Document:

ex4-03.htm

    
      

    

    EXHIBIT
4.03

    

    

    EMPLOYEE
RESTRICTED STOCK AGREEMENT

    (TIME-BASED
CONDITIONS)

    UNDER THE
2007 EQUITY INCENTIVE PLAN

    OF
BENIHANA INC.

    

    

    In
consideration of services to be rendered by you (the “Grantee”)
to Benihana Inc., a
Delaware corporation (the “Company”)
or its subsidiary, you have been awarded a stock grant (the “Grant”)
under the Company’s 2007 Equity Incentive Plan (the “2007
Plan”), which is incorporated herein by reference, covering a number of
shares of Class A Common Stock of the Company, par value $.10 per share (the
“Shares”)
as listed on Exhibit
A (the “Information
Page”) subject to the terms and conditions of this Agreement and the 2007
Plan.

     

    1.        STOCK GRANT TERMS AND STOCK
CERTIFICATES.  The date of the Grant, the total number of
Shares subject to the Grant, the Vesting Dates, the number of Shares subject to
the Grant which vest on each Vesting Date (as described in Paragraph 2 hereof)
and the per Share consideration for the Grant, if any, are identified on the
Information Page. The stock certificate(s), if any, evidencing the Shares
underlying the Grant shall be registered on the Company’s books in the name of
the Grantee as of the date of Grant.  Physical possession or custody
of any such stock certificate(s) shall be retained by the Company or by a bank
or other institution designated by the Company, until such Shares are vested or
forfeited in accordance with the terms of this Agreement.  While in
its possession, the Company reserves the right to place a legend on the stock
certificate(s) restricting the transferability of such certificate(s) and
referring to the terms and conditions (including, without limitation,
forfeiture) relating to the Shares represented by the stock
certificate(s).  If the Shares subject to the Grant have been
evidenced by stock certificate(s) pursuant to this Paragraph, then as soon as
practicable after the end of the applicable Restricted Period (as defined in
Paragraph 2 hereof), the Company shall cause unlegended stock certificate(s)
covering the requisite number of vested Shares registered on the Company’s books
in the name of the Grantee (or his permitted transferee pursuant to Paragraph 5
hereof), to be delivered to such person and will cancel the legended stock
certificates.  Shares issued hereunder shall be fully paid and
non-assessable.

     

    2.        VESTING.  A number
of Shares underlying the Grant will become vested and non-forfeitable on each
vesting date as listed on the Information Page (the “Vesting
Date”), provided that on the applicable Vesting Date the Grantee
continues to be employed by the Company (the “Condition”). Promptly following each
Vesting Date, the Stock Plan Administrator will deliver to the Grantee
(or his permitted transferee pursuant to Paragraph 5 hereof) the number of
Shares with respect to which the Condition was satisfied on such Vesting Date,
subject to any amounts that are withheld pursuant to Paragraph
9.  With respect to any Share underlying the Grant, the period of time
commencing on the date of the Grant and ending on the applicable Vesting Date
shall be referred to herein as the “Restricted
Period”.

     

    3.        FORFEITURE OF UNVESTED
SHARES UPON TERMINATION
OF EMPLOYMENT.  Except with respect to Shares which have vested
pursuant to Paragraph 2 on or before the employment termination date, in the
event that the Grantee ceases as an employee of the Company for any reason
during the Restricted Period (including, without limitation, due to death or
disability), all Shares subject to the Grant shall be forfeited by the Grantee
as of the date that such employment terminates.  Any Shares covered by
the Grant that are forfeited by the Grantee shall be transferred to the Company
and have the status of treasury shares.  The Committee in its
discretion may waive in whole or in part any time-based Conditions which have
not been satisfied except in connection with an employment termination for gross
misconduct.

     

    
      
        
        

      

      
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    4.        EMPLOYMENT. In consideration
of the awarding of the Grant and regardless of whether the Conditions shall be
satisfied, the Grantee will fulfill all the duties and obligations of his or her
employment by the Company or its subsidiary.  Nothing in this
Agreement shall confer upon the Grantee any right to similar stock grants in
future years or any right to be continued in the employ of the Company or its
subsidiaries or shall interfere in any way with the right of the Company or any
such subsidiary to terminate or otherwise modify the terms of the Grantee's
employment.

