Jamba Juice 2007 Annual Report Download - page 190
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6.
Each Option shall be set forth in writing in an Option Agreement, duly executed by the Company and, to the extent required by law or requested by the
Company, by the Participant. The Administrator may provide that Options be granted subject to such terms and conditions, consistent with the terms and
conditions specifically required under this Plan, as the Administrator may deem appropriate including, without limitation, subsequent approval by the
shareholders of the Company of this Plan or any amendments thereto. The Option Agreements shall be subject to at least the following terms and conditions:
A. : Each Option intended to be a Non-Qualified Option shall be subject to the terms and conditions which the
Administrator determines to be appropriate and in the best interest of the Company, subject to the following minimum standards for any such Non-
Qualified Option:
a. : Each Option Agreement shall state the option price (per share) of the Shares covered by each Option, which option price
shall be determined by the Administrator but shall not be less than the Fair Market Value per share of Common Stock.
b. : Each Option Agreement shall state the number of Shares to which it pertains.
c. : Each Option Agreement shall state the date or dates on which it first is exercisable and the date after which it may no
longer be exercised, and may provide that the Option rights accrue or become exercisable in installments over a period of months or years,
or upon the occurrence of certain conditions or the attainment of stated goals or events.
d. : Exercise of any Option may be conditioned upon the Participant’s execution of a Share purchase agreement in form
satisfactory to the Administrator providing for certain protections for the Company and its other shareholders, including requirements
that:
i. The Participant’s or the Participant’s Survivors’ right to sell or transfer the Shares may be restricted; and
ii. The Participant or the Participant’s Survivors may be required to execute letters of investment intent and must also acknowledge
that the Shares will bear legends noting any applicable restrictions.
B. : Each Option intended to be an ISO shall be issued only to an Employee and be subject to the following terms and conditions, with such
additional restrictions or changes as the Administrator determines are appropriate but not in conflict with Section 422 of the Code and relevant
regulations and rulings of the Internal Revenue Service:
a. : The ISO shall meet the minimum standards required of Non-Qualified Options, as described in Paragraph 6(A)
above, except clauses (a) and (e) thereunder.