Document:

Incentive Stock Option Agreement with Dan Shugar

 Exhibit 4.10 
 POWERLIGHT CORPORATION 
 STOCK OPTION DOCUMENTS 
 FOR 
 DAN SHUGAR

 ENCLOSURES: 
  

	1)	There are three sets of documents for the award of options to purchase 75,000 shares of the Common Stock of PowerLight Corporation at a price of $1.00 per share.

  

	2)	Each set of documents is identical and includes one of each of the following: 

  

	 	a)	Incentive Stock Option Agreement 

  

	 	b)	Market Standoff Agreement 

  

	 	c)	Stock Restriction Agreement 

  

	3)	A copy of the PowerLight Corporation Common Stock Option and Common Stock Purchase Plan is also enclosed. This copy is for Dan Shugar. 

 SIGNING INSTRUCTIONS: 
 At each tab there
is required a signature of either: 
  

	 	a)	the Company and Dan Shugar; or 

  

	 	b)	Dan Shugar’s spouse (if any). 

 DELIVERY OF
DOCUMENTS: 
  

	1)	Dan Shugar should retain one fully executed original set of the documents. 

  

	2)	The Company should retain one fully executed original set of the documents. 

  

	3)	One fully executed original set of the documents should be returned to VSB for the Company’s records. 

 OPTION INSTRUCTIONS - DAN SHUGAR 

 POWERLIGHT CORPORATION 
 INCENTIVE STOCK OPTION AGREEMENT 
 (Dan Shugar) 
 THIS INCENTIVE STOCK OPTION AGREEMENT (“Agreement”) is made as of October 23, 2000, between DAN SHUGAR (“Optionee”) and
POWERLIGHT CORPORATION (the “Company”), a California corporation. 
 RECITALS 
  

	A.	As of October 23, 2000, the shareholders and directors of the Company adopted the PowerLight Corporation Common Stock Option and Common Stock Purchase Plan (the
“Plan”). 

  

	B.	Capitalized terms not defined in this Agreement shall have the meanings attributed to them in the Plan. 

  

	C.	Optionee is an employee of the Company (or a Parent or Subsidiary of the Company). 

  

	D.	The Company considers it desirable and in its best interests that Optionee be given an added incentive to advance the interests of the Company in the form of options to purchase
Common Stock of the Company. 

 AGREEMENT 
 FOR GOOD AND VALUABLE CONSIDERATION, it is mutually agreed as follows: 
  

	1)	Grant of Options. Pursuant to the Plan, the Company hereby grants to Optionee options to purchase from the Company, on the terms and conditions herein set forth, all
or any part of SEVENTY-FIVE THOUSAND (75,000) shares (the “Option Shares”) of the Company’s authorized but unissued Common Stock, at the option price of ONE DOLLAR ($1.00) per share. 

  

	2)	Type of Stock Options. The options granted hereunder are intended by the Company to qualify as incentive stock options as that term is used in Section 422 of the
Code. 

  

	3)	Exercise of Options. The right to acquire Option Shares shall become vested and exercisable as follows: 

  

			
	 Vesting Date
	  	 Cumulative Percentage of Option Shares Vested and Exercisable

	 May 1, 2001
	  	A cumulative total of 20% of the Option Shares
	 May 1, 2002
	  	A cumulative total of 40% of the Option Shares
	 May 1, 2003
	  	A cumulative total of 60% of the Option Shares
	 May 1, 2004
	  	A cumulative total of 80% of the Option Shares
	 May 1, 2005
	  	A cumulative total of 100% of the Option Shares

 In the event of a public offering by the Company of its Common Stock or a sale by the Company of
all or substantially all of the assets of the Company, all then-unvested Option Shares shall immediately become vested and exercisable. 
 Vested options may be exercised by Optionee at any time and from time to time prior to the termination of the options as provided below in Section 5; provided, however, that vested options may be exercised from time to
time only in minimum increments equal to the lesser of (i) the then unexercised vested options, or (ii) 25% of the original number of Option Shares covered by this Agreement, adjusted as provided below in Section 6. 
 The options granted hereunder shall not be transferable other than by Will or the laws of descent and distribution. During Optionee’s lifetime,
the options granted hereunder may only be exercised by Optionee. 
  

	4)	Method of Exercise of Options. 

  

	 	a)	The options granted hereunder shall be exercised by written notice delivered to the President or Secretary of the Company at its principal office specifying the number of Option
Shares to be purchased and accompanied by a certified or cashier’s check payable to the order of the Company for the full purchase price of the Option Shares to be purchased. 

  

	 	b)	As provided in the Plan, the Company may, in its sole discretion, accept other property (including its own shares of stock) in payment for the Option Shares to be purchased. If the
exercise of the options is made in accordance with the provisions of this Agreement and the Plan, the Company shall, as soon as practicable, deliver to Optionee a certificate or certificates for the Option Shares so purchased.

