee’s employment with the Company terminates for any reason other than as
described in (1) or (2) above, unless such employment is terminated for cause, this Option may be
exercised by Optionee at any time during the period of three months following such termination, or
by Optionee’s estate (or the person who acquires this Option by will or the laws of descent and
distribution or otherwise by reason of the death of Optionee) during a period of one year following

- 2 -

 

Optionee’s death if Optionee dies during such three month period, but in each case only as to the
number of shares of Stock Optionee was entitled to purchase hereunder as of the date Optionee’s
employment so terminates. As used in this section, the term “cause” shall mean Optionee (i) has
been convicted of a misdemeanor involving moral turpitude or of a felony, (ii) has engaged in gross
negligence or willful misconduct in the performance of the duties of Optionee’s employment, or
(iii) has materially breached any material provision of any written agreement between Optionee and
the Company or any of its Affiliates. If Optionee is terminated for cause, this Option shall not
be exercisable for any period following such termination.

     This Option shall not be exercisable in any event after the expiration of 10 years from the
date of grant hereof. The purchase price of shares as to which this Option is exercised shall be
paid in full at the time of exercise (a) in cash (including check, bank draft or money order
payable to the order of the Company), (b) by delivering or constructively tendering to the Company
shares of Stock having a Fair Market Value equal to the purchase price (provided such shares used
for this purpose must have been held by Optionee for such minimum period of time as may be
established from time to time by the Committee), (c) if the Stock is readily tradable on a national
securities market, through a “cashless exercise” in accordance with a Company established policy or
program for the same, or (d) any combination of the foregoing. No fraction of a share of Stock
shall be issued by the Company upon exercise of an Option or accepted by the Company in payment of
the exercise price thereof; rather, Optionee shall provide a cash payment for such amount as is
necessary to affect the issuance and acceptance of only whole shares of Stock. Unless and until a
certificate or certificates representing such shares shall have been issued by the Company to
Optionee, Optionee (or the person permitted to exercise this Option in the event of Optionee’s
death) shall not be or have any of the rights or privileges of a shareholder of the Company with
respect to shares acquirable upon an exercise of this Option.

     4. Withholding of Tax. To the extent that the exercise of this Option or the
disposition of shares of Stock acquired by exercise of this Option results in compensation income
or wages to Optionee for federal, state or local tax purposes, Optionee shall deliver to the
Company at the time of such exercise or disposition such amount of money as the Company may require
to meet its minimum obligation under applicable tax laws or regulations. Optionee may elect with
respect to this Option to surrender or authorize the Company to withhold shares of Stock (valued at
their Fair Market Value on the date of surrender or withholding of such shares) to satisfy any tax
required to be withheld upon exercise of this Option. An election pursuant to the preceding
sentence shall be referred to herein as a “Stock Withholding Election.” All Stock Withholding
Elections shall be made by written notice to the Company’s Corporate Secretary (or such other
officer or employee of the Company as the Company may designate from time to time). If Optionee is
not a Section 16 Person (as hereinafter defined), Optionee may revoke such election by delivering
to the Company’s Corporate Secretary (or such other designated officer or employee) written notice
of such revocation prior to the date such election is implemented through actual surrender or
withholding of shares of Stock (the “Withholding Date”). If Optionee is a Section 16 Person, the
Stock Withholding Election must:

          (a) be irrevocable and made six months prior to the Withholding Date; or

          (b) (i) be approved by the Committee either before or after such election is made, (ii) be
made, and the Withholding Date occur, during a period beginning on the third business day following
the date of release by the Company for publication of quarterly and annual summary statements of
sales and earnings and ending on the twelfth business day following such date, and (iii) be made
more than six months after the date of the grant of this Option to Optionee; or

          (c) be made in connection with (i) a delivery to the Company of shares of Stock owned by
Optionee prior to the exercise of this Option to satisfy the portion of the tax required to be

- 3 -

 

withheld with respect to those shares of Stock received by Optionee upon exercise of this Option
for which payment of the purchase price was made to the Company in shares of Stock owned by
Optionee prior to the exercise of this Option pursuant to Section 3 hereof and (ii) the exercise of
this Option more than six months after the date of grant hereof.

