Exhibit 10.27
QUICKLOGIC
CORPORATION
2009 STOCK PLAN
NOTICE OF GRANT OF STOCK PURCHASE
RIGHT
Unless otherwise defined herein, the
terms defined in the 2009 Stock Plan (the “Plan”) will
have the same defined meanings in this Notice of Grant of Stock
Purchase Right and the Restricted Stock Purchase Agreement,
attached hereto as Exhibit A (the “Restricted Stock Purchase
Agreement” or “Agreement”).
QuickLogic Corporation is pleased to
inform you that you, the undersigned Purchaser, have been granted a
right to purchase Restricted Stock (hereinafter referred to as the
“Shares”) of the Company, subject to the terms and
conditions of the Plan and this Agreement, as follows:
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Purchaser:
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Grant Number:
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Date of Grant:
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Expiration Date:
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Vesting Commencement Date:
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Exercise Price, per Share:
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Number of Shares Granted:
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Vesting Schedule (Check one):
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Exercise and Vesting
Schedule : This grant is
exercisable immediately, in whole or in part, and the Restricted
Stock shall vest according to the following vesting schedule.
Purchaser will generally be taxed when the Restricted Stock vests
and the Company’s repurchase option has lapsed. The
Restricted Stock is intended (but not guaranteed) to vest in an
open trading window under the Company’s insider trading
policy. This should help enable the Purchaser to sell a
portion of the delivered shares to cover the Purchaser’s tax
obligations. If the trading window is closed on a scheduled
vesting date, vesting of the Restricted Stock will be delayed until
the trading window is open. A Purchaser vests in the
Restricted Stock in accordance with the following vesting schedule,
so long as a Vesting Cessation Date has not yet
occurred:
25% of the shares will vest on the
first open trading day under the Company’s insider trading
policy occurring on or after the one year anniversary of the
Vesting Commencement Date; thereafter, 1/16 of the Shares will vest
on the first open trading day under the Company’s insider
trading policy on or after each successive quarter following the
first anniversary, so as to be 100% vested on the first open
trading day on or after the fourth anniversary of the Vesting
Commencement Date.
25% of the shares are scheduled to
vest on the first open trading day under the Company’s
insider trading policy on or after each quarter following the
Vesting Commencement Date, so as to be 100% vested on the first
open trading day on or after the first anniversary of the Vesting
Commencement Date.
The shares are immediately vested
upon grant.
Other:
In no event shall the Shares vest
after the 10 th
anniversary of the Date of
Grant.
For instance, assume a Purchaser
received a stock purchase right to acquire 160 shares on 2/15/06
under scheduled vesting date alternative 1, and that the Purchaser
exercised the purchase right. If the trading window under the
Company’s insider trading policy is open on 2/15/07, 5/15/07
and 8/15/07, the Purchaser would vest 40 shares on 2/15/07, 10
shares on 5/15/07 and 10 shares on 8/15/07. If the trading
window was closed 3/1/07 and reopened 8/20/07, the Purchaser would
vest 40 shares on 2/15/07 and 20 shares on 8/20/07.
In these examples, if the Purchaser
ceased providing services to the Company as a director, employee or
consultant on 6/1/07, the individual would have vested in 50 shares
in the open trading window scenario, and in 40 shares under the
closed trading window scenario.
YOU MUST EXERCISE THIS STOCK
PURCHASE RIGHT BEFORE THE EXPIRATION DATE OR IT WILL TERMINATE AND
YOU WILL HAVE NO FURTHER RIGHT TO PURCHASE THE SHARES.
Non-Transferability of Stock
Purchase Right .
This Stock Purchase Right may not be transferred, assigned, pledged
or hypothecated in any manner (whether by operation of law or
otherwise) otherwise than by will or by the laws of descent or
distribution and may be exercised during the lifetime of Purchaser
only by Purchaser. Upon any attempt to transfer, assign,
pledge, hypothecate or otherwise dispose of this Stock Purchase
Right or the unreleased shares, or any right or privilege conferred
hereby, or upon any attempted sale under any execution, attachment
or similar process, this right and the rights and privileges
conferred hereby immediately will become null and void. The
terms of the Restricted Stock Purchase Agreement, Plan and Notice
of Grant of Stock Purchase Right will be binding upon the
executors, administrators, heirs, successors and assigns of the
Purchaser.
