1
EXHIBIT 10.1
Part I
THE GOODYEAR TIRE & RUBBER COMPANY
INCENTIVE STOCK OPTION
GRANT AGREEMENT
XXX TIRE
000-00-0000
Key Employee
0 Xxxxx Xxxxx
Xxxxx, XX 00000
The Directors of The Goodyear Tire & Rubber Company (the "Company") desire to
encourage and facilitate ownership of the Common Stock of the Company (the
"Common Stock") by key employees and to provide for additional compensation
based on appreciation of the Common Stock, thereby providing incentive to
promote continued growth and success of the Company's business. Accordingly, the
1997 Performance Incentive Plan of The Goodyear Tire & Rubber Company (the
"Plan") was adopted effective April 14, 1997. A copy of the Plan is attached.
You have been granted Incentive Stock Options for the purchase of Common Stock
as follows:
Stock Option Plan 1997 Plan
Incentive Stock Option Grant 980000
Date of Grant 12/02/97
Option Price $63.50
Total Number of Shares Granted 0000
Your option shares become exercisable as follows:
____ on December 2, 1998 25% ____ on December 2, 2000 75%
____ on December 2, 1999 50% ____ on December 2, 2001 100%
------------------------------------
The Goodyear Tire & Rubber Company
December 2, 1997
Receipt of this Grant Agreement and a copy of the Plan is acknowledged:
-------------------------------------------- -----------------
Optionee Date
X-10.1-1
2
ISO Grant Agreement (Cont'd) December 2, 1997
Part I - INCENTIVE STOCK OPTIONS
1. These Incentive Stock Options for the number of shares of Common Stock
indicated on the preceding page (the "Incentive Stock Options") are granted to
you under and are governed by the terms and conditions of the Plan and this
Grant Agreement. Your execution and return of the enclosed copy of page one of
this Grant Agreement acknowledging receipt of the Incentive Stock Options
granted herewith constitutes your agreement to and acceptance of all terms and
conditions of the Plan and this Grant Agreement. You also agree that you have
read and understand this Grant Agreement.
2. You may exercise the Incentive Stock Options granted pursuant to this Grant
Agreement through (1) a cash payment in the amount of the full option exercise
price of the shares being purchased (a "cash exercise"), (2) a payment in full
shares of Common Stock having a Fair Market Value (as defined in the Plan) on
the date of exercise equal to the full option exercise price of the shares of
Common Stock being purchased (a "share swap exercise"), or (3) a combination of
the cash exercise and share swap exercise methods. Any exercise of these
Incentive Stock Options shall be by written notice to the Company stating the
number of shares of Common Stock to be purchased and the exercise method,
accompanied with the payment, or proper proof of ownership if the share swap
exercise method is used. You shall be required to meet the tax withholding
obligations arising from any exercise of Incentive Stock Options.
3. As further consideration for the Incentive Stock Options granted to you
hereunder, you must remain in the continuous employ of the Company or one or
more of its subsidiaries from the Date of Grant to the date or dates the
Incentive Stock Options become exercisable as set forth on page one of this
Grant Agreement before you will be entitled to exercise the Incentive Stock
Options granted. The Incentive Stock Options you have been granted shall not in
any event be exercisable after your termination of employment except for
Retirement, death, or Disability.
4. In the event of your Retirement, the Incentive Stock Options, to the extent
they are exercisable, or they become exercisable pursuant to Section 9 hereof,
shall remain exercisable for the first three months following the date of your
Retirement as Incentive Stock Options and the remainder of the exercise period
as Non-Qualified Stock Options. In the event of your death while an employee of
the Company or one or more of its subsidiaries, the Incentive Stock Options
shall remain exercisable as described at paragraph 9 below as Incentive Stock
Options up to one year after the date of death. In the event of your Disability
while an employee of the Company or one or more of its subsidiaries, the
Incentive Stock Options then outstanding which are or become exercisable as
aforesaid shall be exercisable by you up to one year after the date of your
Disability as Incentive Stock Options and during the then remaining portion of
the aforesaid exercise period as Non-Qualified Stock Options.
