Document:

EX 10-25 10K 6.27.2015

    

EXHIBIT 10.25
Amended and Restated Coach, Inc. 2010 Stock Incentive Plan
Restricted Stock Unit Grant Notice and Agreement
For Outside Directors

NAME

Coach, Inc. (the “Company”) is pleased to confirm that you have been granted a restricted stock unit award (the “Award”), effective as of GRANT DATE (the “Award Date”), as provided in this agreement (the “Agreement”) pursuant to the Amended and Restated Coach, Inc. 2010 Stock Incentive Plan, as amended (the “Plan”).
1.    Award.  Subject to the restrictions, limitations and conditions as described below, the Company hereby awards to you as of the Award Date:
# of RSUs restricted stock units (“RSUs”)
Each RSU represents the right to receive one share (an “Award Share”) of the Company’s Common Stock, par value $.01 per share (the “Common Stock”) upon the satisfaction of terms and conditions set forth in this Agreement and the Plan.  While the restrictions are in effect, the RSUs are not transferable by the Participant by means of sale, assignment, exchange, pledge, or otherwise.
2.    Vesting.  The RSUs shall become vested on the date that is the earlier of the Company’s next regular annual meeting of shareholders or twelve months after the grant date (the “Vesting Date”); provided, that, subject to paragraph 3 below, you remain in continuous service as a Director of the Company during the period beginning on the Award Date and ending on the Vesting Date.
3.    Death or Total Disability.  If you cease active service with the Company’s Board of Directors prior to the Vesting Date because of your death or Permanent and Total Disability (as defined below), this Award will continue to vest in accordance with the schedule set forth in paragraph 2.  For purposes of the foregoing, “Permanent and Total 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 twelve months.
4.    Distribution of the Award.  
(a)    In General.  Except as set forth in paragraph 4(b), on each Vesting Date, the Company shall, subject to section 10.5(b) of the Plan, transfer to you all of the Award Shares subject to the Award.
(b)    Election to Defer.  Notwithstanding paragraph 4(a), you shall have the right to elect to defer receipt of some or all of the Award Shares that would otherwise be transferred to you on the Vesting Date pursuant to the Plan.  Any such election shall be made in accordance with the terms of the RSU Deferral Election Form in substantially 

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the form attached hereto as Exhibit A and shall be made not later than the “Election Deadline” set forth in the applicable RSU Deferral Election Form.  
5.    Rights as a Stockholder.  You will have no right as a stockholder with respect to any Award Shares until and unless ownership of such Award Shares has been transferred to you.
6.    Awards Not Transferable.  This Award will not be assignable or transferable by you, other than by a qualified domestic relations order or by will or by the laws of descent and distribution, and will be exercisable during your lifetime only by you (or your legal guardian or personal representative).  
7.    Transferability of Award Shares.  Award Shares generally are freely tradeable in the United States.  However, you may not offer, sell or otherwise dispose of any Award Shares in a way which would:  (a) require the Company to file any registration statement with the Securities and Exchange Commission (or any similar filing under state law or the laws of any other country) or to amend or supplement any such filing or (b) violate or cause the Company to violate the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, any other state or federal law, or the laws of any other country.  The Company reserves the right to place restrictions required by law on Common Stock received by you pursuant to this Award. 
8.    Conformity with the Plan.  This Award is intended to conform in all respects with, and is subject to applicable provisions of, the Plan.  Inconsistencies between this Agreement and the Plan shall be resolved in accordance with the terms of the Plan.  By your acceptance of this Agreement, you agree to be bound by all of the terms of this Agreement and the Plan.
9.    Section 409A. Notwithstanding anything to the contrary contained in this Agreement or the Plan, this Agreement shall be interpreted in accordance with, and incorporate the terms and conditions required by, Section 409A of the U.S. Internal Revenue Code of 1986, as amended (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof, “Section 409A”). The Company’s Board of Directors shall have the authority (without any obligation to do so or to indemnify any Participant Director for failure to do so) to adopt such amendments to the Plan and this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as it determines are necessary or appropriate to comply with the requirements of Section 409A. 
10.    Miscellaneous.
(a)    Amendment or Modifications.  The grant of this Award is documented by the minutes of the Board, which records are the final determinant of the number of shares granted and the conditions of this grant.  The Board may amend or modify this Award in any manner to the extent that the Board would have had the authority under the Plan initially to grant such Award, provided that no such amendment or modification shall directly or indirectly impair or otherwise adversely affect your rights under this Agreement without your consent.  Except as in accordance with the two immediately 

