RAVEN INDUSTRIES, INC.
NON-QUALIFIED STOCK OPTION AGREEMENT
This STOCK OPTION AGREEMENT is made and entered into as of the ___day of , 20___,
between Raven Industries, Inc., a South Dakota corporation (the “Company”) and (“Employee”).
A. Employee has either been hired to serve as an employee to the Company or the Company desires to
induce Employee to continue to serve the Company as an employee.
B. The Company has adopted the 2010 Stock Incentive Plan (the “Plan”) pursuant to which shares of
common stock of the Company have been reserved for issuance under the Plan.
NOW, THEREFORE, the parties hereto agree as follows:
1. Grant of Option; Purchase Price . Subject to the terms and conditions herein set forth, the Company
hereby irrevocably grants from the Plan to Employee the right and option, hereinafter called the “Option”, to
purchase all or any part of an aggregate of the number of shares of common stock, $1.00 par value, of the
Company (the “Shares”) set forth at the end of this Agreement after “Number of Shares” at the price per Share
set forth at the end of this Agreement after “Purchase Price.”
2. Exercise and Vesting of Option . The Option shall be exercisable only to the extent that all, or any portion
thereof, has vested in Employee. Except as provided herein in Section 4, the Options shall vest in Employee in
four (4) cumulative installments, with twenty-five percent (25%) of the total grant becoming exercisable on the
first anniversary of the date of this Agreement, with an additional twenty-five percent (25%) of the total grant
becoming exercisable on each of the next three (3) successive anniversaries of such date (each such date is
hereinafter referred to singularly as a “Vesting Date” and collectively as “Vesting Dates”), so long as Employee
remains an employee of the Company or has elected “Retirement” (as defined below) from the Company after
the first ann