     If Optionee fails to pay the required amount to the Company or fails to make a Stock
Withholding Election, the Company is authorized to withhold from any cash remuneration (or, if
Optionee is not a Section 16 Person, Stock remuneration, including withholding any shares of Stock
distributable to Optionee upon exercise of this Option) then or thereafter payable to Optionee any
tax required to be withheld by reason of the exercise of this Option or the disposition of shares
of Stock acquired by exercise of this Option. For purposes of this Agreement, the term “Section 16
Person” means an officer, director or affiliate of the Company or a former officer, director or
affiliate of the Company who is subject to Section 16 of the Exchange Act.

     5. Status of Stock. Optionee understands that at the time of the execution of this
Agreement the shares of Stock to be issued upon exercise of this Option have not been registered
under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities law,
but the Company does currently intend to affect such registration. Until the shares of Stock
acquirable upon the exercise of the Option have been registered for issuance under the Securities
Act, the Company will not issue such shares unless the holder of the Option provides the Company
with a written opinion of legal counsel, who shall be satisfactory to the Company, addressed to the
Company and satisfactory in form and substance to the Company’s counsel, to the effect that the
proposed issuance of such shares to such Option holder may be made without registration under the
Securities Act. In the event exemption from registration under the Securities Act is available
upon an exercise of this Option, Optionee (or the person permitted to exercise this Option in the
event of Optionee’s death or incapacity), if requested by the Company to do so, will execute and
deliver to the Company in writing an agreement containing such provisions as the Company may
require to assure compliance with applicable securities laws.

     Optionee agrees that the shares of Stock which Optionee may acquire by exercising this Option
shall be acquired for investment without a view to distribution, within the meaning of the
Securities Act, and shall not be sold, transferred, assigned, pledged or hypothecated in the
absence of an effective registration statement for the shares under the Securities Act and
applicable state securities laws or an applicable exemption from the registration requirements of
the Securities Act and any applicable state securities laws. Optionee also agrees that the shares
of Stock which Optionee may acquire by exercising this Option will not be sold or otherwise
disposed of in any manner which would constitute a violation of any applicable federal or state
securities laws.

     In addition, Optionee agrees that (i) the certificates representing the shares of Stock
purchased under this Option may bear such legend or legends as the Committee deems appropriate in
order to assure compliance with Section 5 and applicable securities laws, (ii) the Company may
refuse to register the transfer of the shares of Stock purchased under this Option on the stock
transfer records of the Company if such proposed transfer would in the opinion of counsel
satisfactory to the Company constitute a violation of Section 5 or any applicable securities law,
and (iii) the Company may give related instructions to its transfer agent, if any, to stop
registration of the transfer of the shares of Stock purchased under this Option.

     6. Employment Relationship. For purposes of this Agreement, Optionee shall be
considered to be in the employment of the Company as long as Optionee remains an employee of either
the Company, an Affiliate, or a corporation, or a parent or subsidiary of such corporation assuming
or substituting a new option for this Option. Without limiting the scope of the preceding
sentence, it is expressly provided that Optionee shall be considered to have terminated employment
with the Company

- 4 -

 

at the time of the termination of the “Affiliate” status under the Plan of the entity or other
organization that employs Optionee. Any question as to whether and when there has been a
termination of such employment, and the cause of such termination, shall be determined by the
Committee and its determination shall be final.

     7. Binding Effect. This Agreement shall be binding upon and inure to the benefit of
any successors to the Company and all persons lawfully claiming under Optionee.

     8. Entire Agreement. This Agreement constitutes the entire agreement of the parties
with regard to the subject matter hereof, and contains all the covenants, promises,
representations, warranties and agreements between the parties with respect to the Option granted
hereby. Without limiting the scope of the preceding sentence, all prior understandings and
agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null
and void and of no further force and effect. Any modification of this Agreement shall be effective
only if it is in writing and signed by both Optionee and an authorized officer of the Company.

     9. Governing Law. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of Delaware, without regard to conflicts of laws principles thereof.