Page 2 of 5
X-10.1-2
3
ISO Grant Agreement (Cont'd) December 2, 1997
PART II - NON-QUALIFIED STOCK INVESTMENT OPTIONS
5. A Non-Qualified Stock Investment Option will be automatically granted to you,
immediately upon any satisfaction by you of the conditions specified below, on
the following terms and conditions:
Date of Xxxxx: The date of your exercise, at any time prior to
January 1, 2005, of an Incentive Stock option granted
herein by tendering shares of Common Stock in payment
of all or a portion of the exercise price of such
Incentive Stock Option.
Number of Common Shares
Subject to Option: The number of shares of Common Stock you tendered in
the exercise of such Incentive Stock Option.
Option Price
Per Share: The Fair Market Value (as defined in the Plan) of the
Common Stock on the date you exercised such Incentive
Stock Option by tendering shares of Common Stock.
Exercise Period: 100% exercisable at any time during the period
beginning on the first anniversary of its date of
grant and ending on December 2, 2007.
6. The Non-Qualified Stock Investment Options are granted under and are governed
by the terms and conditions of the Plan and this Grant Agreement. The number of
shares of Common Stock subject to each grant is determined by the number of
shares of Common Stock you tender to the Company in your exercise of an
Incentive Stock Option granted pursuant to this Agreement. The Option price per
share of the Non-Qualified Stock Investment Option shall be the Fair Market
Value (as defined in the Plan) of Common Stock on the date you exercise an
Incentive Stock Option as aforesaid. In order to accept this Option grant, you
must tender shares of Common Stock in the exercise of an Incentive Stock Option
prior to January 1, 2005.
7. You may exercise the Non-Qualified Stock Investment Options granted pursuant
to this Grant Agreement through (1) a cash payment in the amount of the full
option exercise price of the shares being purchased (a "cash exercise"), (2) a
payment in full shares of Common Stock having a Fair Market Value (as defined in
the Plan) on the date of exercise equal to the full option exercise price of the
shares of Common Stock being purchased (a "share swap exercise"), or (3) a
combination of the cash exercise and share swap exercise methods. Any exercise
of these Non-Qualified Stock Investment Options shall be by written notice to
the Company stating the number of shares of Common Stock to be purchased and the
exercise method, accompanied with the payment, or proper proof of ownership if
the share swap exercise method is used. You shall be required to meet the tax
withholding obligations arising from any exercise of Non-Qualified Stock
Investment Options.
8. As further consideration for each Non-Qualified Stock Investment Option
granted to you hereunder, you must remain in the continuous employ of the
Company or one or more of its subsidiaries for twelve months following the Date
of Grant in respect thereof (as defined at paragraph 5 above) before you will be
entitled to exercise such Non-Qualified Stock Investment Option. Any
Non-Qualified Stock Investment Option granted shall not in any event be
exercisable after your termination of employment except for Retirement (as
defined in the Company's Retirement Plan for Salaried Employees), death, or
Disability (as defined in the Company's Retirement Plan for Salaried Employees).
Page 3 of 5
X-10.1-3
4
ISO Grant Agreement (Cont'd) December 2, 1997
Part III - GENERAL PROVISIONS
9. In the event of your death, Retirement or Disability during the ten-year
exercise period on any date which is more than six (6) months after the Date of
Grant of the Incentive Stock Options specified on the first page of this Grant
Agreement, or more than six (6) months after the Date of Grant of Non-Qualified
Stock Investment Options specified at paragraph 5 of this grant agreement, the
Options shall become immediately exercisable and, except as provided below in
the event of your death, shall be exercisable by you for the remainder of the
term of the Option grant. In the event of your death during the exercise period,
the Options may be exercised up to one year after date of death by the person or
persons to whom your rights in the options passed by your will or according to
the laws of descent and distribution. The Options terminate automatically and
shall not be exercisable by you from and after the date on which you cease to be
an employee of the Company or one of its subsidiaries for any reason other than
your death, Retirement or Disability. Nothing contained herein shall restrict
the right of the Company or any of its subsidiaries to terminate your employment
at any time, with or without cause.
10. The Options shall not in any event be exercisable after the expiration of
ten years from the Date of Grant specified on the first page of this Grant
Agreement and, to the extent not exercised, shall automatically terminate at the
end of such ten-year period.
