Document:

Nonqualified Stock Option Agreement

 Exhibit 10.4 
 PLANAR SYSTEMS, INC. 
 NONQUALIFIED STOCK OPTION AGREEMENT 
  

							
	To: Terri Timberman	  	Date of Grant: May 14, 2007

 We are pleased to inform you that pursuant
to your Letter Agreement dated as of April 10, 2007 with Planar Systems, Inc. (the “Company”), the Board of Directors (the “Board”) of the Company has awarded you a nonqualified stock option for the purchase of fifty
thousand (50,000) shares (the “Shares”) of the Company’s common stock at an exercise price determined by the closing price at the end of market trading on May 14th, 2007. 
 1. TERM. The term of the option is seven years from date of grant, unless sooner terminated. 
 2. VESTING. Except as otherwise provided by the Letter Agreement between you and the Company dated April 10, 2007, the option will vest and become exercisable
according to the following schedule: the option will vest with respect to thirty-three percent (33%) of the Shares on May 14, 2008 and, thereafter, the option will vest with respect to approximately eight and one quarter percent
(8.375%) of the Shares on the last day of each fiscal quarter of the Company, beginning with the quarter ending September, 2008. 
 3. EXERCISE. During
your lifetime only you can exercise the option. The option may be exercised by the personal representative of your estate, by the beneficiary you have designated on forms prescribed by and filed with the Company, or the beneficiary of your estate
following your death. You may use the Notice of Exercise of Nonqualified Stock Option in the form attached to this Agreement when you exercise the option. 
 4. PAYMENT FOR SHARES. The option may be exercised by the delivery of: 
 a. Cash, personal check (unless, at the time of exercise,
the Company determines otherwise), bank certified or cashier’s check; 
 b. Unless the Compensation Committee of the Board (the
“Committee”) in its sole discretion determines otherwise, shares of the capital stock of the Company held by you for a period of at least six months having a fair market value at the time of exercise, as determined in good faith by the
Board, equal to the exercise price; 
 c. A properly executed exercise notice together with irrevocable instructions to a broker to promptly
deliver to the Company the amount of sale or loan proceeds to pay the exercise price; or 
  

 1 – NONQUALIFIED STOCK OPTION AGREEMENT 

 d. Instructions to the Company to withhold from the Shares that would otherwise be issued on the exercise
that number of Shares having a fair market value at the time of such exercise equal to the aggregate exercise price of the options being exercised. 
 5.
WITHHOLDING TAXES. As a condition to the exercise of the option, you must make such arrangements as the Company may require for the satisfaction of any federal, state or local withholding tax obligations that may arise in connection with such
exercise. 
 6. TERMINATION. If your employment with the Company terminates, and unless by its terms the option sooner terminates or expires, then you may
exercise, for a twelve-month period following the termination of your employment, that portion of the option which is exercisable at the time of such termination, but the option will terminate at the end of such period following such termination as
to all Shares for which it has not theretofore been exercised. 
 7. DEATH OF OPTIONEE. If you die while having a relationship with the Company or within the
12-month period following cessation of such relationship, and unless by its terms the option sooner terminates or expires, this option may be exercised within one year after your death by the personal representative of your estate or by the person
or persons to whom your rights under the option pass (i) by will or by the applicable laws of descent and distribution or (ii) by a designation or transfer, but the option will terminate at the end of such period following your death as to
all Shares for which it has not theretofore been exercised. 
 8. TRANSFERABILITY OF OPTION. This option and the rights and privileges conferred hereby may
not be transferred, assigned, pledged or hypothecated in any manner (whether by operation of law or otherwise) other than by will or by the applicable laws of descent and distribution and shall not be subject to execution, attachment or similar
process. This option is personal to you and is exercisable solely by you. Any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this option or of any right or privilege conferred hereby, contrary to the provisions hereof, or
the sale or levy or any attachment or similar process upon the rights and privileges conferred hereby will be null and void. Notwithstanding the foregoing, to the extent permitted by applicable law and regulation, the Company, in its sole
discretion, may permit you to (i) during your lifetime, designate a person who may exercise the option after your death by giving written notice of such designation to the Company (such designation may be changed from time to time by you by
giving written notice to the Company revoking any earlier designation and making a new designation) or (ii) transfer the option and the rights and privileges conferred hereby. 
 9. NO STATUS AS SHAREHOLDER. Neither you nor any party to whom your rights and privileges under the option pass will be, or have any of the rights or privileges of, a shareholder of the Company with respect to any of
the Shares issuable upon the exercise of this option unless and until this option has been exercised. 
 10. CONTINUATION OF RELATIONSHIP. Nothing in this
option will confer upon you any right to continue in the employ or other relationship of the Company, or to interfere in any way with the right of the Company to terminate your employment or other relationship with the Company at any time.

