Document:

exhibit_10-3.htm

     

    Exhibit
10.3

     

    
      
        
           

          
            For
Directors Only

          

           

      

      [Notice
for use with Directors]

      
         

      

      AMENDED
AND RESTATED 2000 STOCK INCENTIVE PLAN

       

      

       

      NON-QUALIFIED
STOCK OPTION GRANT NOTICE

       

      

    

    

     

    Itron,
Inc. (the "Company") hereby grants to Participant an Option (the "Option") to
purchase shares of the Company's Common Stock.  The Option is subject
to all the terms and conditions set forth in this Stock Option Grant Notice
(this "Grant Notice") and in the Stock Option Agreement and the Company's
Amended and Restated 2000 Stock Incentive Plan (the "Plan"), which are attached
to and incorporated into this Grant Notice in their entirety.

    

    
      	
              Participant:

            	 
      	 
      
	
              Grant
    Date:

            	 
      	 
      
	
              Vesting Base
      Date:

            	 
      	 
      
	
              Number of Shares Subject to
      Option:

            	 
      	 
      
	
              Exercise Price (per
      Share):

            	 
      	 
      
	
              Option Expiration
      Date:

            	 
      	 
      
	
              (subject
      to earlier termination in accordance with the terms of the Plan and the
      Stock Option Agreement)

            	 
      	 
      
	
               

              Type of
      Option:

            	
               

              Nonqualified
      Stock Option

            
	
              Vesting and Exercisability
      Schedule:

            	 
      

    

    
      	
              Additional
      Terms/Acknowledgement:  The undersigned Participant
      acknowledges receipt of, and understands and agrees to, this Grant Notice,
      the Stock Option Agreement, the Plan and the Plan
      Summary.  Participant further acknowledges that as of the Grant
      Date, this Grant Notice, the Stock Option Agreement and the Plan set forth
      the entire understanding between Participant and the Company regarding the
      Option and supersede all prior oral and written agreements on the
      subject.

            

    

    
      	 
      
	 
      

    

    
      	
              ITRON,
      INC.  

               
      

               /s/ LeRoy D.
Nosbaum

                  
      Chairman and Chief Executive Officer

            	
              PARTICIPANT

               

              ____________________

              [PARTICIPANT
      NAME]

            
	
               

              Attachments:

              1.  Stock
      Option Agreement

              2.  2000
      Stock Incentive Plan

              3.  Plan
      Summary

              4.  NED
      Stock Option Grant Program

            	
               

              Date:                                                            

              Address:                                                            

               

              Taxpayer
      ID:                                                            

            

    

    
      

       

      

    

    
      
        
          
            	
                     

                  
	 
      

          

        

         

      

      
        1

        
          

        

      

      
         

        
          For
Officers and Employees

        

      

    

    
      [Notice
for use with Employees]

       

      AMENDED
AND RESTATED 2000 STOCK INCENTIVE PLAN

       

      

       

      NON-QUALIFIED
STOCK OPTION GRANT NOTICE

       

      

    

    

     

    Itron,
Inc. (the "Company") hereby grants to Participant an Option (the "Option") to
purchase shares of the Company's Common Stock.  The Option is subject
to all the terms and conditions set forth in this Stock Option Grant Notice
(this "Grant Notice") and in the Stock Option Agreement and the Company's
Amended and Restated 2000 Stock Incentive Plan (the "Plan"), which are attached
to and incorporated into this Grant Notice in their entirety.

    

    
      	
              Participant:

            	 
      	 
      
	
              Grant
    Date:

            	 
      	 
      
	
              Vesting Base
      Date:

            	 
      	 
      
	
              Number of Shares Subject to
      Option:

            	 
      	 
      
	
              Exercise Price (per
      Share):

            	 
      	 
      
	
              Option Expiration
      Date:

            	 
      	 
      
	
              (subject
      to earlier termination in accordance with the terms of the Plan and the
      Stock Option Agreement)

            	 
      	 
      
	
               

              Type of
      Option:

            	
               

              Nonqualified
      Stock Option

            
	
              Vesting and Exercisability
      Schedule:

            	 
      

    

    
      	
              Additional
      Terms/Acknowledgement:  The undersigned Participant
      acknowledges receipt of, and understands and agrees to, this Grant Notice,
      the Stock Option Agreement, the Plan and the Plan
      Summary.  Participant further acknowledges that as of the Grant
      Date, this Grant Notice, the Stock Option Agreement and the Plan set forth
      the entire understanding between Participant and the Company regarding the
      Option and supersede all prior oral and written agreements on the
      subject.