11. Certificates for the shares of Common Stock purchased will be deliverable to
you or your agent, duly accredited to the satisfaction of the Company, at the
principal office of the Company in Akron, Ohio, or at such other place
acceptable to the Company as may be designated by you.
12. In the event you Retire or otherwise terminate your employment with the
Company or a subsidiary and within 18 months after such termination date you
accept employment with a competitor of, or otherwise engage in competition with,
the Company, the Committee, in its sole discretion, may require you to return,
or (if not received) to forfeit, to the Company the economic value of the
Options granted hereunder which you have realized or obtained by your exercise
at any time on or after the date which is six months prior to the date of your
termination of employment with the Company. Additionally, if you have retired
from the Company, all Options granted to you hereunder which you have not
exercised prior to your competitive engagement shall be automatically cancelled.
13. Each Option granted is not transferable by you otherwise than by will or the
laws of descent and distribution, and is exercisable during your lifetime only
by you.
14. All rights conferred upon you under the provisions of this Grant Agreement
are personal and, except under the provisions of paragraph 13 of this Grant
Agreement, no assignee, transferee or other successor in interest shall acquire
any rights or interests whatsoever under this Grant Agreement, which is made
exclusively for the benefit of you and the Company.
Page 4 of 5
X-10.1-4
5
ISO Grant Agreement (Cont'd) December 2, 1997
PART III - GENERAL PROVISIONS (Cont'd)
15. Any notice to you under this Grant Agreement shall be sufficient if in
writing and if delivered to you or mailed to you at the address on record in the
Executive Compensation Department. Any notice to the Company under this
agreement shall be sufficient if in writing and if delivered to the Executive
Compensation Department of the Company in Akron, Ohio, or mailed by registered
mail directed to the Company for the attention of the Executive Compensation
Department at 0000 Xxxx Xxxxxx Xxxxxx, Xxxxx, Xxxx 00000-0000. Either you or the
Company may, by written notice, change the address. This agreement shall be
construed and shall take effect in accordance with the laws of the State of
Ohio.
16. Each Option may be exercised only at the times and to the extent, and is
subject to all of the terms and conditions, set forth in this Grant Agreement,
and in the Plan, including any rule or regulation adopted by the Committee.
Page 5 of 5
X-10.1-5
6
EXHIBIT 10.1
Part II
THE GOODYEAR TIRE & RUBBER COMPANY
NON-QUALIFIED STOCK OPTION
GRANT AGREEMENT
XXX TIRE
000-00-0000
Key Employee
0 Xxxxx Xxxxx
Xxxxx, XX 00000
The Directors of The Goodyear Tire & Rubber Company (the "Company") desire to
encourage and facilitate ownership of the Common Stock of the Company (the
"Common Stock") by key employees and to provide for additional compensation
based on appreciation of the Common Stock, thereby providing incentive to
promote continued growth and success of the Company's business. Accordingly, the
1997 Performance Incentive Plan of The Goodyear Tire & Rubber Company (the
"Plan") was adopted effective April 14, 1997. A copy of the Plan is attached.
You have been granted Non-Qualified Stock Options for the purchase of Common
Stock as follows:
Stock Option Plan 1997 Plan
Non-Qualified Stock Option Grant 98000
Date of Grant 12/02/97
Option Price $63.50
Total Number of Shares Granted 0000
Your option shares become exercisable as follows:
____ on December 2, 1998 25% ____ on December 2, 2000 75%
____ on December 2, 1999 50% ____ on December 2, 2001 100%
----------------------------------
The Goodyear Tire & Rubber Company
December 2, 1997
Receipt of this Grant Agreement and a copy of the Plan is acknowledged:
---------------------------------- ---------------
Optionee Date
X-10.1-6
7
NQ Grant Agreement (Cont'd) December 2, 1997
PART I - NON-QUALIFIED STOCK OPTIONS
1. These Non-Qualified Stock Options for the number of shares of Common Stock
indicated on the preceding page (the "Non-Qualified Stock Options") are granted
to you under and are governed by the terms and conditions of the Plan and this
Grant Agreement. Your execution and return of the enclosed copy of page one of
this Grant Agreement acknowledging receipt of the Non-Qualified Stock Options
granted herewith constitutes your agreement to and acceptance of all terms and
conditions of the Plan and this Grant Agreement. You also agree that you have
read and understand this Grant Agreement.