     

    5.        RESTRICTIONS ON
TRANSFER.  The Shares subject to the Grant shall not be
transferable during the Restricted Period except as the Committee may permit to
the extent permitted under the 2007 Plan, on a general or specific basis,
subject to such conditions and limitations as may be determined by the
Committee.  More particularly (but without limiting the generality of
the foregoing), during the Restricted Period the Shares may not be assigned,
transferred (except as provided above), pledged or hypothecated in any way,
shall not be assignable by operation of law and shall not be subject to
execution, attachment, pledge, hypothecation or other disposition contrary to
the provisions hereof, and the levy of any execution, attachment or similar
process upon the Shares shall be null and void and without effect.

     

    6.        EFFECT ON OTHER
BENEFITS.  In no event shall the value of the Shares covered by
the Grant awarded under this Agreement at any time be included as compensation
or earnings for purposes of determining any other compensation, retirement
benefit or other benefit offered to employees of the Company or its subsidiaries
under any benefit plan of the Company unless otherwise specifically provided for
in such benefit plan.

     

    7.        LEGAL
COMPLIANCE.  The Company shall pay all original issue and
transfer taxes with respect to the issuance of such Shares and all other fees
and expenses necessarily incurred by the Company in connection therewith and
will from time to time use its best efforts to comply with all laws and
regulations which, in the opinion of counsel for the Company, shall be
applicable thereto.

     

    8.        REPRESENTATIONS, WARRANTIES AND
AGREEMENTS OF GRANTEE.  The Grantee hereby represents and
warrants to the Company that he or she: (i) has the legal right and capacity to
enter into this Agreement and fully understands the terms and conditions of this
Agreement and (ii) is acquiring the Shares for investment purposes only and not
with a view to, or in connection with, the public distribution thereof in
violation of the Securities Act of 1933, as now in force or hereafter amended
(the “Securities
Act”).  The Grantee agrees he or she will not transfer the
Shares except in compliance with any rules and regulations in force at the time
of such transfer under the Securities Act, or any other applicable law, and a
legend to this effect may be placed upon the certificate representing the
Shares.

     

    9.        TAXES.  The Grantee
must pay or cause to be paid to the Company in cash upon demand any and all
amounts due for the purpose of satisfying the Company’s liability, if any, to
withhold federal, state or local income tax or employment tax (plus interest or
penalties thereon, if any, caused by a delay in making such payment) incurred by
reason of the receipt of the Grant (including any such taxes incurred as a
result of the Grantee’s election pursuant to Paragraph 10 hereof) or by reason
of the vesting of the Shares in accordance with the terms of this
Agreement.  By accepting this Grant, the Grantee consents and directs
that the Stock Plan Administrator may, but is not obligated to, withhold the
number of Shares having an aggregate fair market value as of the date preceding
the withholding sufficient to satisfy the Grantee’s obligations hereunder and to
deliver such Shares to the Company.  In addition, the Company shall,
to the extent permitted by law, have the right to deduct such required
withholding from any payment of any kind otherwise due to the
Grantee.  The Grantee shall consult his or her own tax advisors
regarding the tax consequences to him or her of the receipt of the Shares, of
the making of the election pursuant to Paragraph 10 hereof, or of any particular
transaction relating to the Shares.

     

    
      
        
        

      

      
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    10.           TAX ELECTION. The Grantee hereby
agrees to deliver to the Company a signed copy of any documents he or she may
file with the Internal Revenue Service evidencing an election under Section
83(b) of the Internal Revenue Code of 1986 as amended, which copy shall be
delivered to the Company within two (2) business days after the date on which
any such election is made.

     

    11.           CONDITION PRECEDENT TO GRANT.
In the event that the award of the Grant shall be subject to, or shall
require, any prior exchange listing, shareholder approval or other condition or
act, pursuant to the applicable laws, regulations or policies of any stock
exchange, federal or local government or its agencies or representatives, then
the Grant hereunder shall not be deemed awarded until the fulfillment of such
condition.