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preceding sentences, this Agreement may be amended, modified or supplemented only by an instrument in writing signed by both parties hereto.
(b)    Governing Law.  All matters regarding or affecting the relationship of the Company and its stockholders shall be governed by the General Corporation Law of the State of Maryland.  All other matters arising under this Agreement shall be governed by the internal laws of the State of New York, including matters of validity, construction and interpretation.  You and the Company agree that all claims in respect of any action or proceeding arising out of or relating to this Agreement shall be heard or determined in any state or federal court sitting in New York, New York, and you and the Company agree to submit to the jurisdiction of such courts, to bring all such actions or proceedings in such courts and to waive any defense or inconvenient forum to such actions or proceedings.  A final judgment in any action or proceeding so brought shall be conclusive and may be enforced in any manner provided by law.
(c)    Successors and Assigns.  Except as otherwise provided herein, this Agreement will bind and inure to the benefit of the respective successors and permitted assigns and heirs and legal representatives of the parties hereto whether so expressed or not.
(d)    Severability.  Whenever feasible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

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In witness whereof, the parties hereto have executed and delivered this agreement.
                                                            COACH, INC. 

Sarah Dunn
                                                            Global Human Resources Officer
                                                            Date:  DATE OF GRANT
I acknowledge that I have read and understand the terms and conditions of this Agreement and of the Plan and I agree to be bound thereto.
AWARD RECIPIENT:

__________________________________
NAME
Date:  ________________________

-4-Exhibit 10.1

 

SUPERIOR DRILLING PRODUCTS, INC. 

NonSTATUTORY Stock Option AGREEMENT

 

(Employee,
Consultant)

 

1.             Grant of Stock Option. As of the Grant Date (identified in the Award Notice attached hereto (the “Award
Notice”), Superior Drilling Products, Inc., a Utah corporation (the “Company”), hereby grants a Nonstatutory
Stock Option (the “Option”) to the Optionee (identified in the Award Notice), an [Employee/Consultant]
of the Company, to purchase the number of shares of the Company’s common stock, $0.001 par value per share (the “Stock”)
identified in the Award Notice (the “Stock”), subject to the terms and conditions of this agreement (the “Agreement”)
and the Superior Drilling Products, Inc. 2015 Long Term Incentive Plan (the “Plan”) which is hereby incorporated
herein in its entirety by reference and is attached as Exhibit A. The Option is not an “incentive stock option” as
defined in Section 422 of the Internal Revenue Code.

 

2.             Definitions. All capitalized terms used herein shall have the meanings set forth in the Plan unless otherwise
specifically provided herein. The Award Notice sets forth meanings for various capitalized terms used in this Agreement.

 

3.             Option Term. The Option shall commence on the Grant Date (identified in the Award Notice) and terminate on the
date immediately prior to the tenth (10th) anniversary of the Grant Date. The period
during which the Option is in effect and may be exercised is referred to herein as the “Option Period.”

 

4.             Option Price. The Option Price per share of Stock is identified in the Award Notice.

 

5.             Vesting. This Option may be exercised for the total number of shares Stock subject to this Option in accordance
with the Vesting Schedule as follows: 33.3% on the first anniversary of the Grant Date, 33.3% on the second anniversary
of the Grant Date and 33.4% on the third anniversary of the Grant Date provided that the Optionee is continuously providing Services
to the Company or an Affiliate through the applicable vesting date. The Stock may be purchased at any time after they become vested,
in whole or in part, during the Option Period; provided, however, the Option may only be exercisable to acquire whole Stock. The
right of exercise provided herein shall be cumulative so that if the Option is not exercised to the maximum extent permissible
after vesting, the vested portion of the Option shall be exercisable, in whole or in part, at any time during the Option Period.

