EX-10.12



 Exhibit 10.12 

INCENTIVE STOCK OPTION AGREEMENT 

PURSUANT TO THE 
 ICHOR
HOLDINGS, LTD. 2016 OMNIBUS INCENTIVE PLAN 
 * * * * * 

Participant:                        
                 
 Grant
Date:                                        

 Per Share Exercise Price: $         

Number of Shares subject to this
Option:                     

* * * * * 

THIS INCENTIVE STOCK OPTION AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into
by and between Ichor Holdings, Ltd., a Cayman Islands exempted company (the “Company”), and the Participant specified above, pursuant to the Ichor Holdings, Ltd. 2016 Omnibus Incentive Plan, as in effect and as amended from time to
time (the “Plan”), which is administered by the Committee; and 
 WHEREAS, it has been determined under the Plan that it
would be in the best interests of the Company to grant the Incentive Stock Option provided for herein to the Participant. 
 NOW, THEREFORE,
in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows: 

1. Incorporation By Reference; Plan Document Receipt. This Agreement is subject in all respects to the terms and provisions of
the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the Award provided hereunder), all of which terms and provisions are made a part
of and incorporated in this Agreement as if they were each expressly set forth herein. Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan. The Participant hereby acknowledges receipt of
a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control. 

2. Grant of Option. The Company hereby grants to the Participant, as of the Grant Date specified above, an Incentive Stock
Option (this “Option”) to acquire from the Company at the Per Share Exercise Price specified above, the aggregate number of Ordinary Shares specified above (the “Option Shares”). Except as otherwise provided by the
Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is 







 
intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason. The Participant shall have no rights
as a shareholder with respect to any Ordinary Shares covered by the Option unless and until the Participant has become the holder of record of such shares, and no adjustments shall be made for dividends in cash or other property, distributions or
other rights in respect of any such shares, except as otherwise specifically provided for in the Plan or this Agreement. 
 3. Tax
Matters. The Option granted hereunder is intended to qualify as an “incentive stock option” under Section 422 of the Code. Notwithstanding the foregoing, the Option will not qualify as an “incentive stock option,” among
other events, (a) if the Participant disposes of the Option Shares at any time during the two-year period following the date of this Agreement or the one-year period following the date of any exercise of the Option; (b) except in the event of the
Participant’s death or Disability, if the Participant is not employed by the Company, a Parent or a Subsidiary at all times during the period beginning on the date of this Agreement and ending on the day that is three months before the date of
any exercise of the Option; or (c) to the extent that the aggregate fair market value of the Ordinary Shares subject to “incentive stock options” held by the Participant which become exercisable for the first time in any calendar year
(under all plans of the Company, a Parent or a Subsidiary) exceeds $100,000. For purposes of clause (c) above, the “fair market value” of the Ordinary Shares shall be determined as of the Grant Date. To the extent that the Option does not
qualify as an “incentive stock option,” it shall not affect the validity of the Option and shall constitute a separate non-qualified stock option. In the event that the Participant disposes of the Option Shares within either two (2) years
following the Grant Date or one year following the date of exercise of the Option, the Participant must deliver to the Company, within seven (7) days following such disposition, a written notice specifying the date on which such shares were disposed
of, the number of shares so disposed, and, if such disposition was by a sale or exchange, the amount of consideration received. 
 4.
Vesting and Exercise. 
 (a) Vesting. Subject to the provisions of Sections 4(b) [and 4(c)] hereof, the Option
shall vest and become exercisable as follows, provided that the Participant has not incurred a Termination prior to each such vesting date: 
  

					
	 Vesting Date
	  	Number of Shares	 
		
	 [●]
	  	 	[●	] 
		
	 [●]
	  	 	[●	] 
		
	 [●]
	  	 	[●	] 
		
	 [●]
	  	 	[●	] 

 There shall be no proportionate or partial vesting in the periods prior to each vesting date and all vesting shall occur only
on the appropriate vesting date, subject to the Participant’s continued service with the Company or any of its Subsidiaries on each applicable vesting date. Upon expiration of the Option, the Option shall be cancelled and no longer
exercisable. 

