Exhibit 10.1


 


UTI Corporation


2000 Stock Option and Incentive Plan


Non-Incentive Stock Option Agreement


 


Option
Number:


 


Grant
Date:


 


Stock
Option Exercise Price:


 


Last
Date to Exercise:  (1)


 


Number
of Shares of Common Stock


Covered
by Grant of Options:


 


Name
of Optionee:


 


We are pleased to inform you that the Board of
Directors (the “Board”) has granted you an option to purchase UTI Corporation
common stock, par value $.01 (“Stock”). 
Your grant has been made under the UTI Corporation 2000 Stock Option and
Incentive Plan (the “Plan”), which, together with the terms contained in this
Agreement, sets forth the terms and conditions of your grant and is
incorporated herein by reference.  A copy
of the Plan is attached.  Please review
it carefully.  If any provisions of the
Agreement should appear to be inconsistent with the Plan, the Plan will
control.


 


 


	
   

  	
  This
  stock option grant has been executed and

  
	
   

  	
  delivered
  as of 

  
	
   

  	
  on
  behalf of UTI Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
  ACCEPTED
  AND AGREED TO:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
				



 


 


This is not a stock certificate or a negotiable
instrument.  Non-Transferable.


 










(1)      Certain
events can cause an earlier termination of the Option.  See “Exercise” below.  


 





















 


1.   Vesting:


The Option is vested as to 100% of the shares of Stock
purchasable pursuant to the Option upon execution of this Agreement.


 


2.   Exercise:


You
may exercise this Option, in whole or in part, to purchase a whole number of
vested shares of not less than 100 shares, unless the number of shares
purchased is the total number available for purchase under the Option, by
following the exercise procedures as set forth in the Plan.  All exercises must take place before the Last
Date to Exercise, or such earlier date following your death, disability or your
ceasing to provide services as described below under “Service Requirements.”  The number of shares you may purchase as of
any date cannot exceed the total number of shares vested by that date, less any
shares you have previously acquired by exercising this Option.  Section 18 of the Plan provides a
description of certain events involving a change in control of the Company that
may cause your Option to terminate before the Last Date to Exercise.


 


3.   Service
Requirements:


If you
cease to provide services to the Company or its affiliates, you or your estate
will have twelve (12) months from the later of (i) the cessation of your
provision of services to the Company and (ii) the date the Stock become
publicly traded as described in Section 5(f).  The Board shall have the authority, in its
sole discretion, to determine if you have ceased to provide services to the
Company or its affiliates.


 


4.   Taxes
and Withholding:


This
Option shall not constitute an Incentive Stock Option within the meaning of Section 422
of the Internal Revenue Code of 1986, as amended.  In the event that the Company or any of its
affiliates determines that any federal, state, local or foreign tax or
withholding payment is required relating to the exercise or sale of shares arising
from this grant, the Company shall have the right to require such payments from
you, or withhold such amounts from other payments due to you from the Company
or an affiliate.


 


5.   Non-transferability:


a. General.  During your lifetime, only you (or, in the
event of your legal incapacity or incompetency, your guardian or legal
representative) may exercise the Option and no Option shall be assignable or
transferable by you, other than by will or the laws of descent and
distribution.


 


b. Right of First Refusal.  You (or such other individual who is entitled
to exercise an Option) may not sell, pledge, assign, gift, transfer, or
otherwise dispose of any shares of Stock acquired pursuant to an Option to any
person or entity without first offering such shares to the Company for purchase
on the same terms and conditions as those offered the proposed transferee.  The Company may assign its right of first
refusal under this Section 5(b),
in whole or in part, to (1) any holder of stock or other securities of the
Company (a “Stockholder”), (2) any affiliate or (3) any other person
or entity that the Board determines has a sufficient relationship with or
interest in the Company.  The Company
shall give reasonable written notice to you of any such assignment of its
rights.  The restrictions of this Section 5(b) re-apply to any person to whom Stock
that was originally acquired pursuant to an Option is sold, pledged, assigned,
bequeathed, gifted, transferred or otherwise disposed of, without regard to the
number of such subsequent transferees or the manner in which they acquire the
Stock, but the restrictions of this Section 5(b) do
not apply to a transfer of Stock that occurs as a result of your death or the
death of any subsequent transferee (but shall apply to the executor, the
administrator or personal representative, the estate, and the legatees,
beneficiaries and assigns thereof).


