Exhibit 10.20
AMCAST INDUSTRIAL CORPORATION
INDUSTRIAL CORPORATION
STOCK OPTION AGREEMENT
Amcast Industrial Corporation, an Ohio corporation (the "Company"),
hereby grants, under and pursuant to the Agreement between the Optionee and the
Company for Optionee to accept employment with the Company to
Xxxxxx X. Xxxx ("Optionee")
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Effective the 22nd day of August , 2001(the "date of grant"), for the purposes
set forth in the Plan, the right and option to purchase 10,000, Ten Thousand
Common Shares of the Company ("Shares") at the purchase price of $8.49 per Share
(the "Option").
The Option granted herein is granted subject to all the terms and
conditions of the Agreement, including, but not limited to, the following
provisions:
1. The Option shall expire at the close of business five years after the date of
the date of Grant of the option shares unless sooner terminated or exercised
pursuant to the terms of the Plan;
2. Pursuant to the Agreement, the option shares shall vest and become
exercisable as follows: One year after the date of grant.
3. Optionee shall forfeit all right and interest in any unvested option shares
if he is not employed by the Company on the vesting date,
4. The option may be exercised at any time up to five years following the date
of grant of the option shares.
5. The Option may not be transferred, assigned, pledged, or hypothecated by the
Optionee during his lifetime.
6. In the event Optionee ceases to be employed by the Company or a subsidiary of
the Company for any reason other than gross misconduct or death, the Option may
be exercised within seven months after Optionee's termination of employment to
the extent the Option was exercisable on the date of termination of employment.
In the event Optionee dies while employed by the Company or a subsidiary of the
Company or within three months after Optionee's termination of employment, the
Option may be exercised within one year after the date of Optionee's death to
the extent Optionee was entitled to exercise it on the date of Optionee's
termination of employment by the person or persons (including the Optionee's
estate) to whom Optionee's rights under the Option shall have passed by will or
by the laws of descent and distribution. In the event Optionee ceases to be
employed because of gross misconduct, the Option shall expire on the date of
termination of Optionee's employment.
7. In the event of a Change of Control of the Company, as defined in the Change
of Control Agreements between the Company and certain employees of the Company
approved by the board on August 31, 2000, the Option shall vest immediately.
IN WITNESS WHEREOF, the Company has executed this Option as of the 22nd day of
August 2001.
AMCAST INDUSTRIAL CORPORATION
By: /s/ Xxxxx X. Xxxx, Xx.
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Xxxxx X. Xxxx, Xx.
President and Chief Executive Officer
(CORPORATE SEAL)
Attest:
/s/ Xxxxx X. Xxxx
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Secretary
/s/ Xxxxxx X. Xxxx
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Xxxxxx X. Xxxx
Optionee
