EXHIBIT 10.1
JOANN INC.
2021 EQUITY INCENTIVE PLAN
(Amended and Restated Effective February 27, 2023)
STOCK OPTION GRANT NOTICE
Capitalized terms not specifically defined in this Stock Option Grant Notice (the “Grant Notice”) have the meanings given to them in the JOANN Inc. 2021 Equity Incentive Plan (amended and restated effective February 27, 2023, the “Plan”) of JOANN Inc. (the “Company”). The Company hereby grants to the participant listed below (“Participant”) the stock option described in this Grant Notice (the “Option”), subject to the terms and conditions of the Plan and the Stock Option Agreement attached hereto as Exhibit A (the “Agreement”), both of which are incorporated into this Grant Notice by reference.
Participant: | [NAME] |
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Grant Date: | [DATE] |
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Exercise Price per Share: | [PRICE] |
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Shares Subject to the Option: | [NUMBER] |
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Final Expiration Date: | [DATE] |
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Vesting Commencement Date: | [DATE] |
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Vesting Schedule: | [Subject to the Participant’s continued status as an Employee, Consultant or Non-Employee Director, the Option shall vest and become exercisable with respect to twenty-five percent (25%) of the Shares subject thereto (rounded down to the next whole number of Shares) on each of the first four (4) anniversaries of the Vesting Commencement Date, so that all of the Shares shall be vested on the fourth anniversary of the Vesting Commencement Date.][OTHER VESTING SCHEDULE PER GRANT] |
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Type of Option | ☐ Incentive Stock Option | ☐ Non-Qualified Stock Option |
By Participant’s signature below or electronic acceptance or authentication in a form authorized by the Company, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or relating to the Option.
JOANN INC. | PARTICIPANT |
By: | By: |
Print Name: | Print Name: |
Title: |
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2
EXHIBIT A
STOCK OPTION AGREEMENT
GENERAL
A-1
GRANT OF OPTION
PERIOD OF EXERCISABILITY
A-2
A-3
A-4
EXERCISE OF OPTION
A-5
Notwithstanding any of the foregoing, the Administrator shall have the right to specify all conditions of the manner of exercise, which conditions may vary by country and which may be subject to change from time to time.
A-6
RESTRICTIVE COVENANTS
A-7
A-8
A-9
OTHER PROVISIONS
A-10
A-11
A-12
* * * * *
A-13