Exhibit 10.1
LUBY’S, INC.
INCENTIVE STOCK
OPTION
GRANTED UNDER LUBY’S
INCENTIVE STOCK PLAN
Name of
Employee : _________________________________
Date of
Grant: _____________________________________
Number of
Option Shares: ____________________________
Option Price
per Share: ______________________________
THIS OPTION is
granted on the above date (the "Date of Grant") by Luby's, Inc.
(the "Company") to the person named above (the "Employee"), upon
the following terms and conditions:
1.
Grant of Option. The Company grants to the
Employee an option to purchase, on the terms and conditions stated
herein, the number of shares specified above (the "Option Shares")
of the Company's Common Stock, par value $0.32 per share
(“Common Stock”) at the Option Price specified
above.
2.
Type of Option. This Option is granted under the
Luby’s Incentive Stock Plan (the "Plan") and shall be subject
to all applicable provisions of the Plan, as it may be amended from
time to time. This Option is an "incentive stock option"
as defined in Section 422 of the Internal Revenue Code and is
intended to conform to the requirements of Section 422 of the
Internal Revenue Code and to the provisions of the
Plan. The terms "parent corporation" and "subsidiary
corporation" have the meanings given to them by Section 424 of the
Internal Revenue Code. All section references to the
Internal Revenue Code are intended to include any future amendments
or substitutions therefor in the Code.
3.
Continuous Employment. This Option may be
exercised by the Employee only if, at all times from the Date of
Grant to the date of such exercise, the Employee was an employee of
the Company or a parent or subsidiary of the Company or another
corporation referred to in Section 422 of the Internal Revenue
Code, unless such continuous employment is terminated by such
employer, or by retirement, or by disability, or is otherwise
terminated with the written consent of the employer. If
such continuous employment is so terminated, this Option may be
exercised, to the extent the Option was exercisable on the date of
termination of employment, within one year after such termination
of employment, but in no event later than the termination date of
this Option. Termination of employment shall mean the
last date that Grantee is either an employee of the Company or an
Affiliate or engaged as a consultant or director of the Company or
an Affiliate. Retirement means retirement on or after
the Employee's 65th birthday. Disability means a
disability which qualifies the Employee for benefits under a
long-term disability program maintained by the Company or a
subsidiary of the Company.
4.
Death of Employee. If the Employee dies at a
time when any portion of this Option is exercisable by him, this
Option may be exercised as to such portion within one year after
the date of death, by the person or persons to whom his rights
under this Option shall have passed by will or by the laws of
descent and distribution, but in no event later than the
termination date of this Option.
5.
Period of Option and Right to Exercise. The term
of this Option is ten years from the Date of
Grant. The termination date of this Option is the day
preceding the tenth anniversary of the Date of
Grant. This Option may not, in any event, be exercised
prior to the first anniversary of the Date of Grant or subsequent
to the expiration date of this Option. Subject to the
provisions of paragraphs 3 and 4 above, this Option shall become
exercisable as to one-fourth of the total number of Option Shares
on each succeeding anniversary of the Date of
Grant. Once the right to purchase shares has accrued,
such shares may thereafter be purchased at any time, or in part
from time to time, until the expiration date of this Option,
subject to the provisions of paragraphs 3 and 4 above and paragraph
6 below. In no case may this Option be exercised for a
fraction of a share.
6.
Payment for Shares. Payment for shares purchased
upon exercise of this Option shall be made in full at the time of
exercise of the Option. No loan shall be made or
guaranteed by the Company for the purpose of financing the purchase
of any optioned shares. Payment of the Option Price
shall be made in cash or may be made by delivering Common Stock of
the Company having a fair market value at least equal to the Option
Price, or a combination of Common Stock and cash. Such
fair market value shall be determined by the closing price of the
Common Stock on the New York Stock Exchange on the date on which
this Option is exercised or, if no sale of the Common Stock shall
have been made on the Exchange