            

    

    
      	 
      
	 
      

    

    
      	
              ITRON,
      INC.

               

                [/s/ LeRoy D.
      Nosbaum

              Chairman
      and Chief Executive Officer

            	
              PARTICIPANT

               

              _______________________

              [PARTICIPANT
      NAME]

            
	
               

              Attachments:

              1.  Stock
      Option Agreement

              2.  2000
      Stock Incentive Plan

              3.  Plan
      Summary

            	
               

              Date:                                                            

              Address:                                                            

               

              Taxpayer
      ID:                                                            

            

    

    
      
        
          
            	
                     

                  
	 
      

          

        

         

      

      
        2

        
          

        

      

      
         

      

    

    
      	
              AMENDED
      AND RESTATED 2000 STOCK INCENTIVE
PLAN

            

    

    
      	
               

              STOCK OPTION AGREEMENT

            
	 
      

    

    Pursuant
to your Stock Option Grant Notice (the "Grant Notice") and this Stock Option
Agreement, Itron,
Inc. has granted you an Option under its Amended and Restated 2000 Stock
Incentive Plan (the "Plan") to purchase the number of shares of the Company's
Common Stock indicated in your Grant Notice (the "Shares") at the exercise price
indicated in your Grant Notice.  Capitalized terms not expressly
defined in this Stock Option Agreement or the Grant Notice have the same
definitions as in the Plan.

     

    The
details of the Option are as follows:

     

    1.           Vesting and
Exercisability.  Subject to the limitations contained herein,
the Option will vest and become exercisable as provided in your Grant Notice,
provided that vesting will cease upon termination of your employment or service
relationship with the Company or a Related Corporation and the unvested portion
of the Option will terminate.

     

    2.           Securities Law
Compliance.  At the present time, the Company has an effective
registration statement with respect to the Shares.  The Company
intends to maintain this registration but has no obligation to do
so.  In the event that such registration ceases to be effective, you
will not be able to exercise the Option unless exemptions from registration
under federal and state securities laws are available, which exemptions from
registration are very limited and might be unavailable.  The exercise
of the Option must also comply with other applicable laws and regulations
governing the Option, and you may not exercise the Option if the Company
determines that such exercise would not be in material compliance with such laws
and regulations.

    

    3.           Method of
Exercise.  You may exercise the Option by giving written notice
to the Company, in form and substance satisfactory to the Company, which will
state your election to exercise the Option and the number of Shares for which
you are exercising the Option.  The written notice must be accompanied
by full payment of the exercise price for the number of Shares you are
purchasing.  You may make this payment in any combination of the
following:  (a) by cash; (b) by check acceptable to the
Company; (c) unless the Plan Administrator determines otherwise, by using
shares of Common Stock you have owned for at least six months; (d) if the
Common Stock is registered under the Exchange Act and to the extent permitted by
law, by instructing a broker to deliver to the Company the total payment
required all in accordance with the regulations of the Federal Reserve Board; or
(e) by any other method permitted by the Plan Administrator.

