Document:

Exhibit 4.6

STOCK
OPTION AGREEMENT

 

The
Middleby Corporation (the “Company”), desiring to afford an opportunity to the
Grantee named below to purchase certain shares of the Company’s common stock,
$.01 par value (“Common Stock”), in order to provide the Grantee an added
incentive as an employee of the Company, hereby grants to Grantee, pursuant to
the terms of The Middleby Corporation 1998 Stock Option Plan (the “Plan”), a
non-qualified option (“Option”) to purchase the number of such shares specified
below, during the term ending at 5 o’clock p.m. (prevailing local time at the
Company’s principal offices) on the expiration date of this Option specified
below, at the Option exercise price specified below, subject to and upon the
following terms and conditions:

1.             Identifying Provisions.  As used in this Option, the following terms
shall have the following respective meanings:

	
  (a) Grantee:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (b) Date of grant:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (c) Number of shares
  optioned:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (d) Option exercise price
  per share:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (e) Expiration Date:

  	
   

  	
   

  

 

2.             Timing of Purchases.  Subject to the other terms of this Agreement
regarding the exercisability of this Option, this Option may be exercised in
accordance with the following schedule:

	
   

  	
   

  	
  This Option shall be Exercisable

  	
   

  
	
   

  	
   

  	
  With Respect to the Following

  	
   

  
	
  Shall be Exercisable

  	
   

  	
  Cumulative Number of Shares

  	
   

  
	
  Immediately

  	
   

  	
   

  	
   

  

 

Any
exercise shall be accompanied by a written notice to the Company specifying the
number of shares as to which the Option is being exercised.  Notation of any partial exercise shall be
made by the Company on a schedule attached hereto.

3.             Exercise:
Payment For and Delivery of Stock.  Grantee shall
acquire shares pursuant to this Option by delivering to the Company a written
notice of exercise, specifying the number of shares as to which Grantee desires
to exercise this Option and the date on which

 

 

Grantee
desires to complete the transaction. 
Grantee shall pay to the Company the full purchase price of the shares
to be acquired hereunder, in cash, on or before the date specified for
completion of the purchase. 
Alternatively, such payment may be made in whole or in part in shares of
the same class of stock as that then subject to the Option, delivered in lieu
of cash concurrently with such exercise, the shares so delivered to be valued
on the basis of the fair market value of stock, provided that the Company is
not then prohibited from purchasing or acquiring shares of such stock.

No
shares shall be issued hereunder until full payment has been made to the
Company.  If the Company is required to
withhold federal income taxes on account of any present or future income or
employment tax imposed in connection with Grantee’s exercise of this Option,
Grantee shall be required to pay all such withholding in cash as a condition to
the receipt of shares.  If the Grantee,
however, fails to tender payment for such withholding, the Company may withheld
from the Grantee sufficient shares or fractional shares having a fair market
value equal to such amount.

4.             Restrictions on
Exercise.  The following
additional provisions shall apply to the exercise of this Option:

g)                                     If the
employment of a Grantee who is not disabled within the meaning of Section
422(c)(6) of the Internal Revenue Code of 1986, as amended (the “Code”) (a
“Disabled Grantee”) is terminated for any reason other than death, any portion
of this Option that is outstanding and exercisable by the Grantee at the time
of such termination shall be exercisable, in accordance with the provisions of
this Agreement, by such Grantee at any time prior to the expiration date of
this Option or within three months after the date of such termination of
employment, whichever is the shorter period;

h)                                     If the
employment of a Grantee who is a Disabled Grantee is terminated by reason of
such Disability, any portion of this Option that is outstanding and exercisable
by the Grantee at the time of such termination shall be exercisable, in
accordance with the provisions of this Agreement, by such Grantee at any time
prior to the expiration date of this Option or within one year after the date
of such termination of employment, whichever is the shorter period; and

i)                                         Following the
death of a Grantee during employment, any portion of this Option that is
outstanding and exercisable by the Grantee at the time of his or her death
shall be exercisable, in accordance with the provisions of this Agreement, by
the person or persons entitled to do so under the will of the Grantee, or, if
the Grantee shall fail to make testamentary disposition of this Option or shall
die intestate, by the legal representative of the Grantee at any time prior to
the expiration date of this Option or within one year after the date of death,
whichever is the shorter period.

