EXHIBIT 6
FORM OF STOCK OPTION AGREEMENT AMONG XX. XXXXXXX AND THE OPTIONEES
STOCK OPTION AGREEMENT
AGREEMENT made effective as of this 1st day of January, 2001,
("Effective Date") between Xxxxx X. Xxxxxxx ("Xxxxxxx") and _______________
("Optionee").
WHEREAS, the parties hereto wish to make provision for the grant by
Xxxxxxx to Optionee of a nonqualified option to purchase from Xxxxxxx up to
60,000 shares of Xxxxxxx Homes, Inc. common stock held by Xxxxxxx, upon the
terms and conditions set forth below;
NOW, THEREFORE, in consideration of $100.00 and other good and valuable
consideration, receipt of which is hereby acknowledged, Xxxxxxx and Optionee
agree as follows:
1. GRANT OF OPTION. Xxxxxxx hereby grants to Optionee an option (the
"Option") to purchase up to 60,000 shares of Xxxxxxx Homes, Inc.
common stock held by Xxxxxxx ("Shares"), subject to the terms and
conditions set forth below. The exercise price shall be $7.50 per
share, payable in cash or by check.
2. EXERCISE OF OPTION.
(a) The Option may be exercised by Optionee, in whole or in part,
at any time during the period commencing six (6) months from
and after the Effective Date and ending two (2) years from the
Effective Date.
(b) Optionee may elect to exercise the Option by sending written
notice to Xxxxxxx specifying the number of Shares he will
purchase and a date (not later than ten (10) business days
from the date such notice is given) for the closing of such
purchase.
3. PAYMENT AND DELIVERY OF CERTIFICATE(S). At the closing of the purchase
of Shares pursuant to the Option, Optionee shall execute and deliver to Xxxxxxx
a stock purchase agreement for the Shares to be purchased and shall tender to
Xxxxxxx payment of the exercise price for the Shares being purchased, by
delivering cash or a check payable to Xxxxxxx for the exercise price of such
Shares. Xxxxxxx will deliver to the Optionee a certificate or certificates
representing the number of shares so purchased and paid for in full in the
denominations designated by the Optionee in his notice of exercise.
4. REPRESENTATIONS AND WARRANTIES OF XXXXXXX. Xxxxxxx hereby represents
and warrants to the Optionee that (I) he will reserve the necessary Shares for
issuance to the Optionee upon the exercise of the Option, (ii) the Shares, when
issued, will be duly authorized and validly issued, and (iii) the exercise price
for the Shares being purchased represents fair market value of the Shares as of
the date hereof.
5. MISCELLANEOUS.
(a) INTEGRATION. This writing is intended by the parties as a
final expression of their agreement and is intended also as a
complete and exclusive statement of the terms of their
agreement. No modifications or amendment hereof shall be
effective unless it is signed by the parties.
(b) COUNTERPARTS. This Agreement may be executed in
counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same
instrument.
(c) GOVERNING LAW. This Agreement is governed by and shall be
construed in accordance with the laws of the State of Hawaii.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
first above written.
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XXXXX X. XXXXXXX
"Xxxxxxx"
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___________,"Optionee"
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___________,"Optionee"