     

    4.           Treatment Upon Termination of
Employment or Service Relationship. The unvested portion of the Option
will terminate automatically and without further notice immediately upon
termination of your employment or service relationship with the Company or a
Related Corporation for any reason ("Termination of Service").  For
purposes of this Stock Option Agreement, "Retirement" means retirement on or
after the earlier of (i) age 65 or (ii) age 55 plus ten years of employment or
service with the Company or a Related Corporation.  You may exercise
the vested portion of the Option as follows:

     

    
      	
              (a)           General
      Rule.  You must exercise the vested portion of the Option
      on or before the earlier of (i) three months after your Termination
      of Service and (ii) the Option Expiration Date;

            
	
              (b)           Retirement.  If
      your employment or service relationship terminates due to Retirement, you
      must exercise the vested portion of the Option on or before the earlier of
      (i) three years after your Termination of Service and (ii) the
      Option Expiration Date;

            
	
              (c)           Disability.  If
      your employment or service relationship terminates due to Disability, you
      must exercise the vested portion of the Option on or before the earlier of
      (i) one year after your Termination of Service and (ii) the
      Option Expiration Date;

            
	
              (d)           Death.  If
      your employment or service relationship terminates due to your death, the
      vested portion of the Option must be exercised on or before the earlier of
      (i) one year after your Termination of Service and (ii) the
      Option Expiration Date.  If you die after your Termination of
      Service but while the Option is still exercisable, the vested portion of
      the Option may be exercised until the earlier of (x) one year after
      the date of death and (y) the Option Expiration Date;
    and

            
	
              (e)           Cause.  The
      vested portion of the Option will automatically expire at the time the
      Company first notifies you of your Termination of Service for Cause,
      unless the Plan Administrator determines otherwise.  If your
      employment or service relationship is suspended pending an investigation
      of whether you will be terminated for Cause, all your rights under the
      Option likewise will be suspended during the period of
      investigation.  If any facts that would constitute termination
      for Cause are discovered after your Termination of Service, any Option you
      then hold may be immediately terminated by the Plan
      Administrator.

               

            

    

     

    It is your responsibility to
be aware of the date the Option terminates.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    5.           Limited
Transferability.  During your lifetime only you can exercise
the Option.  The Option is not transferable except by will or by the
applicable laws of descent and distribution, except to the extent permitted by
the Plan Administrator.  The Plan provides for exercise of the Option
by a beneficiary designated on a Company-approved form or the personal
representative of your estate.

    
       

    

    6.           Withholding Taxes. As a condition to the
exercise of any portion of the Option, you must make such arrangements as the
Company may require for the satisfaction of any federal, state, local or foreign
withholding tax obligations that may arise in connection with such
exercise.

     

    7.           Option Not an Employment or Service
Contract.  Nothing in the Plan or any Award granted under the
Plan will be deemed to constitute an employment contract or confer or be deemed
to confer any right for you to continue in the employ of, or to continue any
other relationship with, the Company or any Related Corporation or limit in any
way the right of the Company or any Related Corporation to terminate your
employment or other relationship at any time, with or without
Cause.

     

    8.           No Right to
Damages.  You will have no right to bring a claim or to receive
damages if you are required to exercise the vested portion of the Option within
three months (three years in the case of Retirement, and one year in the case of
Disability or death) of your Termination of Service or if any portion of the
Option is cancelled or expires unexercised.  The loss of existing or
potential profit in Awards will not constitute an element of damages in the
event of your Termination of Service for any reason even if the termination is
in violation of an obligation of the Company or a Related Corporation to
you.

     

    9.           Binding
Effect.  This Stock Option Agreement will inure to the benefit
of the successors and assigns of the Company and be binding upon you and your
heirs, executors, administrators, successors and assigns.

     

    
       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

    

    
      	 
      
	
              AMENDED
      AND RESTATED 2000 STOCK INCENTIVE PLAN

            
	 
      
	
              NOTICE OF EXERCISE OF STOCK
      OPTION

            

    

    
       

      To:  Itron,
Inc.

       

      

       

      I, a
resident of the State of _____________, hereby exercise my Nonqualified Stock
Option granted by Itron, Inc. (the "Company") on ____________, ____, subject to
all the terms and provisions thereof and of the Amended and Restated 2000 Stock
Incentive Plan (the "Plan"), and notify the Company of my desire to purchase
_______ shares of Common Stock of the Company at the exercise price of $_______
per share.  I hereby represent and warrant that I have been furnished
with a copy of the Plan and the Plan Summary.

