Cracker Barrel 2010 Annual Report Download - page 54

authorized to determine, at time periods within its discretion
and subject to the direction of the Board, which employees
will be granted options and other awards, the number of
shares covered by any awards granted, and within applicable
limits, the terms and provisions relating to the exercise of
any awards.
Directors Plan
In 1989, the Company’s shareholders approved the Cracker
Barrel Old Country Store, Inc. 1989 Stock Option Plan for
Non-employee Directors (“Directors Plan”). Stock options
granted under the Directors Plan had an exercise price equal
to the fair market value of the Company’s common stock on
the date of grant and expire one year from the retirement of
the director from the Board. An aggregate of 1,518,750
shares of the Company’s common stock was originally
authorized for issuance under the Directors Plan, which now
has expired. At July 30, 2010, there were outstanding awards
for 49,734 shares under the Directors Plan.
Employee Plan
e Company’s 2000 Non-Executive Stock Option Plan
(“Employee Plan”) covered employees who are not ocers
or directors of the Company. Stock options granted under
the Employee Plan had an exercise price of at least 100% of
the fair market value of the Company’s common stock based
on the date of grant and become exercisable each year at a
cumulative rate of 33% per year and expire ten years from the
date of grant. An aggregate of 4,750,000 shares of the
Company’s common stock originally was authorized under
the Employee Plan, which expired on July 29, 2005. At July
30, 2010, there were outstanding awards for 182,558 shares
under the Employee Plan.
Amended and Restated Stock Option Plan
e Company’s Amended and Restated Stock Option Plan
(the “Plan”) allows the Commiee to grant options to
purchase an aggregate of 17,525,702 shares of the Company’s
common stock. e option price per share under the Plan
must be at least 100% of the fair market value of the Com-
pany’s common stock on the date of grant. Options granted
to date under the Plan generally have been exercisable each
year at a cumulative rate of 33% per year and expire ten years
from the date of grant. At July 30, 2010, there were outstand-
ing awards for 727,919 shares under this plan and 383,869
shares of the Company’s common stock reserved for future
issuance under this plan.
Omnibus Plan
e Company’s 2002 Omnibus Incentive Compensation
Plan (the “Omnibus Plan”) allows the Commiee to grant
awards for an aggregate of 2,500,000 shares of the Company’s
common stock. e Omnibus Plan authorizes the following
types of awards to all eligible participants: stock options,
stock appreciation rights, stock awards, nonvested stock,
performance shares, cash bonuses, qualied performance-
based awards or any other type of award consistent with the
Omnibus Plan’s purpose. e option price per share of all
options granted under the Omnibus Plan is required to be at
least 100% of the fair market value of the Company’s
common stock based on the date of grant. Options granted
to date under the Omnibus Plan become exercisable each
year at a cumulative rate of 33% per year and expire ten years
from the date of grant. At July 30, 2010, there were outstand-
ing awards for 1,285,606 shares under this plan and 317,857
shares of the Company’s common stock reserved for future
issuance under this plan.
Long-Term Performance Plan
e Commiee established the FY2010 Long-Term Pefor-
mance Plan (“2010 LTPP”) pursuant to the Omnibus Plan,
for the purpose of rewarding certain ocers with shares of
the Company’s common stock if the Company achieved
certain performance targets. e 2010 LTPP stock award was
calculated during 2010 based on achievement of qualied
nancial performance measures and vests on August 3, 2012.
At July 31, 2010, the nonvested stock earned under the 2010
LTPP was 196,216 shares. Additionally, cash dividends on
the 2010 LTPP nonvested stock earned will accrue from July
31, 2010 and will be payable on August 6, 2012; however, the
dividends will be forfeited for any 2010 LTPP stock awards
that do not vest.
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