Document:

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                                                                    Exhibit 4.1

                              JABIL CIRCUIT, INC.
                             1992 STOCK OPTION PLAN
                      (AS AMENDED THROUGH NOVEMBER, 2000)

         1.       Purposes of the Plan. The purposes of this Stock Option Plan
are:

                  -        to attract and retain the best available personnel
                           for positions of substantial responsibility,

                  -        to provide additional incentive to Employees and
                           Consultants, and

                  -        to promote the success of the Company's business.

Options granted under the Plan may be Incentive Stock Options or Nonstatutory
Stock Options, as determined by the Administrator at the time of grant. Stock
Purchase Rights may also be granted under the Plan.

         2.       Definitions.  As used herein, the following definitions shall
apply:

                  (a)      "Administrator" means the Board or any of its
Committees as shall be administering the Plan, in accordance with Section 4 of
the Plan.

                  (b)      "Applicable Laws" means the legal requirements
relating to the administration of stock option plans under state corporate and
securities laws and the Code.

                  (c)      "Board" means the Board of Directors of the Company.

                  (d)      "Code" means the Internal Revenue Code of 1986, as
amended.

                  (e)      "Committee" means a Committee appointed by the Board
in accordance with Section 4 of the Plan.

                  (f)      "Common Stock" means the Common Stock, $.001 par
value, of the Company.

                  (g)      "Company" means Jabil Circuit, Inc., a Delaware
corporation.

                  (h)      "Consultant" means any person, including an advisor,
engaged by the Company or a Parent or Subsidiary to render services and who is
compensated for such services, including without limitation non-Employee
Directors who are paid only a director's fee by the Company or who are
compensated by the Company for their services as non-Employee Directors. In
addition, as used herein, "consulting relationship" shall be deemed to include
service by a non-Employee Director as such.

                  (i)      "Continuous Status as an Employee or Consultant"
means that the employment or consulting relationship is not interrupted or
terminated by the Company, any Parent or Subsidiary. Continuous Status as an
Employee or Consultant shall not be considered interrupted in the case of (i)
any leave of absence approved by the Board, including sick leave, military
leave, or any other personal leave; provided, however, that for purposes of
Incentive Stock Options, any such leave may not exceed ninety (90) days, unless
reemployment upon the expiration of such leave is guaranteed by contract
(including certain Company policies) or statute, or (ii) transfers between
locations of the Company or between the Company, its Parent, its Subsidiaries
or its successor; or (iii) a change in the status of the Optionee from Employee
to Consultant or from Consultant to Employee.

                  (j)      "Director" means a member of the Board.

                  (k)      "Disability" means total and permanent disability as
defined in Section 22(e)(3) of the Code.

                  (l)      "Employee" means any person, including Officers and
Directors, employed by the Company or any

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Parent or Subsidiary of the Company. Neither service as a Director nor payment
of a director's fee by the Company shall be sufficient to constitute
"employment" by the Company.

                  (m)      "Exchange Act" means the Securities Exchange Act of
1934, as amended.

                  (n)      "Fair Market Value" means, as of any date, the value
of Common Stock determined as follows:

                           (i)      If the Common Stock is fitted on any
established stock exchange or a national market system, including without
limitation the National Market System of the National Association of Securities
Dealers, Inc. Automated Quotation ("NASDAQ") System, the Fair Market Value of a
Share of Common Stock shall be the closing sales price for such stock (or the
closing bid, if no sales were reported) as quoted on such system or exchange
(or the exchange with the greatest volume of trading in Common Stock) on the
last market trading day prior to the day of determination, as reported in The
Wall Street Journal or such other source as the Administrator deems reliable;

                           (ii)     If the Common Stock is quoted on the NASDAQ
System (but not on the National Market System thereof) or is regularly quoted
by a recognized securities dealer but selling prices are not reported, the Fair
Market Value of a Share of Common Stock shall be the mean between the high bid
and low asked prices for the Common Stock on the last market trading day prior
to the day of determination, as reported in The Wall Street Journal or such
other source as the Administrator deems reliable;

                           (iii)      In the absence of an established market
for the Common Stock, the Fair Market Value shall be determined in good faith
by the Administrator.

                  (o)      "Incentive Stock Option" means an Option intended to
qualify as an incentive stock option within the meaning of Section 422 of the
Code and the regulations promulgated thereunder.

                  (p)      "Nonstatutory Stock Option" means an Option not
intended to qualify as an Incentive Stock Option.

                  (q)      "Notice of Grant" means a written notice evidencing
certain terms and conditions of an individual Option or Stock Purchase Right
grant. The Notice of Grant is part of the Option Agreement.

                  (r)      "Officer" means a person who is an officer of the
Company within the meaning of Section 16 of the Exchange Act and the rules and
regulations promulgated thereunder.

                  (s)      "Option" means a stock option granted pursuant to the
 Plan.

                  (t)      "Option Agreement" means a written agreement between
the Company and an Optionee evidencing the terms and conditions of an
individual Option grant. The Option Agreement is subject to the terms and
conditions of the Plan.

                  (u)      "Option Exchange Program" means a program whereby
outstanding options are surrendered in exchange for options with a lower
exercise price.

                  (v)      "Optioned Stock" means the Common Stock subject to an
Option or Stock Purchase Right.

                  (w)      "Optionee" means an Employee or Consultant who holds
an outstanding Option or Stock Purchase Right.

                  (x)      "Parent" means a "parent corporation", whether now or
hereafter existing, as defined in Section 424(e) of the Code.

                  (y)      "Plan" means this 1992 Stock Option Plan.

                  (z)      "Restricted Stock" means shares of Common Stock
acquired pursuant to a grant of Stock Purchase Rights under Section 11 below.

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                  (aa)     "Restricted Stock Purchase Agreement" means a written
agreement between the Company and the Optionee evidencing the terms and
restrictions applying to stock purchased under a Stock Purchase Right. The
Restricted Stock Purchase Agreement is subject to the terms and conditions of
the Plan and the Notice of Grant.

                  (bb)     "Rule 16b-3" means Rule 16b-3 of the Exchange Act or
any successor to Rule 16b-3, as in effect when discretion is being exercised
with respect to the Plan.

                  (cc)     "Share"  means a share of the Common Stock, as
adjusted in accordance with Section 13 of the Plan.

                  (dd)     "Stock Purchase Right" means the right to purchase
Common Stock pursuant to Section 11 of the Plan, as evidenced by a Notice of
Grant.

                  (ee)     "Subsidiary" means a "subsidiary corporation",
whether now or hereafter existing, as defined in Section 424(f) of the Code.

         3.       Stock Subject to the Plan. Subject to the provisions of
Section 13 of the Plan, the maximum aggregate number of Shares which may be
optioned and sold under the Plan is 18,784,944 Shares. The Shares may be
authorized, but unissued, or reacquired Common Stock. However, should the
Company reacquire Shares which were issued pursuant to the exercise of an
Option or Stock Purchase Right, such Shares shall not become available for
future grant under the Plan.

         If an Option or Stock Purchase Right expires or becomes unexercisable
without having been exercised in full, or is surrendered pursuant to an Option
Exchange Program, the unpurchased Shares which were subject thereto shall
become available for future grant or sale under the Plan (unless the Plan has
terminated).

         4.   Administration of the Plan.

                  (a)      Procedure.

                           (i)      Multiple  Administrative  Bodies.  If
permitted by Rule 16b-3, the Plan may be administered by different bodies with
respect to Directors, Officers who are not Directors, and Employees who are
neither Directors nor Officers.