 

6.             Method of Exercise. The Option is exercisable by delivery of a written notice to the Secretary of the Company,
at the address for notices to the Company provided below, signed by the Optionee, specifying the number of shares of Stock to be
acquired on, and the effective date of, such exercise. The Optionee may withdraw notice of exercise of this Option, in writing,
at any time prior to the close of business on the business day preceding the proposed exercise date.

 

7.             Restrictions on Exercise. The Option may not be exercised if the issuance of such Stock or the method of payment
of the consideration for such Stock would constitute a violation of any applicable federal or state securities or other laws or
regulations, including any laws or regulations or Company policies respecting blackout periods, or any rules or regulations of
any stock exchange on which the Stock may be listed.

 

     

     

    

 

8.             Termination of Employment/Engagement. Voluntary or involuntary termination of the Optionee as an Employee/Consultant
of the Company and its Affiliates shall affect Optionee’s rights under the Option as follows:

 

(a)              
Termination for Cause or Breach of Noncompetition or Confidentiality Agreement. The vested and non-vested portions
of the Option shall expire on 12:01 a.m. (CST) on the date of termination of employment/engagement or the date of the breach, as
applicable and shall not be exercisable to any extent if Optionee’s employment/engagement is terminated for Cause or the
Optionee breaches a noncompetition and/or confidentiality agreement between Optionee and the Company or any of its Affiliates at
any time.

 

(b)              
Death or Disability. If Optionee’s employment/engagement is terminated by death or Disability (as determined
by the Committee at the time of such termination as a member of the Company’s Board of Directors), then the vesting of the
Option shall be accelerated and the entire Option shall automatically become 100% vested as of the date of such termination and
the Option shall expire 365 calendar days after the date of such termination of employment to the extent not exercised by Optionee
or, in the case of death, by the person or persons to whom Optionee’s rights under the Option have passed by will or by the
laws of descent and distribution or, in the case of Disability, by Optionee or Optionee’s legal representative. In no event
may the Option be exercised by anyone after the earlier of (i) the expiration of the Option Period or (ii) 365 days after the date
of Optionee’s death or termination of employment due to Disability.

 

(c)               
Other Involuntary Termination. If Optionee’s employment with the Company and its Affiliates is terminated
by the Company for any reason other than for Cause, death or Disability, then (i) the non-vested portion of the Option shall immediately
expire on the date of termination of employment and (ii) the vested portion of the Option shall expire to the extent not exercised
six (6) months after the date of such termination of employment/engagement. In no event may the Option be exercised by anyone after
the earlier of (i) the expiration of the Option Period or (ii) six (6) months after the date of termination.

 

(d)              
Other Voluntary Termination. If Optionee’s employment with the Company and its Affiliates is terminated
by the Optionee for any reason other than for death or Disability, then (i) the non-vested portion of the Option shall immediately
expire on the date of termination of employment and (ii) the vested portion of the Option shall expire to the extent not exercised
three (3) months after the date of such termination of employment/engagement. In no event may the Option be exercised by anyone
after the earlier of (i) the expiration of the Option Period or (ii) three (3) months after the date of termination.

 

(e)               
Change in Control. Notwithstanding the vesting provisions in this Agreement, in the event of a “Change
in Control” of the Company, vesting of the Option shall be accelerated and the entire Option shall automatically become 100%
vested as of the day of the Change in Control date and the Option shall otherwise be affected as provided in the Plan.

 

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9.             Independent Legal and Tax Advice. Optionee acknowledges that the Company has advised Optionee to obtain independent
legal and tax advice regarding the grant and exercise of the Option and the disposition of any Stock acquired thereby.