  

 2 – NONQUALIFIED STOCK OPTION AGREEMENT 

 11. ADJUSTMENTS UPON CHANGES IN CAPITALIZATION. The aggregate number and class of shares covered by this option and the
exercise price per share thereof (but not the total price), will all be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock of the Company resulting from a split-up or consolidation of shares or any
like capital adjustment, or the payment of any stock dividend. 
 12. EFFECT OF LIQUIDATION OR REORGANIZATION. 
 a. Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, this option will terminate immediately prior to the
consummation of such proposed action. The Committee shall declare that this option shall terminate as of a date fixed by the Board and give you the right to exercise your option as to all or any part of the Shares subject to this option, including
Shares as to which this option would not otherwise be exercisable. 
 b. Cash for Stock. Except as provided in subsection (c), upon a merger
(other than a merger of the Company in which the holders of shares of Common Stock immediately prior to the merger have the same proportionate ownership of shares of Common Stock in the surviving corporation immediately after the merger),
consolidation, acquisition of property or stock, separation or reorganization (other than a mere reincorporation or the creation of a holding company) of the Company, as a result of which the shareholders of the Company receive cash in exchange for
or in connection with their shares of Common Stock, this option will terminate, but immediately prior to any such merger, consolidation, acquisition of property or stock, separation or reorganization, this option shall become fully vested and you
will have the right to exercise this option in full. 
 c. Property or Stock for Stock. In the event of a sale of all or substantially all of
the assets of the Company, or the merger of the Company with or into another corporation in which the shareholders receive property or stock, this option shall be assumed or an equivalent option shall be substituted by such successor corporation or
a parent or subsidiary of such successor corporation, unless the Committee determines, in the exercise of its sole discretion and in lieu of such assumption or substitution, that you shall have the right to exercise this option as to all or any part
of the Shares subject to this option, including Shares as to which this option would not otherwise be exercisable. If the Committee determines that this option shall be exercisable in lieu of assumption or substitution in the event of a merger or
sale of assets, the Committee shall notify you that this option shall be so exercisable for a period of thirty (30) days from the date of such notice or such shorter period as the Committee may specify in the notice, and this option will
terminate upon the expiration of such period. For the purposes of this paragraph, this option shall be considered assumed if, following the merger or sale of assets, this option confers the right to purchase, for each Share subject to this option
immediately prior to the merger or sale of assets, the consideration (whether stock, cash, or other securities or property) received in the merger or sale of assets by holders of Common Stock for each share held on the effective date of the
transaction; provided, however, that if such consideration received in the merger or sale of assets was not solely common stock of the successor corporation or its parent, the Committee shall provide for the consideration to be received upon the
exercise of this option, for each Share subject to this option, to be solely common stock of the successor corporation or its parent equal in fair market value to the per share consideration received by holders of Common Stock in the merger or sale
of assets. 
  

 3 – NONQUALIFIED STOCK OPTION AGREEMENT 

 13. FRACTIONAL SHARES. In the event of any adjustment in the number of shares covered by this option, any fractional
shares resulting from such adjustment will be disregarded and the option will cover only the number of full shares resulting from such adjustment. 
 14.
DETERMINATION OF COMMITTEE TO BE FINAL. The administration of this Agreement and all determinations and adjustments referred to herein will be made by the Committee, and its determination as to what adjustments will be made, and the extent thereof
and all other determinations, will be final, binding and conclusive. 
 15. SECURITIES REGULATION. Shares will not be issued with respect to this option
unless the exercise of such option and the issuance and delivery of the Shares pursuant thereto complies with all relevant provisions of law, including, without limitation, any applicable state securities laws, the Securities Act of 1933, as
amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the shares may then be listed. The Company agrees to register under the Securities Act
of 1933 the sale of the Shares to you upon exercise of the option. 
 Please execute the enclosed copy of this Agreement and return it to the
undersigned. 
  

			
	Very truly yours,
	
	PLANAR SYSTEMS, INC.
		
	By:	 	 /s/ Gerald Perkel

		 	Gerald Perkel
		 	President and Chief Executive Officer

  

	
	AGREED AND ACCEPTED:
	
	 /s/ Terri Timberman

	Terri Timberman
	
	Date: May 14, 2007

  

 4 – NONQUALIFIED STOCK OPTION AGREEMENT 

 NOTICE OF EXERCISE OF NONQUALIFIED STOCK OPTION 
  

	To:	Planar Systems, Inc. 