                           (ii)     Administration With Respect to Directors and
Officers Subject to Section 16(b). With respect to Option or Stock Purchase
Right grants made to Employees who are also Officers or Directors subject to
Section 16(b) of the Exchange Act, the Plan shall be administered by (A) the
Board, if the Board may administer the Plan in compliance with the rules
governing a plan intended to qualify as a discretionary plan under Rule 16b-3,
or (B) a committee designated by the Board to administer the Plan, which
committee shall be constituted to comply with the rules governing a plan
intended to qualify as a discretionary plan under Rule 16b-3. Once appointed,
such Committee shall continue to serve in its designated capacity until
otherwise directed by the Board. From time to time the Board may increase the
size of the Committee and appoint additional members, remove members (with or
without cause) and substitute new members, fill vacancies (however caused), and
remove all members of the Committee and thereafter directly administer the
Plan, all to the extent permitted by the rules governing a plan intended to
qualify as a discretionary plan under Rule 16b-3.

                           (iii)     Administration With Respect to Other
Persons. With respect to Option or Stock Purchase Right grants made to
Employees or Consultants who are neither Directors nor Officers of the Company,
the Plan shall be administered by (A) the Board or (B) a committee designated
by the Board, which committee shall be constituted to satisfy Applicable Laws.
Once appointed, such Committee shall serve in its designated capacity until
otherwise directed by the Board. The Board may increase the size of the
Committee and appoint additional members, remove members (with or without
cause) and substitute new members, fill vacancies (however caused), and remove
all members of the Committee and thereafter directly administer the Plan, all
to the extent permitted by Applicable Laws.

                  (b)      Powers of the Administrator. Subject to the
provisions of the Plan, and in the case of a Committee, subject to the specific
duties delegated by the Board to such Committee, the Administrator shall have
the authority, in its discretion:

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                           (i)      to determine the Fair Market Value of the
Common Stock, in accordance with Section 2(n) of the Plan;

                           (ii)     to select the Consultants and Employees to
whom Options and Stock Purchase Rights may be granted hereunder;

                           (iii)    to determine whether and to what extent
Options and Stock Purchase Rights or any combination thereof, are granted
hereunder;

                           (iv)     to determine the number of shares of Common
Stock to be covered by each Option and Stock Purchase Right granted hereunder;

                           (v)      to approve forms of agreement for use under
the Plan;

                           (vi)     to determine the terms and conditions, not
inconsistent with the terms of the Plan, of any award granted hereunder. Such
terms and conditions include, but are not limited to, the exercise price, the
time or times when Options or Stock Purchase Rights may be exercised (which may
be based on performance criteria), any vesting acceleration or waiver of
forfeiture restrictions, and any restriction or limitation regarding any Option
or Stock Purchase Right or the shares of Common Stock relating thereto, based
in each case on such factors as the Administrator, in its sole discretion,
shall determine;

                           (vii)    to reduce the exercise price of any Option
or Stock Purchase Right to the then current Fair Market Value if the Fair
Market Value of the Common Stock covered by such Option or Stock Purchase Right
shall have declined since the date the Option or Stock Purchase Right was
granted;

                           (viii)   to construe and interpret the terms of the
Plan;

                           (ix)     to prescribe, amend and rescind rules and
regulations relating to the Plan;

                           (x)      to modify or amend each Option or Stock
Purchase Right (subject to Section 15(c) of the Plan);

                           (xi)     to authorize any person to execute on behalf
of the Company any instrument required to effect the grant of an Option or
Stock Purchase Right previously granted by the Administrator;

                           (xii)    to institute an Option Exchange Program;

                           (xiii)   to determine the terms and restrictions
applicable to Options and Stock Purchase Rights and any Restricted Stock, and

                           (xiv)    to make all other determinations deemed
necessary or advisable for administering the Plan.

                  (c)      Effect of Administrator's Decision. The
Administrator's decisions, determinations and interpretations shall be final
and binding on all Optionees and any other holders of Options or Stock Purchase
Rights.

         5.       Eligibility. Nonstatutory Stock Options and Stock Purchase
Rights may be granted to Employees and Consultants. Incentive Stock Options may
be granted only to Employees. If otherwise eligible, an Employee or Consultant
who has been granted an Option or Stock Purchase Right may be granted
additional Options or Stock Purchase Rights.

         6.       Limitations.

                  (a)      Each Option shall be designated in the Notice of
Grant as either an Incentive Stock Option or a Nonstatutory Stock Option.
However, notwithstanding such designations, to the extent that the aggregate
Fair Market Value:

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                           (i)      of Shares subject to an Optionee's incentive
stock options granted by the Company, any Parent or Subsidiary, which (ii)
become exercisable for the first time during any calendar year (under all plans
of the Company or any Parent or Subsidiary) exceeds $ 100,000, such excess
Options shall be treated as Nonstatutory Stock Options. For purposes of this
Section 6(a), Incentive Stock Options shall be taken into account in the order
in which they were granted, and the Fair Market Value of the Shares shall be
determined as of the time of grant.

                  (b)      Neither the Plan nor any Option or Stock Purchase
Right shall confer upon an Optionee any right with respect to continuing the
Optionee's employment or consulting relationship with the Company, nor shall
they interfere in any way with the Optionee's right or the Company's right to
terminate such employment or consulting relationship at any time, with or
without cause.

                  (c)      The following limitations shall apply to grants of
Options:

                           (i)      No Employee shall be granted, in any fiscal
year of the Company, Options to purchase more than 882,520 Shares.

                           (ii)     The limitation described in (i) above shall
be adjusted proportionately in connection with any change in the Company's
capitalization as described in Section 13 of the Plan.

                           (iii)    If an Option is canceled in the same fiscal
year of the Company in which it was granted (other than in connection with a
transaction described in Section 13 of the Plan), the canceled Option will be
counted against the limitation described in (i) above. Furthermore, the
reduction of the exercise price of an Option shall be treated as a cancellation
of the Option and the grant of a new Option.

         7.       Term of Plan. Subject to Section 19 of the Plan, the Plan
shall become effective upon the earlier to occur of its adoption by the Board
or its approval by the stockholders of the Company as described in Section 19
of the Plan. It shall continue in effect for a term of ten (10) years unless
terminated earlier under Section 15 of the Plan.

         8.       Term of Option. The term of each Option shall be stated in the
Notice of Grant; provided, however, that in the case of an Incentive Stock
Option, the term shall be ten (10) years from the date of grant or such shorter
term as may be provided in the Notice of Grant. Moreover, in the case of an
Incentive Stock Option granted to an Optionee who, at the time the Incentive
Stock Option is granted, owns stock representing more than ten percent (10%) of
the voting power of all classes of stock of the Company or any Parent or
Subsidiary, the term of the Incentive Stock Option shall be five (5) years from
the date of grant or such shorter term as may be provided in the Notice of
Grant.

         9.       Option Exercise Price and Consideration.

                  (a)      Exercise Price. The per share exercise price for the
Shares to be issued pursuant to exercise of an Option shall be determined by
the Administrator, subject to the following:

                           (i)      In the case of an Incentive Stock Option (A)
granted to an Employee who, at the time the Incentive Stock Option is granted,
owns stock representing more than ten percent (10%) of the voting power of all
classes of stock of the Company or any Parent or Subsidiary, the per Share
exercise price shall be no less than 110% of the Fair Market Value per Share on
the date of grant, (B) granted to any Employee, the per Share exercise price
shall be no less than 100% of the Fair Market Value per Share on the date of
grant.

                           (ii)     In the case of a Nonstatutory Stock Option,
the per Share exercise price shall be determined by the Administrator.

                  (b)      Waiting Period and Exercise Dates. At the time an
Option is granted, the Administrator shall fix the period within which the
Option may be exercised and shall determine any conditions which must be
satisfied before the Option may be exercised. In so doing, the Administrator
may specify that an Option may not be exercised until the completion of a
service period.

