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NONQUALIFIED
STOCK OPTION AGREEMENT
THIS
NONQUALIFIED STOCK OPTION AGREEMENT (this
“Agreement”) is entered into effective as of _________,
20___(the “Grant Date”), by CRAFT BREWERS ALLIANCE,
INC. , a Washington corporation (the “Company”),
and _________(the “Holder”).
A. The
Company has adopted the 2002 Stock Option Plan (the
“Plan”). Capitalized terms that are used but not
defined in this Agreement will have the meanings given those terms
in the Plan.
B. The
Committee has designated the Holder to receive a stock option under
the Plan.
NOW
THEREFORE, the Company and the Holder agree as
follows:
1. Grant
of the Option. The Company grants to the Holder a Nonqualified
Stock Option (the “Option”) to acquire from the Company
___shares of Common Stock (the “Shares”) at the price
of ___per share (the “Purchase Price”). The Option is
subject to all of the provisions of the Plan and the terms and
conditions specified in this Agreement.
2. Term
of the Option. Unless earlier terminated pursuant to the Plan,
the Option will terminate on the earliest to occur of the
following: (a) the expiration of three (3) months
following the date of termination of the Holder’s Service for
any reason other than death, Disability or Cause; (b) the
expiration of one year following the date of termination of the
Holder’s Service by reason of death or Disability;
(c) the date of termination of the Holder’s Service for
Cause; and (d) the tenth anniversary of the Grant Date
(_________, 20___).
3. Exercisability. Except as specified below and in
Section 7.2 of the Plan, the Option will become exercisable
(a) as to twenty-five percent (25%) of the Shares on the first
anniversary of the Grant Date, and (b) as to an additional
twenty-five percent (25%) of the Shares on each of the next three
anniversaries of the Grant Date. If the Holder’s Service
terminates by reason of death or Disability, the Option will
immediately become exercisable in full. Except as provided in
Section 7.2 of the Plan, if the Holder’s Service
terminates for any reason other than death or Disability, the
Option thereafter will be exercisable only for the Shares as to
which it was exercisable on the date of termination.
4. Exercise of the Option. In order to exercise the
Option, the Holder must do the following:
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