Document:

Exhibit 10.12

POWER-ONE, INC.

2004 STOCK INCENTIVE PLAN

STOCK UNIT AWARD AGREEMENT

THIS STOCK UNIT AWARD
AGREEMENT   (this “Agreement”) is dated as of by
and between Power-One, Inc., a Delaware corporation (the “Corporation”)
and (the “Director”).

W I T N E S S E T
H

WHEREAS,
pursuant to the Power-One, Inc. 2004 Stock Incentive Plan (the “Plan”), the
Corporation has granted to the Director effective as of the date hereof (the “Award
Date”), a credit of stock units under the Plan (the “Stock Unit Award” or “Award”),
upon the terms and conditions set forth herein and in the Plan.

NOW THEREFORE,
in consideration of services rendered and to be rendered by the Director, and
the mutual promises made herein and the mutual benefits to be derived
therefrom, the parties agree as follows:

1.     Defined Terms.   Capitalized
terms used herein and not otherwise defined herein shall have the meaning
assigned to such terms in the Plan.

2.     Grant.   Subject
to the terms of this Agreement, the Corporation hereby grants to the Director a
Stock Unit Award with respect to an aggregate of stock units (subject to adjustment
as provided in Section 7.1 of the Plan) (the “Stock Units”). As used
herein, the term “stock unit” shall mean a non-voting unit of measurement which
is deemed for bookkeeping purposes to be equivalent to one outstanding share of
the Corporation’s Common Stock (subject to adjustment as provided in Section 7.1
of the Plan) solely for purposes of the Plan and this Agreement. The Stock
Units shall be used solely as a device for the determination of the payment to
eventually be made to the Director if such Stock Units vest pursuant to Section 3.
The Stock Units shall not be treated as property or as a trust fund of any
kind.

3.     Vesting.   Subject
to Section 8 below, the Award shall vest and become nonforfeitable with
respect to one hundred percent (100%) of the total number of Stock Units
(subject to adjustment under Section 7.1 of the Plan) on the earlier to
occur of (i) the first anniversary of the date of this Award, or (ii) the
date upon which the next Annual Meeting of Stockholders occurs following the
date of this Award. 

4.     Continuance of Service.   The
vesting schedule requires continued service through the applicable vesting date
as a condition to the vesting of the Award and the rights and benefits under
this Agreement. Partial service, even if substantial, during the vesting period
will not entitle the Director to any proportionate vesting or avoid or mitigate
a termination of rights and benefits upon or following a termination of
services as provided in Section 8 below or under the Plan.

Nothing contained
in this Agreement or the Plan constitutes a service commitment by the
Corporation, affects the Director’s status as a Director who serves pursuant to
election by the stockholders of the Corporation, confers upon the Director any
right to remain in service to the Corporation or any Subsidiary, interferes in
any way with the right of the stockholders at any time to replace Director by
election of other director(s), or affects the right of the Corporation to
increase or decrease the Director’s other compensation or benefits. Nothing in
this paragraph, however, is intended to adversely affect any independent
contractual right of the Director without his consent thereto.

5.     Dividend and Voting Rights.

(a)    Limitations on Rights Associated with Units.   The
Director shall have no rights as a stockholder of the Corporation, no dividend
rights (except as expressly provided in Section 5(b) with 

 1
 

respect to Dividend
Equivalent Rights) and no voting rights, with respect to the Stock Units and
any shares of Common Stock underlying or issuable in respect of such Stock
Units until such shares of Common Stock are actually issued to and held of
record by the Director. No adjustments will be made for dividends or other
rights of a holder for which the record date is prior to the date of issuance
of the stock certificate.

(b)   Dividend Equivalent Rights Distributions.   As
of any date that the Corporation pays a cash dividend on its Common Stock, the Corporation
shall pay Director an amount equal to the per share cash dividend paid by the
Corporation on its Common Stock on such date multiplied by the number of Stock
Units remaining subject to this Award as of the related dividend payment record
date. No such payment shall be made with respect to any Stock Units which, as
of such record date, have either been paid pursuant to Section 7 or
terminated pursuant to Section 8.

6.     Restrictions on Transfer.   Neither
the Stock Unit Award, nor any interest therein or amount or shares payable in
respect thereof may be sold, assigned, transferred, pledged or otherwise
disposed of, alienated or encumbered, either voluntarily or involuntarily. The
transfer restrictions in the preceding sentence shall not apply to (a) transfers
to the Corporation, or (b) transfers by will or the laws of descent and
distribution.

