Document:

Exhibit 10.10

 

SEMILEDS CORPORATION 2010 EQUITY INCENTIVE PLAN

NOTICE OF STOCK OPTION GRANT

 

You
have been granted the following option to purchase shares of the Common Stock
of SemiLEDs Corporation (the “Company”):

 

Name of Optionee:                                                                                                                                             «Name»

 

Total Number of Shares:                                                                                                               «TotalShares»

 

[Type of Option]:                                                                                                                                              [«ISO»          Incentive Stock Option

 

«NSO»         Nonstatutory Stock Option]

 

Exercise Price per Share:                                                                                                                $«PricePerShare»

 

Date of Grant:                                                                                                                                                                      «DateGrant»

 

Vesting Commencement Date:                                                                                 «VestDay»

 

Vesting/Exercise
Schedule:                                                                                                 [This option becomes vested and exercisable with respect to «CliffPercent»% of the shares
subject to this option on the anniversary of the Vesting Commencement Date in
each of the following four years:
              ,
                  ,
                  
and               ,
so long as you provide continuous “Service” (as defined in the Plan) through
each such date.]

 

Expiration Date:                                                                                                                                                            «ExpDate».  This option
expires earlier if your Service terminates earlier, as described in the Stock
Option Agreement.

 

You
and the Company agree that this option is granted under and governed by the
terms and conditions of the 2010 Equity Incentive Plan (the “Plan”) and the
Stock Option Agreement, both of which are attached to and made a part of this
document.

 

You further agree that the Company may deliver by email
all documents relating to the Plan or this option (including, without
limitation, prospectuses required by the Securities and Exchange Commission)
and all other documents that the Company is required to deliver to its security
holders (including, without limitation, annual reports and proxy
statements).  You also agree that the
Company may deliver these documents by posting them on a web site maintained by
the Company or by a third party under contract with the Company.  If the Company posts these documents on a web
site, it will notify you by email.

 

You
further agree to comply with the Company’s Securities Trading Policy when
selling shares of the Company’s Common Stock.

 

	
  OPTIONEE:

  	
   

  	
  SEMILEDS
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

 

SEMILEDS CORPORATION 2010 EQUITY
INCENTIVE PLAN

STOCK OPTION AGREEMENT

 

	
  [Tax
  Treatment]

  	
   

  	
  This
  option is intended to be an incentive stock option under Section 422 of
  the Internal Revenue Code or a nonstatutory stock option, as provided in the
  Notice of Stock Option Grant.

  
	
   

  	
   

  	
   

  
	
  Vesting/Exercise
  Schedule

  	
   

  	
  This option becomes vested and exercisable in installments, as shown
  in the Notice of Stock Option Grant. 
  This option will not become vested and exercisable for additional
  shares after your Service has terminated for any reason.

  
	
   

  	
   

  	
   

  
	
  Term

  	
   

  	
  This
  option expires in any event at the close of business at Company headquarters
  on the day before the     th anniversary of the Date of Grant, as shown
  in the Notice of Stock Option Grant. 
  (It will expire earlier if your Service terminates, as described
  below.)

  
	
   

  	
   

  	
   

  
	
  Regular
  Termination

  	
   

  	
  If
  your Service terminates for any reason except death or total and permanent
  disability, then this option will expire at the close of business at Company
  headquarters on the date three months after your termination date.  The Company determines when your Service
  terminates for this purpose.

  
	
   

  	
   

  	
   

  
	
  Death

  	
   

  	
  If
  you die before your Service terminates, then this option will expire at the
  close of business at Company headquarters on the date 12 months after the
  date of death.

  
	
   

  	
   

  	
   

  
	
  Disability

  	
   

  	
  If your Service terminates because of your total and permanent
  disability, then this option will expire at the close of business at Company
  headquarters on the date 12 months after your termination date.

