JACK IN THE BOX INC. STOCK OPTION AGREEMENT UNDER THE 2004 STOCK INCENTIVE PLAN
Exhibit 10.16.2
THIS
AGREEMENT is made as of ___________ between Xxxx in the Box Inc., a Delaware
corporation (the “Company”), and
_________ (the “Optionee”).
The Compensation Committee (the “Committee”) of the Board of Directors of the Company which
administers the Company’s 2004 Stock Incentive Plan (the “Plan”) has granted to the Optionee as of
the date of this Agreement an option (the “Option”) to purchase shares of the Common Stock of the
Company, par value $0.01 per share (the “Common Stock”), on the terms and conditions set forth
herein.
In consideration of the foregoing and of the mutual covenants set forth herein and other good
and valuable consideration, the parties hereto agree as follows:
This Option shall become exercisable as follows:
(1) | One third on __________. | ||
(2) | One third on __________. | ||
(3) | One third on __________. |
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exercised from time to time and at any time under procedures that the Company shall establish
from time to time, including, without limitation, procedures regarding the frequency of exercise
and the minimum number of option shares which may be purchased at any time.
(a) If Optionee ceases to be employed by the Company or a subsidiary because of Optionee’s
discharge for cause, as determined by the Company in its sole discretion, this Option shall expire
concurrently with such cessation of employment. As used herein, the term “subsidiary” shall mean
any present or future corporation which would be a “subsidiary corporation” of the Company as
defined in Section 424(f) of the Internal Revenue Code.
(b) Before the Optionee is eligible to retire under a Company sponsored retirement plan, if
Optionee ceases to be employed by the Company or a subsidiary for any reason other than for (i)
termination for cause, as determined by the Company in its sole
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discretion, or (ii) Optionee’s death or Total and Permanent Disability (as defined below),
then this Option, subject to earlier termination pursuant to Paragraph 2 hereof, shall expire
ninety days thereafter, and during such period after Optionee ceases to be an employee, this Option
shall be exercisable only as to those shares, if any, with respect to which the Optionee could have
exercised the option as of the date of such cessation of employment.
(c) After the Optionee is eligible to retire under a Company sponsored retirement plan, if
Optionee ceases to be employed by the Company or a subsidiary for any reason other than (i)
termination for cause, as determined by the Company in its sole discretion, or (ii) Optionee’s
death or Total and Permanent Disability (as defined below), then during such period after Optionee
ceases to be an employee, this Option shall be exercisable only as to those shares, if any, (A)
with respect to which the Optionee could have exercised as of the date of such cessation of
employment and (B) for each twelve full months during which Optionee was in the employ of the
Company, or a subsidiary an additional 5% of the shares granted, (total exercisable shares not to
exceed original grant amount), of this Option, provided all rights under such Option shall expire,
in any event, on the date specified in Paragraph 2 hereof.
(d) If Optionee shall die while in the employment of the Company or a subsidiary, and such
deceased Optionee shall not have suffered Total and Permanent Disability within ninety days prior
to death, then this Option shall be exercisable by the person or persons to whom Optionee’s rights
under the Options all have passed by will or by applicable laws of descent and distribution, as to
all shares granted to Optionee without regard to exercise limitations as set forth in Paragraph 2
hereof; provided, however, that all rights under such Option shall expire in any event on the date
specified in Paragraph 2 hereof.
(e) If Optionee shall suffer Total and Permanent Disability while in the employment of the
Company or a subsidiary, this Option shall be exercisable only as to those shares which Optionee
could exercise as of twelve months following the Optionee’s first day of absence from work with the
Company or a subsidiary due to Total and Permanent Disability, provided, however, that all rights
under such Option shall expire in any event on the date specified in Paragraph 2 hereof. “Total
and Permanent Disability” is defined as the inability to perform the duties of your occupation, or
any occupation for which you are qualified or may reasonably become qualified by education,
training or experience, because of an illness or injury of unavoidable cause for a period of at
least six (6) months, provided the inability is determined or expected to be permanent by a
physician selected by the Company.
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distribution thereof, and any certificated issued upon exercise of the Option shall bear
appropriate legends setting forth the restrictions on transfer of such shares.
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designate, to exercise this Option to the full extent not theretofore exercised, including any
installments previously not exercisable prior to the Terminating Transaction. Adjustments under
this section shall be made by the Committee, whose determination as to what adjustments shall be
made and the extent thereof shall be conclusive. No fractional shares of stock shall be issued
under this Option or in connection with any such adjustment.
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XXXX IN THE BOX INC.
|
OPTIONEE | |
Signature
|
Signature | |
Name | ||
Street Address | ||
City, State Zip | ||
Social Security Number |
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