 

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Whether
a Grantee is disabled within the meaning of Section 422(c)(6) of the Code shall
be determined in each case, in its discretion, by the board of directors stock
option committee (the “Committee”), and any such determination by the Committee
shall be final and binding.

5.             Nontransferability.  The Grantee may not transfer
the Option except by will or the laws of descent and distribution, and during
the lifetime of the Grantee, the Option will be exerciseable only by the
Grantee or his guardian or legal representative.  However, subject to the approval of the
Board, the Option may be transferable as permitted under the Exchange Act, as
long as such transfers are made to one or more of the following: family
members, including children of the Grantee, the spouse of the Grantee, or
grandchildren of the Grantee, trusts for such family members or charities
(“Transferees”), and provided that such transfer is a bona fide gift and
accordingly, the Grantee receives no consideration for the transfer, and that
the Option transferred continues to be subject to the same terms and conditions
that were applicable to the Option immediately prior to the transfer.  In the event of such a transfer, the
Transferee may not subsequently transfer the Option.  However, the designation of a beneficiary
will not constitute a transfer.  The
Option may not be exercised to any extent by anyone after the expiration of its
term.  The Company assumes no
responsibility and is under not obligation to notify a Transferee of early
termination of the Option on account of the Grantees complete termination of
employment, directorship and/or consultancy.

6.             Changes in
Capital Structure.  If
the outstanding shares of Common Stock of the Company are increased or
decreased or changed into or exchanged for a different number or kind of shares
or other securities of the Company or of another corporation by reason of any
reorganization, merger, consolidation, plan of exchange, recapitalization,
reclassification, stock split, combination of shares, or dividend payable in
shares, appropriate adjustment shall be made by the Committee to the end that
the Grantee’s proportionate interest derived under this Option is maintained as
before the occurrence of such event.  The
Committee may also require that any securities issued in respect of or exchange
for shares issued hereunder that are subject to restrictions be subject to
similar restrictions.  Notwithstanding
the foregoing, the Committee shall have no obligation to effect any adjustment
that would or might result in the issuance of fractional shares, and any
fractional shares resulting from any adjustment may be disregarded or provided
for in any manner determined by the Committee. 
Any such adjustments made by the Committee shall be conclusive.

If
any such adjustment provided for in this Paragraph 6 requires the approval of
stockholders of the Company in order to enable the Company to adjust the
Option, then no such adjustment shall be made without the required stockholder
approval.

7.             Acceleration of Vesting and Exercise Upon Certain
Transactions.  In anticipation
of  (a) the dissolution or liquidation of
the Company; or (b) a reorganization, merger or consolidation of the Company as
a result of which the outstanding securities of the class then subject to this
Option are changed into or exchanged for cash or property or securities not of
the Company’s issue, or upon a sale of substantially all the property of the
Company to, or the acquisition of stock representing more than fifty percent
(50%) of the voting power of the stock of the Company then outstanding by
another corporation or persons unrelated to the Company or one hundred percent
(100%) of the voting power of the stock

 

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of the Company then outstanding to persons related to the Company, the
Company may require that this Option be terminated as of a date certain.  If the Option is to terminate pursuant to the
foregoing sentence, the Grantee shall have the right, at time designated by the
Company prior to the consummation of the transaction causing such termination,
to exercise the unexercised portions of this Option, including the portions
thereof that would, but for this Paragraph 7, not yet be exercisable.

The
Company is authorized by Grantee to collect from Grantee any additional income,
employment or excise taxes, which the Company may incur on account of this
provision.

8.             Rights in Shares
Before Issuance and Delivery.  Grantee, or his executor, administrator or
legatee if he is deceased, shall have no rights as a stockholder with respect
to any stock covered by this Option until the date of issuance of the stock
certificate to him for such stock after receipt of the consideration in full
set forth herein, or as may be approved by the Company.  No adjustments shall be made for dividends,
whether ordinary or extraordinary, whether in cash, securities, or other
property, for distributions in which the record date is prior to the date for
which the stock certificate is issued.

