Exhibit 10.26
QUICKLOGIC
CORPORATION
2009 STOCK PLAN
NOTICE OF GRANT OF STOCK
OPTIONS
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
Options (the “Notice of Grant”) and the Stock Option
Agreement, attached hereto as Exhibit A (the
“Stock Option Agreement” or
“Agreement”).
QuickLogic Corporation is pleased to
inform you that you, the undersigned Optionee, have been granted an
option (“Option”) to purchase common 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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Optionee:
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Grant Number:
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Date of Grant:
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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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Term of Option:
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Type of Option:
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Incentive Stock Option
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Nonstatutory Stock Option
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Vesting Schedule:
The option may be exercised as it
vests. The options will vest in accordance with the following
vesting schedule, so long as a Vesting Cessation Date (as defined
herein) has not occurred.
25% of
the Shares subject to the Option shall vest twelve months after the
Vesting Commencement Date, and 1/48 of the Shares subject to the
Option shall vest each month thereafter. Fully vested in four
years.
25% of
the Shares subject to the Option shall vest twelve months after the
Vesting Commencement Date, and 1/8 of the Shares subject to the
Option shall vest fifteen months after the Vesting Commencement
Date and each six months thereafter. Fully vested in 15
quarters.
1/12
th of the Shares subject to the Option shall vest for each
full month of Service after the Vesting Commencement Date.
Fully vested in one year.
l/24th of
the Shares subject to the Option shall vest for each full month of
Service after the Vesting Commencement Date. Fully vested in
two years.
1/
of the Shares subject to the
Option shall vest
after the Vesting
Commencement Date. Thereafter,
1/ of the Shares shall vest for
each full of
Service. Fully vested in
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1/
of the Shares subject to the
Option shall vest for each full
of Service after
the Vesting Commencement Date.
100%
of the Shares subject to the Option shall be fully vested on the
grant date.
Termination of Relationship as a
Service Provider or Provision of Notice of Employment Termination;
Vesting Cessation Date . If Optionee (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) 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 Optionee may exercise
his or her Option for a three month period beginning (a) 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 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). Such exercise period shall
automatically extend from three to twelve months in the event
Optionee ceases to be a Service Provider as a result of
Optionee’s death or Disability. In no event shall this
Option be exercised later than the expiration of the term of such
Option as set forth in the Option Agreement. Optionee further
acknowledges and agrees that this Agreement, the transactions
contemplated hereunder and the vesting schedule set forth herein do
not constitute an express or implied promise of continued
engagement as a Service Provider for the vesting period or for any
other period and shall not interfere with Optionee’s right or
the Company’s right to terminate Optionee’s
relationship as a Service Provider at any time, with or without
notice, except as otherwise required by Applicable Law. At the sole
discretion of Company, subject to Applicable Law, Optionee may be
paid a lump sum for their cash compensation in lieu of notice.
Options which do not vest by the Vesting Cessation Date shall
automatically become void and without further effect. In such
event, the underlying Shares shall be returned to the
Plan.
The Stock Option Agreement included
as Exhibit A and the Plan are incorporated herein by
reference. The Plan, Stock Option 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
Optionee with respect to the subject matter hereof, and may not be
modified adversely to the Optionee’s interest except by means
of a writing signed by the Company and the Optionee. 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, Stock Option Agreement, Plan and
all awards are governed by the internal substantive
laws,
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but not the choice of law
principles, of the State of California, United States of
America.
By Optionee’s signature and
the signature of the Company’s representative below, Optionee
and the Company agree that this Option is granted under and
governed by the terms and conditions of the Plan, the Stock Option
Agreement and this Notice of Grant. Optionee has reviewed the
Plan, the Stock Option 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 Stock Option Agreement and this Notice
of Grant. Optionee hereby agrees to accept as binding,
conclusive and final all decisions or interpretations of the
Administrator upon any questions relating to the Plan, the Stock
Option Agreement and this Notice of Grant.
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OPTIONEE:
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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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BENEFICIARY:
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
Options to the Stock Administrator of the Company.
