EXHIBIT 10.97
SEMITOOL, INC.
2007 STOCK INCENTIVE PLAN
NOTICE OF RESTRICTED STOCK UNIT AWARD
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| Grantee's Name and Address: |
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_________________________________________________________
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You (the
“Grantee”) have been granted an award of Restricted
Stock Units (the “Award”), subject to the terms and
conditions of this Notice of Restricted Stock Unit Award (the
“Notice”), the Semitool, Inc. 2007 Stock Incentive
Plan, as amended from time to time (the “Plan”) and the
Restricted Stock Unit Agreement (the “Agreement”)
attached hereto, as follows. Unless otherwise provided herein, the
terms in this Notice shall have the same meaning as those defined
in the Plan.
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Award Number
Date of Award
Vesting Commencement Date
Total Number of Restricted Stock
Units Awarded (the "Units") |
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Vesting Schedule :
Subject to the
Grantee’s Continuous Service and other limitations set forth
in this Notice, the Agreement and the Plan, the Units will
“vest” in accordance with the following schedule (the
“Vesting Schedule”):
[Insert Vesting
Schedule].
In the event of
the Grantee’s change in status from Employee to Consultant or
Director, the determination of whether such change in status
results in a termination of Continuous Service will be determined
in accordance with Section 409A of the Code.
During any
authorized leave of absence, the vesting of the Units as provided
in this schedule shall be suspended (to the extent permitted under
Section 409A of the Code) after the leave of absence exceeds a
period of three (3) months. The Vesting Schedule of the Units shall
be extended by the length of the suspension. Vesting of the Units
shall resume upon the Grantee’s termination of the leave of
absence and return to service to the Company or a Related Entity;
provided, however, that if the leave of absence exceeds six (6)
months, and a return to service upon expiration of such leave is
not guaranteed by statute or contract, then (a) the
Grantee’s Continuous Service shall be deemed to terminate on
the first date following such six-month period and (b) the
Grantee will forfeit the Units that are unvested on the date of the
Grantee’s termination of Continuous Service. An authorized
leave of absence shall include sick leave, military leave, or other
bona fide leave of absence (such as temporary employment by the
government). Notwithstanding the foregoing, with respect to a leave
of absence due to any medically determinable physical or mental
impairment of the Grantee that can be expected to result in death
or can be expected to last for a continuous period of not less than
six (6) months, where such impairment causes the Grantee to be
unable to perform the duties of the Grantee’s position of
employment or substantially similar position of employment, a
twenty-nine (29) month period of absence shall be substituted for
such six (6) month period above.
For purposes of
this Notice and the Agreement, the term “vest” shall
mean, with respect to any Units, that such Units are no longer
subject to forfeiture to the Company. If the Grantee would become
vested in a fraction of a Unit, such Unit shall not vest until the
Grantee becomes vested in the entire Unit.
Vesting shall
cease upon the date the Grantee terminates Continuous Service for
any reason, including death or Disability. In the event the Grantee
terminates Continuous Service for any reason, including death or
Disability, any unvested Units held by the Grantee immediately upon
such termination of the Grantee’s Continuous Service shall be
forfeited and deemed reconveyed to the Company and the Company
shall thereafter be the legal and beneficial owner of such
reconveyed Units and shall have all rights and interest in or
related thereto without further action by the Grantee.
IN WITNESS
WHEREOF, the Company and the Grantee have executed this Notice and
agree that the Award is to be governed by the terms and conditions
of this Notice, the Plan, and the Agreement.
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Semitool, Inc.,
a Montana corporation
By: _____________________________________________________
Title: ____________________________________________________
Date:
_____________________________________________________ |
THE GRANTEE
ACKNOWLEDGES AND AGREES THAT THE UNITS SHALL VEST, IF AT ALL, ONLY
DURING THE PERIOD OF THE GRANTEE’S CONTINUOUS SERVICE OR AS
OTHERWISE SPECIFICALLY PROVIDED HEREIN (NOT THROUGH THE ACT OF
BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES
HEREUNDER). THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT
NOTHING IN THIS NOTICE, THE AGREEMENT, NOR IN THE PLAN, SHALL
CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION OF
THE GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN
ANY WAY WITH THE GRANTEE’S RIGHT OR THE COMPANY’S RIGHT
TO TERMINATE THE GRANTEE’S CONTINUOUS SERVICE AT ANY TIME,
WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE
ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT
AGREEMENT WITH THE COMPANY TO THE CONTRARY, THE GRANTEE’S
STATUS IS AT WILL.
Grantee Acknowledges and Agrees :
The Grantee
acknowledges receipt of a copy of the Plan and the Agreement and
represents that he or she is familiar with the terms and provisions
thereof, and hereby accepts the Award subject to all of the terms
and provisions hereof and thereof. The Grantee has reviewed this
Notice, the Agreement and the Plan in their entirety, has had an
opportunity to obtain the advice of counsel prior to executing this
Notice and fully understands all provisions of this Notice, the
Agreement and the Plan. The Grantee further agrees and acknowledges
that this Award is a non-elective arrangement pursuant to Section
409A of the Code.
The Grantee
further acknowledges that, from time to time, the Company may be in
a “blackout period” and/or subject to applicable
federal securities laws that could subject the Grantee to liability
for engaging in any transaction involving the sale of the
Company’s Shares. The Grantee further acknowledges and agrees
that, prior to the sale of any Shares acquired under this Award, it
is the Grantee’s responsibility to determine whether or not
such sale of Shares will subject the Grantee to liability under
insider trading rules or other applicable federal securities
laws.