 I, Terri Timberman, a resident of
the State of Oregon, hereby exercise my nonqualified stock option granted by Planar Systems, Inc. (the “Company”) on May 14, 2007 and notify the Company of my desire to purchase shares of Common Stock of the Company (the
“Securities”) at the exercise price of $             per share which were offered to me pursuant to said option. 
 I hereby represent and warrant that (1) I have been furnished with all information which I deem necessary to evaluate the merits and risks of the
purchase of the Securities; (2) I have had the opportunity to ask questions and receive answers concerning the information received about the Securities and the Company; and (3) I have been given the opportunity to obtain any additional
information I deem necessary to verify the accuracy of any information obtained concerning the Securities and the Company. 
 Dated:
                     

			
	
	  

	Terri Timberman

			
		
	Taxpayer I.D. Number:	 	  

	
	Address
	
	

	
	

	
	

  

 5 – NONQUALIFIED STOCK OPTION AGREEMENT 

 RECEIPT 
                                       
   hereby acknowledges receipt from Terri Timberman, in payment for              shares of Common Stock of Planar Systems, Inc., an Oregon corporation, of
$                     in the form of 
  ̈        Cash 
  ̈        Check (personal, cashier’s or bank certified) 

 ̈                             shares of the Company’s Common Stock, fair market value
$             per share held by the Optionee for a period of at least six months 
  ̈        A properly executed exercise notice together with irrevocable instructions to a broker
to promptly deliver to the Company the amount of sale or loan proceeds to pay the exercise price 
 Date:
                     
  

			
	PLANAR SYSTEMS, INC.
		
	By:	 	  

  

 6 – NONQUALIFIED STOCK OPTION AGREEMENTRestricted Stock Award Agreement

 Exhibit 10.5 
 PLANAR SYSTEMS, INC. 
 RESTRICTED STOCK AWARD AGREEMENT 
  

							
	TO: Terri L. Timberman	  	Date of Grant: May 14, 2007

 We are pleased to inform you that the Compensation Committee (the “Committee”) of the
Board of Directors (the “Board”) of Planar Systems, Inc. (the “Company”) has approved management’s recommendation for an award of ten thousand shares (10,000) shares (the “Shares”) of the Company’s common
stock. This award (the “Award”) is subject to the following terms and conditions. 
 VESTING. The Shares will vest and become
deliverable to you on a three year schedule, with one third of the Shares vesting on each of the first three anniversaries of this Agreement beginning on May 14, 2008. 
 The Shares subject to this Agreement may not be sold, assigned, transferred, pledged or otherwise encumbered (either voluntarily or by operation of law)
until the Shares are vested and delivered to you. After the Shares are vested and delivered to you, you shall become the owner of the Shares free of all restrictions otherwise imposed by this Agreement. Notwithstanding any other provision of this
Agreement, the Committee may at any time, in its sole discretion, accelerate the date of vesting and delivery of all or a portion of the Shares subject to this Award. 
 VOTING RIGHTS. You will be entitled to vote the Shares before the Shares have vested and been delivered to you to the same extent as would have been applicable to you if you were then vested in the Shares; provided,
however, that you will not be entitled to vote the Shares with respect to record dates for such voting rights arising prior to the Date of Grant, or with respect to record dates occurring on or after your Date of Termination (as defined below).

 DEPOSIT OF SHARES. Shares shall be issued you as soon as practicable after the Date of Grant via Book Entry made by The Company’s
designated stock transfer agent. The stock transfer agent will hold Shares in Book Entry form until the possibility of forfeiture has lapsed. Certificates for Shares shall then be issued in your name and delivered to the registered owner as soon as
practicable. If forfeiture occurs, the Book Entry covering the forfeited shares shall be promptly canceled by The Company via written instruction to the transfer agent without additional authorization from you. While the transfer agent holds the
shares in Book Entry form, you may exercise voting and other shareholder rights. 
 WITHHOLDING TAXES. As a condition to the delivery of the
Shares, you must make such arrangements as the Company may require for the satisfaction of any federal, state or local withholding tax obligations that may arise in connection with the vesting and delivery of the Shares. At your request, the Company
shall withhold such number of Shares as instructed by you to satisfy up to all of your minimum anticipated tax liability arising in connection with the 

  