       

      

       

      

    

    
      Dated:  _________________________                                                 PARTICIPANT
NAME ________________________

       

    

    
                                                                                            

    

    
       

      Taxpayer
I.D. Number  _______________________          Address
_________________________

                                                     ________________________

       

                                                                                           

    

    

    
      	
              RECEIPT

            

    

     

     

    ______________________
hereby acknowledges receipt from _________________ in payment for ________
shares of Common Stock of Itron, Inc., a Washington corporation, of
$___________________ in the form of:

     

    _____ Cash

     

     _____ Check (personal, cashier's or bank
certified)

     

    
            _____ Shares of the Company's
Common Stock, fair market value $_______ per share, held by the optionee for a
period 

                   of at least six
months

    

    _____ Copy of irrevocable instructions to Broker

     

    
      	 
      
	
              Date:  __________________________                                                                                     By: ____________________________                                                     

            
	
              FMV
      on such
      date:  $______________                                                                                     For:  Itron,
      Inc.

               

            

    

    

     

    
      
        
          
            	
                     

                  
	 
      

          

        

         

      

      
        5exhibit_10-4.htm

    
      
        Exhibit
10.4

         

         

        AMENDED
AND RESTATED 2000 STOCK INCENTIVE PLAN

         

        INCENTIVE
STOCK OPTION GRANT NOTICE

         

      

       

       

      Itron, Inc.
(the "Company") hereby grants to Participant an Option (the "Option") to
purchase shares of the Company's Common Stock.  The Option is subject to
all the terms and conditions set forth in this Stock Option Grant Notice (this
"Grant Notice") and in the Stock Option Agreement and the Company's Amended and
Restated 2000 Stock Incentive Plan (the "Plan"), which are attached to and
incorporated into this Grant Notice in their entirety.

       

      Participant:                                                  

       

      Grant
Date:                                                 

       

      Vesting Base
Date:                                    

       

      Number of Shares Subject
to Option:         

       

      Exercise Price (per
Share):                        
$
Option Expiration
Date:                             

(subject to
earlier termination in accordance with the terms of the Plan and the Stock
Option Agreement)

       

       

       

      Type of
Option:                                           
Incentive Stock Option

       

       

       

      Vesting and
Exercisability
Schedule:         

       

      Additional
Terms/Acknowledgement:  The undersigned Participant acknowledges
receipt of, and understands and agrees to, this Grant Notice, the Stock Option
Agreement, the Plan and the Plan Summary.  Participant further acknowledges
that as of the Grant Date, this Grant Notice, the Stock Option Agreement and the
Plan set forth the entire understanding between Participant and the Company
regarding the Option and supersede all prior oral and written agreements on the
subject.

       

      
        	
                ITRON,
      INC.  

                 
      

                 /s/ LeRoy D.
Nosbaum

                    
      Chairman and Chief Executive Officer

              	
                PARTICIPANT

                 

                ____________________

                [PARTICIPANT
      NAME]

              

      

       

      Attachments:                                               

       

      1.     
Stock Option
Agreement                                       Date:  
__________________________________

       

      2.     
2000 Stock Incentive
Plan                                     Address:  
_______________________________

       

      3.     
Plan
Summary                                                                            
_______________________________

       

                                                                                               
Taxpayer ID: ____________________________

       

    

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    AMENDED AND RESTATED
2000 STOCK INCENTIVE PLAN

     

     STOCK OPTION AGREEMENT 

     

    Pursuant to your Stock Option Grant Notice (the "Grant Notice") and this
Stock Option Agreement,
Itron, Inc. has granted you an Option under its Amended and Restated
2000 Stock Incentive
Plan (the "Plan") to purchase the number of shares of the Company's Common Stock
indicated in your Grant Notice (the "Shares") at the exercise price indicated in
your Grant Notice.  Capitalized terms not expressly defined in this Stock
Option Agreement or the Grant Notice have the same definitions as in the
Plan.

     

    The details of the Option are as follows:

     

    1.         Vesting and
Exercisability.  Subject to the limitations contained herein, the
Option will vest and become exercisable as provided in your Grant Notice,
provided that vesting will cease upon termination of your employment or service
relationship with the Company or a Related Corporation and the unvested portion
of the Option will terminate.