 


c. Company’s  Repurchase Rights. 
Upon the termination of your employment or other relationship with the
Company or an affiliate, the Company shall have the right, for a period of up
to twelve months following such termination, to repurchase any or all of the
shares acquired by you or your transferee pursuant to this Option (including
shares that were previously transferred pursuant to Sections 5(b) above),
at a price equal to the fair market value, as defined in Section 5(e) hereof,
of such shares on the date of termination. Upon the exercise of an Option
following termination of your employment or other relationship with the Company
or an affiliate, the Company shall have the right, for a period of up to twelve
months following such exercise, to repurchase any or all such shares of Stock
acquired by you pursuant to such exercise of such Option at a price that is
equal to the fair market value, as defined in Section 5(e) hereof,  of such shares (including shares that were
previously transferred pursuant to Section 5(b) above)
on the date of exercise.  In the event
that the Company determines that it cannot or will not exercise its rights to
purchase Stock under this Section 5(b),
in whole or in part, the Company may assign its rights, in whole or in part, to
(1) any Stockholder, (2) any affiliate or (3) any other person
or entity 


 





















 


that the Board determines has a sufficient
relationship with or interest in the Company. 
The Company shall give reasonable written notice to the individual of
any assignment of its rights.


 


d.  Installment Payments.  In the case of any purchase of
Stock under this Section 5, at the option of
the Company or its permitted assignee, the Company or its permitted assignee
may pay you, the transferee of the Option or other registered owner of the
Stock the purchase price in three or fewer annual installments.  Interest shall be credited on the
installments at the applicable federal rate (as determined for purposes of Section 1274
of the Code) in effect on the date on which the purchase is made.  The Company or its permitted assignee shall
pay at least one-third of the total purchase price each year, plus interest on
the unpaid balance, with the first payment being made on or before the 60th day
after the purchase.


 


e.  Fair Market Value.  As
used in this Section 5 and notwithstanding anything to the contrary in the
Plan, the term “fair market value” shall mean the price per share established
pursuant to an applicable appraisal, as hereinafter defined, prepared by a
Board-appointed independent appraiser who satisfies the requirements that would
be applicable under section 401(a)(28)(C) of the Code if this was an
employee stock ownership plan.  To be an
applicable appraisal, the appraisal must have been completed as of a date no
more than six (6) months before or after the date of the event giving rise
to the necessity of determining the fair market value of shares of Stock
hereunder, as the Board shall determine in good faith.


 


f.  Publicly Traded Stock. 
If the Stock is listed on an established national or regional stock
exchange or is admitted to quotation on the National Association of Securities
Dealers Automated Quotation System, or is publicly traded in an established
securities market, the foregoing transfer restrictions of Sections 5(b) and
5(c) shall terminate as of the
first date that the Stock is so listed, quoted or publicly traded.


 


6.   Market
Standoff Agreement:


In
connection with the initial public offering of the Company’s securities and
upon request of the Company or the underwriters managing such underwritten
offering of the Company’s securities, you (or your transferee) agree not to
sell, make any short sale of, loan, grant any option for the purchase of, or
otherwise dispose of any shares of Stock acquired pursuant to this Option
(other than those included in the registration) without the prior written
consent of the Company or such underwriters, as the case may be, for such
period of time (not to exceed 180 days) from the effective date of such
registration as may be requested by the Company or such managing underwriters
and to execute an agreement reflecting the foregoing as may be requested by the
underwriters at the time of the Company’s initial public offering.


 


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