7.     Timing and Manner of Payment of
Stock Units.   On or as soon as administratively
practical following the vesting of the total Award per Section 3 above,
the Corporation shall deliver to the Director a number of shares of Common
Stock equal to the number of Stock Units subject to this Award that vest on the
applicable vesting date, unless such Stock Units terminate prior to the given
vesting date pursuant to Section 8 and in any event subject to Section 9.
The Director shall have no further rights with respect to any Stock Units that
are so paid or that are terminated pursuant to Section 8.

8.     Effect of Termination of Service.   Except as
provided in Sections 7.2 or 7.3 of the Plan, the Director’s Stock Units shall terminate
to the extent such units have not become vested prior to the date the Director ceases
to serve as a director of the Corporation, regardless of the reason for the
termination of the Director’s service to the Corporation, whether with or
without cause, voluntarily or involuntarily. If any Stock Units are terminated hereunder,
such unvested Stock Units shall automatically terminate and be cancelled as of
the applicable termination date without payment of any consideration by the
Company and without any other action by the Director, or the Director’s
Beneficiary or Personal Representative, as the case may be.

9.     Adjustments Upon Specified Events.   Upon
the occurrence of certain events relating to the Corporation’s stock
contemplated by Section 7.1 of the Plan, the Committee shall make
adjustments if appropriate in the number of Stock Units and the number and kind
of securities that may be issued in respect of the Stock Unit Award. The
Committee may accelerate payment and vesting of the Stock Units in such
circumstances as it, in its sole discretion, may determine.

10.   Tax Withholding.   Upon
any payment of dividend equivalents and/or the distribution of shares of the
Common Stock in respect of the Stock Units, the Corporation shall have the
right at its option to (a) require the Director to pay or provide for
payment in cash of the amount of any taxes that the Corporation may be required
to withhold with respect to such payment and/or distribution, or (b) deduct
from any amount payable to the Director the amount of any taxes which the
Corporation or the Subsidiary may be required to withhold with respect to such
payment and/or distribution. In any case where a tax is required to be withheld
in connection with the delivery of shares of Common Stock under this Award
Agreement, the Committee may, in its sole discretion, direct the Corporation to
reduce the number of shares to be delivered by (or otherwise reacquire) the
appropriate number of shares, valued at their then Fair Market Value, to
satisfy such withholding obligation.

 2
 

11.   Notices.   Any
notice to be given under the terms of this Agreement shall be in writing and
addressed to the Corporation at its principal office to the attention of the
Secretary, and to the Director at the Director’s last address reflected on the
Corporation’s records, or at such other address as either party may hereafter
designate in writing to the other. Any such notice shall be given only when
received, but if the Director is no longer serving as a director of the
Company, shall be deemed to have been duly given by the Corporation when
enclosed in a properly sealed envelope addressed as aforesaid, registered or
certified, and deposited (postage and registry or certification fee prepaid) in
a post office or branch post office regularly maintained by the United States
Government.

12.   Plan.   The
Award and all rights of the Director under this Agreement are subject to, and
the Director agrees to be bound by, all of the terms and conditions of the
provisions of the Plan, incorporated herein by reference. In the event of a
conflict or inconsistency between the terms and conditions of this Agreement
and of the Plan, the terms and conditions of the Plan shall govern. The Director
agrees to be bound by the terms of the Plan and this Agreement. The Director
acknowledges having read and understanding the Plan, the Prospectus for the
Plan, and this Agreement. Unless otherwise expressly provided in other sections
of this Agreement, provisions of the Plan that confer discretionary authority
on the Committee do not (and shall not be deemed to) create any rights in the Director
unless such rights are expressly set forth herein or are otherwise in the sole
discretion of the Committee so conferred by appropriate action of the Committee
under the Plan after the date hereof.

13.   Entire Agreement.   This
Agreement and the Plan together constitute the entire agreement and supersede
all prior understandings and agreements, written or oral, of the parties hereto
with respect to the subject matter hereof. The Plan and this Award Agreement
may be amended pursuant to Section 8.6 of the Plan. Such amendment must be
in writing and signed by the Corporation. The Corporation may, however,
unilaterally waive any provision hereof in writing to the extent such waiver
does not adversely affect the interests of the Director hereunder, but no such
waiver shall operate as or be construed to be a subsequent waiver of the same
provision or a waiver of any other provision hereof.