                  (c)      Form of Consideration. The Administrator shall
determine the acceptable form of consideration for exercising an Option,
including the method of payment. In the case of an Incentive Stock Option, the
Administrator

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shall determine the acceptable form of consideration at the time of grant. Such
consideration may consist entirely of:

                           (i)   cash;

                           (ii)  check;

                           (iii) promissory note;

                           (iv) other Shares which (A) in the case of Shares
acquired upon exercise of an option, have been owned by the Optionee for more
than six months on the date of surrender, and (B) have a Fair Market Value on
the date of surrender equal to the aggregate exercise price of the Shares as to
which said Option shall be exercised;

                           (v) delivery of a properly executed exercise notice
together with such other documentation as the Administrator and the broker, if
applicable, shall require to effect an exercise of the Option and delivery to
the Company of the sale or loan proceeds required to pay the exercise price;

                           (vi)  any combination of the foregoing methods of
payment; or

                           (vii) such other consideration and method of payment
for the issuance of Shares to the extent permitted by Applicable Laws.

         10.      Exercise of Option.

                  (a)      Procedure for Exercise; Rights as a Stockholder. Any
Option granted hereunder shall be exercisable according to the terms of the
Plan and at such times and under such conditions as determined by the
Administrator and set forth in the Option Agreement.

                           An Option may not be exercised for a fraction of a
Share.

                           An Option shall be deemed exercised when the Company
receives: (i) written notice of exercise (in accordance with the Option
Agreement) from the person entitled to exercise the Option, and (ii) full
payment for the Shares with respect to which the Option is exercised. Full
payment may consist of any consideration and method of payment authorized by
the Administrator and permitted by the Option Agreement and the Plan. Shares
issued upon exercise of an Option shall be issued in the name of the Optionee
or, if requested by the Optionee, in the name of the Optionee and his or her
spouse. Until the stock certificate evidencing such Shares is issued (as
evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company), no right to vote or receive
dividends or any other rights as a stockholder shall exist with respect to the
Optioned Stock, notwithstanding the exercise of the Option. The Company shall
issue (or cause to be issued) such stock certificate promptly after the Option
is exercised. No adjustment will be made for a dividend or other right for
which the record date is prior to the date the stock certificate is issued,
except as provided in Section 13 of the Plan.

                           Exercising an Option in any manner shall decrease the
number of Shares thereafter available, both for purposes of the Plan and for
sale under the Option, by the number of Shares as to which the Option is
exercised.

                  (b)      Termination of Employment or Consulting Relationship.
In the event that an Optionee's Continuous Status as an Employee or Consultant
terminates (other than upon the Optionee's death or Disability), the Optionee
may exercise his or her Option, but only within such period of time as is
determined by the Administrator, and only to the extent that the Optionee was
entitled to exercise it at the date of termination (but in no event later than
the expiration of the term of such Option as set forth in the Notice of Grant).
In the case of an Incentive Stock Option, the Administrator shall determine
such period of time (in no event to exceed ninety (90) days from the date of
termination) when the Option is granted. If, at the date of termination, the
Optionee is not entitled to exercise his or her entire Option, the Shares
covered by the unexercisable portion of the Option shall revert to the Plan.
If, after termination, the Optionee does not exercise his or her Option within
the time specified by the Administrator, the Option shall terminate, and the
Shares covered by such Option shall revert to the Plan.

                  (c)      Disability of Optionee. In the event that an
Optionee's Continuous Status as an Employee or

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Consultant terminates as a result of the Optionee's Disability, the Optionee
may exercise his or her Option at any time within 12 months from the date of
such termination, but only to the extent that the Optionee was entitled to
exercise it at the date of such termination (but in no event later than the
expiration of the term of such Option as set forth in the Notice of Grant). If,
at the date of termination, the Optionee is not entitled to exercise his or her
entire Option, the Shares covered by the unexercisable portion of the Option
shall revert to the Plan. If, after termination, the Optionee does not exercise
his or her Option within the time specified herein, the Option shall terminate,
and the Shares covered by such Option shall revert to the Plan.

                  (d)      Death of Optionee. In the event of the death of an
Optionee, the Option may be exercised at any time within 12 months following
the date of death (but in no event later than the expiration of the term of
such Option as set forth in the Notice of Grant), by the Optionee's estate or
by a person who acquired the right to exercise the Option by bequest or
inheritance, but only to the extent that the Optionee was entitled to exercise
the Option at the date of death. If, at the time of death, the Optionee was not
entitled to exercise his or her entire Option, the Shares covered by the
unexercisable portion of the Option shall immediately revert to the Plan. If,
after death, the Optionee's estate or a person who acquired the right to
exercise the Option by bequest or inheritance does not exercise the Option
within the time specified herein, the Option shall terminate, and the Shares
covered by such Option shall revert to the Plan.

                  (e)      Buyout Provisions. The Administrator may at any time
offer to buy out, for a payment in cash or Shares, an Option previously
granted, based on such terms and conditions as the Administrator shall
establish and communicate to the Optionee at the time that such offer is made.
Any such cash offer made to an Officer or Director shall comply with the
provisions of Rule 16-3 relating to cash settlement of stock appreciation
rights. This provisions is intended only to clarify the powers of the
Administrator and shall not in any way be deemed to create any rights on the
part of Optionees to buyout offers or payments.

         11.      Stock Purchase Rights.

                  (a)      Rights to Purchase. Stock Purchase Rights may be
issued either alone, in addition to, or in tandem with, other awards granted
under the Plan and/or cash awards made outside of the Plan. After the
Administrator determines that it will offer Stock Purchase Rights under the
Plan, it shall advise the offeree in writing, by means of a Notice of Grant, of
the terms, conditions and restrictions related to the offer, including the
number of Shares that the offeree shall be entitled to purchase, the price to
be paid (which price shall not be less than 50% of the Fair Market Value of the
Shares as of the date of the offer), and the time within which the offeree must
accept such offer, which shall in no event exceed six months from the date upon
which the Administrator made the determination to grant the Stock Purchase
Right. The offer shall be accepted by execution of a Restricted Stock Purchase
Agreement in the form determined by the Administrator.

                  (b)      Repurchase Option. Unless the Administrator
determines otherwise, the Restricted Stock Purchase Agreement shall grant the
Company a repurchase option exercisable upon the voluntary or involuntary
termination of the purchaser's employment with the Company for any reason
(including death or Disability). The purchase price for Shares repurchased
pursuant to the Restricted Stock Purchase Agreement shall be the original price
paid by the purchaser and may be paid by cancellation of any indebtedness of
the purchaser to the Company. The repurchase option shall lapse at a rate
determined by the Administrator.

                  (c)      Other Provisions. The Restricted Stock Purchase
Agreement shall contain such other terms, provisions and conditions not
inconsistent with the Plan as may be determined by the Administrator in its
sole discretion. In addition, the provisions of Restricted Stock Purchase
Agreements need not be the same with respect to each purchaser.

                  (d)      Rights as a Stockholder. Once the Stock Purchase
Right is exercised, the purchaser shall have the rights equivalent to those of
a stockholder, and shall be a stockholder when his or her purchase is entered
upon the records of the duly authorized transfer agent of the Company. No
adjustment will be made for a dividend or other right for which the record date
is prior to the date the Stock Purchase Right is exercised, except as provided
in Section 13 of the Plan.

         12.      Non-Transferability of Options and Stock Purchase Rights.
An Option or Stock Purchase Right may not be sold, pledged, assigned,
hypothecated, transferred, or disposed of in any manner other than by will or
by the laws of descent or distribution and may be exercised, during the
lifetime of the Optionee, only by the Optionee.

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         13.      Adjustments Upon Changes in Capitalization, Dissolution,
Merger, Asset Sale or Change of Control.