   

  For
  all purposes under this Agreement, “total and permanent disability” means
  that you are unable to engage in any substantial gainful activity by reason
  of any medically determinable physical or mental impairment which can be
  expected to result in death or which has lasted, or can be expected to last,
  for a continuous period of not less than one year.

  
	
   

  	
   

  	
   

  
	
  Leaves
  of Absence and Part-Time Work

  	
   

  	
  For purposes of this option, your Service does not terminate when you
  go on a military leave, a sick leave or another bona fide
  leave of absence, if the leave was approved by the Company in writing and if
  continued crediting of Service is required by the terms of the leave or by
  applicable law.  But your Service
  terminates when the approved leave ends, unless you immediately return to
  active work.

  

 

2

 

	
   

  	
   

  	
  If you go on a leave of absence, then the vesting schedule specified
  in the Notice of Stock Option Grant may be adjusted in accordance with the
  Company’s leave of absence policy or the terms of your leave.  If you commence working on a part-time
  basis, then the vesting schedule specified in the Notice of Stock Option
  Grant may be adjusted in accordance with the Company’s part-time work policy
  or the terms of an agreement between you and the Company pertaining to your
  part-time schedule.

  
	
   

  	
   

  	
   

  
	
  Restrictions
  on Exercise

  	
   

  	
  The Company will not permit you to exercise this option if the
  issuance of shares at that time would violate any law or regulation.

  
	
   

  	
   

  	
   

  
	
  Notice
  of Exercise

  	
   

  	
  When you wish to exercise this option, you must notify the Company by
  filing the proper “Notice of Exercise” form at the address given on the
  form.  Your notice must specify how
  many shares you wish to purchase.  Your
  notice must also specify how your shares should be registered.  The notice will be effective when the
  Company receives it.

   

  However, if you wish to exercise this option by executing a same-day
  sale (as described below), you must follow the instructions of the Company
  and the broker who will execute the sale.

   

  If someone else wants to exercise this option after your death, that
  person must prove to the Company’s satisfaction that he or she is entitled to
  do so.

  
	
   

  	
   

  	
   

  
	
  Form of
  Payment

  	
   

  	
  When you submit your notice of exercise, you must include payment of
  the option exercise price for the shares that you are purchasing.  To the extent permitted by applicable law,
  payment may be made in one (or a combination of two or more) of the following
  forms:

   

  ·                  By delivering
  to the Company your personal check, a cashier’s check or a money order.

   

  ·                  By delivering
  to the Company certificates for shares of Company stock that you own, along
  with any forms needed to effect a transfer of those shares to the Company.  The value of the shares, determined as of
  the effective date of the option exercise, will be applied to the option
  exercise price.  Instead of
  surrendering shares of Company stock, you may attest to the ownership of
  those shares on a form provided by the Company and have the same number of
  shares subtracted from the option shares issued to you.

   

  ·                  By giving to
  a securities broker approved by the Company irrevocable directions to sell
  all or part of your option shares and to deliver to the Company, from the
  sale proceeds, an amount sufficient to pay the 

  

 

3

 

	
   

  	
   

  	
  option exercise price and any withholding taxes.  (The balance of the sale proceeds, if any,
  will be delivered to you.)  The
  directions must be given in accordance with the instructions of the Company
  and the broker.  This exercise method
  is sometimes called a “same-day sale.”

  
	
   

  	
   

  	
   

  
	
  Withholding
  Taxes and Stock Withholding

  	
   

  	
  You will not be allowed to exercise this option unless you make
  arrangements acceptable to the Company to pay any withholding taxes that may
  be due as a result of the option exercise. 
  With the Company’s consent, these arrangements may include withholding
  shares of Company stock that otherwise would be issued to you when you
  exercise this option.  The value of
  these shares, determined as of the effective date of the option exercise,
  will be applied to the withholding taxes.

