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METHODE ELECTRONICS,
INC.
2007 STOCK PLAN
NON-QUALIFIED STOCK OPTION
FORM AWARD AGREEMENT
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Date of
Grant:
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Name of
Optionee:
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Number of
Shares:
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shares of Common
Stock
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Exercise Price
Per Share:
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$
per share, the Fair Market Value of the shares as of the Award Date
as determined in accordance with the Methode Electronics, Inc. 2007
Stock Plan (the “Plan”)
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Expiration
Date:
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ten years from
the Award Date, or such earlier date as provided in Section 7.01 of
the Plan
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Vesting
Schedule:
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100% upon the
third annual anniversary of the Award Date, subject to acceleration
in certain events as provided in Section 13 of the
Plan
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Methode
Electronics, Inc. (the “Company”) hereby awards to the
Optionee (the “Optionee”) an option (the
“Option”) to purchase from the Company, for the
exercise price per share set forth above, the number of shares of
Common Stock (the “Stock”), of the Company set forth
above pursuant to the Plan. This Option is not intended to be, and
shall not be treated as, an “incentive stock option”
within the meaning of Section 422 of the Internal Revenue Code
of 1986, as amended (the “Code”).
The terms and
conditions of the Option granted hereby, to the extent not
controlled by the terms and conditions contained in the Plan, are
as follows:
1. No Right
to Continued Employee Status. Nothing contained in this Agreement shall confer
upon Optionee the right to the continuation of his or her Employee
status, or to interfere with the right of the Company to terminate
such employment.
2. Vesting
of Option. The Option
shall vest in accordance with the Vesting Schedule set forth
above.
3.
Exercise. This Option
shall be exercised by delivery to the Company of (i) written
notice of exercise stating the number of shares being purchased (in
whole shares only) and such other information set f
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