                  (a)      Changes in Capitalization. Subject to any required
action by the stockholders of the Company, the number of shares of Common Stock
covered by each outstanding Option and Stock Purchase Right, and the number of
shares of Common Stock which have been authorized for issuance under the Plan
but as to which no Options or Stock Purchase Rights have yet been granted or
which have been returned to the Plan upon cancellation or expiration of an
Option or Stock Purchase Right, as well as the price per share of Common Stock
covered by each such outstanding Option or Stock Purchase Right, shall be
proportionately adjusted for any increase or decrease in the number of issued
shares of Common Stock resulting from a stock split, reverse stock split, stock
dividend, combination or reclassification of the Common Stock, or any other
increase or decrease in the number of issued shares of Common Stock effected
without receipt of consideration by the Company; provided, however, that
conversion of any convertible securities of the Company shall not be deemed to
have been "effected without receipt of consideration." Such adjustment shall be
made by the Board, whose determination in that respect shall be final, binding
and conclusive. Except as expressly provided herein, no issuance by the Company
of shares of stock of any class, or securities convertible into shares of stock
of any class, shall affect, and no adjustment by reason thereof shall be made
with respect to, the number or price of shares of Common Stock subject to an
Option or Stock Purchase Right.

                  (b)      Dissolution or Liquidation. In the event of the
proposed dissolution or liquidation of the Company, to the extent that an
Option or Stock Purchase Right has not been previously exercised, it will
terminate immediately prior to the consummation of such proposed action. The
Board may, in the exercise of its sole discretion in such instances, declare
that any Option or Stock Purchase Right shall terminate as of a date fixed by
the Board and give each Optionee the right to exercise his or her Option or
Stock Purchase Right as to all or any part of the Optioned Stock, including
Shares as to which the Option or Stock Purchase Right would not otherwise be
exercisable.

                  (c)      Merger or Asset Sale. Subject to the provisions of
paragraph (d) hereof, in the event of a merger of the Company with or into
another corporation, or the sale of substantially all of the assets of the
Company, each outstanding Option and Stock Purchase Right shall be assumed or
an equivalent option or right shall be substituted by the successor corporation
or a Parent or Subsidiary of the successor corporation. In the event that the
successor corporation does not agree to assume the Option or Stock Purchase
Right or to substitute an equivalent option or right, the Administrator shall,
in lieu of such assumption or substitution, provide for the Optionee to have
the right to exercise the Option or Stock Purchase Right as to all or a portion
of the Optioned Stock, including Shares as to which it would not otherwise be
exercisable. If the Administrator makes an Option or Stock Purchase Right
exercisable in lieu of assumption or substitution in the event of a merger or
sale of assets, the Administrator shall notify the Optionee that the Option or
Stock Purchase Right shall be fully exercisable for a period of fifteen (15)
days from the date of such notice, and the Option or Stock Purchase Right will
terminate upon the expiration of such period. For the purposes of this
paragraph, the Option or Stock Purchase Right shall be considered assumed if,
following the merger or sale of assets, the option or right confers the right
to purchase, for each Share of Optioned Stock subject to the Option or Stock
Purchase Right immediately prior to the merger or sale of assets, the
consideration (whether stock, cash, or other securities or property) received
in the merger or sale of assets by holders of Common Stock for each Share held
on the effective date of the transaction (and if holders were offered a choice
of consideration, the type of consideration chosen by the holders of a majority
of the outstanding Shares); provided, however, that if such consideration
received in the merger or sale of assets was not solely common stock of the
successor corporation or its Parent, the Administrator may, with the consent of
the successor corporation and the participant, provide for the consideration to
be received upon the exercise of the Option or Stock Purchase Right, for each
Share of Optioned Stock subject to the Option or Stock Purchase Right, to be
solely common stock of the successor corporation or its Parent equal in Fair
Market Value to the per Share consideration received by holders of Common Stock
in the merger or sale of assets.

                  (d)      Change in Control. In the event of a "Change in
Control" of the Company, as defined in paragraph (e) below, then the following
acceleration and valuation provisions shall apply:

                           (i)      Except as otherwise determined by the Board,
in its discretion, prior to the occurrence of a Change in Control, any Options
and Stock Purchase Rights outstanding on the date such Change in Control is
determined to have occurred that are not yet exercisable and vested on such
date shall become fully exercisable and vested;

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                           (ii)     Except as otherwise determined by the Board,
in its discretion, prior to the occurrence of a Change in Control, all
outstanding Options and Stock Purchase Rights, to the extent they are
exercisable and vested (including Options and Stock Purchase Rights that shall
become exercisable and vested pursuant to subparagraph (i) above), shall be
terminated in exchange for a cash payment equal to the Change in Control Price
(reduced by the Exercise Price applicable to such Options or Stock Purchase
Rights). These cash proceeds shall be paid to the Optionee or, in the event of
death of an Optionee prior to payment, to the estate of the Optionee or to a
person who acquired the right to exercise the Option or Stock Purchase Right by
bequest or inheritance.

                  (e)      Definition of "Change in Control". For purposes of
this Section 13, a "Change in Control" means the happening of any of the
following:

                           (i)      When any "person," as such term is used in
Sections 13(d) and 14(d) of the Exchange Act (other than the Company, a
Subsidiary or a Company employee benefit plan, including any trustee of such
plan acting as trustee) is or becomes the "beneficial owner" (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of
the Company representing fifty percent (50%) or more of the combined voting
power of the Company's then outstanding securities; or

                           (ii)     The occurrence of a transaction requiring
stockholder approval, and involving the sale of all or substantially all of the
assets of the Company or the merger of the Company with or into another
corporation.

                  (f)      Change in Control Price. For purposes of this Section
13, "Change in Control Price" shall be, as determined by the Board, (i) the
highest Fair Market Value of a Share within the 60 day period immediately
preceding the date of determination of the Change in Control Price by the Board
(the "60-Day Period"), or (ii) the highest price paid or offered per Share, as
determined by the Board, in any bona fide transaction or bona fide offer
related to the Change in Control of the Company, at any time within the 60-Day
Period, or (iii) some lower price as the Board, in its discretion, determines
to be a reasonable estimate of the fair market value of a Share.

         14.      Date of Grant. The date of grant of an Option or Stock
Purchase Right shall be, for all purposes, the date on which the Administrator
makes the determination granting such Option or Stock Purchase Right, or such
other later date as is determined by the Administrator. Notice of the
determination shall be provided to each Optionee within a reasonable time after
the date of such grant.

         15.      Amendment and Termination of the Plan.

                  (a)      Amendment and Termination. The Board may at any time
amend, alter, suspend or terminate the Plan.

                  (b)      Stockholder Approval. The Company shall obtain
stockholder approval of any Plan amendment to the extent necessary and
desirable to comply with Rule 16b-3 or with Section 422 of the Code (or any
successor rule or statute or other applicable law, rule or regulation,
including the requirements of any exchange or quotation system on which the
Common Stock is listed or quoted). Such stockholder approval, if required,
shall be obtained in such a manner and to such a degree as is required by the
applicable law, rule or regulation.

                  (c)      Effect of Amendment or Termination. No amendment,
alteration, suspension or termination of the Plan shall impair the rights of
any Optionee, unless mutually agreed otherwise between the Optionee and the
Administrator, which agreement must be in writing and signed by the Optionee
and the Company.

         16.      Conditions Upon Issuance of Shares.

                  (a)      Legal Compliance. Shares shall not be issued pursuant
to the exercise of an Option or Stock Purchase Right unless the exercise of
such Option or Stock Purchase Right and the issuance and delivery of such
Shares shall comply with all relevant provisions of law, including, without
limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules
and regulations promulgated thereunder, Applicable Laws, and the requirements
of any stock exchange or quotation system upon which the Shares may then be
listed or quoted, and shall be further subject to the approval of counsel for
the Company with respect to such compliance.

                  (b)      Investment Representations. As a condition to the
exercise of an Option or Stock Purchase Right, the

                                       9
<PAGE>   10

Company may require the person exercising such Option or Stock Purchase Right
to represent and warrant at the time of any such exercise that the Shares are
being purchased only for investment and without any present intention to sell
or distribute such Shares if, in the opinion of counsel for the Company, such a
representation is required.

         17.      Liability of Company.

                  (a)      Inability to Obtain Authority. The inability of the
Company to obtain authority from any regulatory body having jurisdiction, which
authority is deemed by the Company's counsel to be necessary to the lawful
issuance and sale of any Shares hereunder, shall relieve the Company of any
liability in respect of the failure to issue or sell such Shares as to which
such requisite authority shall not have been obtained.