9.             Requirements of
Law.  The certificate
or certificates representing the shares of the Common Stock to be issued or
delivered upon exercise of this Option may bear a legend evidencing the
foregoing and other legends required by any applicable securities laws.
Furthermore, nothing herein shall require the Company to issue any stock upon
exercise of this Option if the issuance would, in the opinion of counsel for
the Company, constitute a violation of the Securities Act of 1933, as amended,
the Delaware securities laws, or any other applicable rule or regulation then
in effect.

10.          Disposition of
Shares—Restrictions.  If so
required by the Company, no stock shall be acquired upon exercise of this
Option unless and until the Optionee has properly executed a valid stock
transfer restriction agreement, provided by the Company.

11.          No Right to
Continued Service.  This
Option shall not confer upon the Grantee any right with respect to continued
employment with the Company or any subsidiary, nor shall it alter, modify,
limit or interfere with any right or privilege of the Company or any subsidiary
under any employment contract heretofore or hereinafter executed with the
Grantee, including the right to terminate the Grantee’s employment at any time
for or without cause, to change the Grantee’s level of compensation, or to
change the Grantee’s responsibilities or position.

12.          The Middleby Corporation 1998 Stock Incentive Plan.  Grantee hereby acknowledges receipt of a copy
of the Plan and agrees to be bound by all terms and provisions thereof and as
the same shall have been amended from time to time in accordance with the terms
thereof, provided that no such amend­ment shall deprive the Grantee, without
his consent, of this Option or any of his rights hereunder. Grantee
acknowledges and agrees that such provisions are acceptable to him for all
purposes. Grantee further acknowledges and agrees that in the event of

 

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any conflict herewith, the provisions of the
Plan shall govern and control, and this Agreement or the applicable provision
hereof shall automatically be deemed modified to have conformed at all times.

13.          Notices.  Any notice to be given to the Committee shall
be addressed to the Committee in care of the Company at its principal office,
and any notice to be given to the Grantee shall be addressed to him at the
address given beneath his signature hereto or at such other address as the
Grantee may hereafter designate in writing to the Company.  Any such notice shall be deemed duly given
when enclosed in a properly sealed envelope or wrapper addressed as aforesaid,
registered or certified, and deposited, postage and registry or certification
fee prepaid, in a post office or branch post office regularly maintained by the
United States Postal Service.

14.          Miscellaneous.  This Agreement and the Plan constitute the
entire agreement and understanding between the Company and the Grantee and may
not be changed, modified or amended by oral statements to the contrary, but
only by written document signed by both parties hereto. The titles to each
paragraph herein are for convenience only and are not to be used in the
construction or interpretation of this document. This Agreement shall be
binding on and inure to the benefit of the parties hereto, and their respective
heirs, legatees, successors and assigns. This Agreement shall be construed in
accordance with the laws of the State of Illinois.

This
document constitutes an offer by the Company to enter into an Agreement under
the terms and conditions herein set forth. 
Said offer will expire and terminate without further notice at 5 o’clock
p.m. (prevailing local time at the Company’s principal office) on                   ,
unless sooner accepted by the Grantee by delivering a copy of this Agreement,
executed by the Grantee, to the Company on or before said time and date.

IN
WITNESS THEREOF, the Company has granted this Option on the date of grant
specified above.

[Signature
page follows.]

 

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  ACCEPTED:

  	
   

  	
   

  	
   

  	
  THE
  MIDDLEBY CORPORATION

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
  Grantee:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Its:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Address: c/o

  	
   

  	
  The Middleby Corporation

  
	
   

  	
   

  	
  1400 Toastmaster Drive

  
	
   

  	
   

  	
  Elgin, Il 60120

  
	
   

  	
   

  	
  Attn: Martin Lindsay

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Date:

  	
   

  
											

 

 

6

 

NOTATIONS AS TO PARTIAL EXERCISE

 

	
   

  	
   

  	
  Number of

  	
   

  	
  Balance of

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Purchased

  	
   

  	
  Shares on

  	
   

  	
  Authorized

  	
   

  	
  Notation

  	
   

  
	
  Date of Exercise

  	
   

  	
  Shares

  	
   

  	
  Option

  	
   

  	
  Signature

  	
   

  	
  Date

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

7Exhibit
4.7

STOCK OPTION AGREEMENT

This
Stock Option Agreement (the “Agreement”) is made as of the     
day of                   ,
19    (the “Date of Grant”) between The Middleby Corporation, a
Delaware corporation (the “Company”), and                                 
(the “Recipient”) pursuant to the terms of The Middleby Corporation 1989 Stock
Incentive Plan, as adopted by the Company and approved by its stockholders to
be effective from February 16, 1989 (the “Plan”).