Termination of Relationship as a
Service Provider or Provision of Notice of Employment Termination;
Vesting Cessation Date . If Purchaser (i) ceases to provide
ongoing service as a Service Provider (for any reason and
regardless of any appropriate court finding such termination unfair
or irregular on any basis whatsoever), or (ii) the Purchaser is
provided with notice of termination of employment (for any reason
and regardless of any appropriate court finding the related
termination unfair or irregular on any basis whatsoever) and ceases
to provide ongoing service during the notice period, the Company
will, in the period commencing (a) on the earlier of the date of
such cessation as a Service Provider or the last date of ongoing
service after receiving a notice of termination of employment, or
(b) such later date as required by Applicable
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Law (the earlier of these dates or such later
date required by Applicable Law is referred to herein as the
“Vesting Cessation Date”, as reasonably fixed and
determined by the Administrator) and ending three months later,
have an irrevocable, exclusive option to repurchase up to that
number of Shares which constitute the Unreleased Shares (as defined
in Section 4) at the original Exercise Price per share (the
“Repurchase Price”) (the “Repurchase
Option”). At the sole discretion of Company, subject to
Applicable Law, Purchaser may be paid a lump sum for their cash
compensation in lieu of notice.
The Restricted
Stock Purchase Agreement (including exhibits A-1 to A-3) and the
Plan are incorporated herein by reference. This Notice of
Grant, the Plan and Restricted Stock Purchase Agreement (including
exhibits A-1 to A-3 referenced therein) constitute the entire
agreement of the parties with respect to the subject matter hereof
and supersede in their entirety all prior undertakings and
agreements of the Company and Purchaser with respect to the subject
matter hereof, and may not be modified adversely to the
Purchaser’s interest except by means of an express written
contract signed by the Company and Purchaser. The Company
will administer the Plan from the United States of America, and any
disputes will be settled in the U.S. according to U.S. law.
This Notice of Grant of Stock Purchase Right, Restricted Stock
Purchase Agreement (including exhibits A-1 to A-3), Plan and all
awards are governed by the internal substantive laws, but not the
choice of law principles, of the State of California, United States
of America. Notwithstanding anything to the contrary in the
Plan or the Agreement (including exhibits A-1 to A-3), the Company
reserves the right to revise this Agreement as it deems necessary
or advisable, in its sole discretion and without Purchaser’s
consent, to comply with Section 409A or to otherwise avoid
imposition of any additional tax or income recognition under
Section 409A prior to the actual issuance of Restricted Stock or
prior to the lapse of repurchase rights under this
Agreement.
By Purchaser’s signature and
the signature of the Company’s representative below,
Purchaser and the Company agree that this Stock Purchase Right is
granted under and governed by the terms and conditions of the Plan,
the Restricted Stock Purchase Agreement (including exhibits A-1 to
A-3) and this Notice of Grant of Stock Purchase Right.
Purchaser has reviewed the Plan, the Restricted Stock Purchase
Agreement (including exhibits A-1 to A-3) and this Notice of Grant
of Stock Purchase Right, has had an opportunity to obtain the
advice of counsel prior to executing this Agreement and fully
understands all provisions of the Plan, the Restricted Stock
Purchase Agreement (including exhibits A-1 to A-3) and this Notice
of Grant of Stock Purchase Right. Purchaser agrees to accept
as binding, conclusive and final all decisions or interpretations
of the Administrator upon any questions relating to the Plan, the
Restricted Stock Purchase Agreement (including exhibits A-1 to A-3)
and this Notice of Grant of Stock Purchase Right. Purchaser
further agrees to notify the Company upon any change in the
residence indicated in the Notice of Grant of Stock Purchase
Right.
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PURCHASER
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QUICKLOGIC CORPORATION
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By:
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Signature
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Title:
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Print Name
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Date:
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Date:
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PURCHASER ADDRESS:
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BENEFICIARY:
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Print Name
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Date:
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Consent of spouse required if beneficiary is
someone other than spouse:
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Signature:
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Print Name:
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Date:
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Please return this Notice of Grant of Stock
Purchase Right, Assignment Separate from Certificate, and Joint
Escrow Instructions to the Stock Administrator of the
Company.
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EXHIBIT A
RESTRICTED STOCK PURCHASE
AGREEMENT
1.