     

    2.         Securities Law
Compliance.  At the present time, the Company has an effective
registration statement with respect to the Shares.  The Company intends to
maintain this registration but has no obligation to do so.  In the event
that such registration ceases to be effective, you will not be able to exercise
the Option unless exemptions from registration under federal and state
securities laws are available, which exemptions from registration are very
limited and might be unavailable.  The exercise of the Option must also
comply with other applicable laws and regulations governing the Option, and you
may not exercise the Option if the Company determines that such exercise would
not be in material compliance with such laws and regulations.

     

    3.        
Incentive Stock Option Qualification.  All or a portion of the
Option is intended to qualify as an Incentive Stock Option under federal income
tax law, but the Company does not represent or guarantee that the Option
qualifies as such.

     

    If the
aggregate Fair Market Value (determined as of the Grant Date) of the shares of
Common Stock subject to the Option and all other Incentive Stock Options you
hold that first become exercisable during any calendar year exceeds $100,000,
any excess portion will be treated as a Nonqualified Stock Option, unless the
Internal Revenue Service changes the rules and regulations governing the
$100,000 limit for Incentive Stock Options.  A portion of the Option may be
treated as a Nonqualified Stock Option if certain events cause exercisability of
the Option to accelerate.

     

    4.        
Notice of Disqualifying Disposition.  To obtain certain tax benefits
afforded to Incentive Stock Options, you must hold the Shares issued upon the
exercise of the Option for two years after the Grant Date and one year after the
date of exercise.  You may be subject to the alternative minimum tax at the
time of exercise.  You should obtain tax advice when exercising the Option
and prior to the disposition of the Shares.  By accepting the Option, you
agree to promptly notify the Company if you dispose of any of the Shares within
one year from the date you exercise all or part of the Option or within two
years from the Grant Date.

     

    5.        
Method of Exercise.  You may exercise the Option by giving written
notice to the Company, in form and substance satisfactory to the Company, which
will state your election to exercise the Option and the number of Shares for
which you are exercising the Option.  The written notice must be
accompanied by full payment of the exercise price for the number of Shares you
are purchasing.  You may make this payment in any combination of the
following:  (a) by cash; (b) by check acceptable to the Company;
(c) unless the Plan Administrator determines otherwise, by using shares of
Common Stock you have owned for at least six months; (d) if the Common
Stock is registered under the Exchange Act and to the extent permitted by law,
by instructing a broker to deliver to the Company the total payment required all
in accordance with the regulations of the Federal Reserve Board; or (e) by
any other method permitted by the Plan Administrator.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    6.         Treatment Upon Termination of
Employment or Service Relationship. The unvested portion of the Option
will terminate automatically and without further notice immediately upon
termination of your employment or service relationship with the Company or a
Related Corporation for any reason ("Termination of Service").  For
purposes of this Stock Option Agreement, "Retirement" means retirement on or
after the earlier of (i) age 65 or (ii) age 55 plus ten years of employment or
service with the Company or a Related Corporation.  You may exercise the
vested portion of the Option as follows:

    (a)       
General Rule.  You
must exercise the vested portion of the Option on or before the earlier of
(i) three months after your Termination of Service and (ii) the Option
Expiration Date;

     

    (b)       
Retirement.  If
your employment or service relationship terminates due to Retirement, you must
exercise the vested portion of the Option on or before the earlier of
(i) three years after your Termination of Service and (ii) the Option
Expiration Date;

     

    (c)       
Disability.  If
your employment or service relationship terminates due to Disability, you must
exercise the vested portion of the Option on or before the earlier of
(i) one year after your Termination of Service and (ii) the Option
Expiration Date;

     

    (d)       
Death.  If your
employment or service relationship terminates due to your death, the vested
portion of the Option must be exercised on or before the earlier of (i) one
year after your Termination of Service and (ii) the Option Expiration
Date.  If you die after your Termination of Service but while the Option is
still exercisable, the vested portion of the Option may be exercised until the
earlier of (x) one year after the date of death and (y) the Option
Expiration Date; and

     

    (e)       
Cause.  The vested
portion of the Option will automatically expire at the time the Company first
notifies you of your Termination of Service for Cause, unless the Plan
Administrator determines otherwise.  If your employment or service
relationship is suspended pending an investigation of whether you will be
terminated for Cause, all your rights under the Option likewise will be
suspended during the period of investigation.  If any facts that would
constitute termination for Cause are discovered after your Termination of
Service, any Option you then hold may be immediately terminated by the Plan
Administrator.

