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Exhibit
10.26
JACKSON HEWITT TAX SERVICE
INC.
AMENDED AND RESTATED 2004
EQUITY AND INCENTIVE PLAN
STOCK OPTION
AGREEMENT
This STOCK OPTION AGREEMENT
is effective as of [DATE OF GRANT] (the “Grant Date”),
between Jackson Hewitt Tax Service Inc., a Delaware corporation
(the “Company”), and the optionee specified on Exhibit
A attached hereto and made a part hereof (the
“Optionee”).
Pursuant to the Jackson
Hewitt Tax Service Inc. Amended and Restated 2004 Equity and
Incentive Plan (the “Plan”), the Compensation Committee
of the Board of Directors of the Company (the
“Committee”) has determined that the Optionee is to be
awarded, on the terms and conditions set forth herein, and on the
terms and conditions set forth in the Plan, an option (an
“Option”) to purchase shares of common stock of the
Company as specified below, and hereby grants such
Option. Capitalized terms used herein which are not defined in
this Stock Option Agreement will have the meanings set forth in the
Plan. The Optionee acknowledges that he or she has received a
copy of the Plan Prospectus.
1. Number of Shares and
Purchase Price .
The Optionee is hereby
granted an Option to purchase the number of shares of common stock
of the Company specified on Exhibit A (the “Option
Shares”) at the Option Price per Share specified on Exhibit
A, pursuant to the terms of this Stock Option Agreement and the
provisions of the Plan.
2. Term of Option and
Conditions of Exercise .
(a) The Option has been
granted as of the Grant Date and shall terminate on the Expiration
Date specified on Exhibit A (which shall not exceed ten years from
the Grant Date), subject to earlier termination as provided herein
and in the Plan. Upon the termination or expiration of the
Option, all rights of the Optionee in respect of such Option
hereunder shall cease.
(b) Subject to the
provisions of the Plan and this Stock Option Agreement, and so long
as the Optionee continues to be employed by the Company, the Option
shall vest after one year from the Grant Date as to one-third of
the Option Shares, after two years from the Grant Date as to
two-thirds of the Option Shares and after three years from the
Grant Date as to 100% of the Option Shares (as set forth on Exhibit
A).
3. Termination of
Employment .
(a) Except as provided
in this Section 3, the Option may not be exercised following
the Optionee’s termination of employment with the Company and
its subsidiaries.
(b) If the
Optionee’s termination of employment is due to any reason
other than (i) the Optionee’s death; (ii) the
Optionee becoming Disabled (as defined in the Optionee’s
employment agreement); (iii) a Without Cause Termination (as
defined in the Optionee’s employment agreement); or
(iv) a Constructive Discharge (as defined in the
Optionee’s employment agreement), then the Optionee shall
have the right to exercise the Option during the period of twelve
(12) months following such termination (subject to the
original expiration date of the Option).
(c) If the
Optionee’s termination of employment is due to (i) the
Optionee’s death; (ii) the Optionee becoming Disabled;
(iii) a Without Cause Termination; or (iv) a Constructive
Discharge, the Option will become immediately and fully vested and
exercisable and the Optionee shall have the right to exercise the
Option during the period of twenty-four (24) months following
such ter
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