Sale of
Stock . The Company hereby
agrees to sell to the individual named in the Notice of Grant of
Stock Purchase Right (the “Purchaser”), and the
Purchaser hereby agrees to purchase the number of Shares set forth
in the Notice of Grant of Stock Purchase Right, at the exercise
price per share set forth in the Notice of Grant of Stock Purchase
Right (the “Exercise Price”), and subject to the terms
and conditions of the Plan, which is incorporated herein by
reference. In the event of a conflict between the terms and
conditions of the Plan and this Agreement, the terms and conditions
of the Plan will prevail.
2.
Payment of
Purchase Price . Upon exercise of the
Stock Purchase Right, Purchaser shall deliver to the Company the
aggregate Exercise Price for the Shares by cash or check, together
with any and all withholding taxes due in connection with the
purchase of the Shares.
3.
Repurchase
Option .
(a)
The Repurchase
Option may be exercised by the Company by delivering written notice
to the Purchaser or the Purchaser’s executor (with a copy to
the Escrow Holder (as defined in Section 7)) AND, at the
Company’s option, (i) by delivering to the Purchaser or the
Purchaser’s executor a check in the amount of the aggregate
Repurchase Price, or (ii) by the Company canceling an amount of the
Purchaser’s indebtedness to the Company equal to the
aggregate Repurchase Price, or (iii) by a combination of (i) and
(ii) so that the combined payment and cancellation of indebtedness
equals such aggregate Repurchase Price. Upon delivery of such
notice and the payment of the aggregate Repurchase Price in any of
the ways described above, the Company will become the legal and
beneficial owner of the Unreleased Shares being repurchased and all
rights and interests therein or relating thereto, and the Company
will have the right to retain and transfer to its own name the
number of Unreleased Shares being repurchased by the
Company.
(b)
If no cash
consideration was used to pay for the Restricted Stock (for
example, if the Shares were purchased by prior Service), the
Repurchase Option will be exercised by the Company by delivering
written notice to the Purchaser or the Purchaser’s executor
(with a copy to the Escrow Holder (as defined in Section 7)). Upon
delivery of such notice, the Company will become the legal and
beneficial owner of the Unreleased Shares being repurchased and all
rights and interests therein or relating thereto, and the Company
will have the right to retain and transfer to its own name the
number of Unreleased Shares being repurchased by the
Company.
(c)
Whenever the
Company will have the right to repurchase the Unreleased Shares
hereunder, the Company may designate and assign one or more
employees, officers, directors or shareholders of the Company or
other persons or organizations to exercise all or a part of the
Company’s Repurchase Option to purchase all or a part of the
Unreleased Shares. If the Fair Market Value of the Unreleased
Shares to be repurchased on the date of such designation or
assignment (the “Repurchase FMV”) exceeds the aggregate
Repurchase Price of the
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Unreleased Shares, then the
Administrator may require each such designee or assignee to pay the
Company cash equal to the difference between the Repurchase FMV and
the aggregate Repurchase Price of Unreleased Shares to be
purchased.
(d)
If the Company or
its assignee does not elect to exercise the Repurchase Option
conferred above by giving the requisite notice within three (3)
months following Purchaser’s Vesting Cessation Date, the
Repurchase Option will terminate.
4.
Release of
Shares From Repurchase Option .
(a)
The Repurchase
Option shall lapse as the Shares vest, as set forth in the Notice
of Grant of Stock Purchase Right, or any other duly authorized
written agreement between Company and Purchaser.
(b)
Any of the Shares
which have not yet been released from the Company’s
Repurchase Option are referred to herein as “Unreleased
Shares”.
(c)
The Shares which
have been released from the Company’s Repurchase Option will
be delivered to the Purchaser at the Purchaser’s request (see
Section 7).
5.
Payment after
Vesting . Any Restricted Stock
that vests in accordance with the Notice of Grant of Stock Purchase
Right will be released from escrow to Purchaser (or in the event of
the Purchaser’s death, to Purchaser’s estate), provided
that to the extent determined appropriate by the Company, any
federal, state and local withholding taxes, fringe benefit tax
(“FBT”) or National Insurance Contribution
(“NIC”) tax with respect to such Restricted Stock will
be paid by the Purchaser in the manner allowed by the
Company.
6.
Restriction on
Transfer . Except for the escrow
described in Section 7 or transfer of the Shares to the Company or
its assignees contemplated by this Agreement, none of the Shares or
any beneficial interest therein will be transferred, assigned,
pledged or hypothecated in any way (whether by operation of law or
otherwise) and will not be subject to sale under execution,
attachment or similar process, encumbered or otherwise disposed of
in any way until the release of such Shares from the
Company’s Repurchase Option in accordance with the provisions
of this Agreement, other than by will or the laws of descent and
distribution. Upon any attempt to transfer, assign, pledge,
hypothecate or otherwise dispose of this grant, or any right or
privilege conferred hereby, or upon any attempted sale under any
execution, attachment or similar process, this grant and the rights
and privileges conferred hereby immediately will become null and
void.