  

	5)	Termination of Options. The options granted hereunder shall terminate upon the happening of the earliest of: 

  

	 	a)	Ten (10) years from the date of this Agreement; 

  

	 	b)	The expiration of three (3) calendar months from the date on which Optionee’s Continuous Status as an Employee or Consultant is terminated (except by reason of
Optionee’s disability, or Optionee’s death); 

 STOCK OPTION AGREEMENT - DAN SHUGAR 
  

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	 	c)	The expiration of one (1) year from the date on which Optionee’s Continuous Status as an Employee or Consultant is terminated by reason of Optionee’s disability or
Optionee’s death; or 

  

	 	d)	The termination of the options as provided in Section 17 or 18 of the Plan. 

 In the event the options granted hereunder are terminated pursuant to Section 5(b) or Section 5(c), above, the number of options that may be exercised during the three (3) month period set forth in
Section 5(b), above, or the one (1) year period set forth in Section 5(c), above, is limited to that number of options which were exercisable on the date of the termination of Optionee’s Continuous Status as an Employee or
Consultant of the Company. In the event of Optionee’s death while in the employ of (or while as a consultant to) the Company (or a Parent or Subsidiary), Optionee’s legatee or legatees under Optionee’s last Will, Optionee’s
personal representatives or Optionee’s distributees may exercise Optionee’s right to purchase Option Shares hereunder. 
  

	6)	Adjustments in Outstanding Options. The number of shares of Common Stock which may be acquired under this Agreement, as well as the price per share of Common Stock
covered by this Agreement, shall be proportionately adjusted when, as and to the extent provided in Section 3(c) of the Plan. 

  

	7)	Conditions to Exercise of Options and Issuance of Stock Certificates. The Company shall not be required to issue or deliver any certificate or certificates for the
Option Shares purchased upon the exercise of the options granted hereunder prior to fulfillment of all of the conditions set forth in Section 19 of the Plan, any or all of which may be waived by the Company: 

  

	8)	Market Standoff and Stock Restriction Agreements. Simultaneously with the execution of this Agreement, Optionee has executed and delivered to the Company (a) a
Market Standoff Agreement in the form attached to the Plan as Exhibit E, and (b) a Stock Restriction Agreement in the form attached to the Plan as Exhibit F. 

  

	9)	Rights as a Shareholder. 

  

	 	a)	From and after the date on which (i) Optionee has taken all action required for the purchase of shares upon proper exercise of this Option and (ii) the conditions under
the Plan for the issuance of certificates for such shares have been satisfied or waived by the Company, Optionee shall have the rights of a shareholder with respect to such shares, including, without limitation, voting rights and the rights (if any)
of a common stock shareholder to participate in dividends. 

  

	 	b)	Optionee shall have no rights as a shareholder with respect to the unexercised portion of this Option (or shares covered thereby). 

  

	 	c)	Subject to the provisions of Section 6, above, no adjustment shall be made for dividends or other rights for which the record date is prior to the date on which Optionee has
taken all action required for the purchase of shares upon proper exercise of this Option. 

  

	10)	No Increased Rights as an Employee or Consultant. Nothing in this Agreement or in the Plan shall confer upon Optionee any right to continue in the employ of, or as a
consultant to, the Company (or a Parent or Subsidiary of the Company) or interfere in any way with the right of the Company (or a Parent or Subsidiary of the Company) to terminate Optionee’s employment or consulting services at any time
(subject to the provisions of any applicable employment or consulting agreement). 

  

	11)	Representations of Optionee. In connection with the grant of the option rights hereunder and the purchase of any Option Shares under the provisions of this Agreement,
Optionee hereby represents and warrants to the Company as follows: 

  

	 	a)	In General. Optionee either has a pre-existing business or personal relationship with the Company or one or more of its officers, directors or controlling persons or
by reason of Optionee’s business or financial experience of the business or financial experience of Optionee’s professional advisors who are unaffiliated with and who are not compensated by the Company or any affiliate or selling agent of
the Company, directly or indirectly, could be reasonably assumed to have the capacity to evaluate the merits and risks of an investment in the Company and to protect Optionee’s own interests in connection with the acquisition of the option
rights hereunder and the purchase of Option Shares. 

  

	 	b)	The Plan. Optionee has received a copy of the Plan and has read and understood the Plan. 

  

	 	c)	Investment Intent; Capacity to Protect Interests. 

  

	 	i)	Optionee will be acquiring the option rights hereunder and, upon exercise of such option rights, will be acquiring Option Shares, only for Optionee’s own account for investment
and not with a view to or for sale in connection with any distribution of the option rights or Option Shares or any portion thereof. 

 STOCK OPTION AGREEMENT - DAN SHUGAR 
  

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	 	ii)	Optionee will only be acquiring such option rights or Option Shares without any present intention of selling, offering to sell or otherwise disposing of or distributing the option
rights or Option Shares or any portion thereof in any transaction other than a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). 

  

	 	iii)	The entire legal and beneficial interest of the option rights and Option Shares being purchased are, and will be, held for Optionee’s account only, and neither in whole or in
part for any other person. 

  

	 	d)	Resident. Optionee’s principal residence is as set forth beneath Optionee’s signature to this Agreement. 

  

	 	e)	Information Concerning Company. 

  

	 	i)	Prior to the date of this Agreement Optionee has discussed the Company and its plans, operations and financial condition with the Company’s officers and has received all such
information as Optionee has deemed necessary and appropriate to enable Optionee to evaluate the financial risk inherent in this Agreement and Optionee has received satisfactory and complete information concerning the business and financial condition
of the Company in response to all inquiries in respect thereof. 

