[FRONT OF OPTION AGREEMENT]
[LOGO]
21st CENTURY HOLDING COMPANY
2002 Stock Option Plan
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EXPLORE YOUR OPTIONS
Option to Purchase: (FIELD(QUANTITY))
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Granted to: FIELD (FIRST NAME) FIELD(LAST NAME)
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This stock option grant has been executed as of ___________, 200_ on behalf of
21st Century Holding Company at the option price of $____.
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Xxxxxx X. Xxxxxx
President and Chairman of the Board
This is not a stock certificate or a negotiable instrument. Non-Transferable.
[REVERSE OF OPTION AGREEMENT]
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21st CENTURY HOLDING COMPANY
2002 Stock Option Plan
Incentive/Non-Statutory Stock Option Notice
FIELD (First Name) FIELD (Last Name)
FIELD (Address)
FIELD (City State Zip)
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Optionee: FIELD(First Name)
FIELD (Last Name)
Xxxxx Date: ________, 200_
Shares Granted: FIELD(Quantity)
Stock Option Price: _________
Last Date to Exercise: _/_/20__
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We are pleased to inform you that the Compensation Committee of the Board has
granted you an option to purchase 21st Century Holding Company common stock.
Your grant has been made under the Company's 2002 Stock Option Plan (the
"Plan"), which together with the terms contained in this Notice, sets forth the
terms and conditions of your grant and is incorporated herein by reference. A
copy of the Plan is attached. Please review it carefully.
Vesting:
Subject to the terms of the Plan, shares vest according to the following vesting
schedule:
Date of Vest Shares Vesting Vesting in Period Last Date to
Over the Period Occurs Exercise
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_/_/20__ __________ End of Period _/_/20__
Exercise:
You may exercise this Option, in whole or in part, to purchase a whole number of
vested shares at any time, by following the exercise procedures set up by the
Company. All exercises must take place before the Last Date to Exercise of such
earlier date as is set out in the Plan following your death, disability or your
ceasing to be an employee. The number of shares you may purchase as of any date
cannot exceed the total number of shares vested by that date, less any shares
you have previously acquired by exercising this Option.
[FOR INCENTIVE STOCK OPTIONS ONLY]
Employment Requirements:
The Plan sets out the terms and conditions that govern this grant in the event
of your termination of employment, death or disability. Please review the plan
document for information concerning the status of vested and unvested options in
the event of your termination of employment, death or disability.
Taxes, Withholding and Disposition of Stock:
This Option is not intended to be an incentive Stock Option, as defined under
Section 422(b) of the Internal Revenue Code. In the event that the Company
determines that any federal, state, local or foreign tax or withholding payment
is required relating to the exercise or sale of shares arising from this grant,
the Company shall have the right to require such payments from your, or withhold
such amounts from other payments due to you from the Company.
You agree to notify the Company when you sell or otherwise transfer or dispose
of the shares acquired by exercising this Option.
[FORM OF ACKNOWLEDGEMENT]
[LOGO] P.O. Box 407193. Fort Lauderdale, Florida 33340
21st CENTURY HOLDING COMPANY (000) 000-0000 office. (000) 000-0000 fax
__________________, 200_
FIELD(Mr Mrs Ms) XXXXX(First Name) FIELD(Last Name)
FIELD(Address)
FIELD(City State Zip)
Dear FIELD(Mr Mrs Ms) XXXXX(Last Name):
Granted To: FIELD(First Name) FIELD(Last Name)
Xxxxx Date: _/_/20__
Quantity Granted: FIELD(Quantity)
Option Price: $_________ per share
Expiration: _/_/20__
Vest Schedule: _________% per year
Type (ISO or NQ): ____
By my signature below, I hereby acknowledge receipt of this Option granted on
the date shown above, which has been issued to me under the terms and conditions
of the 21st Century Holding Company 2002 Stock Option Plan (the "Plan"). I
further acknowledge receipt of the copy of the Plan and agree to conform to all
of the terms and conditions of the Option and the Plan.
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Signature Date
Note: If there are any discrepancies in the name or address shown above, please
make the appropriate corrections on this form.