                  (b)      Grants Exceeding Allotted Shares. If the Optioned
Stock covered by an Option or Stock Purchase Right exceeds, as of the date of
grant, the number of Shares which may be issued under the Plan without
additional stockholder approval, such Option or Stock Purchase Right shall be
void with respect to such excess Optioned Stock, unless stockholder approval of
an amendment sufficiently increasing the number of Shares subject to the Plan
is timely obtained in accordance with Section 15(b) of the Plan.

         18.      Reservation of Shares. The Company, during the term of this
Plan, will at all times reserve and keep available such number of Shares as
shall be sufficient to satisfy the requirements of the Plan.

         19.      Stockholder Approval. Continuance of the Plan shall be subject
to approval by the stockholders of the Company within 12 months before or after
the date the Plan is adopted. Such stockholder approval shall be obtained in
the manner and to the degree required under applicable federal and state law.

                                       10<PAGE>   1
                                                                     EXHIBIT 4.1

                               JABIL CIRCUIT, INC.

                        1992 EMPLOYEE STOCK PURCHASE PLAN
                       (AS AMENDED THROUGH NOVEMBER 2000)

         The following constitute the provisions of the 1992 Stock Purchase Plan
of Jabil Circuit, Inc. (the "Company").

         1.       Purpose. The purpose of the Plan is to provide employees of
the Company and its Designated Subsidiaries with an opportunity to purchase
Common Stock of the Company through accumulated payroll deductions. It is the
intention of the Company to have the Plan qualify as an "Employee Stock Purchase
Plan" under Section 423 of the Internal Revenue Code of 1986, as amended. The
provisions of the Plan shall, accordingly, be construed so as to extend and
limit participation in a manner consistent with the requirements of that section
of the Code.

         2.       Definitions.

                  (a)      "Board" shall mean the Board of Directors of the
         Company.

                  (b)      "Code" shall mean the Internal Revenue Code of 1986,
         as amended.

                  (c)      "Common Stock" shall mean the Common Stock, .001 par
         value, of the Company.

                  (d)      "Company" shall mean Jabil Circuit, Inc., a Delaware
         corporation.

                  (e)      "Compensation" shall mean all base straight time
         gross earnings including payments for shift premium, commissions and
         overtime, incentive compensation, incentive payments, regular bonuses
         and other compensation.

                  (f)      "Designated Subsidiaries" shall mean the Subsidiaries
         which have been designated by the Board from time to time in its sole
         discretion as eligible to participate in the Plan.

                  (g)      "Employee" shall mean any individual who is an
         employee of the Company for purposes of tax withholding under the Code
         whose customary employment with the Company or any Designated
         Subsidiary is at least twenty (20) hours per week and more than five
         (5) months in any calendar year. For purposes of the Plan, the
         employment relationship shall be treated as continuing intact while the
         individual is on sick leave or other leave of absence approved by the
         Company. Where the period of leave exceeds 90 days and the individual's
         right to reemployment is not guaranteed either by statute or by
         contract, the employment relationship will be deemed to have terminated
         on the 91st day of such leave.

                  (h)      "Enrollment Date" shall mean the first day of each
         Offering Period.

                  (i)      "Exercise Date" shall mean the last day of each
         Offering Period.

                  (j)      "Fair Market Value" shall mean the value of Common
         Stock determined as follows:

                           (1)      For purposes of the Enrollment Date under
                  the First Offering Period (as defined in Section 4 hereof),
                  the Fair Market Value of a Share of Common Stock shall be the
                  Price to Public as set forth in the final prospectus filed
                  with the Securities and Exchange Commission (the "Commission")
                  pursuant to Rule 424(b) under the Securities Act of 1933, as
                  amended (the "Securities Act"); or

                           (2)      For purposes of subsequent Enrollment Dates,
                  (a) if the Common Stock is listed on

<PAGE>   2

                  any established stock exchange or a national market system,
                  including without limitation the National Market System of the
                  National Association of Securities Dealers, Inc. Automated
                  Quotation ("NASDAQ") System, the Fair Market Value of a Share
                  of Common Stock shall be the closing sales price for such
                  stock (or the closing bid, if no sales were reported), as
                  quoted on such system or exchange (or the exchange with the
                  greatest volume of trading in Common Stock) on the day of such
                  determination as reported in the Wall Street Journal or such
                  other source as the Board deems reliable; (b) if the Common
                  Stock is quoted on the NASDAQ system (but not on the National
                  Market System thereof) or is regularly quoted by a recognized
                  securities dealer but selling prices are not reported, the
                  Fair Market Value of a Share of Common Stock shall be the mean
                  between the high and low asked prices for the Common Stock on
                  the date of such determination, as reported in the Wall Street
                  Journal or such other source as the Board deems reliable; or
                  (c) in the absence of an established market for the Common
                  Stock, the Fair Market Value of a Share of Common Stock
                  thereof shall be determined in good faith by the Board.

                  (k)      "Offering Period" shall mean a period of
approximately six (6) months, commencing on the first Trading Day on or after
January 1 and terminating on the last Trading Day occurring in the period ending
the following June 30, or commencing on the first Trading Day on or after July 1
and terminating on the last Trading Day occurring in the period ending the
following December 31, except that the First Offering Period shall commence with
the date on which the Company's registration statement on Form S-1 (or any
successor thereof) under the Securities Act for its initial public offering of
Common Stock (the "Registration Statement") is declared effective by the
Commission and end on the last Trading Day occurring in the period ending June
30, 1993. The duration of Offering Periods may be changed pursuant to Section 4
of this Plan.

                  (l)      "Plan" shall mean this Employee Stock Purchase Plan.

                  (m)      "Purchase Price" shall mean an amount equal to 85% of
the Fair Market Value of a share of Common Stock on the Enrollment Date or on
the Exercise Date, whichever is lower.

                  (n)      "Reserves" shall mean the number of shares of Common
Stock covered by each option under the Plan which have not yet been exercised
and the number of shares of Common Stock which have been authorized for issuance
under the Plan but not yet placed under option.

                  (o)      "Subsidiary" shall mean a corporation, domestic or
foreign, of which not less than 50% of the voting shares are held by the Company
or a Subsidiary, whether or not such corporation now exists or is hereafter
organized or acquired by the Company or a Subsidiary.

                  (p)      "Trading Day" shall mean a day on which national
stock exchanges and the National Association of Securities Dealers Automated
Quotation (NASDAQ) System are open for trading.

3.       Eligibility.

                  (a)      Any person who is an Employee, as defined in Section
2(g), who has been continuously employed by the Company for at least one year
(90 days, effective January 1, 2001) and who shall be employed by the Company on
a given Enrollment Date shall be eligible to participate in the Plan.

                  (b)      Any provisions of the Plan to the contrary
notwithstanding, no Employee shall be granted an option under the Plan (i) if,
immediately after the grant, such Employee (or any other person whose stock
would be attributed to such Employee pursuant to Section 424(d) of the Code)
would own stock and/or hold outstanding options to purchase stock possessing
five percent (5%) or more of the total combined voting power or value of all
classes of stock of the Company or of any subsidiary of the Company, or (ii)
which permits his or her rights to purchase stock under all employee stock
purchase plans of the Company and its subsidiaries to accrue at a rate which
exceeds Twenty-Five Thousand Dollars ($25,000) worth of stock (determined at the
fair market value of the shares at the time such option is granted) for each
calendar year in which such option is outstanding at any time.