     10. Jurisdiction. Each of the Company and Optionee hereby irrevocably (i) submits and
consents to the personal jurisdiction of the state and federal courts sitting in Dallas County,
Texas with respect to any suit, action, or proceeding arising out of or based upon this Agreement
or the transactions contemplated hereby and (ii) waives the right to contend in any such action
that venue is improperly laid in any such court or that it is an improper or inconvenient forum or
lacks personal jurisdiction. If Optionee now or hereafter resides outside the State of Texas,
Optionee hereby irrevocably appoints the Corporate Secretary of the Company as Optionee’s
authorized agent upon whom process may be served at such Corporate Secretary’s Company office for
notices under this Agreement in any suit, action, or proceeding arising out of or based upon this
Agreement or the transactions contemplated hereby that may be instituted in any state or federal
court in the State of Texas by the Company, and Optionee hereby agrees to so act. Optionee agrees
to take any and all action, including the filing of any and all documents and instruments, that may
be necessary to continue such appointment in full force and effect as aforesaid. Service of process
upon the authorized agent of Optionee and written notice of such service to Optionee shall be
deemed, in every respect, effective service of process as to Optionee for purposes of any such
suit, action, or proceeding instituted in any state or federal court in the State of Texas.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its officer
thereunto duly authorized, and Optionee has executed this Agreement, all as of the day and year
first above written.

	 	 	 	 	 
	 	 	COLLEGIATE PACIFIC INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	
___________________,
___________________

	 
	 

	 	 	 	 
	 

	 	 	 	(Optionee Signature)
	 
	 	 	 	 
	 	 	 
	 	 	Print Name

- 5 -

 

FORM

OF

NONSTATUTORY STOCK OPTION AGREEMENT

     This
Nonstatutory Stock Option Agreement (he “Agreement”) is made as of the ___ day of
___, 200_, between Collegiate Pacific Inc., a Delaware corporation (the “Company”), and
[NAME] (“Optionee”).

     To carry out the purposes of the Collegiate Pacific Inc. 2007 Stock Option Plan (the “Plan”),
by affording Optionee the opportunity to purchase shares of the common stock of the Company, par
value $0.01 per share (“Stock”), and in consideration of the mutual agreements and other matters
set forth herein and in the Plan, the Company and Optionee hereby agree as follows:

     1. Grant of Option. The Company hereby irrevocably grants to Optionee the right and
option (“Option”) to purchase all or any part of an
aggregate of ___ shares of Stock on
the terms and conditions set forth herein and in the Plan, which Plan is incorporated herein by
reference as a part of this Agreement. In the event of any conflict between the terms of this
Agreement and the Plan, the Plan shall control. Capitalized terms used but not defined in this
Agreement shall have the meaning attributed to such terms under the Plan, unless the context
requires otherwise. This Option shall not be treated as an incentive stock option within the
meaning of section 422(b) of the Code.

     2. Purchase Price. The purchase price of Stock purchased pursuant to the exercise of
this Option shall be $           per share, which has been determined to be not less than the Fair Market
Value of the Stock at the date of grant of this Option. For all purposes of this Agreement, Fair
Market Value of Stock shall be determined in accordance with the provisions of the Plan.

     3. Exercise of Option. Subject to the earlier expiration of this Option as herein
provided or the occurrence of a Change of Control (as such term is defined below) while Optionee is
[employed by or serving as a director of] the Company or serving as a director], this Option may be
exercised, by written notice to the Company at its principal executive office addressed to the
attention of its Corporate Secretary (or such other officer or employee of the Company as the
Company may designate from time to time), at any time and from time to time after the date of grant
hereof, but this Option shall not be exercisable for more than a percentage of the aggregate number
of shares of Stock offered by this Option determined by the number of full years from the date of
grant hereof to the date of such exercise, in accordance with the following schedule:

[add vesting schedule]

     In the event of a Change in Control (as defined below) each outstanding Option shall become
fully vested and exercisable as to all Options, including Options that would not otherwise be
vested or exercisable. For purposes of this Plan, a “Change of Control” shall be deemed to have
occurred if:

          (a) any person or related group of persons directly or indirectly acquires beneficial
ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than
fifty percent (50%) of the total combined voting power of the Company’s outstanding securities;

          (b) a merger or consolidation occurs in which the Company is not the surviving entity, or any
reverse merger in which the Company is the surviving entity but in which securities possessing more
than fifty percent (50%) of

- 1 -

 

the total combined voting power of the Company’s outstanding securities are transferred to holders
different from those who held such securities immediately prior to such merger; or

          (c) all or substantially all of the Company’s assets are sold or transferred other than in
connection with an internal reorganization of the Company.