14.   Limitation on Director’s Rights.   Participation
in this Plan confers no rights
or interests other than as herein provided. This Agreement creates only a
contractual obligation on the part of the Company as to amounts payable and
shall not be construed as creating a trust. Neither the Plan nor any underlying
program, in and of itself, has any assets. The Director shall have only the
rights of a general unsecured creditor of the Corporation (or applicable
Subsidiary) with respect to amounts credited and benefits payable in cash, if
any, with respect to the Stock Units, and rights no greater than the right to
receive the Common Stock (or equivalent value) as a general unsecured creditor
with respect to Stock Units, as and when payable thereunder. 

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

16.   Section Headings.   The
section headings of this Agreement are for convenience of reference only and
shall not be deemed to alter or affect any provision hereof.

17.   Governing Law.   This
Agreement shall be governed by and construed and enforced in accordance with
the laws of the State of Delaware without regard to conflict of law principles
thereunder.

 3
 

IN
WITNESS WHEREOF,   the Corporation has caused this
Agreement to be executed on its behalf by a duly authorized officer and the Director
has hereunto set his or her hand as of the date and year first above written.

	
  POWER-ONE, INC.,

  a Delaware corporation 

  	
   

  	
  DIRECTOR

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
  Signature

  
	
  Its:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Print Name

  
						

 

 4
 

CONSENT OF SPOUSE

In consideration of the execution of the foregoing
Stock Unit Award Agreement by Power-One, Inc., I,                                               ,
the spouse of the Director therein named, do hereby join with my spouse in
executing the foregoing Stock Unit Award Agreement and do hereby agree to be
bound by all of the terms and provisions thereof and of the Plan.

Dated:
                    ,
20     

	
   

  	
   

  
	
   

  	
  Signature of Spouse

  
	
   

  	
   

  
	
   

  	
  Print
  Name

  

 

 5Exhibit 10.13

POWER-ONE, INC.

2004 STOCK INCENTIVE PLAN

STOCK UNIT AWARD AGREEMENT

THIS STOCK UNIT AWARD
AGREEMENT (this “Agreement”) is dated as of by and
between Power-One, Inc., a Delaware corporation (the “Corporation”) and (the
“Employee”).

W I T N E S S E T H

WHEREAS,
pursuant to the Power-One, Inc. 2004 Stock Incentive Plan (the “Plan”), the
Corporation has granted to the Employee effective as of the date hereof (the “Award
Date”), a credit of stock units under the Plan (the “Stock Unit Award” or “Award”),
upon the terms and conditions set forth herein and in the Plan.

NOW THEREFORE,
in consideration of services rendered and to be rendered by the Employee, and
the mutual promises made herein and the mutual benefits to be derived
therefrom, the parties agree as follows:

1.     Defined Terms.   Capitalized
terms used herein and not otherwise defined herein shall have the meaning
assigned to such terms in the Plan.

2.     Grant.   Subject
to the terms of this Agreement, the Corporation hereby grants to the Employee a
Stock Unit Award with respect to an aggregate of stock units (subject to adjustment
as provided in Section 7.1 of the Plan) (the “Stock Units”). As used
herein, the term “stock unit” shall mean a non-voting unit of measurement which
is deemed for bookkeeping purposes to be equivalent to one outstanding share of
the Corporation’s Common Stock (subject to adjustment as provided in Section 7.1
of the Plan) solely for purposes of the Plan and this Agreement. The Stock
Units shall be used solely as a device for the determination of the payment to
eventually be made to the Employee if such Stock Units vest pursuant to Section 3.
The Stock Units shall not be treated as property or as a trust fund of any
kind.

3.     Vesting.   Subject
to Section 8 below, the Award shall vest and become nonforfeitable with
respect to twenty-five (25%) of the total number of Stock Units (subject to
adjustment under Section 7.1 of the Plan) on each of the first, second,
third and fourth anniversaries of the Award Date.

4.     Continuance of Employment.   The
vesting schedule requires continued employment or service through each
applicable vesting date as a condition to the vesting of the applicable
installment of the Award and the rights and benefits under this Agreement. Partial
employment or service, even if substantial, during any vesting period will not
entitle the Employee to any proportionate vesting or avoid or mitigate a
termination of rights and benefits upon or following a termination of
employment or services as provided in Section 8 below or under the Plan.