  

	 	ii)	Prior to the exercise of any option rights hereunder, Optionee will have discussed the Company and its plans, operations and financial condition with the Company’s officers and
will have received all such information as Optionee deems necessary and appropriate to enable Optionee to evaluate the financial risk inherent in making an investment in the Option Shares, and Optionee will have received satisfactory and complete
information concerning the business and financial condition of the Company in response to all inquiries in respect thereof. 

  

	 	f)	Economic Risk. Optionee realizes that the purchase of Option Shares will be a highly speculative investment and involves a high degree of risk, and Optionee will not
acquire any Option Shares unless Optionee is able, without impairing his or her financial condition, to hold the Option Shares for an indefinite period of time and to suffer a complete loss on Optionee’s investment. 

  

	 	g)	Restricted Securities. Optionee understands and acknowledges that: 

  

	 	i)	The sale of the Option Shares will not have been registered under the Securities Act, and the Option Shares must be held indefinitely unless subsequently registered under the
Securities Act or an exemption from such registration is available (such as Rule 144 or the resale provisions of Rule 701 under the Securities Act) and the Company is under no obligation to register the Option Shares; 

  

	 	ii)	The share certificate representing the Option Shares will be stamped with the legends specified in this Agreement or under applicable law; and 

  

	 	iii)	The Company will make a notation in its records of the aforementioned restrictions on transfer and legends. 

  

	 	h)	Disposition under the Securities Act. Optionee understands that the Option Shares will be restricted securities within the meaning of Rule 144 promulgated under the
Securities Act; that the exemption from registration under Rule 144 will not be available in any event for at least one (1) year from the date of purchase of the Option Shares (unless Rule 701 promulgated under the Securities Act is available),
and even then will not be available unless (i) a public trading market then exists for the Common Stock of the Company, (ii) adequate information concerning the Company is then available to the public, and (iii) other terms and
conditions of Rule 144 are complied with; and that any sale of the Option Shares may be made only in limited amounts in accordance with such terms and conditions. Optionee further understands that the resale provisions of Rule 701, if available,
will not apply until ninety (90) days after the Company becomes subject to the reporting obligations under the Securities Exchange Act of 1934 (the “Exchange Act”). There can be no assurance that the requirements of Rule 144 or Rule
701 will be met, or that the stock will ever be saleable. 

  

	 	i)	Further Limitations on Disposition. Without in any way limiting Optionee’s representations set forth above, Optionee further agrees that Optionee shall in no
event make any disposition of all or any portion of the Option Shares unless and until: 

  

	 	i)	The Option Shares proposed to be transferred shall no longer be subject to the restrictions set forth in the Market Standoff Agreement in the form attached to the Plan as
Exhibit E, and the Stock Restriction Agreement in the form attached to the Plan as Exhibit F. 

  

	 	ii)	One of the following conditions is satisfied: 

  

	 	(1)	There is then in effect a Registration Statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with said Registration
Statement. 

 STOCK OPTION AGREEMENT - DAN SHUGAR 
  

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	 	(2)	The resale provisions of Rule 701 or Rule 144 are available in the opinion of counsel to the Company. 

  

	 	(3)	Optionee shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed
disposition; Optionee shall have furnished the Company with an opinion of Optionee’s counsel to the effect that such disposition will not require registration of such Option Shares under the Securities Act; and such opinion of Optionee’s
counsel shall have been concurred with by counsel for the Company and the Company shall have advised Optionee of such concurrence. 

  

	 	j)	Valuation of Common Stock. Optionee understands that the Option Shares have been valued by the Board of Directors of the Company and that the Company believes this
valuation represents a fair attempt at reaching an accurate appraisal of their worth. Optionee understands, however, that the Company can give no assurances that such price is in fact the fair market value of the Option Shares and that it is
possible that, with the benefit of hindsight, the Internal Revenue Service would successfully assert that the value of the Option Shares on the date of purchase is substantially greater than so determined. If the Internal Revenue Service were to
succeed in a tax determination that the Option Shares received had value greater than that upon which the transaction was based, such a determination could have an adverse income tax consequence on Optionee consisting of, among other things:

  

	 	i)	The treatment of the additional value (or the entire difference between the fair market value as of the date of exercise over the exercise price) as ordinary income of Optionee,
resulting in the imposition of additional income taxes. 

  

	 	ii)	The additional taxes (and interest) due would be payable by Optionee, and there is no provision for the Company to reimburse Optionee for that tax liability, and Optionee assumes
all responsibility for such potential tax liability. 

  

	12)	Legends. Stock certificates issued upon exercise of options granted hereunder may contain such legends as the Company may deem appropriate in order to comply with
(a) applicable state and federal securities laws and other laws, (b) the Plan, (c) this Agreement, or (d) the Bylaws of the Company. 

  

	13)	Prohibition Against Transfer and Assignment. Neither this Agreement nor any of Optionee’s rights, interests and benefits hereunder may be assigned, transferred,
pledged or hypothecated in any way by Optionee (except as set forth herein upon Optionee’s death, by Will or by the laws of descent and distribution) and shall not be subject to execution, attachment or similar process. Any attempt to assign,
transfer, pledge, hypothecate or otherwise dispose of such rights, interests and benefits contrary to the foregoing provisions, or the levy or any attachment or similar process thereupon, shall be null and void and without effect.