                                       2
<PAGE>   3

         4.       Offering Periods. The Plan shall be implemented by consecutive
six (6) month Offering Periods commencing on the first Trading Day on or after
January 1 and July 1 of each year, or on such other dates as the Board shall
determine; provided, however, that the first Offering Period shall commence on
the date on which the Company's Registration Statement is declared effective by
the Commission and shall end on the last Trading Day in the period ending June
30, 1993 (the "First Offering Period"). The second Offering Period under the
Plan shall commence with the first Trading Day on or after July 1, 1993. The
Plan shall continue thereafter until terminated in accordance with Section 19
hereof. Subject to the requirements of Section 19, the Board shall have the
power to change the duration of Offering Periods with respect to future
offerings without stockholder approval if such change is announced at least
fifteen (15) days prior to the scheduled beginning of the first Offering Period
to be affected.

         5.       Participation.

                  (a)      An eligible Employee may become a participant in the
         Plan by completing a subscription agreement authorizing payroll
         deductions in the form of Exhibit A to this Plan and filing it with the
         Company's payroll office at least ten (10) business days prior to the
         applicable Enrollment Date, unless a later time for filing the
         subscription agreement is set by the Board for all eligible Employees
         with respect to a given Offering Period.

                  (b)      Payroll deductions for a participant shall commence
         on the first payroll following the Enrollment Date and shall end on the
         last payroll in the Offering Period to which such authorization is
         applicable, unless sooner terminated by the participant as provided in
         Section 10.

         6.       Payroll Deductions.

                  (a)      At the time a participant files his or her
         subscription agreement, he or she shall elect to have payroll
         deductions made on each pay day during the Offering Period in an amount
         not exceeding ten percent (10%) of the Compensation which he or she
         receives on each pay day during the Offering Period, and the aggregate
         of such payroll deductions during the Offering Period shall not exceed
         ten percent (10%) of the participant's Compensation during said
         Offering Period.

                  (b)      All payroll deductions made for a participant shall
         be credited to his or her account under the Plan and will be with held
         in whole percentages only. A participant may not make any additional
         payments into such account.

                  (c)      A participant may discontinue his or her
         participation in the Plan as provided in Section 10 hereof, or may
         increase or decrease the rate of his or her payroll deductions during
         the Offering Period by completing or filing with the Company a new
         subscription agreement authorizing a change in payroll reduction rate;
         provided, however, that a participant may not change his or her rate of
         payroll deductions more than once in a given Offering Period. The
         change in rate shall be effective with the first full payroll period
         following five (5) business days after the Company's receipt of the new
         subscription agreement unless the Company elects to process a given
         change in participation more quickly. A participant's subscription
         agreement shall remain in effect for successive Offering Periods unless
         terminated as provided in Section 10.

                  (d)      Notwithstanding the foregoing, to the extent
         necessary to comply with Section 423(b)(8) of the Code and Section 3(b)
         herein, a participant's payroll deductions may be decreased to 0% at
         such time during any Offering Period which is scheduled to end during
         the current calendar year (the "Current Offering Period") that the
         aggregate of all payroll deductions which were previously used to
         purchase stock under the Plan in a prior Offering Period which ended
         during that calendar year plus all payroll deductions accumulated with
         respect to the Current Offering Period equal $25,000. Payroll
         deductions shall recommence at the rate provided in such participant's
         subscription agreement at the beginning of the first Offering Period
         which is scheduled to end in the following calendar year, unless
         terminated by the participant as provided in Section 10.

                  (e)      At the time the option is exercised, in whole or in
         part, or at the time some or all of the Company's Common Stock issued
         under the Plan is disposed of, the participant must make adequate

                                       3
<PAGE>   4

         provision for the Company's federal, state, or other tax withholding
         obligations, if any, which arise upon the exercise of the option or the
         disposition of the Common Stock. At any time, the Company may, but will
         not be obligated to, withhold from the participant's compensation the
         amount necessary for the Company to meet applicable withholding
         obligations, including any withholding required to make available to
         the Company any tax deductions or benefit attributable to sale or early
         disposition of Common Stock by the Employee.

         7.       Grant of Option. On the Enrollment Date of each Offering
Period, each eligible Employee participating in such Offering Period shall be
granted an option to purchase on each Exercise Date during such Offering Period
(at the applicable Purchase Price) up to a number of shares of the Company's
Common Stock determined by dividing such Employee's payroll deductions
accumulated prior to such Exercise Date and retained in the Participant's
account as of the Exercise Date by the applicable Purchase Price; provided that
in no event shall an Employee be permitted to purchase during each Offering
Period more than a number of shares determined by dividing $12,500 by the fair
market value of a share of the Company's Common Stock on the Enrollment Date,
and provided further that such purchase shall be subject to the limitations set
forth in Section 3(b) and 12 hereof. Exercise of the option shall occur as
provided in Section 8, unless the participant has withdrawn pursuant to Section
10, and shall expire on the last day of the Offering Period.

         8.       Exercise of Option. Unless a participant withdraws from the
Plan as provided in Section 10 below, his or her option for the purchase of
shares will be exercised automatically on the Exercise Date, and the maximum
number of full shares subject to option shall be purchased for such participant
at the applicable Purchase Price with the accumulated payroll deductions in his
or her account. No fractional shares will be purchased; any payroll deductions
accumulated in a participant's account which are not sufficient to purchase a
full share shall be retained in the participant's account for the subsequent
Offering Period, subject to earlier withdrawal by the participant as provided in
Section 10. Any other monies left over in a participant's account after the
Exercise Date shall be returned to the participant. During a participant's life
time, a participant's option to purchase shares hereunder is exercisable only by
him or her.

         9.       Delivery. As promptly as practicable after each Exercise Date
on which a purchase of shares occurs, the Company shall arrange the delivery to
each participant, as appropriate, of a certificate representing the shares
purchased upon exercise of his or her option.

         10.      Withdrawal; Termination of Employment.

                  (a)      A participant may withdraw all but not less than all
         the payroll deductions credited to his or her account and not yet used
         to exercise his or her option under the Plan at any time by giving
         written notice to the Company in the form of Exhibit B to this Plan.
         All of the participant's payroll deductions credited to his or her
         account will be paid to such participant promptly after receipt of
         notice of withdrawal and such participant's option for the Offering
         Period will be automatically terminated, and no further payroll
         deductions for the purchase of shares will be made during the Offering
         Period. If a participant withdraws from an Offering Period, payroll
         deductions will not resume at the beginning of the succeeding Offering
         Period unless the participant delivers to the Company a new
         subscription agreement.

                  (b)      Upon a participant's ceasing to be an Employee for
         any reason or upon termination of a participant's employment
         relationship (as described in Section 2(g)), the payroll deductions
         credited to such participant's account during the Offering Period but
         not yet used to exercise the option will be returned to such
         participant or, in the case of his or her death, to the person or
         persons entitled thereto under Section 14, and such participant's
         option will be automatically terminated.

                  (c)      In the event an Employee fails to remain an Employee
         of the Company for at least twenty (20) hours per week during an
         Offering Period in which the Employee is a participant, he or she will
         be deemed to have elected to withdraw from the Plan and the payroll
         deductions credited to his or her account will be returned to such
         participant and such participant's option terminated.

                  (d)      A participant's withdrawal from an Offering Period
         will not have any effect upon his or her eligibility to participate in
         any similar plan which may hereafter be adopted by the Company or in

                                       4
<PAGE>   5

         succeeding Offering Periods which commence after the termination of the
         Offering Period from which the participant withdraws.

         11.      Interest. No interest shall accrue on the payroll deductions
of a participant in the Plan.

         12.      Stock.

                  (a)      The maximum number of shares of the Company's Common
         Stock which shall be made available for sale under the Plan shall be
         5,820,000 shares, subject to adjustment upon changes in capitalization
         of the Company as provided in Section 18. If on a given Exercise Date
         the number of shares with respect to which options are to be exercised
         exceeds the number of shares then available under the Plan, the Company
         shall make a pro rata allocation of the shares remaining available for
         purchase in as uniform a manner as shall be practicable and as it shall
         determine to be equitable.

                  (b)      The participant will have no interest or voting right
         in shares covered by his option until such option has been exercised.

                  (c)      Shares to be delivered to a participant under the
         Plan will be registered in the name of the participant or in the name
         of the participant and his or her spouse.

