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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
Governing Law: California     Date: 8/4/2009
Industry: Semiconductors     Sector: Technology

2009 STOCK PLAN, Parties: quicklogic corporation
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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:

 

Optionee:

 

 

 

 

Grant Number:

 

 

 

 

Date of Grant:

 

 

 

 

Vesting Commencement Date:

 

 

 

 

Exercise Price, per Share:

 

 

 

 

Number of Shares Granted:

 

 

 

 

Term of Option:

 

 

 

 

 

Type of Option:

 

Incentive Stock Option

 

Nonstatutory Stock Option

 

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                  .

 

       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.

 

OPTIONEE:

 

QUICKLOGIC CORPORATION

 

 

 

 

 

By:

 

Signature

 

 

 

 

 

 

 

 

 

Title:

 

Print Name

 

 

 

 

 

 

 

 

 

 

 

Date:

 

 

Date:

 

 

 

OPTIONEE 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 Stock Options to the Stock Administrator of the Company.

 

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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


 
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