INTERNATIONAL FAST FOOD CORPORATION
1992 STOCK OPTION PLAN
NONQUALIFIED STOCK OPTION AGREEMENT
1. GRANT OF OPTION. As of May 21, 1992, International Fast Food
Corporation, a Florida corporation (the "Company"), hereby grants to Xxxxxxxx
Xxxxxxxx (the "Optionee), an option (the #Option") to acquire 100,000 shares of
the common Stock, $0.01 par value, of the Company pursuant to the Company's 1992
Stock Option Plan (the "Plan"), the terms and conditions of which are
incorporated herein for all purposes. The Optionee hereby acknowledges receipt
of the Plan and agrees to be bound by all of the terms and conditions hereof and
thereof.
2. DEFINITIONS. Unless otherwise provided herein, terms used herein
that are defined in the Plan and not defined herein shall have the meanings
attributed thereto in the Plan.
3. EXERCISE PRICE. The exercise price per share of the Shares subject
to this Option is $5.00.
4. EXERCISE SCHEDULE. Except as otherwise provided in Sections 7 and 8
of the Plan, this Option shall be immediately exercisable in whole or in part
until May 20, 2002.
5. TRANSFERABILITY. This Option is not transferable otherwise than by
will or the laws of descent and distribution and during the lifetime of the
Optionee is exercisable only by the Optionee.
6. TERMINATION OF OPTION. Any unexercised portion of this Option shall
automatically and without notice terminate and become null and void as provided
in Section 9 of the Plan.
7. NO RIGHT TO CONTINUED EMPLOYMENT. This Option shall not confer upon
the Optionee any right to continued employment.
8. LAW GOVERNING. This Agreement shall be governed in accordance with
and governed by the internal laws of the State of Florida.
9. INTERPRETATION. The Optionee accepts this Option subject to all the
terms and provisions of the Plan and this Agreement. The undersigned Optionee
hereby accepts as binding, conclusive and final all decisions or interpretations
of the Committee upon any questions arising under the Plan and this Agreement.
10. NOTICES. Any notice under this Agreement shall be in writing and
shall be deemed to have been duly given when delivered personally or when
deposited in the United States mail, registered, postage prepaid, and addressed,
in the case of the Company, to the Company's Secretary at 0000 Xxxxxxx Xxxx,
Xxxxx 000, Xxxxx Xxxxx, Xxxxxxx 00000, or if the Company should move its
principal office, to such principal office, and, in the caws of the Optionee, to
the Optionee's last permanent address as shown on the Company's records, subject
to the right of either party to designate some other address at any time
hereafter in a notice satisfying the requirements of this Section.
COMPANY:
INTERNATIONAL FAST FOOD CORPORATION
By: /s/ Xxxxx X. Xxxxxxxx
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Xxxxx X. Xxxxxxxx,
Senior Vice President
OPTIONEE
/s/ Xxxxxxxx Xxxxxxxx
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Xxxxxxxx Xxxxxxxx