 

10.           No Rights in Stock. Subject to the terms of the Plan, Optionee shall have no rights as a stockholder until the
Optionee becomes the record holder of such Stock, or upon a Change in Control, with respect to the Stock.

 

11.           Investment Representation. Optionee will enter into such written representations, warranties and agreements as
Company may reasonably request in order to comply with any federal or state securities law. Moreover, any stock certificate for
any Stock issued to Optionee hereunder may contain a legend restricting their transferability as determined by the Company in its
discretion. Optionee agrees that Company shall not be obligated to take any affirmative action in order to cause the issuance or
transfer of Stock hereunder to comply with any law, rule or regulation that applies to the Stock subject to the Option.

 

12.           No Guarantee of Employment, Engagement or Services. The Option shall not confer upon Optionee any right to continued
employment, engagement or Services with the Company or any Affiliate.

 

13.           Withholding of Taxes. The Option is subject to and the Company shall have the right to take any action as may
be necessary or appropriate to satisfy any federal, state, or local (foreign and domestic) tax and withholding obligations upon
exercise of the Option.

 

14.           General.

 

(a)              
Notices. All notices under this Agreement shall be mailed or delivered by hand to the parties at their respective
addresses set forth beneath their signatures below or at such other address as may be designated in writing by either of the parties
to one another. Notices shall be effective upon receipt.

 

(b)              
Nontransferability of Option. The Option granted pursuant to this Agreement is not transferable other than by
will or by the laws of descent and distribution or by a qualified domestic relations order (as defined in Section 4l4(p) of the
Internal Revenue Code). The Option will be exercisable during Optionee’s lifetime only by Optionee or by Optionee’s
legal representative in the event of Optionee’s Disability. No right or benefit hereunder shall in any manner be liable for
or subject to any debts, contracts, liabilities, obligations or torts of Optionee.

 

(c)               
Amendment and Termination. No amendment, modification or termination of the Option or this Agreement shall be
made at any time without the written consent of Optionee and Company.

 

(d)              
No Guarantee of Tax Consequences, Legal Consult. The Company and the Committee make no commitment or guarantee
that any federal or state tax treatment will apply or be available to any person eligible for benefits under the Option. The Optionee
has been advised and been provided the opportunity to obtain independent legal and tax advice regarding this Award including, without
limitation, with respect to the grant and exercise of the Option and the disposition of any Stock acquired thereby.

 

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(e)               
Severability. In the event that any provision of this Agreement shall be held illegal, invalid, or unenforceable
for any reason, such provision shall be fully severable, but shall not affect the remaining provisions of the Agreement, and the
Agreement shall be construed and enforced as if the illegal, invalid, or unenforceable provision had not been included herein.

 

(f)               
Supersedes Prior Agreements. This Agreement shall supersede and replace all prior agreements and understandings,
oral or written, between the Company and the Optionee regarding the grant of the Options covered hereby.

 

15.             
Counterparts: This Agreement may be executed in multiple original counterparts, each of which shall be deemed
an original, but all of which together shall constitute but one and the same instrument.

 

 

 

 

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

 

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IN WITNESS WHEREOF,
the Company, as of the Grant Date has caused this Agreement to be executed on its behalf by its duly authorized officer and Optionee
has hereunto executed this Agreement as of the same date.

  

 

	 	SUPERIOR DRILLING PRODUCTS, INC.
	 	 
	 	 
	 	By: _______________________________________
	 	Name: 
	 	Title:   
	 	 
	 	Address for Notices:
	 	 
	 	________________________
	 	________________________
	 	________________________
	 	Attention:         [Name]
	 	 
	 	 
	 	OPTIONEE:
	 	 
	 	 
	 	_________________________________________
	 	Signature
	 	 
	 	_________________________________________
	 	Printed Name
	 	Address:   _________________
	 	_________________
	 	_________________

 

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