     

    12.           RIGHTS AS A
STOCKHOLDER.  Subject to the terms and conditions of this
Agreement and the 2007 Plan, including, without limitation, the restrictions on
transfer and the risk of forfeiture applicable to the Shares covered by the
Grant during the Restricted Period, from and after the date of Grant, the
Grantee shall have all the rights of a stockholder of the Company with respect
to the Shares covered by the Grant, including the right to vote the Shares and
the right to receive dividends or other distributions paid thereon, provided
that any dividends in the form of Shares will be subject to the terms and
conditions of the 2007 Plan and this Agreement.

     

    13.           ADMINISTRATION.  The
Compensation and Stock Option Committee (the “Committee”)
shall have full authority and discretion, subject only to the express terms of
the 2007 Plan, to decide all matters relating to the administration and
interpretation of the 2007 Plan and this Agreement and the Grantee agrees to
accept all such Committee determinations as final, conclusive and
binding.  The Company may designate an internal department or may
retain a third-party plan administrator to assist in the administration of the
2007 Plan.  The term “Stock Plan
Administrator” as used herein shall mean such internal department or such
third-party plan administrator as designated by the Company from time to
time. 

     

    14.           COSTS.  The Company
shall not charge the Grantee for any part of the Company’s cost to administer
and operate the 2007 Plan.  If the Company retains a third-party plan
administrator to assist in the administration of the 2007 Plan, the Grantee may
be charged fees by such third-party plan administrator in connection with any
transactions which the Grantee effects through such third-party plan
administrator.

     

    15.           AMENDMENT.  This
Agreement shall be subject to the terms of the 2007 Plan, as may be amended by
the Company from time to time, except that no amendment of the 2007 Plan adopted
after the date of this Agreement shall impair the Grantee’s rights hereunder
without his or her consent.  In addition to the foregoing, this
Agreement may be amended by the Committee, provided that no such amendment shall
impair the Grantee’s rights hereunder without his or her consent. 

     

    
      
        
        

      

      
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    16.           DATA PRIVACY.  By
entering into this Agreement, the Grantee (a) authorizes the Company and its
subsidiaries and the Stock Plan Administrator or any agent of the Company
providing recordkeeping services for the 2007 Plan to disclose to each other
such information and data as either of them shall request in order to facilitate
the award of Grants and the administration of the 2007 Plan; (b) waives any data
privacy rights the Grantee may have with respect to such information; and (c)
authorizes the Company and the Stock Plan Administrator or any agent of the
Company providing recordkeeping services for the 2007 Plan to store and transmit
such information in electronic form.

     

    17.           NOTICES. All notices and
communications by the Grantee (or his or her permitted transferee) in connection
with this Agreement or the Shares granted hereunder shall be delivered to the
Stock Plan Administrator.  Unless otherwise directed by the Company,
notices to the Stock Plan Administrator shall be delivered in writing by
nationally recognized overnight courier, certified mail, postage prepaid or by
facsimile to the attention of Chief Financial Officer, Benihana Inc., 8685 N.W.
53rd
Terrace, Miami, Florida 33166 (facsimile: (305) 592-6371).  In the
event the Company retains a third party plan administrator to administer the
2007 Plan, the Grantee will be advised of the procedure to provide notices to
such third party plan administrator and the Company. All notices and
communications by the Stock Plan Administrator or the Company to the Grantee (or
his or her permitted transferee) in connection with this Agreement shall be
given in writing and shall be delivered electronically to the Grantee's e-mail
address appearing on the records of the Company, or by nationally recognized
overnight courier or certified mail, postage prepaid to the Grantee's residence
or to such other address as may be designated in writing by the
Grantee.

    

    18.           ENTIRE AGREEMENT AND
WAIVER.  This Agreement and the 2007 Plan contain the entire
understanding of the parties and supersede any prior understanding and
agreements between them representing the subject matter hereof.  To
the extent that there is an inconsistency between the terms of the 2007 Plan and
this Agreement, the terms of the 2007 Plan shall control.  There are
no other representations, agreements, arrangements or understandings, oral or
written, between the parties hereto relating to the subject matter hereof which
are not fully expressed herein or in the 2007 Plan.  Any waiver or any
right or failure to perform under this Agreement shall be in writing signed by
the party granting the waiver and shall not be deemed a waiver of any subsequent
failure to perform.