  
	
   

  	
   

  	
   

  
	
  Restrictions
  on Resale

  	
   

  	
  You agree not to sell any option shares at a time when applicable
  laws, Company policies or an agreement between the Company and its
  underwriters prohibit a sale.  This
  restriction will apply as long as your Service continues and for such period
  of time after the termination of your Service as the Company may specify.

  
	
   

  	
   

  	
   

  
	
  Transfer
  of Option

  	
   

  	
  Prior to your death, only you may exercise this option.  You cannot transfer or assign this option.  For instance, you may not sell this option
  or use it as security for a loan.  If
  you attempt to do any of these things, this option will immediately become
  invalid.  You may, however, dispose of
  this option in your will or a beneficiary designation.

   

  Regardless of any marital property settlement agreement, the Company
  is not obligated to honor a notice of exercise from your former spouse, nor
  is the Company obligated to recognize your former spouse’s interest in your
  option in any other way.

  
	
   

  	
   

  	
   

  
	
  Retention
  Rights

  	
   

  	
  Your option or this Agreement does not give you the right to be
  retained by the Company or a subsidiary of the Company in any capacity.  The Company and its subsidiaries reserve
  the right to terminate your Service at any time, with or without cause.

  
	
   

  	
   

  	
   

  
	
  Stockholder
  Rights

  	
   

  	
  You, or your estate or heirs, have no rights as a stockholder of the
  Company until you have exercised this option by giving the required notice to
  the Company and paying the exercise price. 
  No adjustments are made for dividends or other rights if the
  applicable record date occurs before you exercise this option, except as
  described in the Plan.

  
	
   

  	
   

  	
   

  
	
  Adjustments

  	
   

  	
  In the event of a stock split, a stock dividend or a similar change
  in Company stock, the number of shares covered by this option and the
  exercise price per share will be adjusted pursuant to the Plan.

  
	
   

  	
   

  	
   

  
	
  Applicable
  Law

  	
   

  	
  This Agreement will be interpreted and enforced under the laws of the
  

  

 

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  State of Delaware (without regard to their choice-of-law provisions).

  
	
   

  	
   

  	
   

  
	
  The
  Plan and Other Agreements

  	
   

  	
  The text of the Plan is incorporated in this Agreement by reference.

   

  This Agreement and the Plan constitute the entire understanding
  between you and the Company regarding this option.  Any prior agreements, commitments or
  negotiations concerning this option are superseded.  This Agreement may be amended only by
  another written agreement between the parties.

  

 

BY SIGNING THE COVER SHEET OF THIS AGREEMENT, YOU AGREE TO ALL OF THE
TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.

 

5Exhibit 10.1

SILVER FALCON MINING, INC.

2010 EMPLOYEE, CONSULTANT AND ADVISOR STOCK COMPENSATION PLAN

1.

Purpose; Effectiveness of the Plan.

a)

The purpose of this Plan is to advance the interests of the Company and its Stockholders by permitting the Company to discharge, through the issuance of shares of Stock, certain liabilities for compensation due to employees, consultants, and advisors for services rendered.

b)

This Plan will become effective on the date of its adoption by the Board, and will remain in effect until terminated by the Board under section 8 hereof.

2.

Certain Definitions. Unless the context otherwise requires, the following defined terms (together with any other capitalized terms defined elsewhere in this Plan or in a Stock Payment Agreement entered into under the Plan) will govern the construction of this Plan, and of any such Stock Payment Agreement:

"1933 Act" means the federal Securities Act of 1993, as amended;

"Board" means the Board of Directors of the Company;

"Code" means the Internal Revenue Code of 1986, as amended;

"Company" means Silver Falcon Mining, Inc., a Delaware corporation;

"Eligible Person" has the same meaning as the term "employee" in Form S- 8.

