J. ALEXANDER'S CORPORATION
FORM OF NON-QUALIFIED STOCK OPTION AGREEMENT (DIRECTORS)
THIS NON-QUALIFIED STOCK OPTION AGREEMENT (this "Agreement") is made and entered into as of
this _____ day of ______, 200__ (the "Grant Date"), by and between J. Alexander's Corporation, a Tennessee
corporation (together with its Subsidiaries and Affiliates, the "Company"), and __________________ (the
"Optionee"). Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the
J. Alexander's Corporation 2004 Equity Incentive Plan (the "Plan").
WHEREAS, the Company has adopted the Plan, which permits the issuance of stock options for the purchase of
shares of the common stock, par value $.05 per share, of the Company (the "Shares"); and
WHEREAS, the Company desires to afford the Optionee an opportunity to purchase Shares as hereinafter
provided in accordance with the provisions of the Plan;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound hereby, agree as follows:
1. Grant of Option.
(a) The Company grants as of the date of this Agreement the right and option (the "Option") to purchase
__________ Shares, in whole or in part (the "Option Stock"), at an exercise price of $_________ per Share, on
the terms and conditions set forth in this Agreement and subject to all provisions of the Plan. The Optionee,
holder or beneficiary of the Option shall not have any of the rights of a shareholder with respect to the Option
Stock until such person has become a holder of such Shares by the due exercise of the Option and payment of
the Option Payment (as defined in Section 3 below) in accordance with this Agreement.
(b) The Option shall be a non-qualified stock option. In order to provide the Company with the opportunity to
claim the benefit of any income tax deduction which may b