     

    19.           SEVERABILITY AND
VALIDITY.  The various provisions of this Agreement are
severable and any determination of invalidity or unenforceability of any one
provision shall have no effect on the remaining provisions.

     

    20.           GOVERNING LAW.  The
interpretation, enforceability and validity of this Agreement shall be governed
by the substantive laws (but not the choice of law rules) of the State of
Florida.

     

    21.           SUBSIDIARY. As used herein,
the term "subsidiary" shall mean any present or future corporation which would
be a "subsidiary corporation" of the Company, as that term is defined in Section
424(f) of the Internal Revenue Code of 1986, as amended.

     

    22.           HEADINGS;
DEFINITIONS.  Paragraph and other headings contained in this
Agreement are for reference purposes only and are in no way intended to
describe, interpret, define or limit the scope, extent or intent of the Option
or any provision hereof.  Capitalized terms not otherwise defined
herein have the meanings ascribed to them in the 2007 Plan.

    

    *
* *

    
       

    

    By my
signature below I am accepting the stock grant described on the Information Page
annexed hereto as Exhibit A, subject to
the terms and conditions contained in this Employee Restricted Stock Agreement
and the 2007 Plan.

    

    Dated:
_______________

                                        _________________________________

                                        Name:

    Approved:

    BENIHANA
INC.

    

    By:
___________________

    

    
      
        
        

      

      
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    EXHIBIT
A

    

    INFORMATION
PAGE

    

    

    
      	
               

              Name of
      Grantee:

               

            	 
      
	
               

              Date of
      Grant:

               

            	 
      
	
               

              Number
      of Shares

              of Stock
      Grant:

               

            	 
      
	
               

              Per Share
      Consideration:

               

            	 
      
	
               

              Fair Market Value on
      the Date of Grant:

               

            	 
      
	
               

              Vesting
      Schedule:

               

            	
              Number
      of Shares

            	
              Vesting
      Dateex10-01.htm

    
      

    

    EXHIBIT
10.01

    

    

    DIRECTOR
STOCK OPTION AGREEMENT

    UNDER THE
2007 EQUITY INCENTIVE PLAN

    OF
BENIHANA INC.

    

    In
consideration of services to be rendered by you (the “Grantee”)
to Benihana Inc., a Delaware corporation (the “Company"),
as a non-employee director of the Company, you have been granted an option (the
“Option”)
under the Company’s 2007 Equity Incentive Plan (the “2007
Plan”), which is incorporated herein by reference, to purchase from the
Company a number of shares of Class A Common Stock of the Company (the “Shares”)
at the exercise price per Share as listed on Exhibit A (the “Information
Page”) subject to the terms and conditions of this Agreement and the 2007
Plan.

    

    1.        OPTION TERMS.  The
date of grant, the maximum number of Shares the Option entitles the Grantee to
purchase, the option exercise price per Share, the date or dates on which the
Option will vest (i.e.,
will become first exercisable) and the date of expiration of the Option are
identified on the Information Page.  No options granted under this
Agreement shall qualify as incentive stock options and as a result all such
options shall be non-incentive stock options.

    

    2.        TERM OF OPTION AND
EXERCISABILITY.  Subject to the provisions of Paragraph 4
hereof, the Option shall expire at 5:00 P.M. (New York City Time) on the
Expiration Date listed on the Information Page and shall become first
exercisable as to the Shares covered by the Option in one or more installments
on the dates listed on the Information Page.  Notwithstanding the
foregoing, the Option may not be exercised as to less than 100 Shares at any
time (or the remaining Shares covered by the Option, if less than 100 Shares);
and the Option may not be exercised until fulfillment of all applicable
conditions precedent referred to in Paragraph 5 hereof.  The exercise
price of the Option shall be paid in full at the time of exercise as set forth
in Paragraph 3 hereof.