"Fair Market Value" means, with respect to securities as of any date, the market price of such securities determined as follows:

a)

If the securities were traded on a national securities exchange on the date in question, then the Fair Market Value will be equal to the closing price reported by the applicable composite- transactions report for such date;

b)

If the securities were traded over-the-counter on the date in question and the last-transaction reporting was available for the securities, then the Fair Market Value will be equal to the last- transaction price reported for such date;

c)

If the securities were traded over-the-counter on the date in question but last-transaction reporting was not available for the securities, then the Fair Market Value will be equal to the average of the last reported representative bid and asked prices quoted for such date; and

d)

If none of the foregoing provisions is applicable, then the Fair Market Value will be determined by the Board in good faith on such basis as it deems appropriate.

"Form S-8" means Form S-8 as adopted by the U.S. Securities and Exchange Commission.

"Participant" means an Eligible Person to whom Stock is issued hereunder;

"Plan" means this 2010 Employee, Consultant and Advisor Stock Compensation Plan of the Company;

"Stock" means shares of the Company's Common Stock, $0.0001 par value;

 

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"Stock Payment Agreement" means an agreement between the Company and a Participant, in form and substance satisfactory to the Board in its sole discretion, authorizing the issuance of Stock to the Participant under this Plan, whether a form of Stock Payment Agreement specifically approved by the Board or an agreement under which the Participant is performing services for the Company;

"Subsidiary" has the same meaning as the term "subsidiary corporation" in section 424(f) of the Code;

3.

Eligibility. The Company may issue stock under this Plan only to an Eligible Person and only to discharge accrued liabilities for compensation due to such person for services rendered to the Company or a Subsidiary, or as a retainer for future services to be rendered the Company or a Subsidiary, provided that such issuance qualifies for registration on Form S-8.

4.

Issuance Price. Unless otherwise specifically provided in a Board resolution authorizing an issuance of Stock under this Plan, or as otherwise specified in a Stock Payment Agreement with the Participant, the per share issuance price of such Stock will be equal to the average of the Fair Market Values per share on the 10 trading days immediately preceding the execution of a Stock Payment Agreement by a duly authorized officer of the Company, and the issuance of the Stock under this Plan will satisfy an amount of liability equal to the lesser of: (i) the Fair Market Value of the shares on the issue date or (ii) the sum of the Fair Market Value of any unsold shares and the actual net proceeds received by the Participant from the sale of part or all of the shares as of the ninetieth day after the issue date.

5.

Administration.

a)

Authority and Discretion of Board. The Board will administer the Plan, and will have full and final authority in its discretion, at any time and from time to time, subject only to the express terms, conditions and other provisions of the Company's charter and by-laws, this Plan, and the specific limitations on such discretion set forth herein:

1)

to select and approve the persons who will be issued Stock under this Plan from among Eligible Persons, and to authorize the issuance of shares of Stock under the Plan to any person so selected in such number as the Board may determine consistent with Section 4 hereof; and

2)

to interpret this Plan, to prescribe, amend, and rescind rules and regulations relating to the Plan, and to make all other determinations necessary or advisable for the operation and administration of the Plan.

b)

Stock Payment Agreements. Stock may be issued hereunder only upon the execution and delivery of a Stock Payment Agreement by a Participant and a duly authorized officer of the Company.

6.

Shares Reserved for Issuance.

a)

Issuance Pool. The aggregate number of shares of Stock that may be issued pursuant to this Plan may not exceed 20,000,000 (the "Issuance Pool").    

b)

Adjustments Upon Changes in Stock. In the event of any change in the outstanding Stock of the Company as a result of a stock split, reverse stock split, stock dividend, recapitalization, combination or reclassification, appropriate proportionate adjustments will be made in the aggregate number of shares of Stock in the Issuance Pool that have not been issued hereunder;

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7.

