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Exhibit 10(o)
ITW STOCK OPTION PLAN
TERMS OF THE OPTION GRANT
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| (a.) |
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In the event of a stock dividend, stock split, reorganization
or recapitalization, appropriate adjustment will be made in the
number of shares subject to the option and in the option price per
share. |
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| (b.) |
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The option period shall be for 10 years from the date of
grant on February 8, 2008. Accordingly, no options under this
grant may be exercised after the close of business in Chicago on
February 7, 2018. No purchase of shares may be made under this
option during the first year of the option period. During the
second year of the option period, you shall have the right to
purchase 25% of the total number of optioned shares, and in each of
the next three years an additional 25% of the total number of
shares optioned hereunder. Such rights to exercise shall be
cumulative and may be exercised in any succeeding year of the
option period up to the extent vested but not exercised in a
previous year or years. On February 7, 2018, all rights under
this agreement as to any shares covered by the option shall
terminate. |
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| (c.) |
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You shall have no voting, dividend or subscription rights
except with respect to the shares which have been issued to you
following your exercise of part or all of the option. Your rights
under this option agreement may not be assigned or transferred, and
during your lifetime the option shall be exercisable only by you
personally. |
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| (d.) |
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If prior to February 7, 2018, you terminate employment
with the Company by reason of disability, as defined by the
Company’s |
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