    

    3.        METHOD OF EXERCISING
OPTION.  The Option is only exercisable by the Grantee (or his
or her permitted transferee as set forth in Paragraph 6 hereof) by written
notice to the Stock Plan Administrator substantially in the form of that
attached to this Agreement as Exhibit B.  Payment
of the exercise price for all of the Shares as to which the Option is being
exercised shall be made:  (a) by certified check or money order
payable to the order of the Company; (b) if permitted under the Company’s
policies then in effect and applicable law, from cash proceeds received under a
broker-assisted contemporaneous sale of Shares issued pursuant to such Option
exercise; (c) with the prior approval of the Committee (as defined in Paragraph
10 hereof) and subject to the following sentence, by delivering Shares having a
Fair Market Value as of the last trading day immediately preceding the exercise
date equal to the exercise price for all of the Shares as to which the Option is
being exercised, by delivering physical certificates duly endorsed in blank for
transfer to the Company or if permitted by the Company by submitting
certificates by attestation; or (d) by a combination of (i) cash, (ii)
proceeds from the contemporaneous sale described in clause (b) above and
(iii) with prior approval of the Committee, Shares as described in clause
(c) above. Notwithstanding anything to the contrary contained herein, Shares
used in payment of the exercise price of the Option must (1) have been acquired
by the Grantee for cash in the open market at least six months prior to the
Option exercise date, or (2) if acquired pursuant to a Stock Grant granted under
any equity incentive plan of the Company, including the 2007 Plan, must be owned
by the Grantee and all conditions applicable to such Shares pursuant to the
Stock Grant must have been satisfied at least six months prior to the Option
exercise date, or (3) if acquired from the Company by settlement of a Restricted
Stock Unit, or by exercise of an option, Stock Appreciation Right, or other
similar award, must have been owned by the Grantee for a period of at least six
months prior to the Option exercise date.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    Promptly
following the Option exercise, the Stock Plan Administrator will instruct the
Company’s transfer agent and stock registrar to deliver to the Grantee (or his
or her permitted transferee) or for his or her account as specified by the
Grantee in the Notice of Exercise, the number of Shares with respect to which
the Option was exercised, less the number of Shares sold for purposes of payment
pursuant to clause (b) above and less the number of Shares delivered to the
Company by attestation pursuant to clause (c) or (d) above.  The
Grantee shall not have any of the rights of a stockholder with respect to the
Shares issuable upon exercise of the Option until the Shares shall have been
issued.  In the event the Option shall be exercised (if permitted
hereunder) by a person other than the Grantee, such permitted transferee shall
provide appropriate proof of his or her right to exercise the Option to the
Stock Plan Administrator in accordance with its policies and
procedures.  Shares issued upon the exercise of the Option as provided
herein shall be fully paid and non-assessable.

    

    4.        TERMINATION OF
SERVICE.  In the event that the Grantee ceases to serve as a
director of the Company for any reason other than as a result of death, the
Option shall be exercisable (but only to the extent that the Option was vested
and therefore exercisable at the time he or she ceased to so serve as a
director) for three (3) months (of, if shorter, the remainder of the Option
term).  In the event that the Grantee ceases to serve as a director of
the Company as a result of death, the Option shall be exercisable for twelve
(12) months (or, if shorter, the remainder of the Option term) by the Grantee’s
estate or by any person or persons who acquired the right to exercise such
Option by will or by the laws of descent and distribution.  Nothing in this
Agreement shall confer upon the Grantee any right to be nominated for election
as a director or to continue to provide services as a director of the
Company.

    

    5.        CONDITION PRECEDENT TO EXERCISE OF
OPTION. In the event that the exercise of the Option or the issuance of
the Shares upon exercise thereof shall be subject to, or shall require, any
prior exchange listing, stockholder approval or other condition or act, pursuant
to the applicable laws, regulations or policies of any stock exchange, federal,
state or local government or its agencies, then the Option shall not be
exercisable until the fulfillment of such condition.  The Grantee
shall have no rights against the Company if the Option is not exercisable or its
exercise is delayed by virtue of the foregoing sentence.

