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Exhibit
10.91
SEMITOOL, INC.
2007 STOCK INCENTIVE PLAN
NOTICE OF NON-QUALIFIED STOCK OPTION
AWARD
[USE FOR NON-EMPLOYEE DIRECTORS]
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Grantee's Name and Address:
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_________________________________________________________
_________________________________________________________
_________________________________________________________
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You (the
"Grantee") have been granted an option to purchase shares of Common
Stock, subject to the terms and conditions of this Notice of Stock
Option Award (the "Notice"), the Semitool, Inc.2007 Stock Incentive
Plan, as amended from time to time (the "Plan"), and the
Non-Qualified Stock Option Award Agreement (the "Option Agreement")
attached hereto, as follows. Unless otherwise defined herein, the
terms defined in the Plan shall have the same defined meanings in
this Notice.
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Award Number
Date of Award
Vesting Commencement Date
Exercise Price per Share
Total Number of Shares subject
to the Option
Total Exercise Price
Type of Option:
Expiration Date:
Post-Termination Exercise Period:
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_________________________________________________________
_________________________________________________________
_________________________________________________________
$________________________________________________________
2,000 Shares
$________________________________________________________
Non-Qualified Stock Option
_________________________________________________________
Three (3) Months
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Vesting Schedule :
Subject to the
Grantee’s Continuous Service and other limitations set forth
in this Notice, the Plan and the Option Agreement, the Option may
be exercised, in whole or in part, in accordance with the following
schedule:
Twenty-five
percent (25%) of the Shares subject to the Option shall vest on a
quarterly basis on the last day of each three-month period
following the Vesting Commencement Date, such that the Option shall
be one hundred percent (100%) vested on the first anniversary of
the Vesting Commencement Date.
1
Notwithstanding
the foregoing, in the event of a Corporate Transaction or a Change
in Control, one hundred percent (100%) of the Shares subject to the
Option shall become fully vested and exercisable immediately prior
to the effective date of such Corporate Transaction or Change in
Control.
IN WITNESS
WHEREOF, the Company and the Grantee have executed this Notice and
agree that the Option is to be governed by the terms and conditions
of this Notice, the Plan and the Option Agreement.
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Semitool, Inc.,
a Montana corporation
By:_____________________________________________
Title:____________________________________________
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THE GRANTEE ACKNOWLEDGES AND AGREES
THAT THE SHARES SUBJECT TO THE OPTION SHALL VEST, IF AT ALL, ONLY
DURING THE PERIOD OF THE GRANTEE’S CONTINUOUS SERVICE (NOT
THROUGH THE ACT OF BEING GRANTED THE OPTION OR ACQUIRING SHARES
HEREUNDER).
The Grantee
acknowledges receipt of a copy of the Plan and the Option
Agreement, and represents that he or she is familiar with the terms
and provisions thereof, and hereby accepts the Option subject to
all of the terms and provisions hereof and thereof. The Grantee has
reviewed this Notice, the Plan and the Option Agreement 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 Plan and the Option Agreement. The
Grantee hereby agrees that all questions of interpretation and
administration relating to this Notice, the Plan and the Option
Agreement shall be resolved by the Administrator in accordance with
Section 13 of the Option Agreement. The Grantee further agrees
to the venue selection and waiver of a jury trial in accordance
with Section 14 of the Option Agreement. The Grantee further
agrees to notify the Company upon any change in the residence
address indicated in this Notice.
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Dated:
______________________
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Signed:
_________________________________________
Grantee
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2
Award
Number: ___________
SEMITOOL, INC.
2007 STOCK INCENTIVE PLAN
NON-QUALIFIED STOCK OPTION AWARD
AGREEMENT
1. Grant of Option . Semitool,
Inc., a Montana corporation (the "Company"), hereby grants to the
Grantee (the "Grantee") named in the Notice of Non-Qualified Stock
Option Award (the "Notice"), an option (the "Option") to purchase
the Total Number of Shares of Common Stock subject to the Option
(the "Shares") set forth in the Notice, at the Exercise Price per
Share set forth in the Notice (the "Exercise Price") subject to the
terms and provisions of the Notice, this Non-Qualified Stock Option
Award Agreement (the "Option Agreement") and the Company’s
2007 Stock Incentive Plan, as amended from time to time (the
"Plan"), which are incorporated herein by reference. Unless
otherwise defined herein, the terms defined in the Plan shall have
the same defined meanings in this Option Agreement.
