|
Exhibit
10.27
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 .
The Option may not be
exercised following the Optionee’s termination of employment
with the Company and its subsidiaries; provided, however, that the
Optionee shall have the right to exercise the Option following any
such termination of employment as follows: (i) during a
period of twelve (12) months following the Optionee’s
termination of employment for any reason whatsoever, other than
death or Disability; or (ii) the period of twenty-four
(24) months following the Optionee’s termination of
employment by reason of such Optionee’s death or
Disability.
4. Exercise of Option
.
The Option may only be
exercised in accordance with the terms of the Plan and the
administrative procedures established by the Company and/or the
Committee from time to time. The exercise of the Option is
subject to the Optionee making appropriate tax withholding
arrangements with the Company in accordance with the terms of the
Plan and the administrative procedures established by the Company
and/or the Committee from time to time.
5.
Adjustmen
| 