  

	14)	Attorneys’ Fees. In the event of any litigation between the parties hereto with respect to the subject matter hereof, the unsuccessful party to such litigation
shall pay to the successful party all costs and expenses, including reasonable attorneys’ fees, incurred by the successful party. 

  

	15)	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California applicable to contracts entered into and to be
performed entirely within the State of California by residents of the State of California. The parties agree that the exclusive jurisdiction and venue of any action with respect to this Agreement shall be in the Superior Court of California for
Alameda County or the United States District Court for the Northern District of California, and each of the parties hereby submits itself to the exclusive jurisdiction and venue of such courts for the purpose of such action. The parties agree that
service of process in any such action may be effected by delivery of the summons to the parties in the manner provided for delivery of notices set forth in this Agreement. 

  

	16)	Binding Effect. Subject to the limitations set forth above in Section 13, this Agreement shall be binding upon and inure to the benefit of the Company and
Optionee and their respective heirs, legal representatives, executors, administrators, successors and assigns. 

  

	17)	Entire Agreement. This Agreement and Optionee’s rights and benefits hereunder are subject to all of the terms and provisions of the Plan which is incorporated
herein, in its entirety, by this reference. This Agreement supersedes any and all other agreements, either oral or in writing, among the parties with respect to the subject matter hereof. 

 STOCK OPTION AGREEMENT - DAN SHUGAR 
  

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	18)	Amendment. This Agreement may be amended at any time prior to the death of the Optionee only by a written agreement executed by Optionee and the Company.

  

	19)	Execution in Triplicate. This Agreement is being executed in triplicate. However, such triplicate originals of this Agreement represent only one grant of Options under
this Agreement. 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written

  

							
	OPTIONEE:	  	THE COMPANY:
		
	 	  	POWERLIGHT CORPORATION,
	Dan Shugar	  	a California corporation
		 		  	By	 	 
		 		  		 	Thomas Dinwoodie, President
			
		 		  	 Address:     PowerLight Corporation
 2954 San Pablo Blvd.
 Berkeley, CA
94710
 Attn: President

		 		  
		 		  
		 		  

 STOCK OPTION AGREEMENT - DAN SHUGAR 
  

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 POWERLIGHT CORPORATION 
 MARKET STANDOFF AGREEMENT-DAN SHUGAR 
 THIS MARKET STANDOFF AGREEMENT (the “Agreement”) is made and
entered into as of October 23, 2000, by and between POWERLIGHT CORPORATION (the “Company”), a California corporation, and DAN SHUGAR (“Optionee”). The Company and Optionee recite and agree as follows:

 RECITALS 
  

	A.	The Company has adopted the PowerLight Corporation Common Stock Option and Common Stock Purchase Plan (the “Plan). 

  

	B.	Capitalized terms which are not defined in this Agreement shall have the meanings attributed to them in the Plan. 

  

	C.	The Company has granted Optionee options or rights (in either case, the “Rights”) to purchase shares of the Common Stock of the Company pursuant to one or more Stock
Option Agreements or a Restricted Stock Purchase Agreements (in either case, the “Stock Agreements”). 

  

	D.	As used herein, the term “Shares” means (1) any shares of the Common Stock of the Company issued on exercise of any of the Stock Agreements, and (2) any other
stock or securities issued or distributed by the Company on account of any such shares, whether by reason of stock dividend, stock split, recapitalization, reorganization, exchange of shares or otherwise. 

  

	E.	As a condition for the grant of the Rights, the Company has required that Optionee execute this Agreement. 

 FOR VALUABLE CONSIDERATION, the Company and Optionee hereby agree as follows: 
  

	1)	Market Standoff. If so requested by the Company or any representative of the underwriters in connection with any registration of the offering of any securities of the
Company under the Securities Act of 1933, as amended (the “Act”), Optionee shall not sell or otherwise transfer any Shares or other securities of the Company during the 120-day period following the effective date of a registration
statement of the Company filed under the Act; provided, however, that such restriction shall only apply to the first registration statement of the Company to become effective under the Act which includes securities to be sold on behalf
of the Company to the public in an underwritten public offering. The Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such 120-day period. 

  

	2)	Stock Ledger Notation and Legend. Optionee agrees that the Company shall make a notation in the stock ledger of the Company that the Shares are subject to the
provisions of this Agreement and that the Company may place a legend on all certificates evidencing the Shares in the following form: 

  

	
	THE TRANSFER OF THE SHARES REPRESENTED BY THIS CERTIFICATE IS RESTRICTED PURSUANT TO THE TERMS OF A MARKET STANDOFF AGREEMENT DATED October 23, 2000 BETWEEN THE COMPANY AND THE
REGISTERED OWNER OF THIS CERTIFICATE, A COPY OF WHICH IS ON FILE AT THE OFFICES OF THE COMPANY.

  

	3)	Binding Effect. Subject to the limitations set forth in this Agreement, this Agreement shall be binding upon, and inure to the benefit of, the executors,
administrators, heirs, legal representatives, successors and assigns of the parties hereto. 

