Document:

ex4-4.htm

Exhibit 4.4

 

VERSAR, INC.

2010 Stock Incentive Plan

 

 

Deferral Election Agreement

for Deferred Share Units

 

  

DEFERRAL AGREEMENT (the “Deferral Agreement”), made this ____ day of  _____, _____, by and between ____________________ (the “Participant”), and Versar, Inc. Inc. (the “Company”).

 

WHEREAS, the Company has established the Versar, Inc. Inc. 2010 Stock Incentive Plan (the “Plan”), and the Participant is eligible to participate in said Plan;

 

WHEREAS, Section 9(a) of the Plan permits the Committee to authorize deferral compensation elections with any deferred compensation being credited to Deferred Share Units (“DSUs”)  in accordance with Section 9 of the Plan;

 

NOW, THEREFORE, it is mutually agreed as follows:

 

1.             Term of Election.  This Deferral Agreement and the provisions of the Plan constitute the entire agreement between the parties, and will continue in full force and effect until the Participant executes a superseding Deferral Agreement, or until revoked by the Participant in a writing sent to and approved by the Committee, or until the Participant ceases service with the Company, or until the Plan is terminated by appropriate corporate action, whichever shall first occur.  This Deferral Agreement will become effective:

 

a.           on the January 1st following the execution of this Deferral Agreement;  or

 

b.           on the first day of the next calendar month following the execution of this Deferral Agreement, but only if this Deferral Agreement is executed within

               the30-day period after the Participant first becomes eligible for Plan participation.

 

2.             Compensation being Deferred.  The Participant makes the following election (which shall supersede any prior election only to the extent of an election made affirmatively herein) to defer the following amount of fees/compensation for as long as this Deferral Agreement is in effect:

 

	
  

	
a.

	
______ percent ( ___ %) of the amount otherwise payable in ____ salary and/or ____ bonus.

 

	
  

	
b.

	
______ percent ( ___ %) of the amount otherwise payable in shares of the Company’s common stock (but only if the first vesting event is at least 12 months after the date of this election).

 

  

-1-

  

 

Deferred Share Units Deferral Agreement

Versar, Inc. Inc.

2010 Stock Incentive Plan

 

	
  

	
c.

	
______ percent ( ___ %) of any Restricted Share Units (“RSUs”) in which the Participant earns a vested interest (but only if the underlying Award Agreement specifically authorizes deferral elections and the first vesting event is at least 12 months after the date of this election).

 

3.             Crediting, Vesting, and Distribution of Deferred Compensation. The Company agrees to make DSU credits in accordance with Section 9 of the Plan and the elections that the Participant makes in the Distribution Election Agreement that is attached hereto as Exhibit A.  You will at all times be fully vested in any DSU credits accrued on your behalf and they will not be subject to any terms of Section 25 of the Plan (which relates to forfeiture, recapture, or cancellation).

 

4.             Taxes.  The Participant, by the execution hereof, agrees to be solely responsible for the satisfaction of any taxes that may arise (including taxes arising under Sections 409A or 4999 of the Code), and further agrees that neither the Company nor the Committee shall have any obligation whatsoever to pay such taxes.  The Committee shall nevertheless have the discretion –

 

	
  

	
(a)

	
to condition any issuance of Shares on the Participant’s satisfaction of applicable employment and withholding taxes; and

 

	
  

	
(b)

	
to unilaterally modify this Deferral Agreement in any manner that (i) conforms with the requirements of Section 409A of the Code, (ii) that voids any election of the Participant to the extent it would violate Section 409A of the Code, and (iii) for any distribution election that would violate Section 409A of the Code, that defers distributions pursuant to the Award until the earliest to occur of a distribution event that is allowable under Section 409A of the Code or any distribution event that is both allowable under Section 409A of the Code and is elected by the Participant, subject to any valid second election to defer, that the Committee permits second elections to defer in accordance with Section 409A(a)(4)(C).

 

The Committee shall have the sole discretion to interpret the requirements of the Code, including Section 409A, for purposes of the Plan and this Deferral Agreement.

 

5.             Designation of Beneficiary.  Notwithstanding anything to the contrary contained herein or in the Plan, following the execution of this Deferral Agreement, you may expressly designate a beneficiary (the “Beneficiary”) to your rights and interest under this Deferral Agreement.  You shall designate the Beneficiary by completing Section 2 of Exhibit A and delivering an executed copy of the Distribution Election Agreement regarding Deferred Share Units (Exhibit A)  to the Company.

