Document:

EXHIBIT 10.1

 

AMENDED AND RESTATED CHANGE OF CONTROL
AGREEMENT

 

This Amended and Restated Change of Control
Agreement (this “Agreement”) is made this _______ day of ________, 2012 by and between ____________ (the “Executive”)
and Pericom Semiconductor Corporation, a California corporation (the “Company”).

 

WHEREAS, the Executive is employed by the
Company; and

 

WHEREAS, the Executive and the Company are
party to that certain Amended and Restated Change of Control Agreement dated as of [•] (the “Prior Agreement”),
which provides for, among other provisions, the payment of severance and other benefits to the Executive upon the termination of
the Executive’s employment with the Company following a Change of Control (as hereinafter defined), under certain circumstances
specified in the Prior Agreement.

 

WHEREAS, the Company and the Executive now
find it desirable and necessary to enter into this Agreement, which amends the provisions of the Prior Agreement to align the commercial
terms of the benefits payable under the Agreement with current market practices, including those of the Company’s peers,
and the Executive now wishes to manifest his or her consent to the amendments to the Prior Agreement by entering into this Agreement.

 

NOW, THEREFORE, in consideration of the
mutual covenants contained herein, the parties hereto agree as follows:

 

1.                 
Definitions.

 

(a)               
Change of Control. For purposes of this Agreement only, a “Change of Control” shall be defined as any
of the following events:

 

(i)                
An acquisition (other than directly from the Company) of any voting securities of the Company (the “Voting Securities”)
by any “Person” (as the term is used for purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934,
as amended (the “1934 Act”)) immediately after which such Person has “Beneficial Ownership” (within the
meaning of Rule 13d-3 promulgated under the 1934 Act), directly or indirectly, of securities of the Company representing fifty
percent (50%) or more of the combined voting power of the Company’s then outstanding Voting Securities;

 

(ii)              
A merger or consolidation in which the Company is not the surviving entity, except for (1) a transaction in which the principal
purpose is to change the state of the Company’s incorporation, or (2) a transaction in which the Company’s stockholders
immediately prior to such merger or consolidation hold (by virtue of securities received in exchange for their shares in the Company)
securities of the surviving entity representing more than fifty percent (50%) of the total voting power of such entity immediately
after such transaction;

 

(iii)            
The individuals who are members of the Company’s Board of Directors (the “Board”) as of the date this
Agreement is approved by the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of
the Board; provided, however, that if the appointment, election or nomination for election by the Company’s stockholders,
of any new director is approved by a vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes
of this Agreement, be considered a member of the Incumbent Board; provided further, however, that no individual shall be
considered a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened
“Election Contest” (as described in Rule 14a 11 promulgated the 1934 Act) or other actual or threatened solicitation
of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”) including by reason of
any agreement intended to avoid or settle any Election Contest or Proxy Contest;

 

    	 

    	 

    
 

(iv)            
The sale, transfer or other disposition of all or substantially all of the assets of the Company, unless the Company’s
stockholders immediately prior to such sale, transfer or other disposition hold (by virtue of securities received in exchange for
their shares in the Company) securities of the purchaser or other transferee representing more than fifty percent (50%) of the
total voting power of such entity immediately after such transaction; or

 

(v)              
Any reverse merger in which the Company is the surviving entity but in which the Company’s stockholders immediately
prior to such merger do not hold (by virtue of their shares in the Company held immediately prior to such transaction) securities
of the Company representing more than fifty percent (50%) of the total voting power of the Company immediately after such transaction.

 

(b)              
Cause. For purposes of this Agreement only, the Company shall have “Cause” to immediately terminate the
Executive’s employment hereunder if (i) Executive engages in fraud or embezzlement against the Company and/or its subsidiaries,
(ii) Executive misappropriates Company property, proprietary information and/or trade secrets, (iii) Executive demonstrates material
unfitness for service or persistent deficiencies in performance, (iv) Executive engages in misconduct, which misconduct is demonstrably
and materially injurious to the Company and/or its subsidiaries; (v) Executive refuses to follow a specific, lawful direction or
order of the Company; (vi) Executive breaches any provision of this Agreement or other agreements between Executive and the Company;
or (vii) Executive dies or becomes mentally or physically incapacitated and cannot carry out his duties.