Nothing contained in this Agreement or the Plan
constitutes an employment or service commitment by the Corporation, affects the
Employee’s status as an employee at will who is subject to termination without
cause, confers upon the Employee any right to remain employed by or in service
to the Corporation or any Subsidiary, interferes in any way with the right of
the Corporation or any Subsidiary at any time to terminate such employment or
services, or affects the right of the Corporation or any Subsidiary to increase
or decrease the Employee’s other compensation or benefits. Nothing in this paragraph,
however, is intended to adversely affect any independent contractual right of
the Employee without his consent thereto.

 1
 

5.     Dividend and Voting
Rights.

(a)    Limitations on Rights Associated with Units.   The
Employee shall have no rights as a stockholder of the Corporation, no dividend
rights (except as expressly provided in Section 5(b) with respect to
Dividend Equivalent Rights) and no voting rights, with respect to the Stock
Units and any shares of Common Stock underlying or issuable in respect of such
Stock Units until such shares of Common Stock are actually issued to and held
of record by the Employee. No adjustments will be made for dividends or other
rights of a holder for which the record date is prior to the date of issuance
of the stock certificate.

(b)   Dividend Equivalent Rights Distributions.   As
of any date that the Corporation pays a cash dividend on its Common Stock, the Corporation
shall pay Employee an amount equal to the per share cash dividend paid by the
Corporation on its Common Stock on such date multiplied by the number of Stock
Units remaining subject to this Award as of the related dividend payment record
date. No such payment shall be made with respect to any Stock Units which, as
of such record date, have either been paid pursuant to Section 7 or
terminated pursuant to Section 8.

6.     Restrictions on Transfer.   Neither
the Stock Unit Award, nor any interest therein or amount or shares payable in
respect thereof may be sold, assigned, transferred, pledged or otherwise
disposed of, alienated or encumbered, either voluntarily or involuntarily. The
transfer restrictions in the preceding sentence shall not apply to (a) transfers
to the Corporation, or (b) transfers by will or the laws of descent and
distribution.

7.     Timing and Manner of Payment of
Stock Units.   On or as soon as administratively
practical following each vesting of the applicable portion of the total Award per
Section 3 above, the Corporation shall deliver to the Employee a number of
shares of Common Stock equal to the number of Stock Units subject to this Award
that vest on the applicable vesting date, unless such Stock Units terminate
prior to the given vesting date pursuant to Section 8 and in any event
subject to Section 9. The Employee shall have no further rights with
respect to any Stock Units that are so paid or that are terminated pursuant to Section 8.

8.     Effect of Termination of
Employment.   Except
as provided in Sections 7.2 or 7.3 of the Plan, the Employee’s Stock Units
shall terminate to the extent such units have not become vested prior to the
date the Employee is no longer employed by the Corporation or one of its
Subsidiaries, regardless of the reason for the termination of the Employee’s
employment by the Corporation or a Subsidiary, whether with or without cause,
voluntarily or involuntarily. If the Employee is employed by a Subsidiary and that
entity ceases to be a Subsidiary, such event shall be deemed to be a
termination of employment of the Employee for purposes of this Award Agreement,
unless the Employee otherwise continues to be employed by the Corporation or
another of its Subsidiaries following such event. If any Stock Units are terminated
hereunder, such unvested, termination Stock Units shall automatically terminate
and be cancelled as of the applicable termination date without payment of any
consideration by the Company and without any other action by the Employee, or
the Employee’s Beneficiary or Personal Representative, as the case may be.

9.     Adjustments Upon Specified Events.   Upon
the occurrence of certain events relating to the Corporation’s stock
contemplated by Section 7.1 of the Plan, the Committee shall make
adjustments if appropriate in the number of Stock Units and the number and kind
of securities that may be issued in respect of the Stock Unit Award. The
Committee may accelerate payment and vesting of the Stock Units in such
circumstances as it, in its sole discretion, may determine.