The Grantee
understands that the Award, and any future award, is subject to the
Grantee’s consent to access this Notice, the Agreement, the
Plan and the Plan prospectus (collectively, the “Plan
Documents”) in electronic form to the extent the Company
determines to distribute such Plan Documents by electronic delivery
and in such event, the Grantee agrees to participate in the Plan
through an on-line or electronic system established and maintained
by the Company or a third party designated by the Company (such
system, as maintained by the Company or a third party, is
hereinafter referred to as the “Electronic System”). By
signing below (or providing an electronic signature by clicking
below) and accepting the grant of the Award, the Grantee:
(i) consents to receive (instead of receiving paper copies)
the Plan Documents through the Electronic System;
(ii) represents that the Grantee has access to the Electronic
System; (iii) acknowledges receipt of electronic copies, or
that the Grantee is already in possession of paper copies, of the
Plan Documents; and (iv) acknowledges that the Grantee is
familiar with and accepts the Award subject to the terms and
provisions of the Plan Documents.
The Grantee
hereby agrees that all questions of interpretation and
administration relating to this Notice, the Plan and the Agreement
shall be resolved by the Administrator in accordance with
Section 8 of the Agreement. The Grantee further agrees to the
venue and jurisdiction selection in accordance with Section 9
of the Agreement. The Grantee further agrees to notify the Company
upon any change in his or her residence address indicated in this
Notice.
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| Date:____________________________________ |
__________________________________________________
Grantee's Signature
__________________________________________________
Grantee's Printed Name
__________________________________________________
Address
__________________________________________________
City, State & Zip |
SEMITOOL, INC.
2007 STOCK INCENTIVE PLAN
RESTRICTED STOCK UNIT AGREEMENT
1.
Issuance of Units . Semitool, Inc., a Montana corporation
(the “Company”), hereby issues to the Grantee (the
“Grantee”) named in the Notice of Restricted Stock Unit
Award (the “Notice”) an award (the “Award”)
of the Total Number of Restricted Stock Units Awarded set forth in
the Notice (the “Units”), subject to the Notice, this
Restricted Stock Unit Agreement (the “Agreement”) and
the terms and provisions of the Semitool, Inc. 2007 Stock Incentive
Plan, as amended from time to time (the “Plan”), which
is incorporated herein by reference. Unless otherwise provided
herein, the terms in this Agreement shall have the same meaning as
those defined in the Plan.
2.
Transfer Restrictions . The Units may not be transferred in
any manner other than by will or by the laws of descent and
distribution.
3.
Conversion of Units and Issuance of Shares .
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(a)
General . Subject to Sections 3(b) and 3(c), one share
of Common Stock shall be issuable for each Unit subject to the
Award (the “Shares”) upon vesting. Immediately
thereafter, or as soon as administratively feasible, the Company
will transfer the appropriate number of Shares to the Grantee after
satisfaction of any required tax or other withholding obligations.
Any fractional Unit remaining after the Award is fully vested shall
be discarded and shall not be converted into a fractional Share.
Notwithstanding the foregoing, the relevant number of Shares shall
be issued no later than March 15th of the year following the
calendar year in which the Award vests. The Company may however, in
its sole discretion, make a cash payment in lieu of the issuance of
the Shares in an amount equal to the value of one share of Common
Stock multiplied by the number of Units subject to the Award.
Effective upon the consummation of a Corporate Transaction, the
Award shall terminate unless it is Assumed in connection with the
Corporate Transaction.
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(b)
Delay of Conversion . The conversion of the Units into the
Shares under Section 3(a) above, shall be delayed in the event
the Company reasonably anticipates that the issuance of the Shares
would constitute a violation of federal securities laws or other
Applicable Law. If the conversion of the Units into the Shares is
delayed by the provisions of this Section 3(b), the conversion
of the Units into the Shares shall occur at the earliest date at
which the Company reasonably anticipates issuing the Shares will
not cause a violation of federal securities laws or other
Applicable Law. For purposes of this Section 3(b), the
issuance of Shares that would cause inclusion in gross income or
the application of any penalty provision or other provision of the
Code is not considered a violation of Applicable Law.
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(c)
Delay of Issuance of Shares . The Company shall delay the
issuance of any Shares under this Section 3 to the extent
necessary to comply with Section 409A(a)(2)(B)(i) of the Code
(relating to payments made to certain “specified
employees” of certain publicly-traded companies); in such
event, any Shares to which the Grantee would otherwise be entitled
during the six (6) month period following the date of the
Grantee’s termination of Continuous Service will be issuable
on the first business day following the expiration of such six (6)
month period.
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4.
Right to Shares . The Grantee shall not have any right in,
to or with respect to any of the Shares (including any voting
rights or rights with respect to dividends paid on the Common
Stock) issuable under the Award until the Award is settled by the
issuance of such Shares to the Grantee.
5.
Taxes .
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(a)
Tax Liability . The Grantee is ultimately liable and
responsible for all taxes owed by the Grantee in connection with
the Award, regardless of any action the Company or any Related
Entity takes with respect to any tax withholding obligations that
arise in connection with the Award. Neither the Company nor any
Related Entity makes any representation or undertaking regarding
the treatment of any tax withholding in connection with any aspect
of the Award, including the grant, vesting, assignment, release or
cancellation of the Units, the delivery of Shares, the subsequent
sale of any Shares acquired upon vesting and the receipt of any
divide
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