 

(c)               
Voluntary Resignation for Good Reason. A voluntary resignation by Executive “Good Reason” shall mean
a voluntary resignation by Executive following any one of the following events, provided Executive provides Company with notice
of such termination no later than thirty (30) days following the date Executive has actual knowledge of any one of the following
events and such event(s) is not fully corrected or otherwise remedied in all material respects by the Company within 30 days
following its receipt of such notice from Executive: (i) a material change in Executive’s position, title, duties, or responsibilities,
without Employee’s consent, which results in a material reduction of Executive’s level of responsibility, the assignment
of duties and responsibilities which are materially inconsistent with Executive’s position or responsibilities, or the removal
of the Executive from or failure to reelect the Executive to any of such positions, except in connection with the termination of
employment for Cause; (ii) a reduction by the Company in the Executive’s annual salary then in effect, without Executive’s
consent, other than a reduction similar in percentage to a reduction generally applicable to similarly situated employees of the
Company; (iii) a material reduction without the Executive’s consent in the kind or level of benefits provided to Executive
under any benefit plan of the Company in which the Executive is participating or deprive the Executive of any material fringe benefit
enjoyed by the Executive, except those changes generally affecting similarly situated employees of the Company.

 

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(d)              
Closing Date. “Closing Date” shall mean the date of the first closing of any transactions constituting
a Change of Control.

 

(e)               
Termination Date. “Termination Date” shall mean the date the Executive’s employment is terminated
by the Company other than for Cause or is terminated by the Executive for Good Reason.

 

(f)               
Company. “Company” shall mean Pericom Semiconductor Corporation and its successors or assigns (including
without limitation, any entity, entities or persons acquiring control of the Company through a Change of Control).

 

2.                 
Severance Payments and Benefits; Vesting of Equity Incentives. If, during the twelve (12) month period following
the Closing Date of a Change of Control, the Company shall terminate the Executive’s employment other than for Cause or the
Executive shall voluntarily resign from employment for Good Reason, then in such event:

 

(a)               
Severance Payments. The Company shall pay the Executive, in a lump sum in cash as soon as reasonably practicable
following the Termination Date, but in any event within 60 days after the Termination Date, an amount equal to [FOR EXECUTIVE OFFICERS
OTHER THAN CEO: the Executive’s annualized base salary] [FOR CEO: two times the Executive’s base salary] as in effect
as of the Termination Date; provided, however, that if in the event the 60-day period begins in one calendar year and ends in the
next calendar year, the severance payment shall be payable in the second calendar year; and provided further, however, that the
severance payment shall be subject to any delay required under Section 2(f) hereof.

 

(b)              
Bonus. In addition to the severance payments set forth in Section 2(a) above, the Company shall pay the Executive
a bonus according to the following formula:

 

(i)                
If the Termination Date occurs after the Executive’s bonus for the last completed fiscal year has been determined
by the Compensation Committee of the Board of Directors (the “Compensation Committee”) and paid to the Executive, then
the Executive shall receive a bonus in the amount of no less than:

 

X1 + X1 (Y/365)

 

(ii)              
If the Termination Date occurs before the Executive’s bonus for the last completed fiscal year has been determined
by the Compensation Committee and paid to the Executive, then the Executive shall receive a bonus in the amount of no less than:

 

2(X2) + X2 (Y/365)

 

where:

 

“X1” =the bonus
amount paid to the Executive for the last completed fiscal year;

 

“X2” =the bonus
amount paid to the Executive for the fiscal year prior to the last completed fiscal year;

 

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and

 

“Y” =the number
of days in the current fiscal year prior to and including the Termination Date.

 

The bonus shall be paid in a lump
sum in cash as soon as reasonably practicable following the Termination Date, but in any event within 60 days after the Termination
Date; provided, however, that if in the event that the 60-day period begins in one calendar year and ends in the next calendar
year, the payment shall be payable in the second calendar year; and provided further, however, that the payment shall be subject
to any delay required under Section 2(f) hereof. Such amount shall be payable to Executive regardless of the Company’s financial
performance, and shall not be conditioned on the Company’s continued satisfaction of any goals or criteria required by any
compensation plan;

 

(c)               
Medical and Dental Benefits. During the period of eighteen months commencing on the date next following the Termination
Date (the “Severance Period”), the Company shall either, at its discretion: (i) continue the Executive’s medical
and dental benefits as such benefits are generally offered to the Company’s employees as of the Termination Date, or (ii)
reimburse the Executive for COBRA payments made by the Executive to maintain his medical and dental benefits, as applicable under
the Company’s insurance policies;

 