  

	4)	Damages. Optionee shall be liable to the Company for all costs and damages, including incidental and consequential damages, resulting from a disposition of Shares
which is not in conformity with the provisions of this Agreement. 

  

	5)	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California applicable to contracts entered into and to be
performed entirely within the State of California by residents of the State of California. The parties agree that the exclusive jurisdiction and venue of any action with respect to this Agreement shall be in the Superior Court of California for
Alameda County or the United States District Court for the Northern District of California, and each of the parties hereby submits itself to the exclusive jurisdiction and venue of such courts for the purpose of such action. The parties agree that
service of process in any such action may be effected by delivery of the summons to the parties in the manner provided for delivery of notices set forth below. 

  

	6)	Notices. All notices and other communications under this Agreement shall be in writing. Unless and until Optionee is notified in writing to the contrary, all notices,
communications and documents directed to the 

 MARKET STANDOFF AGREEMENT - DAN SHUGAR 
  

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 Company and related to the Agreement, if not delivered by hand, shall be mailed, addressed to the Company
at the address set forth in the Company’s signature block below. Unless and until the Company is notified in writing to the contrary, all notices, communications and documents intended for Optionee and related to this Agreement, if not
delivered by hand, shall be mailed to Optionee’s last known address as shown on the Company’s books. Notices and communications shall be mailed by registered or certified mail, return receipt requested, postage prepaid. 
  

	7)	Amendment. This Agreement may be amended, modified or terminated by written agreement between the Company and Optionee, without the requirement of consent of any other
shareholder or optionee of the Company or any third party. 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written. 
  

							
	THE COMPANY	  	OPTIONEE:
		
	POWERLIGHT CORPORATION	  	 
	a California corporation	  	Dan Shugar
				
	By	 	 	  		 	
		 	Thomas Dinwoodie, President	  		 	
			
	 Address:     PowerLight Corporation
 2954 San Pablo Blvd.
 Berkeley, CA 94710
 Attn: President
	  		 	

 SPOUSAL CONSENT 
 The undersigned (“Consenting Spouse”) (a) is the spouse of the Optionee named above, and (b) has read and understands the foregoing Market Standoff Agreement (the “Agreement’). The
Consenting Spouse hereby consents to the Agreement and agrees to cooperate in enabling his or her spouse to meet all his or her obligations provided in the Agreement. The Consenting Spouse understands that the Company (as defined in the Agreement)
is relying upon this consent in entering into the Agreement and in not taking further steps to protect its interests. 
                                       
                                        
             
 Kathleen Shugar 
 Date:                     ,
             
 MARKET STANDOFF AGREEMENT - DAN SHUGAR

  

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 POWERLIGHT CORPORATION 
 STOCK RESTRICTION AGREEMENT-DAN SHUGAR 
 THIS STOCK RESTRICTION AGREEMENT (“Agreement”) is entered
into effective as of October 23, 2000, by and between (a) POWERLIGHT CORPORATION (the “Company”), a California corporation, and (b) DAN SHUGAR (“Optionee”). The Company and Optionee recite and agree
as follows: 
 RECITALS 
  

	A.	The Company has adopted the PowerLight Corporation Common Stock Option and Common Stock Purchase Plan (the “Plan). 

  

	B.	Capitalized terms which are not defined in this Agreement shall have the meanings attributed to them in the Plan. 

  

	C.	The Company has granted Optionee options or rights (in either case, the “Rights”) to purchase shares of the Common Stock of the Company pursuant to one or more Stock
Option Agreements or a Restricted Stock Purchase Agreements (in either case, the “Stock Agreements”). 

  

	D.	As used herein, the term “Shares” means (1) any shares of the Common Stock of the Company issued on exercise of any of the Stock Agreements, and (2) any other
stock or securities issued or distributed by the Company on account of any such shares, whether by reason of stock dividend, stock split, recapitalization, reorganization, exchange of shares or otherwise. 

  

	E.	As a condition for the grant of the Rights, the Company has required that Optionee execute this Agreement so as to provide (1) an option in favor of the Company to repurchase
any of the Shares in the event that Optionee’s employment with or consultancy to the Company (or any Parent or Subsidiary of the Company) is terminated for any reason, and (2) to give the Company a right of first refusal in the case of any
transfer of Shares. 

 AGREEMENT 
 NOW, THEREFORE, the Company and Optionee recite and agree as follows: 
  

	1)	Repurchase Right. The Company shall have, and Optionee hereby grants to the Company, the option to repurchase part or all of the Shares on the terms set forth below:

  

	 	a)	In the event that Optionee’s employment with or consultancy to the Company (or any Parent or Subsidiary of the Company) is terminated for any reason (whether with or without
cause, or by reason of Optionee’s death, disability or otherwise) the Company shall have an option to repurchase the Shares on the terms set forth below. 

  

	 	b)	The Company may exercise its repurchase option rights under this Agreement by written notice of exercise to Optionee (or Optionee’s Representative) given at any time prior to
the later of (1) the date which is sixty (60) days after the date of the termination of Optionee’s employment with or consultancy to the Company (or any Parent or Subsidiary of the Company), or (2) the date which is sixty
(60) days after the expiration of any and all remaining exercise or purchase rights under the Stock Agreements. 

