Packaging Corporation of America 1999 Long-Term Equity Incentive Plan Non-Qualified Stock Option Agreement with Employee
Packaging Corporation of America grants an employee the right to purchase company stock at a set price under its 1999 Long-Term Equity Incentive Plan. The option vests over three years, with 33% becoming exercisable after one year, 66% after two years, and 100% after three years from the grant date. The agreement requires the employee to sign and return the document to accept the terms. All terms are subject to the plan and any amendments.
Exhibit 10.1
Packaging Corporation of America
1999 Long-Term Equity Incentive Plan
Form of Stock Option Agreement
(Non-Qualified Stock Option)
By this agreement, Packaging Corporation of America grants to [NAME] an option to purchase shares of the Company’s common stock, $.01 par value, subject to the terms and conditions set forth below, in the attached Plan Prospectus, and in the PCA 1999 Long-Term Equity Incentive Plan, as may from time to time be amended and/or restated, all of which are an integral part of this Agreement. A copy of the 1999 Long-Term Equity Incentive Plan may be obtained from the Company upon request.
| Grant Date |
| Expiration Date |
| Number of Options Granted |
| Option Exercise Price |
This Option shall vest and become exercisable in installments on the dates specified below:
|
|
| Vesting |
| Number of Options |
| Cumulative |
|
| Years After Grant Date |
| Percentage |
| Exercisable |
| No. of Options |
|
|
|
|
|
|
|
|
|
|
| Less than one year |
| 0 | % |
|
|
|
|
| At least 1, but less than 2 years |
| 33 | % |
|
|
|
|
| At least 2, but less than 3 years |
| 66 | % |
|
|
|
|
| At least 3 years |
| 100 | % |
|
|
|
|
Please indicate your acceptance of this Agreement by signing in the space provided below and returning this page to Halane Young, Director of Compensation and HRIS, located in Lake Forest. A timely return of this document within thirty days is appreciated.
|
| Packaging Corporation of America | ||
|
|
| ||
|
| By: | ||
| Accepted and Agreed: |
| ||
|
|
| ||
|
| Paul T. Stecko | ||
|
|
| Chairman of the Board and CEO | |
|
| Date |
| |
|
|
| ||