(d)              
Stock Options, Performances Shares or Units and Restricted Shares or Units. Any outstanding stock option, performance
share or unit, or restricted share or unit shall vest as to that number of shares or other units that would have been vested on
the various anniversary dates of the Termination Date and become exercisable or, with respect to such performance share or unit
or restricted share or unit, be released from restrictions on transfer and repurchase rights, immediately prior to the Termination
Date to the extent provided in the addendum to this Agreement relating to vesting acceleration; provided, however, that the payment
of any restricted stock unit or other stock-based compensation that constitutes nonqualified deferred compensation subject to Section
409A that vests pursuant to this Section 2(d) shall be paid as soon as reasonably practicable following the Termination Date, but
in any event within 60 days after the Termination Date; and provided that the payment shall be subject to any delay required under
Section 2(f) hereof;

 

(e)               
Extension of Stock Option Exercise Term. All vested stock options held by the Executive as of the Termination Date
shall expire six (6) months after the Termination Date; provided, however, that any extension contemplated by this provision
shall not extend beyond the date that is the earlier of the tenth anniversary of the date of grant or the original expiration date
of the term of the option. Note: Exercising ISO stock options later than three months after the Executive’s Termination
Date is a disqualifying event for ISO purposes and will turn the ISO into a non-qualifying stock option.

 

(f)               
Application of Section 409A of the Code. Anything in this Agreement to the contrary notwithstanding, any payment
under Sections 2(a) or 2(b), and delivery of shares in connection with the accelerated vesting of an equity award under Section
2(d), in each case, that is nonqualified deferred compensation subject to Section 409A of the Code shall be paid or delivered only
to the extent the Executive experiences a “separation from service,” within the meaning of Section 409A of the Code.
Further, in the event that the Executive is a “specified employee,” within the meaning of Section 409A of the Code
(as determined in accordance with the methodology established by the Company as in effect on the Termination Date) on the Termination
Date, any amounts payable under Sections 2(a) and 2(b) hereof and any delivery of shares underlying restricted stock units or other
equity awards that are subject to accelerated vesting under Section 2(d) hereof, in each case, to the extent such amounts or equity
awards are nonqualified deferred compensation subject to Section 409A of the Code, shall be paid or delivered, as applicable, and,
in the case of cash amounts payable under Section 2(a) and 2(b) above, with interest on any delayed payment at the applicable federal
rate provided for in Section 7872(f)(2)(A) of the Code, on the first business day of the seventh month following the Termination
Date, or, if earlier, the date of Executive’s death, to the extent such delayed payment or delivery is required in order
to avoid a prohibited distribution under Section 409A(a)(2) of the Code (the “Delayed Payment Date”). On the Delayed
Payment Date, all payments and delivery of shares deferred pursuant to this Section 2(f) shall be paid, or delivered, as applicable,
in a lump sum to the Executive, and any remaining payments due under the Agreement shall be paid in accordance with the normal
payment dates specified in this Agreement.

 

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3.                 
No Employment Agreement, Employment at Will. Executive and the Company each acknowledge and agree that: (i) this
Agreement does not provide for the terms and conditions of Executive’s employment with the Company prior to any Change of
Control and does not require or obligate Executive to provide services to the Company or the Company to continue to employ Executive;
and (ii) Executive’s employment with the Company is and remains an employment relationship terminable at will and without
advance notice by either Executive or the Company.

 

4.                 
Release of the Company and Its Affiliates. Executive’s receipt of the benefits described in paragraphs 2(a)-(e)
above shall be contingent upon Executive executing a general release of claims in a commercially customary form prescribed by the
Company, which releases and discharges the Company and any past, present or future agents, attorneys, directors, officers, stockholders,
employees, affiliates, predecessors and successors of the Company, of and from any and all claims and demands of every kind and
nature, in law, equity or otherwise, known or unknown, disclosed or undisclosed, and a covenant not to sue or prosecute any legal
action or proceeding based upon such claims. Provided that Executive executes and does not revoke the release in accordance with
the requirements of the release contemplated under this Section 4, any payments or benefits under this Agreement described in paragraph 2(a)-(e)
above shall be made or commence within the periods set forth in the applicable paragraphs. If Executive does not execute and return
the release within the requisite period set forth in the release, Executive shall cease to be entitled to any payments or benefits
under the Agreement.

