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EXHIBIT 10.16
GENERAL EMPLOYMENT ENTERPRISES, INC.
Stock Option Agreement
Under The
General Employment Enterprises, Inc. 1999 Stock Option Plan
A Stock Option ("Option") is hereby granted by General
Employment
Enterprises, Inc., an Illinois corporation ("Company"), to the
officer of
the Company named below ("Optionee"), for and with respect to
common stock of
the Company, no par value ("Common Stock"), subject to the
following terms and
conditions:
1. Grant. Subject to the provision set forth herein and the
terms and
conditions of the General Employment Enterprises, Inc. 1999
Stock Option Plan
("Plan"), the terms of which are hereby incorporated by
reference, and in
consideration of the agreements of Optionee herein provided, the
Company hereby
grants to Optionee an option to purchase from the Company the
number of shares
of Common Stock, at the purchase price per share, and on the
schedule, set
forth below. At the time of exercise of the Option, payment of
the entire
purchase price shall be made pursuant to terms of the Plan.
Name of Optionee:
Type of Option:
Number of Shares
Subject to Option:
Option Price per Share:
Date of Grant:
Exercise Schedule:
Number of Shares Commencement Expiration
Subject to Option Date Date
The grant of the Option is conditioned upon the acceptance by
Optionee
of the terms hereof as evidenced by his execution of this
Agreement in the
space provided therefor at the end hereof and the return of an
executed copy
to the Secretary of the Company no later than
_________________.
2. Prior Termination. Except as provided in Section 2(b) below,
the
Option shall not be exercisable prior to the Commencement Date
set forth in
Section 1 above. Notwithstanding the Expiration Date set forth
in Section 1
above:
1
(a) if Optionee's employment with the Company (i) is terminated
by the
Company for any reason; or (ii) is voluntarily terminated by the
Optionee for
any reason other than; (I) termination on or after attaining age
55, (II) death
or (III) disability, the Option shall expire on the ninetieth
(90) day after
such termination of employment.
(b) if Optionee's employment with the Company terminates on or
after
attaining age 55; or by reason of disability or death, the
Option, if not
already exercisable on the date of such termination of
employment, shall become
exercisable and shall expire on the earlier of the first
anniversary of the
date of such termination of employment or the date the Option
expires in
accordance with Section 1 above. During such period the Option
may be
exercised by Optionee with respect to the same number of shares
of Common
Stock, in the same manner, and to the same extent, as if
Optionee had
continued employment during such period; provided that if such
termination
occurs by reason of death, the Option shall be exercisable, in
whole or in
part, by a legatee or legatees of the Option under Optionee's
will, or by
his executors, personal representatives or distributees.
3. Transferability. The Option may be exercised only by
Optionee
during his
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