Worthington Industries, Inc. Notice of Grant of Non-Qualified Stock Options and Option Agreement (1997 LTI Plan)
Worthington Industries, Inc. grants the recipient a non-qualified stock option to purchase a specified number of company shares at a set price per share, under the 1997 Long-Term Incentive Plan. The agreement outlines the vesting schedule, with shares becoming fully vested on certain dates, and sets an expiration date for each tranche. By signing, both parties agree to the terms of the company's stock option plan and this agreement. The optionee must comply with all plan terms to exercise the options.
Exhibit 10.7
| Notice of Grant of Stock Options | Worthington Industries, Inc. | |||
| and Option Agreement | ID: xx-xxxxxxx | |||
| 200 Old Wilson Bridge Road | ||||
| Columbus, OH 43085 |
| [OPTIONEE NAME] | Option Number: | XXXXXXX | ||||
| [OPTIONEE ADDRESS] | Plan: | LTIP | ||||
| [OPTIONEE CITY, STATE ZIP] | ID: | SSN# | ||||
Effective XX/XX/20XX, you have been granted a(n) Non-Qualified Stock Option to buy XXXX shares of Worthington Industries, Inc. (the Company) stock at $XX.XX per share.
The total option price of the shares granted is $XX,XXX.XX
Shares in each period will become fully vested on the date shown.
| Shares | Vest Type | Full Vest | Expiration | |||||||
| X,000 | On Vest Date | XX/XX/20XX | XX/XX/20XX | |||||||
| X,000 | On Vest Date | XX/XX/20XX | XX/XX/20XX | |||||||
| X,000 | On Vest Date | XX/XX/20XX | XX/XX/20XX | |||||||
| X,000 | On Vest Date | XX/XX/20XX | XX/XX/20XX | |||||||
| X,000 | On Vest Date | XX/XX/20XX | XX/XX/20XX |
By your signature and the Company’s signature below, you and the Company agree that these options are granted under and governed by the terms and conditions of the Company’s Stock Option Plan as amended and the Option Agreement, all of which are attached and made a part of this document.
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| [SIGNATURE OF OPTIONEE] | Date | |||
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