1.             Award.  On the Date of Grant, the Recipient is hereby
granted an Option to purchase                  shares
of Stock of the Company, pursuant to Article IV of the Plan.

2.             Exercise Price.  The exercise price for Stock purchased upon
exercise of the Option is the Fair Market Value of the Stock on the Date of
Grant, which is $          per
share.

3.             Expiration Date.  The Option shall expire on the tenth
anniversary of the Date of Grant or earlier as provided in paragraph 5
below.  Any portion of the Option not
duly exercised prior to the expiration date shall lapse, expire and become null
and void.

4.             When Exercisable.  The Option shall become exercisable
immediately.

5.             Early Expiration.  The Option shall expire early in the
following circumstances:

(a)                                  If:  (i)
the Recipient dies while employed by the Company or any of its subsidiaries; or
(ii) the Recipient’s employment with the Company and all of its subsidiaries
terminates by reason of his total and permanent disability, the Option shall
expire six months after the date of the Recipient’s termination of
employment.  In the case of the Recipient’s
death, his successor in interest may exercise the Option.  If the Recipient’s employment terminates by
reason of his total and permanent disability and he dies prior to the end of
the six-month period following his termination of employment, his successor in
interest may exercise the Option, but the period during which the Option may be
exercised by his successor in interest will not be extended beyond the
six-month period following the Recipient’s termination of employment.

(b)                                 The Option shall expire if and when the
employment of the Recipient is terminated for cause.  The employment of the Recipient shall be
deemed terminated for cause if the Company in the exercise of good faith
judgment determines that the Recipient has been grossly incompetent, grossly
negligent or dishonest in the performance of his duties or has been convicted
of a felony, whether or not connected with the performance of his duties.  If the Company discovers such incompetence,
negligence, dishonesty or conviction or determines that the Recipient should
have been terminated for one of such reasons after the Recipient’s employment
has terminated for any other reason, the Recipient will nevertheless be deemed
to have been terminated for cause.

 

 

(c)                                  If the Recipient’s employment with the Company
and all of its subsidiaries terminates other than by reason of his death, total
and permanent disability or termination for cause, then:  (i) that portion of the Option which, under
the provisions of paragraph 4 above, has not become exercisable, shall expire
an the date of such termination of employment; and (ii) that portion of the
Option which, under the provisions of paragraph 4 above, has become exercisable
shall expire 30 days after the date of such termination of employment.

(d)                                 In the event a change of control of the
Company has occurred, or the Company determines in good faith that such change
of control is likely to occur, the Company may give Recipient written notice
thereof, whereupon the Option shall expire upon the latest to occur of (i) the
date of change of control, (ii) 30 days after the date such notice is given, or
(iii) the expiration date, if any, set forth in such notice.

This
paragraph 5 shall never operate to extend the expiration date of the Option
beyond the tenth anniversary of the Date of Grant.

6.             Adjustment of Option.  Subject to the other provisions contained in
this Agreement, if a merger, consolidation, stock dividend, splitup,
combination or exchange of shares, recapitalization or change in capitalization
occurs with respect to Stock, the Board may adjust the exercise price and/or
the number of shares of Stock that are subject to the Option in reference to
Sections 2.2 and 3.1(d) of the Plan.

7.             Fractional Shares.  All entitlements to fractional shares of
Stock that may be acquired pursuant to the exercise of the Option will be
settled for cash, with the Recipient receiving the difference between the
exercise price and the Fair Market Value of the fractional shares on the date
of exercise.

