Stock Option Agreement (Korea)
Exhibit (xx)
2003 STOCK INCENTIVE PLAN
OF
RF MICRO DEVICES, INC.
OF
RF MICRO DEVICES, INC.
Stock Option Agreement
(Korea)
(Korea)
THIS AGREEMENT (together with Schedule A, attached hereto, the “Agreement”), effective as of
the date specified as the “Grant Date” on Schedule A attached hereto, between RF MICRO DEVICES,
INC., a North Carolina corporation (the “Corporation”), and the individual identified on Schedule A
attached hereto, an employee of the Corporation or a related corporation (the “Participant”);
R E C I T A L S :
In furtherance of the purposes of the 2003 Stock Incentive Plan of RF Micro Devices, Inc., as
it may be hereafter amended (the “Plan”), the Corporation and the Participant hereby agree as
follows:
1. Incorporation of Plan. The rights and duties of the Corporation and the
Participant under this Agreement shall in all respects be subject to and governed by the provisions
of the Plan, the terms of which are incorporated herein by reference. In the event of any conflict
between the provisions in the Agreement and those of the Plan, the provisions of the Plan shall
govern. Unless otherwise defined herein, capitalized terms in this Agreement shall have the same
definitions as set forth in the Plan.
2. Grant of Option; Term of Option. The Corporation hereby grants to the Participant
pursuant to the Plan, as a matter of separate inducement and agreement in connection with his
employment or service to the Corporation, and not in lieu of any salary or other compensation for
his services, the right and Option (the “Option”) to purchase all or any part of such aggregate
number of shares (the “shares”) of common stock of the Corporation (the “Common Stock”) at a
purchase price (the “option price”) as specified on Schedule A, attached hereto, and subject to
such other terms and conditions as may be stated herein or in the Plan or on Schedule A. The
Participant expressly acknowledges that the terms of Schedule A shall be incorporated herein by
reference and shall constitute part of this Agreement. The Corporation and the Participant further
acknowledge that the Corporation’s signature on the signature page hereof, and the Participant’s
signature on the Grant Letter contained in Schedule A, shall constitute their acceptance of all of
the terms of this Agreement. The Option (or any portion thereof) shall be designated as a
Nonqualified Option. Except as otherwise provided in the Plan or this Agreement, the Option will
expire if not exercised in full by the date specified on Schedule A.
3. Exercise of Option. Subject to the terms of the Plan and this Agreement, the
Option shall become exercisable on the date or dates set forth on Schedule A attached hereto. To
the extent that an Option which is exercisable is not exercised, such Option shall accumulate and
be exercisable by the Participant in whole or in part at any time prior to expiration of the
Option, subject to the terms of the Plan and this Agreement. The Participant expressly
acknowledges that the Option may vest and be exercisable only upon such terms and conditions as are
provided in this Agreement and the Plan. Upon the exercise of an Option in whole or in part
and payment of the option price in accordance with the provisions of the Plan and this Agreement,
the Corporation shall as soon thereafter as practicable deliver to the Participant a certificate or
certificates for the shares purchased. Payment of the option price may be made in the form: (i) of
cash or check; (ii) by delivery (by either actual delivery or attestation) of shares of Common
Stock owned by the Participant at the time of exercise for a period of at least one year and
otherwise acceptable to the Administrator; (iii) to the extent permitted by the Administrator and
in accordance with applicable law, by delivery of written notice of exercise to the Corporation and
delivery to a broker of written notice of exercise and irrevocable instructions to promptly deliver
to the
Corporation the amount of sale or loan proceeds to pay the option price; or (iv) by a combination
of the foregoing
methods. Shares delivered in payment of the option price shall be valued at their
fair market value on the date of exercise, as determined by the Administrator by applying the
provisions of the Plan.