  
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 (b) Committee Discretion to Accelerate Vesting. Notwithstanding the foregoing, the
Committee may, in its sole discretion, provide for accelerated vesting of the Option at any time and for any reason. 
 (c) [Change in
Control. The Option shall become fully vested upon the occurrence of a Change in Control so long as the Participant has not incurred a Termination prior to such Change in Control.]1 

(d) Expiration. Unless earlier terminated in accordance with the terms and provisions of the Plan and/or this Agreement, all portions
of the Option (whether vested or not vested) shall expire and shall no longer be exercisable after the expiration of ten (10) years from the Grant Date. 

5. Termination. Subject to the terms of the Plan and this Agreement, the Option, to the extent vested at the time of the
Participant’s Termination, shall remain exercisable as follows: 
 (a) Termination due to Death or Disability. In the event
of the Participant’s Termination by reason of death or Disability, the vested portion of the Option shall remain exercisable until the earlier of (i) one (1) year from the date of such Termination, and (ii) the expiration of the stated term of
the Option pursuant to Section 4(d) hereof. 
 (b) Involuntary Termination Without Cause. In the event of the Participant’s
involuntary Termination by the Company without Cause, the vested portion of the Option shall remain exercisable until the earlier of (i) ninety (90) days from the date of such Termination, and (ii) the expiration of the stated term of the Option
pursuant to Section 4(d) hereof. 
 (c) Voluntary Resignation. In the event of the Participant’s voluntary Termination
(other than a voluntary Termination described in Section 5(d) hereof), the vested portion of the Option shall remain exercisable until the earlier of (i) thirty (30) days from the date of such Termination, and (ii) the expiration of the stated term
of the Option pursuant to Section 4(d) hereof. 
 (d) Termination for Cause. In the event of the Participant’s Termination
for Cause or in the event of the Participant’s voluntary Termination (as provided in Section 5(c) hereof) after an event that would be grounds for a Termination for Cause, the Participant’s entire Option (whether or not vested) shall
terminate and expire upon such Termination. 
 (e) Treatment of Unvested Options upon Termination. Any portion of the Option
that is not vested as of the date of the Participant’s Termination for any reason shall terminate and expire as of the date of such Termination. 

(f) Blackout Periods. If the Participant is subject to any Company “blackout” policy or other trading restriction
imposed by the Company on the date that an exercise period described in Section 5(a) through 5(c) would otherwise expire, such exercise period shall be extended until the date that the Participant is not subject to any such policy or restriction,
provided that in no event shall the exercise period be extended beyond the expiration of the stated term of the Option pursuant to Section 4(d) hereof. 

 

	1 	To be included in specific grants at the discretion of the Committee. 


  
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 6. Method of Exercise and Payment. Subject to Section 9 hereof, to the extent
that the Option has become vested and exercisable with respect to a number of Ordinary Shares as provided herein, the Option may thereafter be exercised by the Participant, in whole or in part, at any time or from time to time prior to the
expiration of the Option as provided herein and in accordance with Sections 6.4(c) and 6.4(d) of the Plan, including, without limitation, by the filing of any written form of exercise notice as may be required by the Committee and payment in full of
the Per Share Exercise Price specified above multiplied by the number of Ordinary Shares underlying the portion of the Option exercised. 

7. Non-Transferability. The Option, and any rights and interests with respect thereto, issued under this Agreement and the
Plan shall not be sold, exchanged, transferred, assigned or otherwise disposed of in any way by the Participant (or any beneficiary(ies) of the Participant), other than by testamentary disposition by the Participant or the laws of descent and
distribution. Any attempt to sell, exchange, transfer, assign, pledge, encumber or otherwise dispose of or hypothecate in any way the Option, or the levy of any execution, attachment or similar legal process upon the Option, contrary to the terms
and provisions of this Agreement and/or the Plan shall be null and void and without legal force or effect. 
 8. Governing
Law. All questions concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of Delware, without regard to the choice of law principles thereof. 

9. Withholding of Tax. The Company shall have the power and the right to deduct or withhold, or require the Participant to
remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary
to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the Option and, if the Participant fails to do so, the Company may otherwise refuse to issue or transfer any Ordinary Shares
otherwise required to be issued pursuant to this Agreement. Any minimum statutorily required withholding obligation with regard to the Participant may be satisfied, at the discretion of the Participant, by reducing the amount of cash or Ordinary
Shares otherwise deliverable upon exercise of the Option. 
 10. Entire Agreement; Amendment. This Agreement, together
with the Plan, contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such
subject matter. The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may also be modified or amended by a writing signed by
both the Company and the Participant. The Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof. 