2. You may exercise the Non-Qualified Stock Options granted pursuant to this
Grant Agreement through (1) a cash payment in the amount of the full option
exercise price of the shares being purchased (a "cash exercise"), (2) a payment
in full shares of Common Stock having a Fair Market Value (as defined in the
Plan) on the date of exercise equal to the full option exercise price of the
shares being purchased (a "share swap exercise"), or (3) a combination of the
cash exercise and share swap exercise methods. Any exercise of these
Non-Qualified Stock Options shall be by written notice to the Company stating
the number of shares of Common Stock to be purchased and the exercise method,
accompanied with the payment, or proper proof of ownership if the share swap
exercise method is used. You shall be required to meet the tax withholding
obligations arising from any exercise of Non-Qualified Stock Options.
3. As further consideration for the Non-Qualified Stock Options granted to you
hereunder, you must remain in the continuous employ of the Company or one or
more of its subsidiaries from the Date of Grant to the date or dates the
Non-Qualified Stock Options become exercisable as set forth on page one of this
Grant Agreement before you will be entitled to exercise the Non-Qualified Stock
Options granted. The Non-Qualified Stock Options you have been granted shall not
in any event be exercisable after your termination of employment except for
Retirement, death, or Disability.
PART II - NON-QUALIFIED STOCK INVESTMENT OPTIONS
4. A Non-Qualified Stock Investment Option will be automatically granted to you,
immediately upon any satisfaction by you of the conditions specified below, on
the following terms and conditions:
Date of Xxxxx: The date of your exercise, at any time prior to
January 1, 2005, of a Non-Qualified Stock Option
granted herein by tendering shares of Common Stock in
payment of all or a portion of the exercise price of
such Non-Qualified Stock Option.
Number of Common Shares
Subject to Option: The number of shares of Common Stock you tendered in
the exercise of such Non-Qualified Stock Option.
Option Price
Per Share: The Fair Market Value (as defined in the Plan) of the
Common Stock on the date you exercised such
Non-Qualified Stock Option by tendering shares of
Common Stock.
Exercise Period: 100% exercisable at any time during the period
beginning on the first anniversary of its date of
grant and ending on December 2, 2007.
Page 2 of 4
X-10.1-7
8
NQ Grant Agreement (Cont'd) December 2, 1997
PART II-NON-QUALIFIED STOCK INVESTMENT OPTIONS (Cont'd)
5. The Non-Qualified Stock Investment Options are granted under and are governed
by the terms and conditions of the Plan and this Grant Agreement. The number of
shares of Common Stock subject to each grant is determined by the number of
shares of Common Stock you tender to the Company in your exercise of a
Non-Qualified Stock Option granted pursuant to this Agreement. The Option price
per share of the Non-Qualified Stock Investment Option shall be the Fair Market
Value (as defined in the Plan) of the Common Stock on the date you exercise a
Non-Qualified Stock Option as aforesaid. In order to accept this Non-Qualified
Stock Investment Option Grant, you must tender shares of Common Stock in the
exercise of a Non-Qualified Stock Option prior to January 1, 2005.
6. You may exercise the Non-Qualified Stock Investment Options granted pursuant
to this Grant Agreement through (1) a cash payment in the amount of the full
option exercise price of the shares being purchased (a "cash exercise"), (2) a
payment in full shares of Common Stock having a Fair Market Value (as defined in
the Plan) on the date of exercise equal to the full option exercise price of the
shares of Common Stock being purchased (a "share swap exercise"), or (3) a
combination of the cash exercise and share swap exercise methods. Any exercise
of these Non-Qualified Stock Investment Options shall be by written notice to
the Company stating the number of shares of Common Stock to be purchased and the
exercise method, accompanied with the payment, or proper proof of ownership if
the share swap exercise method is used. You shall be required to meet the tax
withholding obligations arising from any exercise of Non-Qualified Stock
Investment Options.