8.             Method of Exercise.  The rights represented by this Option shall
be exercised, if at all, by a written notice from the exercising party to the
Secretary of the Company stating:

(a)                                  the election to exercise those rights;

(b)                                 the number of shares of Stock in respect of
which the Option is being exercised, which will not be less than 100 shares
except where the Option applies to less than 100 shares, in which case the
exercise will apply to the entire Option;

(c)                                  the person(s) in whose name the Stock
certificate(s) receivable on exercise of the Option are to be registered; and

(d)                                 the address and Social Security Number of each
such person.

The
notice shall be signed by the person(s) entitled to exercise the Option, shall
be accompanied by payment in full of the exercise price, and, if the Option is
being exercised by a person or persons other than the Recipient, shall be
accompanied by proof, satisfactory to the Company, of the right of such
person(s) to exercise the Option.  The
notice of exercise shall not

 

2

 

be
effective unless it complies with all of the foregoing requirements, and shall
not be effective until received by the Secretary of the Company.  Payment of the exercise price shall be by
certified or cashier’s check or any other method of payment which the Company
in its sole discretion may accept.

The
Company may require the person(s) exercising an Option to make any
representation, warranty or undertaking required by any applicable law or
regulation.

9.             Withholding.  The Recipient, for himself and any successor
in interest, hereby authorizes his employer or the Company to withhold in
accordance with applicable law from any compensation payable to him (other than
shares of Stock that are acquired through exercise of the Option) any taxes
required to be withheld by federal, state or local law as a result of the
exercise of an Option.  Alternatively,
the Recipient or his successor in interest may tender to the Recipient’s
employer, cash in an amount equal to the taxes that the employer is required to
withhold in connection with the exercise of the Option.  The Company may refuse to honor the exercise
of any part of the Option to the extent that payment of the withholding obligation
of the Recipient’s employer has not been provided for by the Recipient or his
successor in interest.

10.           Nature of Option.  The Option awarded hereunder is in the nature
of a nonstatutory stock option and is not intended to be an “incentive stock
option”, as that term is used and defined in Section 422A of the Internal
Revenue Code of 1986, as the same may from time to time be amended (the “Code”).

11.           Option Subject to Plan.  The provisions of the Plan as now or
hereafter in effect are hereby incorporated in this Agreement by reference as
though, fully set forth herein.  The
Recipient acknowledges that he has received, reviewed and understands the
Plan.  The Recipient understands that the
Board’s decision on any matter arising under the Plan is conclusive and binding
and the Recipient hereby agrees to recognize and defer to the Board’s
authority.

12.           No Guarantee or Implied Contract.  Nothing in this Agreement or in the Option
wall be deemed to constitute a guarantee or promise of the continued employment
of the Recipient, of a continued compensation level for the Recipient or of a
continued level of authority or position of the Recipient with his
employer.  Nothing in the Agreement or in
the Option will be deemed the Company’s guarantee of a specific tax result for
the Recipient with respect to the giant or exercise of the Option or the
retention or sale of Stock acquired through exercise of the Option.

13.           Restriction on Sale of Stock.  The resale of Stock acquired through the
exercise of an Option will be governed by the provisions of applicable
securities law and the rules of any exchange upon which Stock is traded.  The Company will not be obligated to register
Stock acquired through the exercise of an Option or to take any other action to
exempt such Stock from any restrictions upon resale.

14.           Limitation on Post-Exercise Rights.  Neither the Recipient nor his successor in
interest will have any rights as a stockholder with respect to the Stock
issuable upon exercise of the Option until certificates for such stock shall
have been delivered to him after the exercise of an Option.  Upon exercise of the Option, no certificates
will be delivered until the shares represented by such certificates have been
listed on all stock exchanges on which the Stock is then listed. The Company
agrees to use good faith efforts to cause such shares to be so listed. 

 

3

 

Certificates representing
such shares may bear such legends regarding limited transferability under applicable
securities laws as the Company may require.

15.           Amendment and Termination.  This Agreement may be amended or terminated
at any time, but only in writing signed by the Company and the Recipient.

16.           Definitions.  Unless redefined herein, all terms defined in
the Plan have the same meaning when used in this Agreement.

	
   

  	
  THE MIDDLEBY CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  RECIPIENT:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  

 

4

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