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K-Fed Bancorp
2004 STOCK OPTION
PLAN
STOCK OPTION
AGREEMENT
(EMPLOYEES)
A. STOCK
OPTIONS for a total of _______ shares of Common Stock, par value
$0.01 per share, of K-Fed Bancorp (the “Company”) are
hereby granted to ______________________________ (the
“Participant” or
“you”). The grant and terms of
the Options shall be subject in all respects to the K-Fed Bancorp
2004 Stock Option Plan (the “Stock Option
Plan”). The terms of this Stock Option Agreement
are subject to the terms and conditions of the Stock Option
Plan.
B. The
Option exercise price of the Common Stock is $___.__ per share, the
Fair Market Value (as defined in the Stock Option Plan) of the
Common Stock on__________ __, ____, the date of grant.
C. The
Options granted hereunder shall vest ratably in five (5)
approximately equal installments commencing on the first
anniversary of the date of grant, or __________ __,
____, and continuing each anniversary thereafter through
__________ __, ____ . The Options granted
hereunder may be exercised for up to ten (10) years from the date
of grant, subject to sub-paragraph D below.
D. If
you terminate Continuous Service with the Company or its affiliates
for any reason other than death, disability, termination for cause,
termination upon normal retirement, or termination following a
change in control, Options will be exercisable only as to those
Options in which you are vested at the time of such termination for
a period of up to three months following such
termination. If you terminate Continuous Service with
the Company due to death or disability, or following a change in
control or due to normal retirement, your Options, whether or not
exercisable at such time, will become exercisable by you (or your
legal representative or beneficiary) for one (1) year following
your cessation of Continuous Service. In no event will
the period of exercise extend beyond the expiration of the Option
term. If you are terminated for cause, all rights under
this Stock Option Agreement shall expire upon your
termination.
E. Options
may not be exercised if the issuance of shares of Common Stock of
the Company upon such exercise would constitute a violation of any
applicable federal or state securities or other law or
regulation. The Participant, as a condition to exercise
of the Options, shall represent to the Company that the shares
of
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