 

5.                 
Exclusive Remedy. Executive’s right to severance payment and other severance benefits pursuant to paragraphs
2 (a)-(e) above shall be Executive’s sole and exclusive remedy for any termination of Executive’s employment by the
Company other than for Cause or by Executive for Good Reason following a Change of Control. The payments, severance benefits and
severance protections provided to Executive pursuant to this Agreement are provided in lieu of any severance payments, severance
benefits and severance protections provided in any other plan or policy of the Company, except as may be expressly provided in
writing under the terms of any plan or policy of the Company, or in a written agreement between the Company and Executive entered
into after the date of this Agreement, and only to the extent as would not result in a violation of Section 409A of the Code. Notwithstanding
the foregoing, nothing in this Agreement shall prevent or limit Executive’s continuing or future participation in any benefit,
bonus, incentive or other plan or program provided by the Company (except for any severance or termination policies, plans, programs
or practices) and for which Executive may qualify, nor shall anything herein limit or reduce such rights as Executive may have
under any other agreements with the Company (except for any severance or termination agreement). Amounts which are vested benefits
or which Executive is otherwise entitled to receive under any plan or program of the Company shall be payable in accordance with
such plan or program, except as explicitly modified by this Agreement.

 

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6.                 
Excise Tax. Notwithstanding anything contained in this Agreement to the contrary, to the extent that any payment
or benefit (within the meaning of Section 280G(b)(2) of the Code) to Executive or for Executive’s benefit, paid or payable
or distributed or distributable pursuant to the terms of this Agreement or otherwise in connection with, or arising out of, Executive’s
employment with the Company or a Change of Control (a “Payment” or “Payments”), would be subject to the
excise tax imposed under Code Section 4999, or any interest or penalties are incurred by Executive with respect to such excise
tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise
Tax”), the Payments shall be reduced (but not below zero) if and to the extent necessary so that no Payment to be made or
benefit to be provided to Executive shall be subject to the Excise Tax (such reduced amount is hereinafter referred to as the “Limited
Payment Amount”). The Company shall reduce or eliminate the Payments by (i) first reducing or eliminating those payments
or benefits which are payable in cash and (ii) then reducing or eliminating non-cash payments, in each case in reverse order beginning
with payments or benefits which are to be paid the furthest in time from the Determination (as hereinafter defined); provided,
however, that, anything to the contrary in the foregoing notwithstanding, payments or benefits that constitute nonqualified deferred
compensation subject to Section 409A of the Code shall be reduced or eliminated last in time . Any notice given by Executive pursuant
to the preceding sentence shall take precedence over the provisions of any other plan, arrangement or agreement governing Executive’s
rights and entitlements to any benefits or compensation.

 

(a)               
An initial determination as to whether the Payments shall be reduced to the Limited Payment Amount and the amount of such
Limited Payment Amount shall be made, at the Company’s expense, by the accounting firm that is the Company’s independent
accounting firm as of the date of the Change of Control (the “Accounting Firm”). The Accounting Firm shall provide
its determination (the “Determination”), together with detailed supporting calculations and documentation, to the Company
and Executive within five (5) days after the Termination Date, if applicable, or such other time as requested by the Company or
by Executive (provided Executive reasonably believes that any of the Payments may be subject to the Excise Tax) and, if the Accounting
Firm determines that no Excise Tax is payable by Executive with respect to a Payment or Payments, it shall furnish Executive with
an opinion reasonably acceptable to Executive that no Excise Tax will be imposed with respect to any such Payment or Payments.
Within ten (10) days after the delivery of the Determination to Executive, Executive shall have the right to dispute the Determination
(the “Dispute”). If there is no Dispute, the Determination shall be binding, final and conclusive upon the Company
and Executive, subject to the application of Section 6(b) below.

 

(b)              
As a result of the uncertainty in the application of Sections 4999 and 280G of the Code, it is possible that the Payments
to be made to, or provided for the benefit of, Executive will be either greater (an “Excess Payment”) or less (an “Underpayment”)
than the amounts provided for by the limitations contained in this Section 6.

 

(i)                
If it is established, pursuant to a final determination of a court or an Internal Revenue Service (the “IRS”)
proceeding which has been finally and conclusively resolved, that an Excess Payment has been made, such Excess Payment shall be
deemed for all purposes to be a loan to Executive made on the date Executive received the Excess Payment, which loan Executive
must repay to the Company together with interest at the applicable federal rate under Code Section 7872(f)(2); provided,
that no loan shall be deemed to have been made and no amount will be payable by Executive to the Company unless, and only to the
extent that, the deemed loan and payment would either reduce the amount on which Executive is subject to tax under Code Section
4999 or generate a refund of tax imposed under Code Section 4999.