The Option is
intended to qualify as a Non-Qualified Stock Option and not as an
Incentive Stock Option as defined in Section 422 of the
Code.
2. Exercise of Option .
(a)
Right to Exercise . The Option shall be exercisable during
its term in accordance with the Vesting Schedule set out in the
Notice and with the applicable provisions of the Plan and this
Option Agreement. The Option shall be subject to the provisions of
Section 11 of the Plan relating to the exercisability or
termination of the Option in the event of a Corporate Transaction
or a Change in Control. The Grantee shall be subject to reasonable
limitations on the number of requested exercises during any monthly
or weekly period as determined by the Administrator. In no event
shall the Company issue fractional Shares.
(b)
Method of Exercise . The Option shall be exercisable only by
delivery of an Exercise Notice (a form of which is attached as
Exhibit A) or by such other procedure as specified from time to
time by the Administrator which shall state the election to
exercise the Option, the whole number of Shares in respect of which
the Option is being exercised, and such other provisions as may be
required by the Administrator. The exercise notice shall be
delivered in person, by certified mail, or by such other method
(including electronic transmission) as determined from time to time
by the Administrator to the Company accompanied by payment of the
Exercise Price. The Option shall be deemed to be exercised upon
receipt by the Company of such notice accompanied by the Exercise
Price , which, to the extent selected, shall be deemed to be
satisfied by use of the broker-dealer sale and remittance procedure
to pay the Exercise Price provided in Section 4(d) below.
(c)
Taxes . No Shares will be delivered to the Grantee or other
person pursuant to the exercise of the Option until the Grantee or
other person has made arrangements acceptable to the Administrator
for the satisfaction of applicable income tax and employment tax
withholding obligations, including, without limitation, obligations
incident to the receipt of Shares. Upon exercise of the Option, the
Company or the Grantee’s employer may offset or withhold
(from any amount owed by the Company or the Grantee’s
employer to the Grantee) or collect from the Grantee or other
person an amount sufficient to satisfy such tax withholding
obligations.
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3.
Restrictions on Exercise . The Option may not be exercised
if the issuance of the Shares subject to the Option upon such
exercise would constitute a violation of any Applicable Laws. If
the exercise of the Option within the applicable time periods set
forth in Section 5, 6, and 7 of this Option Agreement is
prevented by the provisions of this Section 3, the Option
shall remain exercisable until one (1) month after the date the
Grantee is notified by the Company that the Option is exercisable,
but in any event no later than the Expiration Date set forth in the
Notice.
4. Method of Payment . Payment of
the Exercise Price shall be by any of the following, or a
combination thereof, at the election of the Grantee; provided,
however, that such exercise method does not then violate any
Applicable Law:
(a)
cash;
(b)
check;
(c)
surrender of Shares or delivery of a properly executed form of
attestation of ownership of Shares as the Administrator may require
which have a Fair Market Value on the date of surrender or
attestation equal to the aggregate Exercise Price of the Shares as
to which the Option is being exercised; or
(d)
payment through a broker-dealer sale and remittance procedure
pursuant to which the Grantee (i) shall provide written
instructions to a Company-designated brokerage firm to effect the
immediate sale of some or all of the purchased Shares and remit to
the Company sufficient funds to cover the aggregate exercise price
payable for the purchased Shares and (ii) shall provide written
directives to the Company to deliver the certificates for the
purchased Shares directly to such brokerage firm in order to
complete the sale transaction.
5. Termination or Change of
Continuous Service . In the event the Grantee’s
Continuous Service terminates, the Grantee may, but only during the
Post-Termination Exercise Period, exercise the port
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