    

    6.        NON-TRANSFERABILITY.  The
Option shall not be transferable otherwise than by will or the laws of descent
and distribution and is exercisable during the lifetime of the Grantee only by
him or her or his or her guardian or legal representative and following his or
her death will be exercisable by the Grantee’s estate, upon presentation to the
Stock Plan Administrator of letters testamentary or other documentation
satisfactory to the Stock Plan Administrator.  More particularly (but
without limiting the generality of the foregoing), the Option may not be
assigned, transferred (except as provided in this Paragraph), pledged or
hypothecated in any way, shall not be assignable by operation of law and shall
not be subject to execution, attachment, pledge, hypothecation or other
disposition and the levy of any execution, attachment or similar process upon
the Option shall be null and void and without effect.  Notwithstanding
the foregoing, the Committee may permit further transferability to the extent
permitted under the 2007 Plan, on a general or specific basis, and may impose
conditions and limitations on any such permitted transferability.

     

    
      
        
        

      

      
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    7.        PURCHASE FOR INVESTMENT;
LEGEND.  Unless the Shares underlying the Option granted
hereunder have been effectively registered under the Securities Act of 1933, as
now in force or hereafter amended, the Company shall be under no obligation to
issue or transfer any shares covered by any Option unless the Grantee (or
Grantee’s permitted transferees pursuant to Paragraph 6 above) shall give a
written representation and undertaking to the Company and upon which, in the
opinion of Company counsel, the Company may reasonably rely that Grantee is
acquiring the Shares for his or her own account as an investment and not with
the view to, or for sale in connection with, the distribution of such Shares,
and that Grantee will make no transfer of the same except in compliance with any
rules and regulations in force at the time of such transfer under the Securities
Act of 1933, or any other applicable law, and that if Shares are issued or
transferred without such registration, a legend to this effect may be placed
upon the certificate representing the Shares.

    

    8.        TAXES.  The Grantee
must pay or cause to be paid to the Company upon demand any and all amounts due
for the purpose of satisfying the Company’s liability, if any, to withhold
federal, state or local income tax or employment tax (plus interest or penalties
thereon, if any, caused by a delay in making such payment) incurred by reason of
the Grantee’s exercise of the Option or the sale of Shares in connection
therewith.  The Grantee shall consult his or her own tax advisors
regarding the tax consequences to him or her of the exercise of the Option or
sale of any Shares covered by the Option.

    

    9.        AVAILABLE SHARES; LEGAL
COMPLIANCE.  The Company shall at all times during the term of
the Option reserve and keep available such number of Shares as will be
sufficient to satisfy the requirements of this Agreement, shall pay all original
issue and transfer taxes with respect to the issuance of such Shares and all
other fees and expenses necessarily incurred by the Company in connection
therewith and will from time to time use its best efforts to comply with all
laws and regulations which, in the opinion of counsel for the Company, shall be
applicable thereto.

    

    10.           ADMINISTRATION.  The
Compensation and Stock Option Committee (the “Committee”)
shall have full authority and discretion, subject only to the express terms of
the 2007 Plan, to decide all matters relating to the administration and
interpretation of the 2007 Plan and this Agreement, and the Grantee agrees to
accept all such Committee determinations as final, conclusive and
binding.  The Company may designate an internal department or may
retain a third-party plan administrator to assist in the administration of the
2007 Plan.  The term “Stock Plan
Administrator” as used herein shall mean such internal department or such
third-party plan administrator as designated by the Company from time to
time. 

    

    11.           COSTS.  The Company
shall not charge the Grantee for any part of the Company’s cost to administer
and operate the 2007 Plan.  If the Company retains a third-party plan
administrator to assist in the administration of the 2007 Plan, the Grantee may
be charged fees by such third-party plan administrator in connection with the
Grantee’s exercise of the Option, sale of Shares, or other transactions which he
or she effects through such third-party plan administrator.

    

    12.           AMENDMENT.  This
Agreement shall be subject to the terms of the 2007 Plan, as may be amended by
the Company from time to time, except that no amendment of the 2007 Plan adopted
after the date of this Agreement shall impair the Grantee’s rights hereunder
without his or her consent.  In addition to the foregoing, this
Agreement may be amended by the Committee, provided that no such amendment shall
impair the Grantee’s rights hereunder without his or her consent.