 

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(ii)              
In the event that it is determined (i) by the Accounting Firm, the Company (which shall include the position taken by the
Company, or together with its consolidated group, on its federal income tax return) or the IRS, (ii) pursuant to a determination
by a court, or (iii) upon the resolution to Executive’s satisfaction of the Dispute, that an Underpayment has occurred, the
Company shall pay an amount equal to the Underpayment to Executive within ten (10) days after such determination or resolution,
together with interest on such amount at the applicable federal rate under Code Section 7872(f)(2) from the date such amount would
have been paid to Executive until the date of payment.

 

7.                 
Notices. All notices or other communications required or permitted hereunder shall be made in writing and shall be
deemed to have been duly given if delivered by hand, by facsimile or mailed, postage prepaid, by certified or registered mail,
return receipt requested, and addressed to the Company at:

 

Pericom Semiconductor Corporation

3545 North First Street

San Jose, CA 95134

Attention: Chief Executive Officer

 

or to the Executive at:

 

__________________________

__________________________

__________________________

 

Notice of change of address shall be effective
only when done in accordance with this Section.

 

8.                 
Arbitration. The parties hereby agree that any dispute, claim or controversy arising out of, relating to or in connection
with this Agreement (“Arbitrable Claims”) shall be determined exclusively by and through final and binding arbitration
in Santa Clara County, California, each party hereto expressly and conclusively waiving its right to proceed to a judicial determination
with respect to the merits of such arbitrable matters. Such arbitration shall be conducted in accordance with the American Arbitration
Association National Rules for Resolution of Employment Disputes then in effect before a neutral and impartial arbitrator who shall
be selected by mutual agreement of the parties. The arbitrator shall prepare a written decision containing the essential findings
and conclusions on which the award is based so as to ensure meaningful judicial review of the decision. The arbitrator shall apply
the same substantive law, with the same statutes of limitations and same remedies, that would apply if the claims were brought
in a court of law. This Agreement shall be governed by the California Arbitration Act and the arbitrator, in ruling on procedural
and substantive issues raised in the arbitration itself, shall apply the substantive law of the State of California. Either party
may bring an action in court to compel arbitration under this Agreement and to enforce an arbitration award. Otherwise, neither
party shall initiate or prosecute any lawsuit in any way related to any Arbitrable Claim. THE PARTIES HEREBY WAIVE ANY RIGHTS THEY
MAY HAVE TO TRIAL BY JURY IN REGARD TO ARBITRABLE CLAIMS.

 

9.                 
Successors. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
heirs, executors, administrators, successors and assigns. Neither this Agreement nor any right or interest hereunder shall be assignable
or transferable by Executive or Executive’s beneficiaries or legal representatives, except by will or by the laws of descent
and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive’s legal personal representative.

 

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10.             
Governing Law. The interpretation, performance and enforcement of this Agreement shall be governed by the laws of
the State of California.

 

11.             
Entire Agreement. This Agreement represents the entire Agreement and understanding between the Company and the Executive
concerning the Executive’s termination of employment with the Company after a Change of Control. This Agreement supersedes
any prior agreement or understanding of the parties with respect to the subject matter hereof, including, without limitation, the
Prior Agreement.

 

12.             
Amendment or Waiver. No provision of this Agreement may be amended unless and to the extent such amendment is agreed
to in writing and signed by both the Executive and an authorized officer of the Company. No waiver by either party of any breach
by the other party of any condition, obligation, performance or provision contained in this Agreement shall be deemed a waiver
of a similar or dissimilar condition or provision at the same or any prior or subsequent time. Any waiver must be in writing and
signed by the party to be charged with the waiver.

 

13.             
Compliance with Section 409A of the Code. It is the intent of the parties to this Agreement that any of the payments
set forth in this Agreement that constitute nonqualified deferred compensation subject to Section 409A of the Code shall be made
in a manner that complies with Section 409A of the Code and any ambiguities will be construed accordingly. The Company reserves
the right, to the extent the Company deems necessary or advisable in its sole discretion, to unilaterally amend or modify this
Agreement as may be necessary to ensure that all benefits provided under this Agreement are made in a manner that qualifies for
exemption from or complies with Section 409A of the Code to the extent permitted under Section 409A of the Code, provided, however,
that the Company makes no representations that the compensation or benefits provided under this Agreement will be exempt from or
comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to the compensation
and benefits provided under this Agreement, and the Company shall have no liability to the Executive or any other party if a payment
or benefit under this Agreement that is intended to be exempt from or compliant with Section 409A of the Code is not so exempt
or compliant or for any action taken by the Company with respect thereto.