     In the event a Change of Control is triggered by a merger or consolidation of the Company with
or into another corporation pursuant to which shares of Stock are converted into the right to
receive cash (a “Cash Merger”), then in such event the portion of this Option not otherwise
exercised prior to the effective time of the Cash Merger shall be exchangeable after the effective
time of the Cash Merger only for the excess, if any, of the per share consideration paid in the
Cash Merger over the per share exercise price of this Option specified in this Agreement (subject
to all applicable withholding), and for all other purposes this Agreement shall be cancelled and
shall no longer be exercisable for shares of any entity upon the effective time of the Cash Merger.
In the event a Change of Control is triggered by a merger or consolidation of the Company with or
into another corporation pursuant to which shares of Stock are converted into the right to receive
any securities (a “Stock Merger”), then in such event the portion of this Option not otherwise
exercised prior to the effective time of the Stock Merger shall be exercisable after the effective
time of the Stock Merger only for such securities and/or property into which shares of Stock would
have been converted if the unexercised portion of this Option had been exercised immediately prior
to the effective time of the Stock Merger.

     In addition, in no event shall a recapitalization of the Company, a reclassification of the
Company’s capital stock, or other change in the Company’s capital structure (a “recapitalization”),
constitute a Change in Control, and the exercise of this Option shall not be accelerated upon the
occurrence of any such recapitalization.

     This Option may be exercised only while Optionee remains an employee of the Company and will
terminate and cease to be exercisable upon Optionee’s termination of employment with the Company,
except that:

               (1) If Optionee’s employment with the Company terminates by reason of disability (within the
meaning of section 22(e)(3) of the Code), this Option may be exercised by Optionee (or Optionee’s
legal representative) at any time during the period of one year following such termination, but
only as to the number of shares of Stock Optionee was entitled to purchase hereunder as of the date
Optionee’s employment so terminates.

               (2) If Optionee dies while in the employ of the Company, Optionee’s estate, or the person who
acquires this Option by will or the laws of descent and distribution or otherwise by reason of the
death of Optionee, may exercise this Option at any time during the period of one year following the
date of Optionee’s death, but only as to the number of shares of Stock Optionee was entitled to
purchase hereunder as of the date Optionee’s death.

               (3) If Optionee’s employment with the Company terminates for any reason other than as
described in (1) or (2) above, unless such employment is terminated for cause, this Option may be
exercised by Optionee at any time during the period of three months following such termination, or
by Optionee’s estate (or the person who acquires this Option by will or the laws of descent and
distribution or otherwise by reason of the death of Optionee) during a period of one year following
Optionee’s death if Optionee dies during such three month period, but only as to the number of
shares of Stock Optionee was entitled to purchase hereunder as of the date Optionee’s employment so
terminates. As used in this section, the term “cause” shall mean Optionee (i) has been convicted
of a misdemeanor involving moral turpitude or of a felony, (ii) has engaged in gross negligence or
willful misconduct in the performance of the duties of Optionee’s employment, or (iii) has
materially breached any material provision of any written agreement between Optionee and the
Company or any of its Affiliates. If Optionee is terminated for cause, this Option shall not be
exercisable for any period following such termination.