10.   Tax Withholding.   Upon
any payment of dividend equivalents and/or the distribution of shares of the
Common Stock in respect of the Stock Units, the Corporation (or the Subsidiary last
employing the Employee) shall have the right at its option to (a) require the
Employee to pay or provide for payment in cash of the amount of any taxes that
the Corporation or the Subsidiary may be required to withhold with 

 2
 

respect to such payment
and/or distribution, or (b) deduct from any amount payable to the Employee
the amount of any taxes which the Corporation or the Subsidiary may be required
to withhold with respect to such payment and/or distribution. In any case where
a tax is required to be withheld in connection with the delivery of shares of
Common Stock under this Award Agreement, the Committee may, in its sole
discretion, direct the Corporation or the Subsidiary to reduce the number of
shares to be delivered by (or otherwise reacquire) the appropriate number of
shares, valued at their then Fair Market Value, to satisfy such withholding
obligation.

11.   Notices.   Any
notice to be given under the terms of this Agreement shall be in writing and
addressed to the Corporation at its principal office to the attention of the
Secretary, and to the Employee at the Employee’s last address reflected on the
Corporation’s records, or at such other address as either party may hereafter
designate in writing to the other. Any such notice shall be given only when
received, but if the Employee is no longer an employee of the Company, shall be
deemed to have been duly given by the Corporation when enclosed in a properly
sealed envelope addressed as aforesaid, registered or certified, and deposited
(postage and registry or certification fee prepaid) in a post office or branch
post office regularly maintained by the United States Government.

12.   Plan.   The
Award and all rights of the Employee under this Agreement are subject to, and
the Employee agrees to be bound by, all of the terms and conditions of the
provisions of the Plan, incorporated herein by reference. In the event of a
conflict or inconsistency between the terms and conditions of this Agreement
and of the Plan, the terms and conditions of the Plan shall govern. The Employee
agrees to be bound by the terms of the Plan and this Agreement. The Employee
acknowledges having read and understanding the Plan, the Prospectus for the
Plan, and this Agreement. Unless otherwise expressly provided in other sections
of this Agreement, provisions of the Plan that confer discretionary authority
on the Committee do not (and shall not be deemed to) create any rights in the Employee
unless such rights are expressly set forth herein or are otherwise in the sole
discretion of the Committee so conferred by appropriate action of the Committee
under the Plan after the date hereof.

13.   Entire Agreement.   This
Agreement and the Plan together constitute the entire agreement and supersede
all prior understandings and agreements, written or oral, of the parties hereto
with respect to the subject matter hereof. The Plan and this Award Agreement
may be amended pursuant to Section 8.6 of the Plan. Such amendment must be
in writing and signed by the Corporation. The Corporation may, however,
unilaterally waive any provision hereof in writing to the extent such waiver
does not adversely affect the interests of the Employee hereunder, but no such
waiver shall operate as or be construed to be a subsequent waiver of the same
provision or a waiver of any other provision hereof.

14.   Limitation on Employee’s Rights.   Participation
in this Plan confers no rights
or interests other than as herein provided. This Agreement creates only a
contractual obligation on the part of the Company as to amounts payable and
shall not be construed as creating a trust. Neither the Plan nor any underlying
program, in and of itself, has any assets. The Employee shall have only the
rights of a general unsecured creditor of the Corporation (or applicable
Subsidiary) with respect to amounts credited and benefits payable in cash, if
any, with respect to the Stock Units, and rights no greater than the right to
receive the Common Stock (or equivalent value) as a general unsecured creditor
with respect to Stock Units, as and when payable thereunder.

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

16.   Section Headings.   The
section headings of this Agreement are for convenience of reference only and
shall not be deemed to alter or affect any provision hereof.

 3
 

17.   Governing Law.   This
Agreement shall be governed by and construed and enforced in accordance with
the laws of the State of Delaware without regard to conflict of law principles
thereunder.

IN
WITNESS WHEREOF,   the Corporation has caused this
Agreement to be executed on its behalf by a duly authorized officer and the Employee
has hereunto set his or her hand as of the date and year first above written.

	
  POWER-ONE, INC.,

  a Delaware corporation 

  	
   

  	
  EMPLOYEE

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
  Signature

  
	
  Its:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Print Name

  
						

 

 4
 

CONSENT OF SPOUSE

In consideration of the execution of the foregoing
Stock Unit Award Agreement by Power-One, Inc., I,                                            ,
the spouse of the Employee therein named, do hereby join with my spouse in
executing the foregoing Stock Unit Award Agreement and do hereby agree to be
bound by all of the terms and provisions thereof and of the Plan.

Dated:                 ,
20    

	
   

  	
   

  
	
   

  	
  Signature of Spouse

  
	
   

  	
   

  
	
   

  	
  Print
  Name

  

 

 5

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