3
EXHIBIT A
STOCK OPTION
AGREEMENT
1.
Grant of
Option . The Plan
Administrator of the Company hereby grants to the person named in
the Notice of Grant under the Plan (the “Optionee”) an
option (the “Option”) to purchase the number of Shares,
as set forth in the Notice of Grant, at the exercise price per
share set forth in the Notice of Grant (the “Exercise
Price”), subject to the terms and conditions of the Notice of
Grant, this Stock Option Agreement and the Plan, which is
incorporated by reference. In the event of a conflict between
the terms and conditions of the Plan and the terms and conditions
of this Option Agreement, the terms and conditions of the Plan
shall prevail. If designated in the Notice of Grant as an
Incentive Stock Option (“ISO”), this Option is intended
to qualify as an ISO under Section 422 of the Code.
However, any Option that exceeds the $100,000 rule of Code
Section 422(d) shall be treated as a Nonstatutory Stock
Option (“NSO”).
2.
Exercise of
Option . This Option is
exercisable during its term in accordance with the Vesting
Schedule set out in the Notice of Grant and the applicable
provisions of the Plan and this Stock Option Agreement. This
Option shall be deemed exercised when the Company receives:
(i) written or electronic notice of exercise from the person
entitled to exercise the Option; and (ii) full payment of the
Exercise Price, as defined herein, for Shares exercised. The
form of written notice of exercise is attached as Exhibit A-1.
The forms of consideration acceptable for the payment of the
aggregate Exercise Price are described in the Plan,
Section 9(c).
3.
Term of
Option . This Option may be
exercised only within the Term of Option set out in the Notice of
Grant, and in accordance with the terms of the Plan and this Option
Agreement.
4.
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,
fringe benefit tax (“FBT”) or National Insurance
Contribution (“NIC”) tax paid or payable in respect of
the grant, vesting, exercise, cancellation, transfer of the Options
or issuance of the Shares (“Tax-Related Items”),
Optionee acknowledges that the ultimate liability for all
Tax-Related Items legally due by Optionee are and remain
Optionee’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, exercise or delivery of options 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 option grant
to reduce or eliminate Optionee’s liability for Tax-Related
Items. Optionee should consult a tax adviser and the Plan in
order to determine the tax consequences before exercising this
Option or disposing of the Shares.
5.
Tax
Matters. If the Optionee sells
or otherwise disposes of any of the Shares acquired pursuant to an
ISO on or before the later of (i) two years after the grant
date, or (ii) one year after the exercise date, the Optionee
shall immediately notify the Company in writing of such
disposition, and shall promptly provide any information that may be
requested by the Company and/or the Company’s consultant
regarding such sale or other disposition of the Shares. The
Optionee agrees that he or she may be subject to income tax
withholding by the Company on the compensation
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income recognized from such
early disposition of ISO Shares by payment in cash or out of the
current earnings paid to the Optionee.
6.
Tax
Obligations . Optionee agrees to
make appropriate arrangements with the Company (or the Parent or
Subsidiary employing or retaining Optionee) 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 applicable to the grant,
vesting or exercise of the Options and issuance of the
Shares. Optionee also agrees to reimburse or pay the Company
(including its Subsidiaries) in full, any liability that the
Company incurs towards any FBT or NIC paid or payable in respect of
the grant, vesting, exercise or cancellation of the Option or
transfer or delivery of the Shares, within the time and in the
manner prescribed by the Company. The Administrator may in
its sole discretion determine amounts and whether the withholding
taxes and/or FBT and/or NIC with respect to such Option and related
Shares will be paid by cash, exercising and selling a portion of a
vested Option, electing to have the Company withhold otherwise
deliverable Shares having a value equal to the minimum amount
statutorily required to be withheld, selling a sufficient number of
such Shares otherwise deliverable to Optionee through such means as
the Company may determine in its sole discretion (whether through a
broker or otherwise) having a Fair Market Value equal to the amount
required, by directing of a portion of the proce