         13.      Administration.

                  (a)      The Plan shall be administered by the Board of the
         Company or a committee of members of the Board appointed by the Board.
         The Board or its committee shall have full and exclusive discretionary
         authority to construe, interpret and apply the terms of the Plan, to
         determine eligibility and to adjudicate all disputed claims filed under
         the Plan. Every finding, decision and determination made by the Board
         or its committee shall, to the full extent permitted by law, be final
         and binding upon all parties. Members of the Board who are eligible
         Employees are permitted to participate in the Plan, provided that:

                           (1)      Members of the Board who are eligible to
                  participate in the Plan may not vote on any matter affecting
                  the administration of the Plan or the grant of any option
                  pursuant to the Plan.

                           (2)      If a Committee is established to administer
                  the Plan, no member of the Board who is eligible to
                  participate in the Plan may be a member of the Committee.

                  (b)      Notwithstanding the provisions of Subsection (a) of
         this Section 13, in the event that Rule 16b-3 promulgated under the
         Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
         any successor provision ("Rule 16b-3") provides specific requirements
         for the administrators of plans of this type, the Plan shall be only
         administered by such a body and in such a manner as shall comply with
         the applicable requirements of Rule 16b-3. Unless permitted by Rule
         16b-3, no discretion concerning decisions regarding the Plan shall be
         afforded to any committee or person that is not "disinterested" as that
         term is used in Rule 16b-3.

         14.      Designation of Beneficiary.

                  (a)      A participant may file a written designation of a
         beneficiary who is to receive any shares and cash, if any, from the
         participant's account under the Plan in the event of such participant's
         death subsequent to an Exercise Date on which the option is exercised
         but prior to delivery to such participant of such shares and cash. In
         addition, a participant may file a written designation of a beneficiary
         who is to receive any cash from the participant's account under the
         Plan in the event of such participant's death prior to exercise of the
         option. If a participant is married and the designated beneficiary is
         not the spouse, spousal consent shall be required for such designation
         to be effective.

                  (b)      Such designation of beneficiary may be changed by the
         participant at any time by written notice. In the event of the death of
         a participant and in the absence of a beneficiary validly designated
         under

                                       5
<PAGE>   6

         the Plan who is living at the time of such participant's death, the
         Company shall deliver such shares and/or cash to the executor or
         administrator of the estate of the participant, or if no such executor
         or administrator has been appointed (to the knowledge of the Company),
         the Company, in its discretion, may deliver such shares and/or cash to
         the spouse or to any one or more dependents or relatives of the
         participant, or if no spouse, dependent or relative is known to the
         Company, then to such other person as the Company may designate.

         15.      Transferability. Neither payroll deductions credited to a
participant's account nor any rights with regard to the exercise of an option or
to receive shares under the Plan may be assigned, transferred, pledged or
otherwise disposed of in any way (other than by will, the laws of descent and
distribution or as provided in Section 14 hereof) by the participant. Any such
attempt at assignment, transfer, pledge or other disposition shall be without
effect, except that the Company may treat such act as an election to withdraw
funds from an Offering Period in accordance with Section 10.

         16.      Use of Funds. All payroll deductions received or held by the
Company under the Plan may be used by the Company for any corporate purpose, and
the Company shall not be obligated to segregate such payroll deductions.

         17.      Reports. Individual accounts will be maintained for each
participant in the Plan. Statements of account will be given to participating
Employees at least annually, which statements will set forth the amounts of
payroll deductions, the Purchase Price, the number of shares purchased and the
remaining cash balance, if any.

         18.      Adjustments Upon Changes in Capitalization, Dissolution,
Merger, Asset Sale or Change of Control.

                  (a)      Changes in Capitalization. Subject to any required
         action by the stockholders of the Company, the Reserves as well as the
         price per share of Common Stock covered by each option under the Plan
         which has not yet been exercised, shall be proportionately adjusted for
         any increase or decrease in the number of issued shares of Common Stock
         resulting from a stock split, reverse stock split, stock dividend,
         combination or reclassification of the Common Stock, or any other
         increase or decrease in the number of shares of Common Stock effected
         without receipt of consideration by the Company; provided, however,
         that conversion of any convertible securities of the Company shall not
         be deemed to have been "effected without receipt of consideration".
         Such adjustment shall be made by the Board, whose determination in that
         respect shall be final, binding and conclusive. Except as expressly
         provided herein, no issue by the Company of shares of stock of any
         class, or securities convertible into shares of stock of any class,
         shall affect, and no adjustment by reason thereof shall be made with
         respect to, the number or price of shares of Common Stock subject to an
         option.

                  (b)      Dissolution or Liquidation. In the event of the
         proposed dissolution or liquidation of the Company, the Offering Period
         will terminate immediately prior to the consummation of such proposed
         action, unless otherwise provided by the Board.

                  (c)      Merger or Asset Sale. In the event of a proposed sale
         of all or substantially all of the assets of the Company, or the merger
         of the Company with or into another corporation, each option under the
         Plan shall be assumed or an equivalent option shall be substituted by
         such successor corporation or a parent or subsidiary of such successor
         corporation, unless the Board deter mines, in the exercise of its sole
         discretion and in lieu of such assumption or substitution, to shorten
         the Offering Period then in progress by setting a new Exercise Date
         (the "New Exercise Date") or to cancel each outstanding right to
         purchase and refund all sums collected from participants during the
         Offering Period then in progress. If the Board shortens the Offering
         Period then in progress in lieu of assumption or substitution in the
         event of a merger or sale of assets, the Board shall notify each
         participant in writing, at least ten (10) business days prior to the
         New Exercise Date, that the Exercise Date for his option has been
         changed to the New Exercise Date and that his option will be exercised
         automatically on the New Exercise Date, unless prior to such date he
         has withdrawn from the Offering Period as provided in Section 10. For
         purposes of this Section, an option granted under the Plan shall be
         deemed to be assumed if, following the sale of assets or merger, the
         option confers the right to purchase, for each share of option stock
         subject to the option immediately prior to the

                                       6
<PAGE>   7

         sale of assets or merger, the consideration (whether stock, cash or
         other securities or property) received in the sale of assets or merger
         by holders of Common Stock for each share of Common Stock held on the
         effective date of the transaction (and if such holders were offered a
         choice of consideration, the type of consideration chosen by the
         holders of a majority of the outstanding shares of Common Stock);
         provided, however, that if such consideration received in the sale of
         assets or merger was not solely common stock of the successor
         corporation or its parent (as defined in Section 424(e) of the Code),
         the Board may, with the consent of the successor corporation and the
         participant, provide for the consideration to be received upon exercise
         of the option to be solely common stock of the successor corporation or
         its parent equal in fair market value to the per share consideration
         received by holders of Common Stock and the sale of assets or merger.

                  The Board may, if it so determines in the exercise of its sole
         discretion, also make provision for adjusting the Reserves, as well as
         the price per share of Common Stock covered by each outstanding option,
         in the event the Company effects one or more reorganizations,
         recapitalization, rights offerings or other increases or reductions of
         shares of its outstanding Common Stock, and in the event of the Company
         being consolidated with or merged into any other corporation.

         19.      Amendment or Termination.

                  (a)      The Board of Directors of the Company may at any time
         and for any reason terminate or amend the Plan. Except as provided in
         Section 18, no such termination can affect options previously granted,
         provided that an Offering Period may be terminated by the Board of
         Directors on any Exercise Date if the Board determines that the
         termination of the Plan is in the best interests of the Company and its
         stockholders. Except as provided in Section 18, no amendment may make
         any change in any option theretofore granted which adversely affects
         the rights of any participant. To the extent necessary to comply with
         Rule 16b-3 under the Securities Exchange Act of 1934, as amended, or
         under Section 423 of the Code (or any successor rule or provision or
         any other applicable law or regulation), the Company shall obtain
         stockholder approval in such a manner and to such a degree as required.