4. Acknowledgment and Waiver. By executing the Grant Letter, participating in the Plan
and accepting the grant of the Option evidenced hereby, the Participant agrees and acknowledges
that:
(a) the Plan is discretionary in nature and that the Corporation can amend, cancel or
terminate the Plan at any time except as may otherwise be explicitly provided in this Agreement and
the Plan;
(b) the grant of the Option under the Plan is voluntary and occasional, and does not create
any contractual or other right to receive future grants of any options or benefits in lieu of any
options, even if options have been granted repeatedly in the past;
(c) all determinations with respect to any future purchases, including, but not limited to,
when the Option shall be granted, the option price, and when each Option shall be exercisable, will
be at the sole discretion of the Corporation;
(d) the Participant’s participation in the Plan is voluntary and of his or her own free will;
(e) the value of the Option is an extraordinary item of compensation, which is outside the
scope of the Participant’s employment contract, if any;
(f) the Option is not part of normal or expected compensation or salary for any purpose,
including, but not limited to, calculating any termination, severance, resignation, redundancy, end
of service payments, bonuses, long-service awards, pension or retirement benefits or similar
payments;
(g) the Option expires upon termination of employment for any reason except as may otherwise
be explicitly provided in this Agreement and the Plan;
(h) (except as may otherwise be explicitly provided in this Agreement and the Plan) in the
event of involuntary termination of the Participant’s employment, the Participant’s right to
receive or exercise the Option under the Plan, if any, will terminate effective as of the date that
the Participant is no longer actively employed, regardless of any reasonable notice period mandated
under local law; furthermore, in the event of involuntary termination of employment, the
Participant’s right to exercise the Option under the Plan after termination of employment, if any,
will terminate effective as of the date the Participant is no longer actively employed, and will
not be extended by any reasonable notice period mandated under local law;
(i) the future value of the shares subject to the Option is unknown and cannot be predicted
with any certainty;
(j) the grant of the Option has been made to the Participant in the Participant’s status as an
employee of the Participant’s employer, and can in no event be understood or interpreted to mean
that the Participant has an employment relationship with any party, including the Corporation and
any related corporation that is not the Participant’s employer;
(k) the Participant shall not make any claim or have any entitlement to compensation or
damages in connection with the termination of the Option or diminution in value of the Option under
the Plan, and Participant hereby irrevocably releases the Corporation and related corporation from
any such claim or entitlement; and
(l) the Participant’s participation in the Plan shall not create a right to employment or
further employment with the Corporation or related corporation, and shall not interfere with or
limit the ability of the
Corporation or related corporation to terminate the Participant’s employment relationship at
any time, with or without cause.
5. Nontransferability of Option. The Option shall not be transferable other than by
will or the laws of intestate succession, except as may be permitted by the Administrator of the
Plan in a manner consistent with the registration provisions of the Securities Act of 1933, as
amended (the “Securities Act”). Except as may be permitted by the preceding sentence, this Option
shall be exercisable during the Participant’s lifetime only by the Participant.
6. Superseding Agreement; Binding Effect. This Agreement supersedes any statements,
representations or agreements of the Corporation with respect to the grant of the Option or any
related rights, and the Participant hereby waives any rights or claims related to any such
statements, representations or agreements. This Agreement shall be binding upon and shall inure to
the benefit of the parties hereto and their respective executors, administrators, heirs, successors
and assigns.
7. Governing Law. Except as otherwise provided in the Plan or herein, this Agreement
shall be construed and enforced according to the laws of the State of North Carolina, to the extent
not superceded by the laws of the United States, without regard to the conflict of laws provisions
of any state or country.
8. Amendment and Termination; Waiver. Subject to the terms of the Plan, this
Agreement may be modified or amended only by the written agreement of the parties hereto. The
waiver by the Corporation of a breach of any provision of the Agreement by the Participant shall
not operate or be construed as a waiver of any subsequent breach by the Participant.
9. No Rights as Shareholder. The Participant or his legal representative, legatees or
distributees shall not be deemed to be the holder of any shares subject to the Option and shall not
have any rights of a shareholder unless and until certificates for such shares have been issued and
delivered to him or them.
