UFood Restaurant Group, Inc. Non-Employee Director Stock Option Compensation Agreement

Contract Categories: Human Resources › Compensation Agreements
Summary

UFood Restaurant Group, Inc. has established a compensation plan for its non-employee directors. Each non-employee director receives options to purchase 100,000 shares of company stock at the closing price on February 11, 2008, as a retainer for 2008–2010. These options vest weekly over 36 months and expire on February 11, 2018. Additionally, non-employee directors serving on board committees receive annual option grants—3,000 for chairmen and 2,000 for other members—under the same terms. This agreement outlines the stock-based compensation and vesting schedule for eligible directors.

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EX-10.2 3 v104256_ex10-2.htm
 
UFOOD RESTAURANT GROUP, INC.

NON-EMPLOYEE DIRECTOR COMPENSATION

1.
Each non-employee director of the Company shall be granted non-qualified options to purchase 100,000 shares of the Company’s common stock at an exercise price equal to the closing stock price on February 11, 2008. Such grant shall represent a tri-annual retainer for the 2008, 2009 and 2010 fiscal years. The options granted shall vest weekly over 36 months and shall expire February 11, 2018.

2.
Each non-employee director of the Company who serves as a member of the Audit, Compensation or Governance committee of the Board of Directors shall be granted the following number of non-qualified options to purchase shares of the Company’s common stock:

a.
Committee chairman – annual grant of 3,000 options
b.
Other committee members – annual grant of 2,000 options

The exercise price of the options granted shall be equal to the closing stock price on February 11, 2008. The options granted shall vest over 36 months and shall expire February 11, 2018.