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2009 STOCK PLAN

Equity Incentive Plan Agreement

2009 STOCK PLAN | Document Parties: QUICKLOGIC CORPORATION You are currently viewing:
This Equity Incentive Plan Agreement involves

QUICKLOGIC CORPORATION

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Title: 2009 STOCK PLAN
Date: 8/4/2009
Industry: Semiconductors     Sector: Technology

2009 STOCK PLAN, Parties: quicklogic corporation
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Exhibit 10.28

 

QUICKLOGIC CORPORATION

 

2009 STOCK PLAN

 

NOTICE OF GRANT OF RESTRICTED STOCK UNITS

 

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 Restricted Stock Units (the “Notice of Grant”) and the Restricted Stock Unit Agreement, attached hereto as Exhibit A (the “Restricted Stock Unit Agreement” or “Agreement”).

 

Grantee:

 

Address:

 

Grantee has been granted the right to receive an award of Restricted Stock Units, subject to the terms and conditions of the Plan and the Agreement, as follows:

 

Grant Number

 

Date of Grant

 

Vesting Commencement Date

 

Number of Restricted Stock Units

 

Vesting Schedule :

 

Grantee will generally be taxed when the Restricted Stock Units (“RSUs”) vest and Shares are delivered.  The RSUs are intended (but not guaranteed) to vest in an open trading window under the Company’s insider trading policy.  This should help enable the Grantee to sell a portion of the delivered shares to cover the Grantee’s tax obligations.  If the trading window is closed on a scheduled vesting date, vesting of the RSUs will be delayed until the trading window is open. A Grantee vests in the RSU in accordance with the following vesting schedule, so long as a Vesting Cessation Date (as defined herein) has not yet occurred:

 

This RSU will vest, in whole or in part, according to the following vesting schedule:

 

Scheduled quarterly vesting over four years with a one-year cliff.   25% of the RSU 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 RSUs 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;

 

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Scheduled bi-annual vesting over 15 quarters with a one-year cliff.   25% of the RSUs 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; 1/8 of the RSUs will vest on the first open trading day under the Company’s insider trading policy on or after the date which is 15 months from the Vesting Commencement Date; thereafter 1/8 of the RSUs will vest on the first open trading day under the Company’s insider trading policy on or after each successive six months, so as to be 100% vested on the first open trading day on or after the date which is 15 quarters from the Vesting Commencement Date.

 

Scheduled annual vesting over four years.   25% of the RSUs will vest each year on the first open trading day under the Company’s insider trading policy on or after the anniversary of the Vesting Commencement Date, so as to be 100% vested on the first open trading day on or after the fourth anniversary of the Vesting Commencement Date;

 

Scheduled quarterly vesting over one year.   25% of the RSUs 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 RSUs are vested in full upon grant; or

 

Other:

 

Example:

 

Grantee Montana is awarded RSUs to acquire 160 Shares on 2/10/06 under Service Vesting alternative 1.  If the trading window under the Company’s insider trading policy is open on 2/10/07, 5/10/07 and 8/10/07, Grantee Montana vests as to 40 Shares on 2/10/07, 10 Shares on 5/10/07 and 10 Shares on 8/10/07.

 

If the trading window is closed on 3/1/07 and reopens on 8/20/07, Grantee Montana vests as to 40 Shares on 2/10/07 and 20 Shares on 8/20/07.]

 

Term of Service Vesting RSUs .  Service vesting RSUs shall automatically expire, to the extent then unvested, on the Vesting Cessation Date.  RSUs which expire shall automatically become void and without further effect.  In such event, the underlying Shares shall be returned to the Plan. The maximum term of a RSU is ten (10) years.

 

The Restricted Stock Unit Agreement included as Exhibit A and the Plan are incorporated herein by reference.  The Plan, Restricted Stock Unit Agreement and this Notice of Grant 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 Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and Grantee.  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, Restricted Stock Unit Agreement, Plan and all awards are governed by the internal

 

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substantive laws, but not the choice of law principles, of the State of California, United States of America.