     This Option shall not be exercisable in any event after the expiration of 10 years from the
date of grant hereof. The purchase price of shares as to which this Option is exercised shall be
paid in full at the time of exercise (a) in cash (including check, bank draft or money order
payable to the order of the Company), (b) by delivering or constructively

- 2 -

 

tendering to the Company shares of Stock having a Fair Market Value equal to the purchase
price (provided such shares used for this purpose must have been held by Optionee for such minimum
period of time as may be established from time to time by the Committee), (c) if the Stock is
readily tradable on a national securities market, through a “cashless exercise” in accordance with
a Company established policy or program for the same, or (d) any combination of the foregoing. No
fraction of a share of Stock shall be issued by the Company upon exercise of an Option or accepted
by the Company in payment of the exercise price thereof; rather, Optionee shall provide a cash
payment for such amount as is necessary to affect the issuance and acceptance of only whole shares
of Stock. Unless and until a certificate or certificates representing such shares shall have been
issued by the Company to Optionee, Optionee (or the person permitted to exercise this Option in the
event of Optionee’s death) shall not be or have any of the rights or privileges of a shareholder of
the Company with respect to shares acquirable upon an exercise of this Option.

     4. Withholding of Tax. To the extent that the exercise of this Option or the
disposition of shares of Stock acquired by exercise of this Option results in compensation income
or wages to Optionee for federal, state or local tax purposes, Optionee shall deliver to the
Company at the time of such exercise or disposition such amount of money as the Company may require
to meet its minimum obligation under applicable tax laws or regulations. Optionee may elect with
respect to this Option to surrender or authorize the Company to withhold shares of Stock (valued at
their Fair Market Value on the date of surrender or withholding of such shares) to satisfy any tax
required to be withheld upon exercise of this Option. An election pursuant to the preceding
sentence shall be referred to herein as a “Stock Withholding Election.” All Stock Withholding
Elections shall be made by written notice to the Company’s Corporate Secretary (or such other
officer or employee of the Company as the Company may designate from time to time). If Optionee is
not a Section 16 Person (as hereinafter defined), Optionee may revoke such election by delivering
to the Company’s Corporate Secretary (or such other designated officer or employee) written notice
of such revocation prior to the date such election is implemented through actual surrender or
withholding of shares of Stock (the “Withholding Date”). If Optionee is a Section 16 Person, the
Stock Withholding Election must:

          (a) be irrevocable and made six months prior to the Withholding Date; or

          (b) (i) be approved by the Committee either before or after such election is made, (ii) be
made, and the Withholding Date occur, during a period beginning on the third business day following
the date of release by the Company for publication of quarterly and annual summary statements of
sales and earnings and ending on the twelfth business day following such date, and (iii) be made
more than six months after the date of the grant of this Option to Optionee; or

          (c) be made in connection with (i) a delivery to the Company of shares of Stock owned by
Optionee prior to the exercise of this Option to satisfy the portion of the tax required to be
withheld with respect to those shares of Stock received by Optionee upon exercise of this Option
for which payment of the purchase price was made to the Company in shares of Stock owned by
Optionee prior to the exercise of this Option pursuant to Section 3 hereof and (ii) the exercise of
this Option more than six months after the date of grant hereof.

     If Optionee fails to pay the required amount to the Company or fails to make a Stock
Withholding Election, the Company is authorized to withhold from any cash remuneration (or, if
Optionee is not a Section 16 Person, Stock remuneration, including withholding any shares of Stock
distributable to Optionee upon exercise of this Option) then or thereafter payable to Optionee any
tax required to be withheld by reason of the exercise of this Option or the disposition of shares
of Stock acquired by exercise of this Option. For purposes of this Agreement, the term “Section 16
Person” means an officer, director or affiliate of the Company or a former officer, director or
affiliate of the Company who is subject to Section 16 of the Exchange Act.

     5. Status of Stock. Optionee understands that at the time of the execution of this
Agreement the shares of Stock to be issued upon exercise of this Option have not been registered
under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities law,
but the Company does currently intend to affect such registration. Until the shares of Stock
acquirable upon the exercise of the Option have been registered for issuance under the Securities
Act, the

- 3 -

 

Company will not issue such shares unless the holder of the Option provides the Company with a
written opinion of legal counsel, who shall be satisfactory to the Company, addressed to the
Company and satisfactory in form and substance to the Company’s counsel, to the effect that the
proposed issuance of such shares to such Option holder may be made without registration under the
Securities Act. In the event exemption from registration under the Securities Act is available
upon an exercise of this Option, Optionee (or the person permitted to exercise this Option in the
event of Optionee’s death or incapacity), if requested by the Company to do so, will execute and
deliver to the Company in writing an agreement containing such provisions as the Company may
require to assure compliance with applicable securities laws.