    

    13.           DATA PRIVACY.  By
entering into this Agreement, the Grantee (a) authorizes the Company and its
subsidiaries and the Stock Plan Administrator or any agent of the Company
providing recordkeeping services for the 2007 Plan to disclose to each other
such information and data as either of them shall request in order to facilitate
the grant of options and the administration of the 2007 Plan; (b) waives any
data privacy rights the Grantee may have with respect to such information; and
(c) authorizes the Company and the Stock Plan Administrator or any agent of the
Company providing recordkeeping services for the 2007 Plan to store and transmit
such information in electronic form.

    

    
      
        
        

      

      
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    14.           NOTICES.  All
notices and communications by the Grantee (or his or her permitted transferee)
in connection with this Agreement or the exercise of the Option granted
hereunder shall be delivered to the Stock Plan Administrator.  Unless
otherwise directed by the Company, notices to the Stock Plan Administrator shall
be delivered in writing by nationally recognized overnight courier, certified
mail, postage prepaid or by facsimile to the attention of Chief Financial
Officer, Benihana Inc., 8685 N.W. 53rd
Terrace, Miami, Florida 33166 (facsimile: (305) 592-6371).  In the
event the Company retains a third party plan administrator to administer the
2007 Plan, the Grantee will be advised of the procedure to provide notices to
such third party plan administrator and the Company.  All notices and
communications by the Stock Plan Administrator or the Company to the Grantee (or
his or her permitted transferee) in connection with this Agreement shall be
given in writing and shall be delivered electronically to the Grantee's e-mail
address appearing on the records of the Company, or by nationally recognized
overnight courier or certified mail, postage prepaid to the Grantee's residence
or to such other address as may be designated in writing by the
Grantee.

    

    15.           ENTIRE AGREEMENT AND
WAIVER.  This Agreement and the 2007 Plan contain the entire
understanding of the parties and supersede any prior understanding and
agreements between them representing the subject matter hereof.  To
the extent that there is an inconsistency between the terms of the 2007 Plan and
this Agreement, the terms of the 2007 Plan shall control.  There are
no other representations, agreements, arrangements or understandings, oral or
written, between the parties hereto relating to the subject matter hereof which
are not fully expressed herein or in the 2007 Plan.  Any waiver or any
right or failure to perform under this Agreement shall be in writing signed by
the party granting the waiver and shall not be deemed a waiver of any subsequent
failure to perform.

    

    16.           SEVERABILITY AND
VALIDITY.  The various provisions of this Agreement are
severable and any determination of invalidity or unenforceability of any one
provision shall have no effect on the remaining provisions.

    

    17.           GOVERNING LAW.  The
interpretation, enforceability and validity of this Agreement shall be governed
by the substantive laws (but not the choice of law rules) of the State of
Florida.

    

    18.           HEADINGS;
DEFINITIONS.  Paragraph and other headings contained in this
Agreement are for reference purposes only and are in no way intended to
describe, interpret, define or limit the scope, extent or intent of the Option
or any provision hereof.  Capitalized terms not otherwise defined
herein have the meanings ascribed to them in the 2007 Plan.

     

    *
* *

    By my
signature below I am accepting the stock option grant described on the
Information Page annexed hereto as Exhibit A, subject to
the terms and conditions contained in this Director Stock Option Agreement and
the 2007 Plan.

    

    Dated:
_______________

     

    
      	 	_________________________________
	 	Name:

    

     

    Approved:

    BENIHANA
INC.

    

    By:
___________________

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
A

    

    INFORMATION
PAGE

    

    

    
      	
               

              Name of
      Grantee:

               

            	 
      
	
               

              Type of
      Award:

            	
               

              Non-incentive
      Stock Option

               

            
	
               

              Date of
      Grant:

               

            	 
      
	
               

              Expiration
      Date:

               

            	 
      
	
               

              Number of Shares
      underlying

              the Stock Option
      Grant:

               

            	
               

              10,000

               

            
	
               

              Option Exercise
      Price

              per
      Share:

               

            	
               

              $

               

            
	
              Vesting
      Schedule:

               

               

            	
              Number
      of Shares

               

            	
              Vesting
      Dates

            
	
              3,333
      Shares

               

            	 
      
	
              3,333
      Shares

               

            	 
      
	
              3,334
      Shares

               

            	 
      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    FORM
OF NOTICE - EXHIBIT B

    

    NOTICE OF
EXERCISE OF STOCK OPTION

    OF

    BENIHANA
INC.