 1 – RESTRICTED STOCK AWARD AGREEMENT 

 
vesting of the Shares. The calculation of your anticipated tax liability shall be made by the Company, and the withheld Shares shall be valued at the most
recent closing price of the Common Stock. 
 TERMINATION. If your employment with the Company terminates for any reason, including death or
disability (the “Date of Termination”), then this Award shall immediately expire and no additional Shares shall be vested or delivered to you pursuant to this Award and you shall forfeit all Shares that are not vested before the Date of
Termination. Your Date of Termination for purposes of this Agreement shall be determined by the Committee, which determination shall be final. 
 TRANSFERABILITY OF AWARD. This Award and the rights and privileges conferred hereby may not be sold, transferred, assigned, pledged, encumbered or hypothecated in any manner (whether by operation of law or otherwise) and any such attempted
action shall be null and void. The terms of this Agreement shall be binding upon your executors, administrators, heirs, successors and assigns. Notwithstanding the foregoing, to the extent permitted by applicable law and regulation, the Company, in
its sole discretion, may permit you to transfer this Award and the rights and privileges conferred hereby. 
 CONTINUATION OF RELATIONSHIP.
Nothing in this Award will confer upon you any right to continue in the employ or other relationship of the Company, or to interfere in any way with the right of the Company to terminate your employment or other relationship with the Company at any
time. 
 DIVIDENDS. The Company shall retain cash or stock dividends declared on the Shares, if any, for your account. Cash dividends paid
with respect to Shares will be paid to you in a lump sum upon the vesting of such Shares, subject to the withholding requirements associated with this Award . Stock received upon payment of stock dividends shall be issued via Book Entry made by the
Company’s designated stock transfer agent, and will be held in Book Entry form until the possibility of forfeiture with respect to the relevant Shares has lapsed. You shall have no right to receive retained cash or stock dividends with respect
to Shares that do not vest or are otherwise forfeited. 
 SECURITIES LAW COMPLIANCE. Notwithstanding any other provision of this Award, you
may not sell any Shares unless they are registered under the Securities Act of 1933, as amended (the “Securities Act”), or, if such Shares are not then so registered, The Company has determined that such sale would be exempt from the
registration requirements of the Securities Act. The sale of the Shares must also comply with other applicable laws and regulations governing the Shares, and you may not sell the Shares if the Company determines that such sale would not be in
material compliance with such laws and regulations. 
 STOP TRANSFER INSTRUCTIONS. You understand and agree that, in order to ensure
compliance with the restrictions referred to in this Award, the Company may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate
notations to the same effect in its own records. The Company will not be required to (a) transfer on its books any Shares that have been sold or 

  

 2 – RESTRICTED STOCK AWARD AGREEMENT 

 
transferred in violation of the provisions of the terms of this Award or (b) treat as the owner of the Shares, or otherwise accord voting, dividend or
liquidation rights to, any transferee to whom the Shares have been transferred in contravention of the terms of this Award. 
 SECTION 83(b)
ELECTION FOR SHARES. You understand that under Section 83(a) of the Internal Revenue Code (the “Code”), the excess of the Fair Market Value of the Shares on the date the forfeiture restrictions lapse over the purchase price, if any,
paid for such Shares will be taxed, on the date such forfeiture restrictions lapse, as ordinary income subject to payroll and withholding tax and tax reporting, as applicable. For this purpose, the term “forfeiture restrictions” means the
right of the Company to receive back any unvested Shares upon termination of your employment with the Company or any subsidiary of the Company. You understand that you may elect under Section 83(b) of the Code to be taxed at the time the Shares
are acquired, rather than when and as the Shares cease to be subject to the forfeiture restrictions. Such election (an “83(b) Election”) must be filed with the Internal Revenue Service within 30 days from the Date of Grant of
the Award of Shares as set forth above. 
 You understand that (a) you will not be entitled to a deduction for any ordinary income previously recognized
as a result of the 83(b) Election if the Shares are subsequently forfeited to the Company and (b) the 83(b) Election may cause you to recognize more ordinary income than you would have otherwise recognized if the value of the Shares
subsequently declines. 
 THE FORM FOR MAKING AN 83(b) ELECTION IS ATTACHED TO THIS AGREEMENT AS EXHIBIT A. YOU UNDERSTAND THAT FAILURE TO FILE SUCH
AN ELECTION WITHIN THE 30-DAY PERIOD MAY RESULT IN THE RECOGNITION OF ORDINARY INCOME BY YOU AS THE FORFEITURE RESTRICTIONS LAPSE. You further understand that an additional copy of such election form should be filed with your federal income tax
return for the calendar year in which the date of this Award falls. You acknowledge that the foregoing is only a summary of the federal income tax laws that apply to the purchase of the Shares under this Award and does not purport to be complete.