 

6.             Restrictions on Transfer. This Deferral Agreement may not be sold, pledged, or otherwise transferred without the prior written consent of the Committee.   Notwithstanding the foregoing, you may transfer your rights under this Deferral Agreement, on such terms and conditions as the Committee deems appropriate, either (i) by instrument to your “Immediate Family” (as defined below), (ii) by instrument to an inter vivos or testamentary trust (or other entity) in which the Award is to be passed to your designated beneficiaries, or (iii) by gift to charitable institutions.  “Immediate Family” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships.  Any transferee of your rights shall succeed and be subject to all of the terms of this Award Agreement and the Plan.

 

  

-2-

  

 

Deferred Share Units Deferral Agreement

Versar, Inc. Inc.

2010 Stock Incentive Plan

 

7.             Notices.  Any notice or communication required or permitted by any provision of this Deferral Agreement to be given to you shall be in writing and shall be delivered personally or sent by certified mail, return receipt requested, addressed to you at the last address that the Company had for you on its records.  Each party may, from time to time, by notice to the other party hereto, specify a new address for delivery of notices relating to this Deferral Agreement.  Any such notice shall be deemed to be given as of the date such notice is personally delivered or properly mailed.

 

8.             Binding Effect.  Except as otherwise provided in this Deferral Agreement or in the Plan, every covenant, term, and provision of this Deferral Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legatees, legal representatives, successors, transferees, and assigns.

 

9.             Modifications.  This Deferral Agreement may be modified or amended at any time in accordance with Section 15 of the Plan, provided that you must consent in writing to any modification that adversely alters or impairs any rights or obligations under this Deferral Agreement.

 

10.           Headings.  Section and other headings contained in this Deferral Agreement are for reference purposes only and are not intended to describe, interpret, define or limit the scope or intent of this Deferral Agreement or any provision hereof.

 

11.           Severability.  Every provision of this Deferral Agreement and of the Plan is intended to be severable.  If any term hereof is illegal or invalid for any reason, such illegality or invalidity shall not affect the validity or legality of the remaining terms of this Deferral Agreement.

 

12.           Counterparts.  This Deferral Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.

 

13.           Plan Governs.  By signing this Deferral Agreement, you acknowledge that (i) you have received a copy of the Plan and that your Deferral Agreement is subject to all the provisions contained in the Plan, the provisions of which are made a part of this Deferral Agreement, and (ii) your Award is subject to all interpretations, amendments, rules and regulations which from time to time may be promulgated and adopted pursuant to the Plan.  In the event of a conflict between the provisions of this Deferral Agreement and those of the Plan, the provisions of the Plan shall control.

 

14.           Governing Law.  The laws of the Commonwealth of Virginia shall govern the validity of this Deferral Agreement, the construction of its terms, and the interpretation of the rights and duties of the parties hereto.

 

  

-3-

  

 

Deferred Share Units Deferral Agreement

Versar, Inc. Inc.

2010 Stock Incentive Plan

 

IN WITNESS WHEREOF, the parties hereto have hereunto set their hands the day and year first above-written.

 

	 	PARTICIPANT
	 	 
	 	 	 	 
	 	Printed Name:	 
	 	 	 	 
	 	COMPANY
	 	 
	 	Versar, Inc. Inc.
	 	 	 	 
	
 

	
By: 

	 
	 	 	
A duly authorized executive officer

 

  

-4-

  

 

Deferred Share Units Deferral Agreement

Versar, Inc. Inc.

2010 Stock Incentive Plan

 

Exhibit A

 

VERSAR, INC.

2010 Stock Incentive Plan

 

Distribution Election Agreement

regarding Deferred Share Units

    

        AGREEMENT, made this __ day of ________, ____, by and between me, a participant in the Versar, Inc. 2010 Deferred Compensation Plan (the “Plan”), and Versar, Inc. (the “Company”).  The parties agree that any term that begins herein with initial capital letters shall have the special meaning defined in the Plan, unless the context clearly requires otherwise.

 

NOW THEREFORE, it is mutually agreed as follows:

 

1.           Form and Time of Payment.  By the execution hereof, I agree to participate in the Plan, upon the terms and conditions set forth therein, and, in accordance therewith, elect to have my Account distributed to me as follows, in Shares of the Company’s common stock, upon the earliest of the events checked below:

 

	
  Event

	    Form of Distribution	 	    Time of Distribution
	
 

  __ Death

	
 

o

 

o

	
 

One lump sum distribution.