 

14.             
Severability. If any provision of this Agreement of the application thereof to any person, place, or circumstance,
shall be held by a court of competent jurisdiction to be invalid, unenforceable, or voice, the remainder of this Agreement and
such provisions as applied to other persons, places, and circumstances shall remain in full force and effect.

 

15.             
Counterparts. This Agreement may be executed in counterparts, and each counterpart shall have the same force and
effect as the original and shall constitute an effective, binding agreement on the part of each of the undersigned.

 

16.             
Attorneys’ Fees. If any legal action, arbitration or other proceeding is brought to interpret or enforce the
terms of this Agreement, the prevailing party shall be entitled to recover reasonable attorneys’ fees and any other costs
incurred in that proceeding, in addition to any other relief to which it is entitled.

 

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

 

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	PERICOM SEMICONDUCTOR CORPORATION,:	 	EXECUTIVE
	a California corporation	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	By:	 
	 	[Signature]	 	 	[Signature]
	 	 	 	 	 
	 	 	 	 	 
	Title:	 	 	Title:	 
	 	[Print Name]	 	 	[Print Name]

 

 

Addendum—Vesting Acceleration

 

If, during the 12 (twelve) months following
a Change of Control, the Company terminates the Executive’s employment for any reason other than Cause or the Executive voluntarily
resigns from employment for Good Reason, then the vesting of outstanding options, restricted stock awards and restricted stock
units then held by the Executive shall be accelerated as follows:

 

If the Executive has completed two years of service
as of the Termination Date — one full year of acceleration

If the Executive has completed over two years of service
but less than four years as of the Termination Date — two full years of acceleration

If the Executive has completed over four years of
service — all options, restricted stock awards and restricted stock units will be accelerated

 

    	9Exhibit 10.1

 

THIS NOTE AND THE SECURITIES INTO WHICH IT
MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES
LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD
EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS
SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE
ISSUER OF THIS NOTE AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY
SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE
STATE SECURITIES LAWS.

 

GLOBAL EAGLE
ACQUISITION CORP.

CONVERTIBLE
PROMISSORY NOTE

 

	Not to Exceed $1,000,000.00	November 6, 2012

 

FOR VALUE RECEIVED
and subject to the conversion features set forth herein, Global Eagle Acquisition Corp., a Delaware corporation (the “Company”),
promises to pay to Global Eagle Acquisition LLC (“Holder”), or its registered assigns, in lawful money of the
United States of America, a principal sum of One Million Dollars ($1,000,000.00), or such lesser amount as shall equal the outstanding
principal amount hereof (this “Note”). All unpaid principal shall be due and payable on the Maturity Date, unless
accelerated upon the occurrence of an Event of Default (as defined below). Holder may make advances
to the Company from time to time under this Note; provided, however, that notwithstanding anything to the contrary herein, at no
time shall the aggregate of all advances and readvances outstanding under this Note exceed $1,000,000.00.

 

The following is a
statement of the rights of Holder and the conditions to which this Note is subject, and to which Holder, by the acceptance of this
Note, agrees:

 

1.            Definitions.
As used in this Note, the following capitalized terms have the following meanings:

 

(a)          “Business
Combination” shall mean the Company’s initial merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more businesses.

 

(b)          “Common
Stock” shall mean the Common Stock, 0.0001 par value per share, of the Company.

 

(c)          The
“Company” includes the corporation initially executing this Note and any Person which shall succeed to or assume
the obligations of the Company under this Note.

 

(d)          “Event
of Default” has the meaning given in Section 4 hereof.

 

    	 

    	 

    

 

(e)          “Holder”
shall mean the Person specified in the introductory paragraph of this Note, or any Person who shall at the time be the registered
holder of this Note.

 

(f)          “Maturity
Date” shall mean the earlier of (i) the consummation of a Business
Combination or (ii) February 18, 2013.

 

(g)          “Permitted
Transfer” shall mean any transfer that would be permitted as a transfer under the Securities Escrow Agreement, dated
May 12, 2011, among the Company, Holder, American Stock Transfer & Trust Company, LLC and the other parties thereto, as amended.

 

(h)          
“Person” shall mean and include an individual, a partnership, a corporation (including a business trust), a
joint stock company, a limited liability company, an unincorporated association, a joint venture or other entity or a governmental
authority.

 

(i)          “Securities
Act” shall mean the Securities Act of 1933, as amended.

 

(j)          “Sponsor
Warrants” means those warrants entitling the holder thereof to purchase
one common share of the Company at an exercise price of $11.50 per share as more fully described in the prospectus for the Company’s
initial public offering filed with the Securities and Exchange Commission on May 13, 2011.