  

	 	c)	The Company’s written notice of exercise shall (i) make reference to this Agreement, (ii) specify the number of Shares being repurchased and (iii) specify the
Company’s good faith determination of the repurchase price for the Shares to be repurchased. 

  

	 	d)	The repurchase price for any Shares acquired by the Company under this Section 1 shall be an amount equal to the greater of the following: 

  

	 	i)	the original purchase price for the Shares to be purchased as paid by Optionee to the Company; or 

  

	 	ii)	the aggregate fair market value of the Shares being repurchased as of the date of the termination of Optionee’s employment with or consultancy to the Company (or any Parent or
Subsidiary of the Company), determined by agreement of the parties or, in the absence of any such agreement, by arbitration as provided below. 

 The parties acknowledge the difficulty and uncertainty in determining the fair market value of shares of stock of a private company such as the Company. Accordingly, for purposes of ease of administration and the
elimination of uncertainty, the parties agree that, for purposes of this Agreement, the per-share fair market value of the Company’s Common Stock shall be determined by dividing: 
 STOCK RESTRICTION AGREEMENT - DAN SHUGAR 
  

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	 	(A)	the One Hundred and Seventy-Five Percent (175%) of the Company’s net book value as reflected on the Company’s financial statements for the month ended immediately
prior to the date that Optionee’s employment with or consultancy to the Company (or any Parent or Subsidiary of the Company) is terminated for any reason (whether with or without cause, or by reason of Optionee’s death, disability or
otherwise), and 

  

	 	(B)	the aggregate number of issued and outstanding shares of the Company’s Common Stock computed on a fully-diluted basis on such date (i.e., with the addition of all shares of
Common Stock issuable upon exercise of issued and outstanding options, whether or not then vested and exercisable, all shares of Common Stock issuable upon conversion of issued and outstanding Preferred Stock or other convertible securities of the
Company). 

  

	 	e)	The closing for the Company’s repurchase of Shares shall take place within ten (10) days of the date on which the repurchase price is determined by the Company. The
repurchase price shall be paid by the Company in cash (or by cancellation of any purchase money indebtedness of Optionee owing to the Company in connection with the purchase of any of the Shares) at the closing. 

  

	 	f)	The term “Optionee’s Representative” means, in the event of Optionee’s death, the executor or executrix under Optionee’s Will, the administrator of
Optionee’s estate or Optionee’s other legal personal representative. 

  

	2)	Right of First Refusal. 

  

	 	a)	If Optionee receives an offer, whether or not solicited, from a person or entity to purchase all or any portion of the Shares, and if Optionee is willing to accept the offer,
Optionee shall give written notice (the “Notice of Proposed Transfer”) to the Company specifying: 

  

	 	i)	the number of the Shares proposed to be transferred (the “Offered Shares”); 

  

	 	ii)	the amount and terms of the offer; 

  

	 	iii)	the identity, address and telephone number, of the proposed transferee; and 

  

	 	iv)	Optionee’s willingness to accept the offer. 

  

	 	b)	The Company shall have the option, exercisable within sixty (60) days after the date of the Notice of Proposed Transfer (the “Option Period”), to purchase all, but
not less than all, of the Offered Shares from Optionee at the same price and on the same terms as those specified in the Notice of Proposed Transfer. 

  

	 	c)	In the event that the Company does not exercise its option under this Section 2, then, subject to compliance with all applicable state and federal securities laws, Optionee may
transfer the Shares specified in the Notice of Proposed Transfer to the person and for the consideration specified in the Notice of Proposed Transfer; provided, however, that (i) such transfer must occur within sixty
(60) days of the expiration of the Option Period (if the transfer does not occur within such sixty (60) day period, Optionee must give to the Company a new Notice of Proposed Transfer, thereby starting a new Option Period) and
(ii) such transferee signs and delivers to the Company an agreement to be bound by all of the provisions of this Agreement (including, without limitation, the Company’s option to repurchase the Shares upon termination of Optionee’s
employment with or consultancy to the Company (or any Parent or Subsidiary of the Company) and any Market Standoff Agreement(s) between Optionee and the Company. 

  

	3)	Major Transaction. 

  

	 	a)	The Company’s rights under Section 1 and Section 2 of this Agreement shall terminate upon the occurrence of a “Major Transaction,” as defined below.

  

	 	b)	As used in this Agreement, the term “Major Transaction” means any of the following: 

  

	 	i)	the dissolution of the Company; 

  

	 	ii)	the sale by the Company of all or substantially all of its assets; 

  

	 	iii)	a merger or consolidation involving the Company, in which the Company is not the surviving corporation; 

  

	 	iv)	the sale, exchange or other disposition (whether by merger, triangular merger or otherwise) of all or substantially all of the stock of the Company; or 

  

	 	v)	the first registered public offering of the Common Stock of the Company. 