7.
Escrow of
Shares .
(a)
To ensure the
availability for delivery of the Purchaser’s Unreleased
Shares upon exercise of the Repurchase Option by the Company, the
Purchaser will, upon exercise of the Stock Purchase Right, deliver
and deposit with an escrow holder designated by the Company (the
“Escrow Holder”) the share certificates representing
the Unreleased Shares, together with the Assignment Separate from
Certificate (the “Stock Assignment”) duly endorsed in
blank, attached hereto as Exhibit A-1 . The Unreleased
Shares and Stock Assignment will be
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held by the Escrow Holder,
pursuant to the Joint Escrow Instructions of the Company and
Purchaser attached as Exhibit A-2 hereto, until such time as
the Company’s Repurchase Option expires.
(b)
The Escrow Holder
will not be liable for any act it may do or omit to do with respect
to holding the Unreleased Shares in escrow and while acting in good
faith and in the exercise of its judgment.
(c)
If the Company or
any assignee exercises its Repurchase Option hereunder, the Escrow
Holder, upon receipt of written notice of such option exercise from
the proposed transferee, will take all steps necessary to
accomplish such transfer.
(d)
When the
Repurchase Option has been exercised or expires unexercised or a
portion of the Shares has been released from such Repurchase
Option, upon Purchaser’s request the Escrow Holder will
promptly cause a new certificate to be issued for such released
Shares and will deliver such certificate to the Company or the
Purchaser, as the case may be.
(e)
Subject to the
terms hereof, once the Stock Purchase Right is exercised, the
Purchaser will have all the rights of a shareholder, and shall be a
shareholder when his or her purchase is entered upon the records of
the duly authorized transfer agent of the Company, including
without limitation, the right to vote the Shares and receive any
cash dividends declared thereon. No adjustment will be made
for a dividend or other right for which the record date is prior to
the date the Stock Repurchase Right is exercised, except as
provided in Section 14 of the Plan. If, from time to time
during the term of the Company’s Repurchase Option, there is
(i) any stock dividend, stock split or other change in the Shares,
or (ii) any merger or sale of all or substantially all of the
assets or other acquisition of the Company, any and all new,
substituted or additional securities to which the Purchaser is
entitled by reason of the Purchaser’s ownership of the Shares
will be immediately subject to this escrow, deposited with the
Escrow Holder and included thereafter as “Shares” for
purposes of this Agreement and the Company’s Repurchase
Option, in an amount proportional to the Unreleased
Shares.
8.
Restrictive Legends;
Stop-Transfer Orders; Refusal to Transfer .
(a)
Purchaser
understands and agrees that the Company will cause the legends set
forth below or legends substantially equivalent thereto, to be
placed upon any certificate(s) evidencing ownership of the Shares
together with any other legends that may be required by the Company
or by applicable state or federal securities laws:
THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A
REPURCHASE OPTION HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET
FORTH IN THE RESTRICTED STOCK PURCHASE AGREEMENT BETWEEN THE ISSUER
AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE
OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER
RESTRICTIONS, RIGHT OF FIRST REFUSAL AND
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REPURCHASE OPTION ARE BINDING ON
TRANSFEREES OF THESE SHARES.
(b)
Stop-Transfer
Notices . Purchaser agrees
that, in order to ensure compliance with the restrictions referred
to herein, the Company may issue appropriate “stop
transfer” instructions to its transfer agent, if any, and
that, if the Company transfers its own securities, it may make
appropriate notations to the same effect in its own
records.
(c)
Refusal to
Transfer . The Company will not
be required (i) to transfer on its books any Shares that have been
sold or otherwise transferred in violation of any of the provisions
of this Agreement or (ii) to treat as owner of such Shares or to
accord the right to vote or pay dividends to any purchaser or other
transferee to whom such Shares will have been so
transferred.
9.
Tax
Withholding and Consequences . Regardless of any
action the Company takes with respect to any or all income tax,
social insurance, payroll tax, payment on account or other
tax-related withholding, fringe benefit tax (“FBT”) or
National Insurance Contribution (“NIC”) relating to the
grant, vesting, release,
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