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SEMITOOL, INC. 2007 STOCK INCENTIVE PLAN NOTICE OF NON-QUALIFIED STOCK OPTION AWARD [USE FOR NON-EMPLOYEE DIRECTORS]

Option Agreement

SEMITOOL, INC. 2007 STOCK INCENTIVE PLAN NOTICE OF NON-QUALIFIED STOCK OPTION AWARD [USE FOR NON-EMPLOYEE DIRECTORS] | Document Parties: SEMITOOL, INC You are currently viewing:
This Option Agreement involves

SEMITOOL, INC

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Title: SEMITOOL, INC. 2007 STOCK INCENTIVE PLAN NOTICE OF NON-QUALIFIED STOCK OPTION AWARD [USE FOR NON-EMPLOYEE DIRECTORS]
Governing Law: Montana     Date: 5/9/2007
Industry: Semiconductors     Sector: Technology

SEMITOOL, INC. 2007 STOCK INCENTIVE PLAN NOTICE OF NON-QUALIFIED STOCK OPTION AWARD [USE FOR NON-EMPLOYEE DIRECTORS], Parties: semitool  inc
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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]

 

   

Grantee's Name and Address:

                           

                           

_________________________________________________________

_________________________________________________________

_________________________________________________________



        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.

 

   

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:

_________________________________________________________

_________________________________________________________

_________________________________________________________

$________________________________________________________


2,000 Shares

$________________________________________________________

Non-Qualified Stock Option

_________________________________________________________

Three (3) Months



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.

 

   
 

Semitool, Inc.,
a Montana corporation

By:_____________________________________________

Title:____________________________________________



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.

 

   

Dated: ______________________

Signed: _________________________________________
                 Grantee






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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