 

Substantially equal annual payments over a period of ___ years (up to 10).

 

	 	
 

o

 

o

 

o

	
 

  As soon as practicable.

 

   The next January 1st.

 

   Other:____________.

	
 

  __ Disability

	
 

o

 

o

	
 

One lump sum distribution.

 

Substantially equal annual payments over a period of ___ years (up to 10).

 

	 	
 

o

 

o

 

o

	
 

As soon as practicable.

 

The next January 1st.

 

Other:____________.

	
 

  __ Other Separation

    from Service

	
 

o

 

o

	
 

One lump sum distribution.

 

Substantially equal annual payments over a period of ___ years (up to 10).

	 	
 

o

 

o

 

o

	
 

As soon as practicable.

 

The next January 1st.

 

Other:____________.

	
 

  __ Change in

    Control

	
 

o

 

o

	
 

One lump sum distribution.

 

Substantially equal annual payments over a period of ___ years (up to 10).

	 	
 

o

 

o

 

o

	
 

As soon as practicable.

 

The next January 1st.

 

Other:____________.

	
 

  ___ Specified Date

	
 

o

 

o

	
 

One lump sum distribution.

 

Substantially equal annual payments over a period of ___ years (up to 10).

	 	 	
  

Date: ________  ___, ___.

 

  

-5-

  

 

Deferred Share Units Deferral Agreement

Versar, Inc. Inc.

2010 Stock Incentive Plan

 

2.             Designation of Beneficiary. In the event of my death before I have collected all of the benefits payable under the Plan, I hereby direct that any remaining benefits payable under the Plan be distributed to the beneficiary or beneficiaries designated under subparagraphs a and b of this Section 2 in the manner elected pursuant to Section 1 above:

 

a.           Primary Beneficiary.  I hereby designate the person(s) named below to be my primary beneficiary and to receive the balance of any unpaid benefits under the Plan.

 

	
Name of

Primary Beneficiary

	
Social Security

Number

	
Mailing Address

	
Percentage of

Death Benefit

	  	  	  	
%

	  	  	  	
%

 

b.                      Contingent Beneficiary.  In the event that the primary beneficiary or beneficiaries named above are not living at the time of my death, I hereby designate the following person(s) to be my contingent beneficiary for purposes of the Plan:

 

	
Name of

Contingent Beneficiary

	
Social Security

Number

	
Mailing Address

	
Percentage of

Death Benefit

	  	  	  	
%

	  	  	  	
%

 

3.             Effect of Election.  The elections made in Section 1 hereof shall apply to the entire value of the Participant’s Account, provided that these elections may only be changed at least one year in advance of the earliest date on which payments would otherwise commence pursuant to Section 1 hereof, and may only be changed pursuant to an election that conforms with the requirements set forth in Section 9 of the Plan.

 

With respect to the elections made in Section 2 hereof, I may, by submitting an effective superseding Distribution Election Form at any time and from time to time, prospectively change the beneficiary designation and the manner of payment to a beneficiary.  Such elections shall, however, become irrevocable upon my death.

 

4.             Taxes.  You are solely responsible and liable for the satisfaction of all income taxes and penalties that may arise in connection with your participation in the Plan (including any taxes arising under Section 409A of the Code).  The Company shall not have any obligation to indemnify or otherwise hold any Participant harmless from any or all of such taxes, but has the discretion to take discretionary actions pursuant to Section 11(e) of the Plan.  

 

  

-6-

  

 

Deferred Share Units Deferral Agreement

Versar, Inc. Inc.

2010 Stock Incentive Plan

 

5.             Mutual Commitments.  The Company agrees to make payment of all amounts due to me in accordance with the terms of the Plan and the elections I make herein.  I agree to be bound by the terms of the Plan, as in effect on the date hereof or properly amended hereafter.

 

IN WITNESS WHEREOF, the parties hereto have hereunto set their hands the day and year first above-written.

 

	Witnessed by:	 	
PARTICIPANT

	 
	 	 	 	 
	 	 	 	 
	Witnessed by:	 	VERSAR, INC., INC.	 
	 	 	 	 
	
 

	 	
By

	 	 
	 	 	 	
  A member of the Board of Directors

	 

 

  

-7-

  

 

Deferred Share Units Deferral Agreement

Versar, Inc. Inc.