     

    The Option must be
exercised within three months after Termination of Service for reasons other
than death or Disability and one year after Termination of Service due to
Disability to qualify for the beneficial tax treatment afforded Incentive Stock
Options.  

     

     It is your responsibility to be aware of the date the Option
terminates.   

    7.        
Limited Transferability.  During your lifetime only you can exercise
the Option.  The Option is not transferable except by will or by the
applicable laws of descent and distribution, except that Nonqualified Stock
Options may be transferred to the extent permitted by the Plan
Administrator.  The Plan provides for exercise of the Option by a
beneficiary designated on a Company-approved form or the personal representative
of your estate.

     

    8.         Withholding Taxes.  As a condition to the
exercise of any portion of the Option, you must make such arrangements as the
Company may require for the satisfaction of any federal, state, local or foreign
withholding tax obligations that may arise in connection with such
exercise.

     

    9.        
Option Not an Employment or Service Contract.  Nothing in the Plan
or any Award granted under the Plan will be deemed to constitute an employment
contract or confer or be deemed to confer any right for you to continue in the
employ of, or to continue any other relationship with, the Company or any
Related Corporation or limit in any way the right of the Company or any Related
Corporation to terminate your employment or other relationship at any time, with
or without Cause.

     

    10.       No Right to Damages.  You
will have no right to bring a claim or to receive damages if you are required to
exercise the vested portion of the Option within three months (three years in
the case of Retirement, and one year in the case of Disability or death) of your
Termination of Service or if any portion of the Option is cancelled or expires
unexercised.  The loss of existing or potential profit in Awards will not
constitute an element of damages in the event of your Termination of Service for
any reason even if the termination is in violation of an obligation of the
Company or a Related Corporation to you.

     

    11.       Binding Effect.  This
Stock Option Agreement will inure to the benefit of the successors and assigns
of the Company and be binding upon you and your heirs, executors,
administrators, successors and assigns.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    AMENDED
AND RESTATED 2000 STOCK INCENTIVE PLAN

     

    NOTICE
OF EXERCISE OF STOCK OPTION

     

     

    
      To:  Itron, Inc.

       

       

       

      I, a resident of the State of _____________, hereby exercise my Incentive
Stock Option granted by Itron, Inc. (the "Company") on ____________, ____,
subject to all the terms and provisions thereof and of the Amended and Restated
2000 Stock Incentive Plan (the "Plan"), and notify the Company of my desire to
purchase _______ shares of Common Stock of the Company at the exercise price of
$_______ per share.  I hereby represent and warrant that I have been
furnished with a copy of the Plan and the Plan Summary. 

       

       

       

      Dated:                                                                                                                            

                                                                             
«First_Name»
«Last_Name»

       

                                                                  
           
Address                                                          

      Taxpayer
I.D.
Number                                                                                                     
 

                                                                                                                               
 

       

       

      RECEIPT

    

     

     

    ______________________ hereby
acknowledges receipt from _________________ in payment for ________ shares of
Common Stock of Itron, Inc., a Washington corporation, of $___________________
in the form of:

     

     ____
Cash           

     

     ____ Check (personal,
cashier's or bank certified)

     

     ____ Shares of the Company's Common Stock, fair market value
$_______ per share, held by the optionee for a period of at least six
months      

     

     ____ Copy of
irrevocable instructions to Broker   

     

     

     

    Date: 
__________________________         
By:                                                       

     

    FMV
on such date: 
$______________         For: 
Itron, Inc.

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