  

	4)	Limited Transferability. Optionee shall not sell, transfer, assign, convey or encumber any part or all of the Shares, either voluntarily or involuntarily or by
operation of law, except with the prior written consent of the 

 STOCK RESTRICTION AGREEMENT - DAN SHUGAR

  

 - 2 - 

 Company; provided, however, that the prior written consent of the Company shall not be
required for any such sale, transfer, assignment, conveyance or encumbrance occurring after a “Major Transaction.” Any attempted disposition of any of the Shares made in violation of the terms of this Agreement shall automatically be void.
Any transferee of any of the Shares shall take subject to all of the terms and provisions of this Agreement. 
  

	5)	Legend. Each certificate representing the Shares shall bear the following legend: 

  

	
	THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS BY A STOCK RESTRICTION AGREEMENT DATED AS OF October 23, 2000 BETWEEN THE COMPANY AND THE
REGISTERED OWNER OF THE SHARES, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

 Optionee agrees to submit to the Company, from time to time, the stock certificate(s) for the
Shares so that the legend set forth above (and any other legends required by law) may be printed on such certificate(s). 
  

	6)	Continued Right as Employee. Nothing in this Agreement shall be interpreted or applied so as to give Optionee any right to become or remain an employee of or
consultant to the Company (or any Parent or Subsidiary of the Company). 

  

	7)	Notices. All notices and other communications under this Agreement shall be in writing. Unless and until Optionee is notified in writing to the contrary, all notices,
communications and documents directed to the Company and related to the Agreement, if not delivered by hand, shall be mailed, addressed to the Company at the address set forth in the Company’s signature block below. Unless and until the Company
is notified in writing to the contrary, all notices, communications and documents intended for Optionee and related to this Agreement, if not delivered by hand, shall be mailed to Optionee’s last known address as shown on the Company’s
books. Notices and communications shall be mailed by registered or certified mail, return receipt requested, postage prepaid. 

  

	8)	Issuances of Stock. Nothing in this Agreement shall (a) preclude or limit the right of the Company to issue additional stock or other securities, or (b) give
Optionee any preemptive or other right to acquire any such additional stock or other securities. 

  

	9)	Attorneys’ Fees. In the event of any litigation between the parties hereto with respect to the subject matter hereof, the unsuccessful party to such litigation
agrees to pay to the successful party all costs and expenses, including reasonable attorneys’ fees, incurred by the successful party. 

  

	10)	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California applicable to contracts entered into and to be
performed entirely within the State of California by residents of the State of California. The parties agree that the exclusive jurisdiction and venue of any action with respect to this Agreement shall be in the Superior Court of California for
Alameda County or the United States District Court for the Northern District of California, and each of the parties hereby submits to the exclusive jurisdiction and venue of such courts for the purpose of any such action. The parties agree that
service of process in any such action may be effected by delivery of the summons to the parties in the manner provided for delivery of notices set forth above. 

  

	11)	Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Company and Optionee and their respective heirs, legal representatives, executors,
administrators, successors and assigns. 

  

	12)	Entire Agreement. This Agreement supersedes any and all other agreements, either oral or in writing, among the parties with respect to the subject matter hereof.

  

	13)	Amendment. This Agreement may be amended at any time by a written agreement executed by the Company and Optionee. 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth above. 
  

							
	THE COMPANY:	  	OPTIONEE:
		
	POWERLIGHT CORPORATION,	  	 
	a California corporation	  	Dan Shugar
				
	By	 	 	  		 	
		 	Thomas Dinwoodie, President	  		 	
			
	 Address:     PowerLight Corporation
 2954 San Pablo Blvd.
 Berkeley, CA 94710
 Attn: President
	  		 	

 STOCK RESTRICTION AGREEMENT - DAN SHUGAR 
  

 - 3 - 

 SPOUSAL CONSENT 
 The undersigned (“Consenting Spouse”) (a) is the spouse of the Optionee named above, and (b) has read and understands the foregoing Stock Restriction Agreement (the “Agreement”). The
Consenting Spouse hereby consents to the Agreement and agrees to cooperate in enabling his or her spouse to meet all his or her obligations provided in the Agreement. The Consenting Spouse is aware that, by the provisions of the Agreement, Optionee
has agreed to sell part or all of the Shares (as defined in the Agreement), including any community interest of the Consenting Spouse in the Shares, on the occurrence of certain events. The Consenting Spouse understands that the Company (as defined
in the Agreement) is relying upon this consent in entering into the Agreement and in not taking further steps to protect its interests. 
                                       
                                        
             
 Kathleen Shugar 
 Date:                     ,
         
 STOCK RESTRICTION AGREEMENT - DAN SHUGAR 
  

 - 4 -Employment Agreement

 Exhibit 10.1 
 March 13, 2006 
 Re: Employment Agreement 
 Dear Tracey, 
 You and Universal City Development Partners, Ltd. d/b/a “Universal Orlando” (hereinafter referred to as “UO” or
the “Company”) have agreed as follows: 
  

	1.	Definitions: 

 UO includes any subsidiary, or
affiliated company or any divisions thereof now existing or formed at any time after the date of this Agreement; any business entity which may merge into UO or with which UO may be merged or consolidated; any business entity which may acquire all or
a substantial portion of the assets or good will of UO; or any business entity which may result from a division or other reorganization of UO. 
  

	2.	Employment and Services: 

  

	 	a)	UO has employed you and you have agreed to perform your exclusive services for UO upon the terms and conditions hereinafter set forth, and the UO employee policies and procedures as
communicated to you from time to time. 