2010 Stock Incentive Plan

 

Exhibit B

VERSAR, INC.

2010 Stock Incentive Plan

 

Plan Document

 

  - 8 -ex4-5.htm

Exhibit 4.5

 

VERSAR, INC.

2010 STOCK INCENTIVE PLAN

 

 

Stock Option Award Agreement

  

 

Award No. __________

 

You (the “Participant”) are hereby awarded the following stock option (the “Option”) to purchase Shares of Versar, Inc.  (the “Company”), subject to the terms and conditions set forth in this Stock Option Award Agreement (the “Award Agreement”) and in the Versar, Inc. 2010 Stock Incentive Plan (the “Plan”), which is attached hereto as Exhibit A.   A summary of the Plan appears in its Prospectus, which is attached as Exhibit B.  You should carefully review these documents, and consult with your personal financial advisor, before exercising this Option.

 

By executing this Award Agreement, you agree to be bound by all of the Plan’s terms and conditions as if they had been set out verbatim in this Award Agreement.  In addition, you recognize and agree that all determinations, interpretations, or other actions respecting the Plan and this Award Agreement will be made by the Board of Directors (the “Board”) of Versar, Inc.  (the “Company”) or any Committee appointed by the Board to administer the Plan, and shall (in the absence of manifest bad faith or fraud) be final, conclusive and binding on all parties, including you and your successors in interest.  Capitalized terms are defined in the Plan or in this Award Agreement.

 

1.      Variable Terms.  This Option shall have, and be interpreted according to, the following terms, subject to the provisions of the Plan in all instances:

 

	                        Name of Participant:	 	 
	 	 	 
	                        Type of Stock Option:	 	 o    Incentive Stock Option (ISO)
	 	 	 
	 	 	 o Non-Incentive Stock Option
	 	 	 
	
Number of Shares subject to Option:

	  	  
	 	 	 
	
Option Exercise Price per Share:

	  	  
	 	 	 
	
Grant Date:

	  	  
	 	 	 
	
Reverse Vesting (per Plan Section 6(i)):

	  	
 ̈ Allowed in accordance with Section 6(i) of the Plan.

 ̈ Not allowed.

 

	
Vesting Schedule:

	
(Establishes the Participant’s rights to exercise this Option with respect to the Number of Shares stated above, subject to acceleration per Section 2 below and to any shareholder approval requirement set forth in the Plan.)

	  	  	  
	  	
o

	
___% on Grant Date.

 

  

  

  

 

Stock Option Award Agreement

Versar, Inc.

2010 Stock Incentive Plan

Page 2

 

	  	
o

	
___% on each of the __ anniversary dates of the Participant’s Continuous Service after the Grant Date.

	  	  	  
	
Lifetime Transfer:

	
o

	
Allowed pursuant to Section 9 below only for Non-Incentive Stock Option.

	  	  	  
	  	
o

	
Not Allowed.

	  	  	  
	
Expiration Date:

	
o

	
____ years after Grant Date

	  	  	  
	  	
o

	
10 years after Grant Date

 

2.      Accelerated Vesting; Change in Corporate Control.  To the extent you have not previously vested in your rights with respect to this Award, your Award will become –

 

	
  

	
o

	
100% vested if your Continuous Service ends due to your death or “disability” within the meaning of Section 409A of the Code;

	
  

	
o

	
___% vested if your Continuous Service ends due to your retirement at or after you have attained the age of ___ and completed at least ___ of Continuous Service;

	
  

	
o

	
according to the following schedule if your Continuous Service ends due to an Involuntary Termination that occurs within the one year period following a Change in Control:

    Date on which Your Involuntary Termination                                                                  Portion of Your Award

    Occurs (by reference to Date of Award)                                                                           As to which Vesting Accelerates

 

3.      Term of Option.  The term of the Option will expire at 5:00 p.m. (E.D.T. or E.S.T., as applicable) on the Expiration Date.

 

4.      Manner of Exercise.  The Option shall be exercised in the manner set forth in the Plan, using the exercise form attached hereto as Exhibit C.  The amount of Shares for which the Option may be exercised is cumulative; that is, if you fail to exercise the Option for all of the Shares vested under the Option during any period set forth above, then any Shares subject to the Option that are not exercised during such period may be exercised during any subsequent period, until the expiration or termination of the Option pursuant to Sections 2 and 6 of this Award Agreement and the terms of the Plan.  Fractional Shares may not be purchased.

