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.
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GRANTEE
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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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GRANTEE 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 Restricted Stock Units to the Stock Administrator of the
Company.
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3
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