Terms of Stock Payment Agreements. Each issuance of Stock under this Plan will be evidenced by a Stock Payment Agreement. Without limiting the foregoing, each Stock Payment Agreement (unless otherwise stated therein) will be deemed to include the following terms and conditions.

a)

Qualification of Stock. The right to receive Stock authorized for issuance under this Plan will be subject to the requirement that if at any time the Board determines, in its discretion, that the listing, registration or qualification of the shares of Stock to be received upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority, is necessary or desirable as a condition of or in connection with the issuance or the acceptance of such shares by the Participant, such shares may not be issued, unless and until such listing, registration, qualification, consent or approval is effected or obtained free of any conditions not acceptable to the Board, in its discretion.

b)

Representations, Warranties, and Agreements of Participants. By accepting Stock under this Plan, a Participant will be deemed to represent, warrant and agree as follows:

1)

The Participant understands that transfer of the Stock issued hereunder requires full compliance with the provision of all applicable laws.

2)

Unless an exemption is available or a registration statement is in effect with respect to the sale of Stock issued hereunder, the Participant will accept the stock for the Participant's own account and not with a view to distribution within the meaning of the 1933 Act, other than as may be effected in compliance with the 1933 Act and the rules and regulations promulgated thereunder.

c)

Compliance with Law. Notwithstanding any other provision of this Plan, Stock may be issued hereunder only after there has been compliance with all applicable federal and state securities laws, and such issuances will be subject to this overriding condition. The Company will not be required to register or qualify Stock issued hereunder with the Securities and Exchange Commission or any state agency.

d)

Stock Certificates. Certificates representing the Stock issued hereunder will bear any legends required by law and necessary to effectuate this Plan's provisions. The Company may place a "stop transfer" order against shares of Stock issued hereunder until all restrictions and conditions set forth in this Plan and in the legends referred to in this section 7(d) have been complied with.

e)

Other Provisions. The Stock Payment Agreement may contain such other terms and conditions, including special forfeiture conditions, rights of repurchase, rights of first refusal and other restrictions on transfer of Stock not inconsistent with this Plan, as may be determined by the Board in its sole discretion.

f)

Withholding Taxes. As a condition to the issuance of shares of Stock under this Plan, the Participant will pay to the Company in cash, or in such other form as the Board may determine in its discretion, the amount of any tax withholding liability of the Company required in connection with such issuance. For these purposes, "tax withholding liability" will mean all federal and state income taxes, social security tax, and any other taxes applicable to the compensation income arising from the transaction required by applicable law to be withheld by the Company. The Board, in its discretion, may permit a particular Participant to pay all or a portion of the tax withholding liability either by surrendering securities of the Company already owned by such Participant or by withholding shares of Stock to be issued under the particular Stock Payment Agreement, if the Board determines that the Fair Market Value of such surrendered securities or withheld Stock is equal to the corresponding portion of the tax withholding liability to be paid.

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8.

Amendments and Discontinuance. The Board may amend, suspend or discontinue this Plan at any time or from time to time.

9.

Citations to Statutes. References in this Plan to any statutes, regulations, official forms or portions thereof are intended to refer to the statutes, regulations, official forms or portions thereof in force at the time of the Plan's adoption by the Board and as subsequently amended, or to any substantially similar successor statutes, regulations, official forms or portions thereof resulting from recodification, renumbering, or other enactment or promulgation.

10.

Notices. Any notice to be given to the Company under the terms of this Plan or under a Stock Payment Agreement may be addressed to the Company at its principal executive office, Attention: Corporate Secretary, or at such other address as the Company may designate in writing. Any notice to be given to an Participant will be addressed to the Participant at the address set forth in the applicable Stock Payment Agreement or otherwise provided to the Company by the Participant. Any such notice will be deemed to have been duly given if and when enclosed in a properly sealed envelope, addressed as aforesaid, registered and deposited, postage and registry fee prepaid, in a post office or branch post office regularly maintained by the United States Government.

11.

Governing Law. This Plan will be governed by, and construed in accordance with, the laws of the State of Florida, without regard to the choice of law provisions of the law of the State of Florida.

12.

Copies of Plan. A copy of this Plan will be delivered to each Participant at or before the time the Participant executes a Stock Payment Agreement.

 

 

 

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