 

5.      Special ISO Provisions.  If designated as an ISO, this Option shall be treated as an ISO to the extent allowable under Section 422 of the Code, and shall otherwise be treated as a Non-ISO.  If you sell or otherwise dispose of Shares acquired upon the exercise of an ISO within 1 year from the date such Shares were acquired or 2 years from the Grant Date, you agree to deliver a written report to the Company within 10 days following the sale or other disposition of such Shares detailing the net proceeds of such sale or disposition.

 

  

  

  

 

Stock Option Award Agreement

Versar, Inc.

2010 Stock Incentive Plan

Page 3

 

6.      Termination of Continuous Service.  If your Continuous Service with the Company is terminated for any reason, this Option shall terminate on the date on which you cease to have any right to exercise the Option pursuant to the terms and conditions set forth in Section 6 of the Plan.

 

7.      Long-term Consideration for Award.  The Participant recognizes and agrees that the Company’s key consideration in granting this Option is securing the long-term commitment of the Participant to serve as a _________ who will advance and promote the Company’s business interests and objectives.  Accordingly, the Participant agrees to the following as a material and indivisible part of the consideration associated with this Award:

 

(a)           Fiduciary Duty. During his or her employment with the Company the Participant shall devote his or her full energies, abilities, attention and business time to the performance of his or her job responsibilities and shall not engage in any activity which conflicts or interferes with, or in any way compromises, his or her performance of such responsibilities.

 

(b)           Confidential Information.  The Participant recognizes that by virtue of his or her employment with the Company, he or she will be granted otherwise prohibited access to confidential information and proprietary data which are not known, and not readily accessible to the Company’s competitors.  This information (the “Confidential Information”) includes, but is not limited to, current and prospective customers; the identity of key contacts at such customers; customers’ particularized preferences and needs; marketing strategies and plans; financial data; personnel data; compensation data; proprietary procedures and processes; and other unique and specialized practices, programs and plans of the Company and its customers and prospective customers.  The Participant recognizes that this Confidential Information constitutes a valuable property of the Company, developed over a significant period of time and at substantial expense.  Accordingly, the Participant agrees that he or she shall not, at any time during or after his or her employment with the Company, divulge such Confidential Information or make use of it for his or her own purposes or the purposes of any person or entity other than the Company.

 

(c)           Non-Solicitation of Customers.  The Participant recognizes that by virtue of his or her employment with the Company he or she will be introduced to and involved in the solicitation and servicing of existing customers of the Company and new customers obtained by the Company during his or her employment.  The Participant understands and agrees that all efforts expended in soliciting and servicing such customers shall be for the permanent benefit of the Company.  The Participant further agrees that during his or her employment with the Company the Participant will not engage in any conduct which could in any way jeopardize or disturb any of the Company’s customer relationships.  The Participant also recognizes the Company’s legitimate interest in protecting, for a reasonable period of time after his or her employment with the Company, the Company’s customers.  Accordingly, the Participant agrees that, for a period beginning on the date hereof and ending one (1) year after termination of Participant’s employment with the Company, regardless of the reason for such termination, the Participant shall not, directly or indirectly, without the prior written consent of the Chairman of the Company, market, offer, sell or otherwise furnish any products or services similar to, or otherwise competitive with, those offered by the Company to any customer of the Company.

 

  

  

  

 

Stock Option Award Agreement

Versar, Inc.

2010 Stock Incentive Plan

Page 4

 

(d)           Non-Solicitation of Employees.  The Participant recognizes the substantial expenditure of time and effort which the Company devotes to the recruitment, hiring, orientation, training and retention of its employees.  Accordingly, the Participant agrees that, for a period beginning on the date hereof and ending two (2) years after termination of Participant’s employment with the Company, regardless of the reason for such termination, the Participant shall not, directly or indirectly, for himself or herself or on behalf of any other person or entity, solicit, offer employment to, hire or otherwise retain the services of any employee of the Company.