 

2.            Investment,
Experience, Accredited Investor. Holder is acquiring this Note for investment for its own account, not as a nominee or
agent, and not with a view to, or for resale in connection with, any distribution thereof. Holder understands that the acquisition
of this Note involves substantial risk.  Holder has experience as an investor in securities of companies and acknowledges
that it is able to fend for itself, can bear the economic risk of its investment in this Note, and has such knowledge and experience
in financial or business matters that it is capable of evaluating the merits and risks of this investment in this Note and protecting
its own interests in connection with this investment.

 

3.            Prepayment.
Any of the outstanding principal amount to date under this Note may be prepaid by the Company, at its election and without penalty,
without the consent of Holder.

 

4.           Events
of Default. The occurrence of any of the following shall constitute an “Event of Default” under this
Note:

 

(a)          Failure
to Pay. The Company shall fail to pay when due any principal payment on the Maturity Date hereof; or

 

(b)          Voluntary
Bankruptcy or Insolvency Proceedings. The Company shall (i) apply for or consent to the appointment of a receiver, trustee,
liquidator or custodian of itself or of all or a substantial part of its property, (ii) be unable, or admit in writing its
inability, to pay its debts generally as they mature, (iii) make a general assignment for the benefit of its or any of its
creditors, (iv) be dissolved or liquidated, (v) commence a voluntary case or other proceeding seeking liquidation, reorganization
or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect
or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case
or other proceeding commenced against it, or (vi) take any action for the purpose of effecting any of the foregoing; or

 

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(c)          Involuntary
Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the
Company or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation,
reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar
law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or
discharged within 60 days of commencement.

 

5.            Rights
of Holder upon Default. Upon the occurrence or existence of any Event of Default (other than an Event of Default described
in Sections 4(b) or 4(c)) and at any time thereafter during the continuance of such Event of Default, Holder
may, by written notice to the Company, declare all outstanding obligations payable by the Company hereunder to be immediately due
and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived. Upon
the occurrence or existence of any Event of Default described in Sections 4(b) and 4(c), immediately and without
notice, all outstanding obligations payable by the Company hereunder shall automatically become immediately due and payable, without
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived.

 

6.            Conversion.

 

(a)          Optional
Conversion. At the option of Holder, any amounts outstanding under this Note up to $500,000.00 may be converted into warrants
(“Warrants”) to purchase shares of Common Stock at a conversion price of $0.75 per warrant (the “Warrant
Conversion Price”). Each Warrant will entitle Holder to purchase one share of Common Stock at an exercise price of $11.50
per share, commencing 30 days after the completion of a Business Combination. Each warrant will contain such other terms identical
to the Sponsor Warrants. Before this Note may be converted under this Section 6(a), Holder shall surrender this Note,
duly endorsed, at the office of the Company and shall state therein the amount of the unpaid principal of this Note to be converted
and the name or names in which the certificates for Warrants are to be issued. The conversion shall be deemed to have been made
immediately prior to the close of business on the date of the surrender of this Note and the Person or Persons entitled to receive
the Warrants upon such conversion shall be treated for all purposes as the record holder or holders of such Warrants as of such
date. For the avoidance of doubt, in the event that all principal on this Note has been paid in full on or prior to the Maturity
Date, then Holder shall not be entitled to convert any portion of this Note into Common Stock.

 

(b)          Remaining
Principal. All accrued and unpaid principal of this Note that is not then converted into Warrants, shall continue to remain
outstanding and to be subject to the terms and conditions of this Note.

 

(c)          Fractional
Warrants; Effect of Conversion. No fractional warrants shall be issued upon conversion of this Note. In lieu of issuing any
fractional warrants to Holder upon the conversion of this Note, the Company shall pay to Holder an amount equal to the product
obtained by multiplying the Warrant Conversion Price by the fraction of a warrant not issued pursuant to the previous sentence.
Upon conversion of this Note in full and the payment of any amounts specified in this Section 6(c), this Note shall
be cancelled and void without further action of the Company or Holder, and the Company shall be forever released from all its obligations
and liabilities under this Note.

 

7.            Successors
and Assigns. Subject to the restrictions on transfer described in Sections 9 and 10 below, the rights and
obligations of the Company and Holder shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees
of the parties.

 

8.            Waiver
and Amendment. Any provision of this Note may be amended, waived or modified upon the written consent of the Company.