10. Tax Withholding. The Corporation will assess its requirements regarding tax,
social insurance and payroll tax withholding (“Tax-Related Items”) in connection with the Option,
including the grant or Cashless Exercise of the Option. These requirements may change from time to
time as laws or the interpretations of such laws change. Regardless of the Corporation’s action or
lack of action in this regard, the Participant hereby acknowledges and agrees that the ultimate
liability for any and all Tax-Related Items is and shall be the sole responsibility and liability
of the Participant, and that the Corporation and/or related corporation,
(a) make(s) no representation or undertaking regarding the treatment of any Tax-Related Items
in connection with any aspect of the grant of the Option, including the grant or Cashless Exercise
of the Option; and
(b) do not commit to and have no obligation to structure the terms of the grant or any aspect
of the Option, in order to reduce or eliminate Participant’s liability for Tax-Related Items.
The Participant acknowledges and agrees that prior to exercise of the Option, the Participant
shall make payment or adequate arrangements satisfactory to the Corporation and/or related
corporation, to satisfy all withholding obligations of the Corporation and/or related corporation.
For this purpose, the Participant authorizes the Corporation and/or related corporation to withhold
all applicable Tax-Related Items legally payable by the Participant from the Participant’s base
salary or other cash compensation paid to the Participant by the Corporation and/or related
corporation. The Corporation or related corporation will repay to the Participant any estimated
withholding which is not required in satisfaction of any Tax-Related Items. The Participant shall
pay to the Corporation or related corporation any Tax-Related Items that Corporation or related
corporation may be required to withhold as a result of the Participant’s participation in the Plan,
that cannot be satisfied by the means described in this paragraph.
The Participant further acknowledges that the Corporation has advised the Participant to
consult his or her independent tax adviser with respect to tax consequences of the Option.
11. Data Privacy Consent. As a condition of participating in the Plan, the Participant
hereby explicitly and unambiguously consents to the collection, use, processing and transfer, in
electronic or other form, of personal data as described in this paragraph by and among, as
applicable, the Corporation, a related corporation, and any of the Corporation’s subsidiaries or
affiliates for the exclusive purpose of implementing, administering and managing the Participant’s
participation in the Plan. The Participant understands that the Corporation or any related
corporation may possess and store certain personal information about the Participant, including his
name, home address and telephone number, date of birth, social security number or other
identification number, salary, nationality, job title, any shares of stock or directorships held in
the Corporation and details of all options or any other entitlement to shares of stock awarded,
canceled, purchased or outstanding in favor of the Participant, for the purpose of managing and
administering the Plan (“Data”).
The Participant further acknowledges and agrees that Data may be transferred to any third
parties assisting the Corporation in the implementation, administration and management of the Plan.
The Participant understands that these third parties may be located within or outside the
Participant’s country of residence, and that the third parties’ respective countries may have
different data privacy laws and protections with respect to the Participant’s country of residence.
The Participant authorizes the third parties to receive, possess, use, retain and transfer the
Data, in electronic or other form, for the purposes of implementing, administering and managing the
Participant’s participation in the Plan, including any requisite transfer of such Data as may be
required for the administration of the Plan and/or the subsequent holding of shares on the
Participant’s behalf by a broker. The Participant understands that Data will be possessed and
stored only as long as necessary to implement, administer and manage the Participant’s
participation in the Plan, and that the Participant may, at any time, review Data, require any
necessary amendments to Data or withdraw the consents herein in writing by contacting the
Corporation. The Participant understands that the withdrawing of consent may affect the
Participant’s ability to participate in the Plan.
12. Administration. The authority to construe and interpret this Agreement and the
Plan, and to administer all aspects of the Plan, shall be vested in the Administrator (as such term
is defined in the Plan), and the Administrator shall have all powers with respect to this Agreement
as are provided in the Plan. Any interpretation of the Agreement by the Administrator and any
decision made by it with respect to the Agreement is final and binding.