  
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 11. Notices. Any notice hereunder by the Participant shall be given to the
Company in writing and such notice shall be deemed duly given only upon receipt thereof by the General Counsel of the Company. Any notice hereunder by the Company shall be given to the Participant in writing and such notice shall be deemed duly
given only upon receipt thereof at such address as the Participant may have on file with the Company. 
 12. No Right to
Employment. Any questions as to whether and when there has been a Termination and the cause of such Termination shall be determined in the sole discretion of the Committee. Nothing in this Agreement shall interfere with or limit in
any way the right of the Company, its Subsidiaries or its Affiliates to terminate the Participant’s employment or service at any time, for any reason and with or without Cause. 

13. Transfer of Personal Data. The Participant authorizes, agrees and unambiguously consents to the transmission by the
Company (or any Subsidiary) of any personal data information related to the Option awarded under this Agreement for legitimate business purposes (including, without limitation, the administration of the Plan). This authorization and consent is
freely given by the Participant. 
 14. Compliance with Laws. The issuance of the Option (and the Option Shares upon
exercise of the Option) pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the
provisions of the Securities Act, the Exchange Act and in each case any respective rules and regulations promulgated thereunder) and any other law or regulation applicable thereto. The Company shall not be obligated to issue the Option or any of the
Option Shares pursuant to this Agreement if any such issuance would violate any such requirements. 
 15. Section
409A. Notwithstanding anything herein or in the Plan to the contrary, the Option is intended to be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with
such intent. 
 16. Binding Agreement; Assignment. This Agreement shall inure to the benefit of, be binding upon, and be
enforceable by the Company and its successors and assigns. The Participant shall not assign (except in accordance with Section 7 hereof) any part of this Agreement without the prior express written consent of the Company. 

17. Headings. The titles and headings of the various sections of this Agreement have been inserted for convenience of
reference only and shall not be deemed to be a part of this Agreement. 
 18. Counterparts. This Agreement may be
executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument. 

19. Further Assurances. Each party hereto shall do and perform (or shall cause to be done and performed) all such further
acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the
consummation of the transactions contemplated thereunder. 

  
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 20. Severability. The invalidity or unenforceability of any provisions of this
Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction,
it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law. 

21. Acquired Rights. The Participant acknowledges and agrees that: (a) the Company may terminate or amend the Plan at any
time; (b) the award of the Option made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards (including, without limitation, the Option awarded
hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and shall not be considered as part of such salary
in the event of severance, redundancy or resignation. 
 22. Shareholders’ Agreement. This Award and any Ordinary
Shares issued with respect to this Award are subject to restrictions on voting and transfer and requirements of sale and other provisions as set forth herein and in the shareholders agreement. The Participant’s rights with respect to the Award
and shares of Ordinary Shares issued with respect to this Award are subject to the restrictions and other provisions contained in the Plan and the shareholders agreement in addition to such other restrictions, if any, as may be imposed by law. In
the event of a conflict between the Plan and the shareholders agreement, the shareholders agreement shall control. Furthermore, by acceptance of this Award, the undersigned agrees hereby to become a party to, and be bound by the terms of, the
shareholders agreement (and to the extent the undersigned is not already a party thereto, the undersigned shall execute a joinder thereto in form and substance acceptable to the Company). 

23. Nonsolicitation. During the Participant’s employment with the Company and for a period of one year thereafter, the
Participant agrees that the Participant shall not, except in the furtherance of the Participant’s duties hereunder, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, solicit, aid or induce
any employee, representative or agent of the Company or any of its direct affiliates to leave such employment or retention or to accept employment with or render services to or with any other person, firm, corporation or other entity unaffiliated
with the Company, or hire or retain any such employee, representative or agent, or take any action to materially assist or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting any such employee, representative
or agent. An employee, representative or agent shall be deemed covered by this Section 23 while so employed or retained and for a period of six (6) months thereafter. 

[Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	ICHOR HOLDINGS, LTD.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	PARTICIPANT
	
	  

		
	Name:	 	  



 Signature Page to Incentive Stock Option Agreement