7. As further consideration for each Non-Qualified Stock Investment Option
granted to you hereunder, you must remain in the continuous employ of the
Company or one or more of its subsidiaries for twelve months following the Date
of Grant in respect thereof (as defined at paragraph 4 above) before you will be
entitled to exercise such Non-Qualified Stock Investment Option. The
Non-Qualified Stock Investment Options you have been granted shall not in any
event be exercisable after your termination of employment except for Retirement
(as defined in the Company's Retirement Plan for Salaried Employees), death, or
Disability (as defined in the Company's Retirement Plan for Salaried Employees).
III - GENERAL PROVISIONS
8. In the event of your death, Retirement or Disability during the ten-year
exercise period on any date which is more than six (6) months after the Date of
Grant of the Non-Qualified Stock Options specified on the first page of this
Grant Agreement or more than six (6) months after the Date of Grant of
Non-Qualified Stock Investment Options specified at paragraph 4 of this Grant
Agreement, the Options shall become immediately exercisable and, except as
provided below in the event of your death, shall be exercisable by you for the
remainder of the term of the Option grant. In the event of your death during the
exercise period, the Options may be exercised up to one year after date of death
by the person or persons to whom your rights in the options passed by your will
or according to the laws of descent and distribution. The Options terminate
automatically and shall not be exercisable by you from and after the date on
which you cease to be an employee of the Company or one of its subsidiaries for
any reason other than your death, Retirement or Disability. Nothing contained
herein shall restrict the right of the Company or any of its subsidiaries to
terminate your employment at any time, with or without cause.
Page 3 of 4
X-10.1-8
9
NQ Grant Agreement (Cont'd) December 2, 1997
PART III - GENERAL PROVISIONS (Cont'd)
9. The Options shall not in any event be exercisable after the expiration of ten
years from the Date of Grant specified on the first page of this Grant Agreement
and, to the extent not exercised, shall automatically terminate at the end of
such ten-year period.
10. Certificates for the shares of Common Stock purchased will be deliverable to
you or your agent, duly accredited to the satisfaction of the Company, at the
principal office of the Company in Akron, Ohio, or at such other place
acceptable to the Company as may be designated by you.
11. In the event you Retire or otherwise terminate your employment with the
Company or a subsidiary and within 18 months after such termination date you
accept employment with a competitor of, or otherwise engage in competition with,
the Company, the Committee, in its sole discretion, may require you to return,
or (if not received) to forfeit, to the Company the economic value of the
Options granted hereunder which you have realized or obtained by your exercise
at any time on or after the date which is six months prior to the date of your
termination of employment with the Company. Additionally, if you have retired
from the Company, all Options granted to you hereunder which you have not
exercised prior to your competitive engagement shall be automatically cancelled.
12. Each Option granted is not transferable by you otherwise than by will or the
laws of descent and distribution, and is exercisable during your lifetime only
by you.
13. All rights conferred upon you under the provision of this Grant Agreement
are personal and, except under the provisions of paragraph 12 of this Grant
Agreement, no assignee, transferee or other successor in interest shall acquire
any rights or interests whatsoever under this Grant Agreement, which is made
exclusively for the benefit of you and the Company.
14. Any notice to you under this Grant Agreement shall be sufficient if in
writing and if delivered to you or mailed to you at the address on record in the
Executive Compensation Department. Any notice to the Company under this
agreement shall be sufficient if in writing and if delivered to the Executive
Compensation Department of the Company in Akron, Ohio, or mailed by registered
mail directed to the Company for the attention of the Executive Compensation
Department at 0000 Xxxx Xxxxxx Xxxxxx, Xxxxx, Xxxx 00000-0000. Either you or the
Company may, by written notice, change the address. This agreement shall be
construed and shall take effect in accordance with the laws of the State of
Ohio.
15. Each Option may be exercised only at the times and to the extent, and is
subject to all of the terms and conditions, set forth in this Grant Agreement,
and in the Plan, including any rule or regulation adopted by the Committee.