 

By Grantee’s signature, Grantee agrees that this award is granted under and governed by the terms and conditions of the Plan, the Restricted Stock Unit Agreement and this Notice of Grant.  Grantee has reviewed the Plan, the Restricted Stock Unit Agreement and this Notice of Grant in their entirety, 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 Unit Agreement and this Notice of Grant.  Grantee hereby 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 Unit Agreement and this Notice of Grant.

 

GRANTEE

 

QUICKLOGIC CORPORATION

 

 

 

 

 

By:

 

Signature

 

 

 

 

 

 

 

 

 

Title:

 

Print Name

 

 

 

 

 

 

 

Date:

 

 

Date:

 

 

 

 

 

 

 

GRANTEE ADDRESS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BENEFICIARY:

 

 

 

 

 

 

 

 

Print Name

 

 

 

 

 

Date:

 

 

 

 

 

 

Consent of spouse required if beneficiary is someone other than spouse :

 

 

 

Signature:

 

 

 

 

 

 

Print Name:

 

 

 

 

 

 

Date:

 

 

 

 

 

 

Please return this Notice of Grant of Restricted Stock Units to the Stock Administrator of the Company.

 

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EXHIBIT A

 

RESTRICTED STOCK UNIT AGREEMENT

 

1.              Grant of Restricted Stock Units .  The Company hereby grants to the Grantee named in the Notice of Grant under the Plan an award of Restricted Stock Units (“RSUs”), subject to all of the terms and conditions in this Restricted Stock Unit Agreement and the Plan, which is incorporated herein by reference.  Subject to Section 16(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Agreement, the terms and conditions of the Plan will prevail.

 

2.              Company’s Obligation .  Each RSU represents the right to receive a Share in accordance with the vesting schedule in the attached Notice of Grant.  Unless and until the RSUs vest, the Grantee will have no right to receive Shares underlying such RSUs.  Prior to actual distribution of Shares pursuant to any vested RSUs, such RSUs will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.

 

3.              Vesting Schedule .  Subject to paragraph 4 of this Agreement, the RSUs awarded by this Agreement will vest and all restrictions lapse according to the vesting schedule specified in the Notice of Grant.

 

4.              Forfeiture upon Termination as a Service Provider .  Notwithstanding any contrary provision of this Agreement or the Notice of Grant, if the RSU expires for any or no reason prior to vesting, the unvested RSUs awarded by the Notice of Grant and this Agreement will thereupon be forfeited at no cost to the Company.

 

5.              Payment after Vesting .  Any RSUs that vest in accordance with paragraph 3 of this Agreement will be paid to the Grantee (or in the event of the Grantee’s death, to Grantee’s estate) in Shares, 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 RSUs will be paid by the Grantee in the manner allowed by the Company.

 

6.              Tax Withholding and Consequences .  Regardless of any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding, FBT or NIC paid or payable in respect of the grant, vesting, release, cancellation, transfer of the RSUs or issuance of the related Shares (“Tax-Related Items”), Grantee acknowledges that the ultimate liability for all Tax-Related Items legally due by Grantee are and remain Grantee’s responsibility and that the Company (a) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the grant, vesting or delivery of RSUs or related Shares, the subsequent sale of Shares and/or the receipt of any dividends; and (b) does not commit to structure the terms of a RSU grant to reduce or eliminate Grantee’s liability for Tax-Related Items.  Set forth below is a brief summary as of the date of grant of this Restricted Stock Unit Agreement of some of the United States federal tax consequences of vesting of this RSU and disposition of the Shares.  THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE.

 

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As the RSUs vest, Grantee will immediately recognize compensation income in an amount equal to the Fair Market Value of the vesting Shares (the “Vest Date Fair Market Value”) if Grantee is a U.S taxpayer.  If Grantee is a non-U.S. taxpayer, Grantee will be subject to applicable taxes in Grantee’s jurisdiction.

 

If Grantee is an Employee or former Employee, the Vest Date Fair Market Value will be subject to tax withholding by the Company, and the Company will generally be entitled to a tax deduction in the amount at the time the Grantee recognizes ordinary income with respect to a Restricted Stock Unit Agreement.

 

7.              Tax Obligations .  Grantee agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing or retaining Grantee) in accordance with the procedures offered by the Company for the satisfaction of all federal, state, local and foreign income and employment tax withholding requirements, FBT and NIC app


 
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