 

(e)           Survival of Commitments; Potential Recapture of Award and Proceeds.  The Participant acknowledges and agrees that the terms and conditions of this Section regarding confidentiality and non-solicitation shall survive both (i) the termination of Participant’s employment with the Company for any reason, and (ii) the termination of the Plan, for any reason.  The Participant acknowledges and agrees that the grant of Options in this Award Agreement is just and adequate consideration for the survival of the restrictions set forth herein, and that the Company may pursue any or all of the following remedies if the Participant either violates the terms of this Section or succeeds for any reason in invalidating any part of it (it being understood that the invalidity of any term hereof would result in a failure of consideration for the Award):

 

	
  

	
(i)

	
declaration that the Award is null and void and of no further force or effect;

 

	
  

	
(ii)

	
recapture of any cash paid or Shares issued to the Participant, or any designee or beneficiary of the Participant, pursuant to the Award;

 

	
  

	
(iii)

	
recapture of the proceeds, plus reasonable interest, with respect to any Shares that are both issued pursuant to this Award and sold or otherwise disposed of by the Participant, or any designee or beneficiary of the Participant.

 

The remedies provided above are not intended to be exclusive, and the Company may seek such other remedies as are provided by law, including equitable relief.

 

(f)           Acknowledgement.  The Participant acknowledges and agrees that his or her adherence to the foregoing requirements will not prevent him or her from engaging in his or her chosen occupation and earning a satisfactory livelihood following the termination of his or her employment with the Company.

 

8.      Designation of Beneficiary.  Notwithstanding anything to the contrary contained herein or in the Plan, following the execution of this Award Agreement, you may expressly designate a beneficiary (the “Beneficiary”) to his or her interest in the Option awarded hereby.  You shall designate the Beneficiary by completing and executing a designation of beneficiary agreement substantially in the form attached hereto as Exhibit D (the “Designation of Beneficiary”) and delivering an executed copy of the Designation of Beneficiary to the Company.

 

  

  

  

 

Stock Option Award Agreement

Versar, Inc.

2010 Stock Incentive Plan

Page 5

 

9.      Restrictions on Transfer. This Award Agreement may not be sold, pledged, or otherwise transferred without the prior written consent of the Committee.  Notwithstanding the foregoing, the Participant may transfer this Option, if allowed under Section 1 for a Non-Incentive Stock Option (i) by instrument to an inter vivos or testamentary trust (or other entity) in which each beneficiary is a permissible gift recipient, as such is set forth in subsection (ii) of this Section, or (ii) by gift to charitable institutions or by gift or transfer for consideration to any of the following relatives of the Participant (or to an inter vivos trust, testamentary trust or other entity primarily for the benefit of the following relatives of the Participant): any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, domestic partner, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships.  Any transferee of the Participant’s rights shall succeed and be subject to all of the terms of this Award Agreement and the Plan.

 

10.      Taxes.  By signing this Award Agreement, you acknowledge that you shall be solely responsible for the satisfaction of any taxes that may arise (including taxes arising under Sections 409A or 4999 of the Code), and that neither the Company nor the Administrator shall have any obligation whatsoever to pay such taxes.

 

11.      Notices.  Any notice or communication required or permitted by any provision of this Award Agreement to be given to you shall be in writing and shall be delivered personally or sent by certified mail, return receipt requested, addressed to you at the last address that the Company had for you on its records.  Each party may, from time to time, by notice to the other party hereto, specify a new address for delivery of notices relating to this Award Agreement.  Any such notice shall be deemed to be given as of the date such notice is personally delivered or properly mailed.

 

12.      Binding Effect.  Except as otherwise provided in this Award Agreement or in the Plan, every covenant, term, and provision of this Award Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legatees, legal representatives, successors, transferees, and assigns.

 

13.      Modifications.  This Award Agreement may be modified or amended at any time, provided that you must consent in writing to any modification that adversely alters or impairs any rights or obligations under this Option.

 

14.      Headings.  Section and other headings contained in this Award Agreement are for reference purposes only and are not intended to describe, interpret, define or limit the scope or intent of this Award Agreement or any provision hereof.

 

15.      Severability.  Every provision of this Award Agreement and of the Plan is intended to be severable.  If any term hereof is illegal or invalid for any reason, such illegality or invalidity shall not affect the validity or legality of the remaining terms of this Award Agreement.

 

16.      Counterparts.  This Award Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.

 

  

  

  

 

Stock Option Award Agreement

Versar, Inc.

2010 Stock Incentive Plan

Page 6

 

17.      Plan Governs.  By signing this Award Agreement, you acknowledge that you have received a copy of the Plan and that your Award Agreement is subject to all the provisions contained in the Plan, the provisions of which are made a part of this Award Agreement and your Award is subject to all interpretations, amendments, rules and regulations which from time to time may be promulgated and adopted pursuant to the Plan.  In the event of a conflict between the provisions of this Award Agreement and those of the Plan, the provisions of the Plan shall control.