Page 4 of 4
X-10.1-9
10
EXHIBIT 10.1
Part III
THE GOODYEAR TIRE & RUBBER COMPANY
NON-QUALIFIED STOCK OPTION/TANDEM STOCK APPRECIATION RIGHTS
GRANT AGREEMENT
XXX TIRE
000-00-0000
Key Employee
0 Xxxxx Xxxxx
Xxxxx, XX 00000
The Directors of The Goodyear Tire & Rubber Company (the "Company") desire to
encourage and facilitate ownership of the Common Stock of the Company (the
"Common Stock") by key employees and to provide for additional compensation
based on appreciation of the Common Stock, thereby providing incentive to
promote continued growth and success of the Company's business. Accordingly, the
1997 Performance Incentive Plan of The Goodyear Tire & Rubber Company (the
"Plan") was adopted effective April 14, 1997. A copy of the Plan is attached.
You have been granted Non-Qualified Stock Options for the purchase of Goodyear
Common Stock and tandem Stock Appreciation Rights as follows:
Stock Option Plan 1997 Plan
Non-Qualified Stock Option/SAR 980000
Date of Grant 12/02/97
Option Price $63.50
Number of Shares Granted -0-
The Company shall determine whether or not you may exercise the Stock Option or
the SARs at the time you notify the Company of your intent to exercise all or
part of this grant.
Your option shares become exercisable as follows:
____ on December 2, 1998 25% ____ on December 2, 2000 75%
____ on December 2, 1999 50% ____ on December 2, 2001 100%
----------------------------------
The Goodyear Tire & Rubber Company
December 2, 1997
Receipt of this Grant Agreement and a copy of the Plan is acknowledged:
-------------------------------- --------------
Optionee Date
X-10.1-10
11
NQ/SAR Grant Agreement (Cont'd) December 2, 1997
1. These Non-Qualified Stock Options for the number of shares of Common Stock
indicated on the preceding page (the "Options") and the Stock Appreciation
Rights granted in tandem with the Options (the "SARs") are granted to you under
and are governed by the terms and conditions of the Plan and this Grant
Agreement. Your execution and return of the enclosed copy of page 1 of this
Grant Agreement acknowledging receipt of the Options and SARs granted herewith
constitutes your agreement to and acceptance of all terms and conditions of the
Plan and this Grant Agreement, including a recognition of the Company's right to
specify whether or not you may exercise either the Options or the SARs at the
time you notify the Company of your intent to exercise. You also agree that you
have read and understand this Grant Agreement.
2. If the Company approves the exercise of an Option, you may exercise the
Non-Qualified Stock Options granted pursuant to this Grant Agreement through (1)
a cash payment in the amount of the full option exercise price of the shares
being purchased (a "cash exercise"), (2) a payment in full shares of Common
Stock having a Fair Market Value (as defined in the Plan) on the date of
exercise equal to the full option exercise price of the shares being purchased
(a "share swap exercise"), or (3) a combination of the cash exercise and share
swap exercise methods. Any exercise of these Non-Qualified Stock Options shall
be by written notice to the Company stating the number of shares of the Common
Stock to be purchased and the exercise method, accompanied with the payment, or
proper proof of ownership if the share swap exercise method is used. You shall
be required to meet the tax withholding obligations arising from any exercise of
Non-Qualified Stock Options.
3. If the Company approves the exercise of the SARs, written notice must be
given to the Company stating the number of shares in the Options in respect of
which the SARs are being exercised. In due course, you will receive payment in
cash in an amount equal to the difference between the Fair Market Value (as
defined in the Plan) of one share of the Common Stock on the date of exercise of
the SARs and the Option Exercise Price per Share specified in respect of the
Options times the number of shares in respect of which the SARs shall have been
exercised. Such payment shall be subject to reduction for withholding taxes.
4. As further consideration for the Non-Qualified Stock Options and SARs granted
to you hereunder, you must remain in the continuous employ of the Company or one
or more of its subsidiaries from the Date of Grant to the date or dates the
Non-Qualified Stock Options and SARs become exercisable as set forth on page one
of this Grant Agreement before you will be entitled to exercise the
Non-Qualified Stock Options and SARs granted. The Non-qualified Stock Options
and SARs you have been granted shall not in any event be exercisable after your
termination of employment except for Retirement (as defined in the Company's
Retirement Plan for Salaried Employees), death, or Disability (as defined in the
Company's Retirement Plan for Salaried Employees).
