Looking for an agreement? Search from over 1 million agreements now.

2007 Omnibus Incentive Compensation Plan

This is an actual contract by American Greetings.

Save time and money with our Premium Packages.
Buy all (8) recommended agreements for
$140.00 (50% savings)
Agreement Preview
Sectors: Consumer Products (Non-Durables)
Governing Law: Ohio, View Ohio State Laws
Effective Date: January 01, 2007
Related Agreement Types:
Search This Document
Exhibit 10.2 AMERICAN GREETINGS CORPORATION
2007 OMNIBUS INCENTIVE COMPENSATION PLAN

NONQUALIFIED STOCK OPTION GRANT TO NON-EMPLOYEE DIRECTOR

Option Nonqualified option to purchase Class A Common Shares of American Greetings Corporation (" AG ") Exercise Price $ per share Date of Grant (the "Date of Grant") Vesting The option granted hereby will become exercisable in the manner set forth in your Notice of Grant, as such term is defined below. This STOCK OPTION GRANT AGREEMENT (the " Agreement" ), dated as of the Date of Grant, is delivered by AG to the Director (the " Grantee" ) identified in the notice of stock option grant (the " Notice of Grant" ) delivered to Grantee. RECITALS The American Greetings Corporation 2007 Omnibus Incentive Compensation Plan (the " Plan" ) provides for the grant of options to purchase common shares of AG. The Committee (as defined in the Plan) has decided to make a stock option grant as an inducement for Grantee to promote the best interests of AG and its shareholders. A copy of the Plan is provided herewith. AGREEMENT Grantee has or will receive a Notice of Grant, which, if accepted in accordance with the instructions in such notice, will constitute Grantee' s binding agreement with the following terms:

1. Grant of Option . Subject to the terms and conditions set forth in this Agreement, the Plan and the Notice of Grant, which are incorporated herein by reference and deemed a part of this Agreement, AG hereby grants to Grantee a nonqualified stock option (the " Option" ) to purchase the number and type of common shares of AG (" Shares" ) at an exercise price per Share as indicated in the Notice of Grant. The Option will become exercisable according to Section 2 below.2. Exercisability of Option . (a) The Option will become exercisable on the dates set forth under " vesting" in the Notice of Grant, if Grantee is on the Board on the applicable date. The exercisability of the Option is cumulative, but will not exceed one hundred percent (100%) of the Shares subject to the Option. If the foregoing vesting schedule would produce fractional Shares, the number of Shares for which the Option becomes exercisable will be rounded down to the nearest whole Share. (b) Notwithstanding the foregoing, the Option will become fully exercisable on the date of Grantee' s death, Disability, or Retirement, provided Grantee is on the Board, or providing service to, AG (as defined in the Plan) on such date. For purposes of this Agreement, " Retirement" means termination of Grantee' s service as a director after completing ten (10) or more years of continuous service and attaining age sixty-five (65), and " Disability" means that Grantee is " disabled" as such term is defined in Section 409A(a)(2) of the Internal Revenue Code.3. Term of Option . (a) The Option will have a term of ten (10) years from the Date of Grant and will terminate at the expiration of that period, unless it is terminated at an earlier date pursuant to the provisions of this Agreement or the Plan. (b) The Option will automatically terminate prior to the expiration of its term of ten (10) years upon the happening of the first of the following events: (i) The expiration of the six (6) month and one (1) day period after Grantee ceases to provide service to AG, if such cessation of service is for any reason other than Disability, Retirement, death or Cause (as defined below). (ii) The expiration of one (1) year from the date of death or Disability of Grantee if such death or Disability was the cause of, or occurred within three (3) months after, cessation of Grantee' s service as a Director of AG. (iii) The date on which Grantee ceases to be a Director of AG for Cause. In addition, notwithstanding the prior provisions of this Section 3, if Grantee engages in conduct that constitutes Cause after Grantee' s service ceases, the Option will immediately terminate.Notwithstanding
-- End of Preview --
Home| About Us| FAQ| Subscription | Contact Us |

Privacy Policy   Terms of Service  54.161.31.247