 YOU FURTHER ACKNOWLEDGE THAT THE COMPANY HAS DIRECTED YOU TO SEEK INDEPENDENT ADVICE REGARDING THE APPLICABLE PROVISIONS OF THE CODE AND THE INCOME TAX
LAWS OF ANY MUNICIPALITY OR STATE IN WHICH YOU MAY RESIDE. 
 You agree that to deliver to the Company a copy of the 83(b) Election attached hereto as
Exhibit A if you choose to make such an election. 
 INDEPENDENT TAX ADVICE. You acknowledge that determining the actual tax
consequences to you of receiving or disposing of the Shares may be complicated. These tax consequences will depend, in part, on your specific situation and may also depend on the resolution of currently uncertain tax law and other variables not
within the control of the Company. You are aware that you should consult a competent and independent tax advisor for a full understanding of the specific tax consequences to you of receiving or disposing of the Shares. Prior to executing this Award,
you have either has consulted with a competent tax advisor independent of the Company or any subsidiary of the Company to obtain tax advice concerning the Shares in light of your specific situation or has had the opportunity to consult with such a
tax advisor but chose not to do so. 
  

 3 – RESTRICTED STOCK AWARD AGREEMENT 

 DETERMINATION OF COMMITTEE TO BE FINAL. The administration of this Award and all determinations referred
to herein or otherwise will be made by the Committee, and such determinations will be final, binding and conclusive. 
 ADJUSTMENTS UPON
CHANGES IN CAPITAL. The aggregate number of Shares covered by this Award will be proportionally adjusted for any increase or decrease in the number of issued and outstanding Shares resulting from a stock split-up or consolidation of Shares or any
like capital adjustments, or the payment of any stock dividend. 
 Please execute the Agreement in the space below and return it to the undersigned.

  

			
	Very truly yours,
	
	PLANAR SYSTEMS, INC.
		
	By:	 	 /s/ Gerald Perkel

		 	Gerald Perkel
		 	President and Chief Executive Officer

  

	
	AGREED AND ACCEPTED:
	
	 /s/ Terri L Timberman

	Terri L Timberman
	
	Date: May 15, 2007

  

 4 – RESTRICTED STOCK AWARD AGREEMENT 

 EXHIBIT A 
 ELECTION UNDER SECTION 83(b) OF THE INTERNAL REVENUE CODE OF 1986 
 The undersigned taxpayer hereby elects,
pursuant to Section 83(b) of the Internal Revenue Code, to include in taxpayer’s gross income for the current taxable year the amount of any compensation taxable to taxpayer in connection with taxpayer’s receipt of the property
described below: 
  

	1.	The name, address, taxpayer identification number and taxable year of the undersigned are as follows: 

  

			
	 NAME OF TAXPAYER:
	  	  

			
		
	 ADDRESS:
	  	  

		  	  

			
		
	 IDENTIFICATION NO. OF TAXPAYER:
	  	  

	
	
	 TAXABLE YEAR:
                    

  

	2.	The property with respect to which the election is made is described as follows:
                     shares of the common stock of Planar Systems, Inc., an Oregon corporation (the “Company”).

  

	3.	The date on which the property was transferred is:                    .

  

	4.	The property is subject to the following restrictions: 

 The property is subject to a right pursuant to which taxpayer forfeits the rights in and to the shares of common stock if for any reason taxpayer’s service with the Company is terminated prior to three years from the date on which the
property was transferred. The forfeiture right lapses in a series of equal annual installments over a three-year period ending on
                    . 
  

	5.	The aggregate fair market value at the time of transfer, determined without regard to any restriction other than a restriction which by its terms will never lapse, of such property
is:                     . 

  

	6.	The amount (if any) paid for such property is: $0 

 The
undersigned has submitted a copy of this statement to the person for whom the services were performed in connection with the undersigned’s receipt of the above-described property. The undersigned is the person performing the services in
connection with the transfer of said property. 
  

 5 – RESTRICTED STOCK AWARD AGREEMENT 

 The undersigned understands that the foregoing election may not be revoked except with the consent of
the Commissioner. 
  

			
	Dated:                     	  	  

		  	«Name»

  

 6 – RESTRICTED STOCK AWARD AGREEMENT

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