5. In the event of your death, Retirement or Disability during the ten-year
exercise period on any date which is more than six (6) months after the Date of
Grant specified on the first page of this Grant Agreement, the Options and SARs
shall become immediately exercisable and, except as provided below in the event
of your death, shall be exercisable by you for the remainder of the term of the
Option/SAR grant. In the event of your death during the exercise period, the
Options and SARs may be exercised up to one year after date of death by the
person or persons to whom your rights in the options passed by your will or
according to the laws of descent and distribution. The Options and SARs
terminate automatically and shall not be exercisable by you from and after the
date on which you cease to be an employee of the Company or one of its
subsidiaries for any reason other than your death, Retirement or Disability.
Nothing contained herein shall restrict the right of the Company or any of its
subsidiaries to terminate your employment at any time, with or without cause.
Page 2 of 3
X-10.1-11
12
NQ/SAR Grant Agreement (Cont'd) December 2, 1997
6. The Options and SARs you have been granted shall not in any event be
exercisable after the expiration of ten years from the Date of Grant specified
on the first page of this Grant Agreement and, to the extent not exercised,
shall automatically terminate at the end of such ten-year period.
7. Certificates for shares of the Common Stock purchased will be deliverable to
you or your agent, duly accredited to the satisfaction of the Company, at the
principal office of the Company in Akron, Ohio, or at such other place
acceptable to the Company as may be designated by you.
8. In the event you Retire or otherwise terminate your employment with the
Company or a subsidiary and within 18 months after such termination date you
accept employment with a competitor of, or otherwise engage in competition with,
the Company, the Committee, in its sole discretion, may require you to return,
or (if not received) to forfeit, to the Company the economic value of the
Options or SARs which you have realized or obtained by your exercise of the
Options or SARs granted hereunder at any time on or after the date which is six
months prior to the date of your termination of employment with the Company.
Additionally, if you have retired from the Company, all Options or SARs which
are granted to you hereunder and which you have not exercised prior to your
competitive engagement shall be automatically cancelled.
9. Each Option and SAR are not transferable by you otherwise than by will or the
laws of descent and distribution, and are exercisable during your lifetime only
by you.
10. All rights conferred upon you under the provisions of this Grant Agreement
are personal and, except under the provisions of paragraph 9 of this Grant
Agreement, no assignee, transferee or other successor in interest shall acquire
any rights or interests whatsoever under this Grant Agreement, which is made
exclusively for the benefit of you and the Company.
11. Any notice to you under this Grant Agreement shall be sufficient if in
writing and if delivered to you or mailed to you at the address on record in the
Executive Compensation Department. Any notice to the Company under this
agreement shall be sufficient if in writing and if delivered to the Executive
Compensation Department of the Company in Akron, Ohio, or mailed by registered
mail directed to the Company for the attention of the Executive Compensation
Department at 0000 Xxxx Xxxxxx Xxxxxx, Xxxxx, Xxxx 00000-0000. Either you or the
Company may, by written notice, change the address. This Grant Agreement shall
be construed and shall take effect in accordance with the laws of the State of
Ohio.
12. Each Option and/or SAR may be exercised only at the times and to the extent,
and is subject to all of the terms and conditions, set forth in this Grant
Agreement, and in the Plan, including any rule or regulation adopted by the
Committee.
13. Your purchase of shares of Common Stock pursuant to the Options shall
automatically reduce by a like number the shares subject to the SARs and,
conversely, your exercise of any SARs shall automatically reduce by a like
number the shares of the Common Stock available for purchase by you under the
Options.
14. In agreeing to accept this grant, you clearly acknowledge that The Goodyear
Tire & Rubber Company assumes no responsibility for any regulatory or tax
consequences that arise from either the grant or exercise of the Options or the
SARs, whether under U.S. or foreign law, rules, regulations or treaties.
15. Prior to the exercise of an Option or SAR, written notice must be given to
the Company of your intent to exercise. The Company will then advise you whether
or not you may exercise a Stock Option or an SAR and upon receiving such advice
you may then exercise the Stock Option or the SAR.
Page 3 of 3
X-10.1-12