     Optionee agrees that the shares of Stock which Optionee may acquire by exercising this Option
shall be acquired for investment without a view to distribution, within the meaning of the
Securities Act, and shall not be sold, transferred, assigned, pledged or hypothecated in the
absence of an effective registration statement for the shares under the Securities Act and
applicable state securities laws or an applicable exemption from the registration requirements of
the Securities Act and any applicable state securities laws. Optionee also agrees that the shares
of Stock which Optionee may acquire by exercising this Option will not be sold or otherwise
disposed of in any manner which would constitute a violation of any applicable federal or state
securities laws.

     In addition, Optionee agrees that (i) the certificates representing the shares of Stock
purchased under this Option may bear such legend or legends as the Committee deems appropriate in
order to assure compliance with Section 5 and applicable securities laws, (ii) the Company may
refuse to register the transfer of the shares of Stock purchased under this Option on the stock
transfer records of the Company if such proposed transfer would in the opinion of counsel
satisfactory to the Company constitute a violation of Section 5 or any applicable securities law,
and (iii) the Company may give related instructions to its transfer agent, if any, to stop
registration of the transfer of the shares of Stock purchased under this Option.

     6. Employment Relationship. For purposes of this Agreement, Optionee shall be
considered to be in the employment of the Company as long as Optionee remains an employee of either
the Company, an Affiliate, or a corporation, or a parent or subsidiary of such corporation assuming
or substituting a new option for this Option. Without limiting the scope of the preceding
sentence, it is expressly provided that Optionee shall be considered to have terminated employment
with the Company at the time of the termination of the “Affiliate” status under the Plan of the
entity or other organization that employs Optionee. Any question as to whether and when there has
been a termination of such employment, and the cause of such termination, shall be determined by
the Committee and its determination shall be final.

     7. Binding Effect. This Agreement shall be binding upon and inure to the benefit of
any successors to the Company and all persons lawfully claiming under Optionee.

     8. Entire Agreement. This Agreement constitutes the entire agreement of the parties
with regard to the subject matter hereof, and contains all the covenants, promises,
representations, warranties and agreements between the parties with respect to the Option granted
hereby. Without limiting the scope of the preceding sentence, all prior understandings and
agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null
and void and of no further force and effect. Any modification of this Agreement shall be effective
only if it is in writing and signed by both Optionee and an authorized officer of the Company.

     9. Governing Law. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of Delaware, without regard to conflicts of laws principles thereof.

     10. Jurisdiction. Each of the Company and Optionee hereby irrevocably (i) submits and
consents to the personal jurisdiction of the state and federal courts sitting in Dallas County,
Texas with respect to any suit, action, or proceeding arising out of or based upon this Agreement
or the transactions contemplated hereby and (ii) waives the right to contend in any such action
that venue is improperly laid in any such court or that it is an improper or inconvenient forum or
lacks personal jurisdiction. If Optionee now or hereafter resides outside the State of Texas,
Optionee hereby irrevocably appoints the Corporate Secretary of the Company as Optionee’s
authorized agent upon whom process may be

- 4 -

 

served at such Corporate Secretary’s Company office for notices under this Agreement in any suit,
action, or proceeding arising out of or based upon this Agreement or the transactions contemplated
hereby that may be instituted in any state or federal court in the State of Texas by the Company,
and Optionee hereby agrees to so act. Optionee agrees to take any and all action, including the
filing of any and all documents and instruments, that may be necessary to continue such appointment
in full force and effect as aforesaid. Service of process upon the authorized agent of Optionee and
written notice of such service to Optionee shall be deemed, in every respect, effective service of
process as to Optionee for purposes of any such suit, action, or proceeding instituted in any state
or federal court in the State of Texas.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its officer
thereunto duly authorized, and Optionee has executed this Agreement, all as of the day and year
first above written.

	 	 	 	 	 
	 	 	COLLEGIATE PACIFIC INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	
___________________,
___________________

	 
	 

	 	 	 	 
	 

	 	 	 	(Optionee Signature)
	 
	 	 	 	 
	 	 	 
	 	 	Print Name

- 5 -

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