EXHIBIT 10.16
XXXXX XXXXXX INCORPORATED
NONQUALIFIED STOCK OPTION AGREEMENT
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Grantee Shares Granted
Pursuant to action by the Compensation Committee for administration of the Xxxxx
Xxxxxx Incorporated ("Company") 1993 Stock Option Plan ("Plan"), the above
Grantee is hereby granted a nonqualified stock option to purchase the above
number of shares of the Company's $1 par value common stock at the exercise
price of (Price) for each share subject to this option, payable at the time of
exercise. Subject to the terms of the Plan regarding exercise, this option will
be exercisable during the period beginning one year from the date of grant set
forth below and ending seven years from such date, provided that the Grantee
remains a member of the Board of Directors of the Company. This option may not
be exercised after (Date).
Cashless exercise, in accordance with the terms of the Plan, shall be available
to Grantee for the shares subject to this option.
To the extent the exercise of this option results in taxable income to Grantee,
the Company is authorized to withhold from any remuneration payable to Grantee
any tax required to be withheld by reason of such taxable income.
This option is granted under and is subject to all of the provisions of the
Plan. This option is not transferable by the Grantee otherwise than by will or
by the laws of descent and distribution, and is exercisable during the Grantee's
lifetime only by the Grantee.
Date of Grant: (Date)
XXXXX XXXXXX INCORPORATED
By _____________________________________
(Name)
(Title)
