EXHIBIT 4.5
GULFSTREAM AEROSPACE CORPORATION
STOCK OPTION AGREEMENT
Date: June 25, 1998
Number of Shares: 100 Shares
Exercise Price: $43.00 per share
Expiration Date: June 25, 2008
In recognition of the sale of the 100th Gulfstream V, Gulfstream
Aerospace Corporation has granted you an option to buy 100 shares of
Gulfstream Common Stock. The exercise price, which is the price per share
you will pay if you exercise your option, is the closing price of
Gulfstream Common Stock on June 25, 1998, or $43.00 per share. If in the
future, the price of Gulfstream Common Stock is higher than the exercise
price, you will be able to exercise your option and then sell the shares at
the higher price for a profit.
Your option is fully vested immediately. This means you can exercise
your option at any time between today and the expiration date, June 25,
2008. You don't need to exercise all 100 shares at the same time, but must
exercise in minimum 25 share increments. If you exercise only part of the
option, you will continue to hold the option for the rest of the shares. If
you take normal or early retirement under Gulfstream's Retirement Plan, you
may continue to hold your option until the expiration date. If you die
while employed, your representatives will have one year after your death to
exercise. If you cease to be a full-time employee of Gulfstream for any
other reason, you must exercise the option within 90 days after your last
day of employment, or the option will be lost. This option belongs only to
you and may not be transferred by you to anyone else.
In order to exercise, you must notify the Legal Department (Attention:
Stock Option Administration) in writing, that you would like to exercise
and you must specify how many shares (25, 50, 75 or 100) you would like to
exercise. You will then be required to pay Gulfstream the exercise price
for the number of shares you are buying, as well as withholding taxes
related to the transaction.
Please sign both copies of this Agreement below and return one copy to
the office of Xxxxx X. Xxxxx, Executive Vice President and Chief Financial
Officer, via interoffice mail to mail stop B-03 in Savannah, Georgia no
later than July 31, 1998. A pre-addressed envelope is attached for your
use.
GULFSTREAM AEROSPACE CORPORATION
By:
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Xxxxx X. Xxxxx
Executive Vice President and Chief
Financial Officer
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Your Signature
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Your Name (Please Print):
Your Social Security Number:
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Your Employee Perm Number:
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