                  (b)      Without stockholder consent and without regard to
         whether any participant rights may be considered to have been
         "adversely affected," the Board (or its committee) shall be entitled to
         change the Offering Periods, limit the frequency and/or number of
         changes in the amount withheld during an Offering Period, establish the
         exchange ratio applicable to amounts withheld in a currency other than
         U.S. dollars, permit payroll withholding in excess of the amount
         designated by a participant in order to adjust for delays or mistakes
         in the Company's processing of properly completed withholding
         elections, establish reasonable waiting and adjustment periods and/or
         accounting and crediting procedures to ensure that amounts applied
         toward the purchase of Common Stock for each participant properly
         correspond with amounts withheld from the participant's Compensation,
         and establish such other limitations or procedures as the Board (or its
         committee) determines in its sole discretion advisable which are
         consistent with the Plan.

         20.      Notices. All notices or other communications by a participant
to the Company under or in connection with the Plan shall be deemed to have been
duly given when received in the form specified by the Company at the location,
or by the person, designated by the Company for the receipt thereof.

         21.      Conditions Upon Issuance of Shares. Shares shall not be issued
with respect to an option unless the exercise of such option and the issuance
and delivery of such shares pursuant thereto shall comply with all applicable
provisions of law, domestic or foreign, including, without limitation, the
Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as
amended, the rules and regulations promulgated thereunder, and the requirements
of any stock exchange upon which the shares may then be listed, and shall be
further subject to the approval of counsel for the Company with respect to such
compliance.

         As a condition to the exercise of an option, the Company may require
the person exercising such option to represent and warrant at the time of any
such exercise that the shares are being purchased only for investment and
without any present intention to sell or distribute such shares if, in the
opinion of counsel for the Company, such a representation is required by any of
the aforementioned applicable provisions of law.

                                       7
<PAGE>   8

         22.      Term of Plan. The Plan shall become effective upon the earlier
to occur of its adoption by the Board of Directors or its approval by the
stockholders of the Company. It shall continue in effect for a term of ten (10)
years unless sooner terminated under Section 19.

         23.      Additional Restrictions of Rule 16b-3. The terms and
conditions of options granted hereunder to, and the purchase of shares by,
persons subject to Section 16 of the Exchange Act shall comply with the
applicable provisions of Rule 16b-3. This Plan shall be deemed to contain, and
such options shall contain, and the shares issued upon exercise thereof shall be
subject to, such additional conditions and restrictions as may be required by
Rule 16b-3 to qualify for the maximum exemption from Section 16 of the Exchange
Act with respect to Plan transactions.

                                       8
<PAGE>   9

                                                                       EXHIBIT A

                               JABIL CIRCUIT, INC.

                        1992 EMPLOYEE STOCK PURCHASE PLAN

                             SUBSCRIPTION AGREEMENT

<TABLE>
<S>      <C>                                          <C>
[ ]      Original Application                         Enrollment Date:
                                                                       --------
[ ]      Change of Beneficiary(ies)

[ ]      Change in Rate of Payroll Deductions
</TABLE>

1.       ______________________________________ hereby elects to participate in
         the Jabil Circuit, Inc. (the "Company") 1992 Employee Stock Purchase
         Plan (the "Purchase Plan") and subscribes to purchase shares of the
         Company's Common Stock in accordance with this Subscription Agreement
         and the Purchase Plan.

2.       I hereby authorize payroll deductions from each paycheck in the amount
         of _____% of my Compensation on each payday (not to exceed 10%) during
         the Offering Period in accordance with the Purchase Plan. (Please note
         that no fractional percentages are permitted.)

3.       I understand that said payroll deductions shall be accumulated for the
         purchase of shares of Common Stock at the applicable Purchase Price
         determined in accordance with the Purchase Plan. I understand that if I
         do not withdraw from an Offering Period, any accumulated payroll
         deductions will be used to automatically exercise my option.

4.       I have received a copy of the complete "Jabil Circuit, Inc. 1992
         Employee Stock Purchase Plan." I understand that my participation in
         the Purchase Plan is in all respects subject to the terms of the Plan.
         I understand that the grant of the option by the Company under this
         Subscription Agreement is subject to obtaining stockholder approval of
         the Purchase Plan.

5.       Shares purchased for me under the Purchase Plan should be issued in the
         name(s) of:
                    -----------------------------------------------------------

         ----------------------------------------------------------------------

6.       I understand that if I dispose of any shares received by me pursuant to
         the Purchase Plan within 2 years after the Enrollment Date (the first
         day of the Offering Period during which I purchased such shares), I
         will be treated for federal income tax purposes as having received
         ordinary income at the time of such disposition in an amount equal to
         the excess of the fair market value of the shares at the time such
         shares were delivered to me over the price which I paid for the shares.
         I HEREBY AGREE TO NOTIFY THE COMPANY IN WRITING WITHIN 30 DAYS AFTER
         THE DATE OF ANY SUCH DISPOSITION AND I WILL MAKE ADEQUATE PROVISION FOR
         FEDERAL, STATE OR OTHER TAX WITHHOLDING OBLIGATIONS, IF ANY, WHICH
         ARISE UPON THE DISPOSITION OF THE COMMON STOCK. The Company may, but
         will not be obligated to, withhold from my compensation the amount
         necessary to meet any applicable withholding obligation including any
         withholding necessary to make available to the Company any tax
         deductions or benefits attributable to sale or early disposition of
         Common Stock by me. If I dispose of such shares at any time after the
         expiration of the 2-year holding period, I under stand that I will be
         treated for federal income tax purposes as having received income only
         at the time of such disposition, and that such income will be taxed as
         ordinary income only to the extent of an amount equal to the lesser of
         (1) the excess of the fair market value of the shares at the time of
         such disposition over the purchase price which I paid for the shares,
         or (2) 15% of the fair market value of the shares on the first day of
         the Offering Period. The remainder of the gain, if any, recognized on
         such

<PAGE>   10

         disposition will be taxed as capital gain.

7.       I hereby agree to be bound by the terms of the Purchase Plan. The
         effectiveness of this Subscription Agreement is dependent upon my
         eligibility to participate in the Purchase Plan.

8.       In the event of my death, I hereby designate the following as my
         beneficiary(ies) to receive all payments and shares due me under the
         Purchase Plan:

NAME (Please Print):

----------------------------------------------------------------------
(Last)            (First)           (Middle)

----------------------------------------------------------------------
(Relationship)

----------------------------------------------------------------------
(Address)

Employee's Social
Security Number:

----------------------------------------------------------------------

Employee's Address:

------------------------------------

------------------------------------

------------------------------------

I UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT SHALL REMAIN IN EFFECT THROUGHOUT
SUCCESSIVE OFFERING PERIODS UNLESS TERMINATED BY ME.

Dated:
       ------------------------------------

------------------------------------
Signature of Employee

                                       2

<PAGE>   11
                                                                       EXHIBIT B

                               JABIL CIRCUIT, INC.

                        1992 EMPLOYEE STOCK PURCHASE PLAN

                              NOTICE OF WITHDRAWAL

         The undersigned participant in the Offering Period of the Jabil
Circuit, Inc. 1992 Employee Stock Purchase Plan which began on ____________,
19____ (the "Enrollment Date") hereby notifies the Company that he or she hereby
withdraws from the Offering Period. He or she hereby directs the Company to pay
to the undersigned as promptly as practicable all the payroll deductions
credited to his or her account with respect to such Offering Period. The under
signed understands and agrees that his or her option for such Offering Period
will be automatically terminated. The undersigned understands further that no
further payroll deductions will be made for the purchase of shares in the
current Offering Period and the undersigned shall be eligible to participate in
succeeding Offering Periods only by delivering to the Company a new Subscription
Agreement.

Name and Address of Participant

----------------------------------------------------

----------------------------------------------------

----------------------------------------------------

Signature

----------------------------------------------------

Date:
     -----------------------------------------------

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