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Exhibit 10.2
WINN-DIXIE STORES, INC.
EQUITY INCENTIVE PLAN
FORM OF NON-QUALIFIED STOCK OPTION AWARD
AGREEMENT
THIS AGREEMENT is made by and between WINN-DIXIE STORES,
INC. , a Florida corporation (the "Company"), and
, ("Optionee"), as of
, 200_.
RECITALS
A. The Company has adopted and approved the Winn-Dixie Stores,
Inc. Equity Incentive Plan (the "Plan"), a copy of which is
attached to this Agreement; and
B. The Committee appointed to administer the Plan has determined
that Optionee is eligible to participate in the Plan and that it
would be to the advantage and best interest of the Company and its
stockholders to grant the Option provided for herein to Optionee;
and
C. This Agreement is prepared in conjunction with and under the
terms of the Plan. Terms used herein but not otherwise defined
herein shall have the meanings ascribed to such terms in the Plan;
and
D. Optionee has accepted the grant of the Option and agreed to
the terms and conditions hereinafter stated.
NOW THEREFORE, IN CONSIDERATION OF THE FOREGOING RECITALS AND
OF THE PROMISES AND CONDITIONS HEREIN CONTAINED, IT IS AGREED AS
FOLLOWS:
ARTICLE I
GRANT OF OPTION
Section 1.1 - Grant of Option.
Subject to the provisions of this Agreement and the provisions
of the Plan, the Company has granted effective [INSERT GRANT DATE]
(the "Effective Date") to Optionee the right and option to purchase
all or any part of [INSERT NUMBER OF SHARES] shares of the
Company’s common stock, par value $.001 per share ("Stock").
The Option granted pursuant to this Agreement is not intended to
qualify as an "incentive stock option" within the meaning of
Section 422 of the Internal Revenue Code of 1986, as amended
(the "Code").
Section 1.2 - Exercise
Price.
The exercise price of the Option for each share of Stock subject
to the Option shall be equal to $[•] per share of Stock
subject to the Option.
ARTICLE II
VESTING AND EXERCISABILITY
Section 2.1 - Vesting and Exercisability.
(a) Vesting Schedule. Except as otherwise provided herein or in
the Plan, the Option shall become 100 percent vested on
June 30, 200_, if Optionee has continuously provided services
to the Company, a Subsidiary or Affiliate or has been continuously
employed by the Company, a Subsidiary or Affiliate until such date.
Prior to becoming 100 percent vested, the Option shall become
exercisable in three cumulative installments as follows and shall
remain exercisable until the seventh anniversary of the date of
grant (the "Option Term"), subject to the forfeiture provisions set
forth in Section 2.2(a):
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%
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Number of Shares
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Date First Available
For Exercise
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33%
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[June 30, 200_]
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33%
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[June 30, 200_]
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34%
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[June 30, 200_]
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(b) Accelerated Vesting. If during the Option
Term a Change in Control occurs, the Option shall become 100
percent vested and exercisable (regardless of the extent to which
such Option was then vested) as of the date of such Change in
Control, notwithstanding any other provisions of the Plan or this
Agreement.
(c) Post-Termination Vesting. If during the Option Term the
Optionee’s employment or service terminates as a result the
Company’s termination of the Optionee without Cause (other
than as a result of death or Disability) or the Optionee’s
resignation for Good Reason and the Optionee continues to comply
with Section 4.3 of this Agreement, the Option shall continue
to vest pursuant to Section 2.1(a) following the date of such
termination of the Optionee’s employment or service, and the
Optionee shall have the remainder of the Option Term to exercise
such Option. For purposes of this Agreement, "Disability" means (i)
the Grantee’s inability to engage in any substantial gainful
activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than 12
months, (ii) the Grantee is, by reason of any medically
determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period
of not less than 12 months, receiving income replacement benefits
for a period of not less than three months under an accident or
health plan covering employees of the Company or (iii) the
Grantee’s inability due to any physical or mental impairment
to perform his substantial job functions for a period of 180 days
during any 365 day period. For purp
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