Exhibit 10.3
FORM OF INCENTIVE
STOCK OPTION AGREEMENT
PURSUANT TO
THOMAS & BETTS CORPORATION EQUITY COMPENSATION PLAN
AN INCENTIVE STOCK OPTION is hereby
granted, as of the date of grant set forth in the attached Notice
of Grant of Stock Option (the “Date of Grant”), to the
executive identified in the attached Notice of Grant of Stock
Option (the “Optionee”) to purchase the number of
shares of Common Stock, par value $.10 per share, of Thomas &
Betts Corporation, a Tennessee corporation (the
“Corporation”), set forth in the Notice of Grant of
Stock Option. Such Option is in all respects subject to the terms,
definitions and provisions of the Thomas & Betts Corporation
Equity Compensation Plan, as amended from time to time (the
“Plan”), which is incorporated herein by reference.
1. Option Price
The Option price for each share is
set forth in the attached Notice of Grant of Stock Option (being
one hundred percent (100%) of the fair market value, as determined
by the Committee, of the Common Stock on the date of grant of this
Option).
2. Exercise of
Option
This Option shall be exercisable in
accordance with provisions of Section 9 of the Plan as
follows:
(i) Schedule of
Rights to Exercise
The Option shall become exercisable
in three installments in accordance with the following schedule and
after the expiration of the following periods of time:
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Portion of |
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Period from which |
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Installment |
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Option Grant |
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Option Granted |
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First
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One-third |
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12 months |
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Second
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One-third |
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24 months |
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Third
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One-third |
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36 months |
If the Optionee’s employment with the Corporation terminates
prior to the date on which an installment is scheduled to become
exercisable, this Option shall not become exercisable with respect
to such installment(s), except as otherwise provided in the
Plan.
(ii) Method of
Exercise
This Option, to the extent that it is
exercisable, may be exercised by giving written notice to the
Corporate Human Resources Department or other designated person of
the Corporation at its principal office, or a designated broker, no
later than the expiration date of the Option; provided, however,
that this Option may not be exercised for fewer t