13. Notices. Except as may be otherwise provided by the Plan, any written notices
provided for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently
given if either hand delivered or if sent by fax or overnight courier, or by postage paid first
class mail. Notices sent by mail shall be deemed received three business days after mailed but in
no event later than the date of actual receipt. Notice may also be provided by electronic
submission, if and to the extent permitted by the Administrator. Notices shall be directed, if to
the Participant, at the Participant’s address indicated by the Corporation’s records, or if to the
Corporation, at the Corporation’s principal office, attention Treasurer, RF Micro Devices, Inc.
14. Severability. The provisions of this Agreement are severable and if any one or
more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part,
the remaining provisions shall nevertheless be binding and enforceable.
15. Restrictions on Option and Shares. The Corporation may impose such restrictions
on the Option and any shares issued pursuant to the exercise of the Option as it may deem
advisable, including without limitation restrictions under the federal securities laws, the
requirements of any stock exchange or similar organization and any blue sky or state securities
laws applicable to such shares. Notwithstanding any other provision in the Plan or the Agreement
to the contrary, the Corporation shall not be obligated to issue, deliver or transfer shares of
Common Stock, to make any other distribution of benefits, or to take any other action, unless such
delivery, distribution or action is in compliance with all applicable laws, rules and regulations
(including but
not limited to the requirements of the Securities Act). The Corporation may cause a
restrictive legend to be placed on any certificate for shares issued pursuant to the exercise of
the Option in such form as may be prescribed from time to time by applicable laws and regulations
or as may be advised by legal counsel.
16. Counterparts; Further Instruments. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. The parties hereto agree to execute such further instruments and to
take such further action as may be reasonably necessary to carry out the purposes and intent of
this Agreement.
IN WITNESS WHEREOF, this Agreement has been executed on behalf of the Corporation and by the
Participant effective as of the Grant Date noted on Schedule A, attached hereto.
| RF MICRO DEVICES, INC. |
||||
| By: | ||||
| ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇ | ||||
| President & Chief Executive Officer | ||||
Attest: |
||
Assistant Secretary & Chief Financial Officer |
[Signature page of Participant to follow on Schedule A/Grant Letter]
2003 Stock Incentive Plan of RF Micro Devices, Inc.
Stock Option Agreement (Korea)
Stock Option Agreement (Korea)
Schedule A/Grant Letter
1. Pursuant to the terms and conditions of the Company’s 2003 Stock Incentive Plan (the
“Plan”), you (the “Participant”) have been granted a Nonqualified Stock Option to purchase ___
shares (the “Option”) of our Common Stock as outlined below.
Granted To: |
||
Resident Registration Number: |
||
Address: |
||
Grant Date: |
, 20___ | |
Options Granted: |
||
Option Price per Share: |
$ | |
Expiration Date: |
, 20_______ | |
Vesting Schedule: |
___ year vesting period, with ___% vesting after each |
|
| ___ month period | ||
| _____ on ___/___/20__ | ||
| _____ on ___/___/20__ | ||
| _____ on ___/___/20__ | ||
| _____ on ___/___/20__ |
2. By my signature below, I, the Participant, hereby acknowledge receipt of this Grant Letter
and the Option Agreement (the “Agreement”) dated ___, 20___ between the Participant and RF Micro
Devices, Inc. (the “Company”) which is attached to this Grant Letter. I understand that the Grant
Letter and other provisions of Schedule A herein are incorporated by reference into the Agreement
and constitute a part of the Agreement. By my signature below, I further agree to be bound by
the terms of the Plan and the Agreement, including but not limited to the terms of this Grant
Letter and the other provisions of Schedule A contained herein. The Company reserves the right to
treat the Option and the Agreement as cancelled, void and of no effect if the Participant fails to
return a signed copy of the Grant Letter within 30 days of receipt.
Signature:
|
Date: | |||||||
Note: If there are any discrepancies in the name or address shown above, please make the
appropriate corrections on this form and return to ▇▇▇▇▇▇ ▇▇▇▇▇▇, mail stop NC7628-1. Please
retain a copy of the Agreement, including this Grant Letter, for your files.