 

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9.          Transfer
of this Note or Securities Issuable on Conversion Hereof. With respect to any offer, sale or other disposition of this
Note or securities into which such Note may be converted, Holder shall give written notice to the Company prior thereto, describing
briefly the manner thereof, together with (i) except for a Permitted Transfer, in which case the requirements in this clause (i)
shall not apply, a written opinion reasonably satisfactory to the Company in form and substance from counsel reasonably satisfactory
to the Company to the effect that such offer, sale or other distribution may be effected without registration or qualification
under any federal or state law then in effect and (ii) a written undertaking executed by the desired transferee reasonably satisfactory
to the Company in form and substance agreeing to be bound by the restrictions on transfer contained herein. Upon receiving such
written notice, reasonably satisfactory opinion, or other evidence, and such written acknowledgment, the Company, as promptly as
practicable, shall notify Holder that Holder may sell or otherwise dispose of this Note or such securities, all in accordance with
the terms of the notice delivered to the Company. If a determination has been made pursuant to this Section 9 that
the opinion of counsel for Holder, or other evidence, or the written acknowledgment from the desired transferee, is not reasonably
satisfactory to the Company, the Company shall so notify Holder promptly after such determination has been made. Each Note thus
transferred shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance with the Securities
Act, unless in the opinion of counsel for the Company such legend is not required in order to ensure compliance with the Securities
Act. The Company may issue stop transfer instructions to its transfer agent in connection with such restrictions. Subject to the
foregoing, transfers of this Note shall be registered upon registration books maintained for such purpose by or on behalf of the
Company. Prior to presentation of this Note for registration of transfer, the Company shall treat the registered holder hereof
as the owner and holder of this Note for the purpose of receiving all payments of principal hereon and for all other purposes whatsoever,
whether or not this Note shall be overdue and the Company shall not be affected by notice to the contrary.

 

10.         Assignment
by the Company. Neither this Note nor any of the rights, interests or obligations hereunder may be assigned, by operation
of law or otherwise, in whole or in part, by the Company without the prior written consent of Holder.

 

11.         Notices.
All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall be in writing
and faxed, e-mailed, mailed or delivered to each party at the respective addresses of the parties as set forth below, or at such
other address or facsimile number as the Company shall have furnished to Holder, or Holder to the Company, in writing. All such
notices and communications will be deemed effectively given the earlier of (i) when received, (ii) when delivered personally,
(iii) one business day after being delivered by facsimile or e-mail (with receipt of appropriate confirmation), (iv) one
business day after being deposited with an overnight courier service of recognized standing or (v) four days after being deposited
in the U.S. mail, first class with postage prepaid.

 

If to the Company:

 

Global Eagle Acquisition Corp.

10900 Wilshire Blvd.

Los Angeles, CA 90024

Facsimile: (310) 209-7225

Attention: James Graf

 

If to Holder:

 

Global Eagle Acquisition LLC

10900 Wilshire Blvd.

Los Angeles, CA 90024

Facsimile: (310) 209-7225

Attention: James Graf

 

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12.         Waivers.
The Company hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and
all other notices or demands relative to this instrument.

 

13.         Disputes.
The Company hereby expressly and unconditionally waives, in connection with any suit, action or proceeding brought by Holder on
this Note, any and every right it may have to (i) injunctive relief, (ii) a trial by jury, (iii) interpose any counterclaim therein
and (iv) have the same consolidated with any other or separate suit, action or proceeding. Nothing herein contained shall prevent
or prohibit the Company from instituting or maintaining a separate action against Holder with respect to any asserted claim.

 

14.         Final
Agreement. This Note represents the final agreement between the parties and may not be contradicted
by evidence of prior, contemporaneous or subsequent oral agreements of the parties.

 

15.         Governing
Law. This Note and all actions arising out of or in connection with this Note shall be governed by and construed in accordance
with the laws of the State of California, without regard to the conflicts of law provisions of the State of California, or of any
other state.

 

[Signature page follows]

 

    	5

    	 

    

 

The Company has caused
this Note to be issued as of the date first written above.

 

	 	GLOBAL EAGLE ACQUISITION CORP.
	 	a Delaware corporation
	 	 
	 	By:	/s/ James A. Graf
	 	Name:	James A. Graf
	 	Title:	Vice President, Chief Financial Officer,
	 	 	Treasurer and Secretary

 

	Agreed and Acknowledged:	 
	 	 
	GLOBAL EAGLE ACQUISITION LLC	 
	 	 
	By:	/s/ Harry E. Sloan	 
	Name:	Harry E. Sloan	 
	Title:	Chairman and Chief Executive Officer	 

 

[Signature Page
to Convertible Promissory Note]

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