    

    

                                            Dated:
_______________

    Stock
Plan Administrator

    Benihana
Inc.

    8685
Northwest 53rd Terrace

    Miami,
Florida 33166

    

    Dear
Sir:

    

    Reference
is made to the Benihana Inc. 2007 Equity Incentive Plan (as may be amended from
time to time, the “2007 Plan”). Capitalized terms not otherwise defined herein
shall have the meanings ascribed to them in the 2007 Plan.

    

    1.           Exercise
Election:

    

    This
constitutes notice, as required under my Director Stock Option Agreement, that I
elect to purchase the number of shares for the price set forth
below.

     

    
      
        	Stock Option
      dated:	______________________________________
	 	 
	Exercise price per
      Share: 	______________________________________
	 	 
	Number of Shares as
      to which option	 
	
                is being
      exercised:

              	______________________________________
	 	 
	Total Exercise
      Price:	______________________________________

      

    

    

    2.           Method of Payment (Check one of the following to
indicate method of payment):

    

    ___           A.  Cash:  Enclosed
is a certified check or money order payable to “Benihana Inc.” in the amount of
$_________ in full payment of the Total Exercise Price plus such amounts
required to satisfy the Company’s withholding obligation with respect to this
exercise.

    

    ___           B.  Broker-Assisted Cashless
Exercise:  I have authorized the broker with which I maintain
(or am currently establishing) an account, to act as my agent with respect to
the immediate sale of Shares acquired through this exercise of the Option
through a broker-assisted “cashless” exercise.  I have completed the
necessary documentation with my broker and have enclosed a copy of the letter
directing my broker to deliver to the Company a portion of the proceeds from the
sale of the Shares equal to the Total Exercise Price.  By signing this
Notice, I also agree to deliver and cause my broker to deliver such proceeds to
the Company and such other documentation as the Company may request to complete
the exercise.

    

    ___           C.  (SUBJECT TO PRIOR APPROVAL BY THE
COMPENSATION AND STOCK OPTION COMMITTEE)  Stock:  I
am paying the Total Exercise Price by surrender of ___________ Share(s) with a
total Fair Market Value of $___________ (based on the closing price of the
Company’s Class A Common Stock on the date immediately preceding the date
hereof).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    ___           D.  (SUBJECT TO PRIOR APPROVAL BY THE
COMPENSATION AND STOCK OPTION COMMITTEE)  Part Cash/Part
Stock:  In full payment of the Total Exercise Price, I enclose
a certified check or money order in the amount of $____________ (representing a
portion of the Total Exercise Price and am paying the balance of Total Exercise
Price by surrender of ___________ Share(s) with a total Fair Market Value of
$__________ (based on the average of the high and low prices of the Company’s
Class A Common Stock on the date immediately preceding the date
hereof).

    

    3.           Instructions
for Delivery of Shares:

     

    
      	
              Issue
      Certificate in the name of:

            	
              If
      requesting shares to be delivered electronically 

            
	 	(“DWAC”) to a
      broker:
	_______________________________  	DTC#:_________________________________
	Address:________________________ 	Agent bank
      #:___________________________
	_______________________________ 	Account
      #:_____________________________
	_______________________________ 	Broker Name:
      ___________________________
	 	Contact Name:
      __________________________
	Mail Certificate to
      (if different than above): 	Phone #: 
      ______________________________
	____________________________	Email:
      _________________________________
	____________________________	 
	____________________________	 

    

     

    4.           Representations
and Covenants:

    

    I hereby
represent that (i) I am purchasing all of the Shares for my own account and not
for purposes of resale or distribution and (ii) all Shares surrendered for
payment of the Exercise Price have been continuously owned by me for at least
six (6) months immediately following the delivery of such Shares
hereunder.  By this exercise, I agree to (i) provide such additional
documents as you may require pursuant to the terms of the 2007 Plan and (ii) to
pay the Company’s withholding obligations, if any, with respect to this
exercise.

    

    ___________________________________

    Name
(please print):

     

    2

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