 

18.      Governing Law.  The laws of the State of Virginia  shall govern the validity of this Award Agreement, the construction of its terms, and the interpretation of the rights and duties of the parties hereto.

 

19.      Investment Purposes. You acknowledge that you are acquiring your Options for investment purposes only and without any present intention of selling or distributing them.

 

<Signature Page Follows>

 

  

  

  

Stock Option Award Agreement

Versar, Inc.

2010 Stock Incentive Plan

Page 7

 

           BY YOUR SIGNATURE BELOW, along with the signature of the Company’s representative, you and the Company agree that the Option is awarded under and governed by the terms and conditions of this Award Agreement and the Plan.

 

	 	VERSAR, INC.	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	PARTICIPANT	 	 
	 	 	 	 	 
	 	The undersigned Participant hereby accepts the terms of this Award Agreement and the Plan.
	 	 	 	 	 
	 	By:	 	 	 
	 	 	 	 	 
	 	 	Name of Participant:  	 	 

 

  

  

  

 

VERSAR, INC.

2010 Stock Incentive Plan

 

Exhibit A

 

Plan Document

 

  

  

  

 

VERSAR, INC.

2010 Stock Incentive Plan

 

Exhibit B

 

Plan Prospectus

 

  

  

  

 

VERSAR, INC.

2010 Stock Incentive Plan

 

Exhibit C

 

Form for Exercise of  Stock Options

 

Versar, Inc.

 

   Attention: 2010 Stock Incentive Plan Committee

<Address>

____________  ___    _______

Dear Sir or Madam:

The undersigned elects to exercise his/her Incentive Stock Option to purchase _____ shares of Common Stock of Versar, Inc. (the “Company”) under and pursuant to a Stock Option Agreement dated as of ______________.

1.           o Delivered herewith is a certified or bank cashier’s or teller’s check and/or shares of Common Stock held by the undersigned for at least six months, valued at the closing sale price of the stock on the business day prior to the date of exercise, as follows:

 

	 	$	 	in cash or check
	 	$	 	in the form of ____ shares of Common Stock,
	 	 	 	      valued at $___________ per share
	 	$ 	  Total	 

 

2.           o Delivered herewith are irrevocable instructions to a broker approved by the Company to deliver promptly to the Company the amount of sale or loan proceeds to pay the exercise price.

If method 1 is chosen, the name or names to be on the stock certificate or certificates and the address and Social Security Number of such person(s) is as follows:

 

	Name:	 

 

	Address:	 

 

	Social Security Number	 

 

	 	Very truly yours,
	 	 
	 	 	 
	Date	 	Optionee

 

 

 

 

 

VERSAR, INC.

2010 Stock Incentive Plan

 

Exhibit D

 

Designation of Beneficiary

 

In connection with the STOCK OPTION AWARD AGREEMENT (the “Award Agreement”) entered into on _______________, 200_ between Versar, Inc.  (the “Company”) and _______________, an individual residing at _______________________ (the “Participant”), you hereby designate the person specified below as the beneficiary of the Participant’s interest in a stock option to purchase  _________Shares (as defined in the 2010 Stock Incentive Plan ) of the Company awarded pursuant to the Award Agreement.  This designation shall remain in effect until revoked in writing by the Participant.

 

	
Name of Beneficiary:

	  	  
	
 

Address:

	  	  
	
 

  

	  	  
	
 

  

	  	  
	
 

Social Security No.:

	  	  

You understand that this designation operates to entitle the above-named beneficiary to the rights conferred by the Award Agreement from the date this form is delivered to the Company until such date as this designation is revoked in writing by you, including by delivery to the Company of a written designation of beneficiary executed by you on a later date.

 

	
Date:

	  	  
	
 

 

By:

	 	 
	  	  	

[Participant Name]

 

	Sworn to before me this 	 	 	 	 
	 	 	 	 	 
	____ day of ____________, 200_ 	 	 	 	 
	 	 	 	 	 
	
_________________________________

	 	 	
 

	 
	
Notary Public

	 	 	
 

	 
	
 

	 	 	
 

	 
	County of  ________________________	 	 	 	 
	
 

State of      ________________________

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