TEJON RANCH CO.
STOCK OPTION AGREEMENT
PURSUANT TO THE
NON-EMPLOYEE DIRECTOR STOCK INCENTIVE PLAN
This Stock Option Agreement (this "Agreement") is made and entered into as of the Date of Grant indicated
below by and between Tejon Ranch Co., a Delaware corporation (the "Company"), and the person named
below as Optionee.
WHEREAS, Optionee is a director of the Company eligible to receive awards under the Company's Non-
Employee Director Stock Incentive Plan (the "Plan"); and
WHEREAS, pursuant to the Plan the Board of Directors of the Company or a committee thereof administering
the Plan (the "Committee") approved the grant to Optionee of an option to purchase shares of the Common
Stock, par value $.50 per share, of the Company (the "Common Stock"), on the terms and conditions to be set
forth in a stock option agreement in the form of this Agreement;
NOW, THEREFORE, in consideration of the foregoing recitals and the covenants set forth herein, the Company
and the Optionee hereby agree as follows::
1. Grant of Option; Certain Terms and Conditions. The Company hereby grants to Optionee, and Optionee
hereby accepts, as of the Date of Grant indicated below, an option (the "Option") to purchase the number of
shares of Common Stock indicated below (the "Option Shares") at the Exercise Price per share indicated below.
Subject to the provisions of Section 2, the Option shall be exercisable in whole or from time to time in part
commencing on December 15 of the year of the Date of Grant as to any whole number of shares not exceeding
the number set forth below in the aggregate for all such exercises. The Option shall expire at 5:00 p.m., California
time, on the Expiration Date indicated below (except as provided in Section 2) and shall be subject to all of the
terms and conditions set forth in this Agreement.
Date of Grant:
Number of shares purchasable:
Exercise Price per share:
Period for Which Option is Granted:
2. Termination of Option.