  

	 	b)	You will perform such services as requested from time to time by the President and Chief Executive Officer, Universal Orlando, or his duly authorized representative. Your employment
as Vice President, Finance & Controller will commence on April 2, 2006, it being understood that the President and Chief Executive Officer, Universal Orlando, or his duly authorized officers may assign you to render your services in
different occupational areas within Universal Orlando, in their sole discretion. 

  

	3.	Results and Proceeds: 

 As your employer, UO shall
own all rights in and to the results and proceeds connected with or arising out of, directly and indirectly, your services hereunder. 

	4.	Term; Renewal: 

  

	 	a)	The term of this Agreement shall run two (2) years, commencing on April 2, 2006 and continuing until April 1, 2008. 

  

	 	b)	Option: UO shall have the irrevocable option to renew the term of this Agreement for a period of twenty four (24) months, commencing on April 2, 2008 and continuing
until April 1, 2010. 

  

	 	c)	In the event the Company exercises its right to renew your employment under the option provided above, you shall be notified in writing not less than sixty (60) days prior to
the expiration date of the then current term. In the event the Company does not elect to continue your employment at the expiration of any term, no special severance consideration is provided. Rather, standard Company practice (if any) shall apply.

  

	 	d)	You agree and acknowledge that UO has no obligation to renew this Agreement or to continue your employment after expiration of the term hereunder, and you expressly acknowledge
that no promises or understandings to the contrary have been made or reached. 

  

	5.	Compensation: 

  

	 	a)	Basic Salary: For all your services rendered under this Agreement, UO shall pay you a salary at an annual rate of no less than $200,012.80, or at such higher salary as may be
determined by your performance review and the Executive Vice President, Human Resources, Legal & Business Affairs, Universal Parks & Resorts (“UPR”). Such higher salary shall subsequently be deemed the annual rate,
commencing on such date as the Executive Vice President, Human Resources, Legal & Business Affairs, UPR may determine, for purposes of this Agreement. 

  

	 	b)	Such salary shall be payable in equal installments on UO’s regular paydays during the term, subject to the usual and required employee payroll deductions and withholdings. UO
is not obligated to actually utilize your services, and in the event it elects not to do so, you shall continue to be compensated under the terms and conditions of this Agreement unless mutually agreed upon. 

  

	6.	Place and Condition of Employment: 

 Your principal
place of employment, unless otherwise specified, is the Orlando office of Universal Orlando. However, it is understood that you may be required to travel to other locations on behalf of Universal Orlando. 
  

 Page 2 of 6 

	7.	Vacation: 

 You shall be entitled to vacation with
pay under the UO vacation plan. Any unused vacation may not be “carried over” into another year without the approval of your Department Head and the Human Resources Department. No more than ten (10) days may be carried over at any one
time. 
  

	8.	Termination: 

 UO may terminate your services as
follows: 
  

	 	a)	The Company may terminate this Agreement for cause at any time without advance notice. “Cause” will include, but not be limited to: 

  

	 	(i)	your material failure to perform your duties; 

  

	 	(ii)	your material failure to comply with Company policies, including, without limitation those set forth in the Universal Orlando Code of Conduct, the Employee Confidentiality and
Non-Disclosure Agreement, the Universal Orlando E-Mail Policy, the Universal Orlando Internet and Computer On-Line Services Policy and the Universal Orlando Discrimination and Sexual Harassment Policy, or 

  

	 	b)	In the event you have suffered a permanent and total disability, which prevents your performance of your full-time duties under this Agreement, but in no case shall such right be
exercised until six (6) months from the date of the commencement of such disablement. 

  

	9.	Benefits: 

 During the term hereof, and so long as
you are not in breach of this Agreement: 
  

	 	a)	UO shall reimburse you for your reasonable and necessary business expenses in accordance with its then prevailing policy (which shall include appropriate itemization and
substantiation of expenses incurred). 

  

	 	b)	You shall be entitled to participate in the group insurance benefit plans. 

  

	 	c)	You shall be entitled to participate in the UO 401(k) retirement program upon terms and conditions as developed by UO. 

  

 Page 3 of 6 

	 	d)	You shall be entitled to participate in the UO Management Incentive Plan (the “Incentive Plan”) in accordance with the terms of the Incentive Plan, with a potential payout
of 22% of your base salary. However, no specific amount is guaranteed. In the event UO has terminated this Agreement in accordance with Section 8(a) above, you will have no right to receive compensation under the Incentive Plan for any portion
of the year in which your termination occurred. 

  

	 	e)	You shall be eligible to participate in the Company sponsored “Highly Compensated Employees” supplemental benefit plan to our 401(k) plan. 

 You further expressly agree and acknowledge that after expiration of the term hereunder you are entitled to no additional benefits not expressly set forth
herein, except as specifically provided under the benefit plan referred to herein and those benefit plans in which you may subsequently become a participant, and subject in all cases to the term and conditions of each such plan. 
  

	10.	Assignment of Agreement: 

 UO may assign this
Agreement to any affiliate or successor in interest without your prior consent. This Agreement is a personal services agreement and may not be assigned by you. 
  

	11.	Compliance with Policies: 

 Incorporated herein and
made part of this Agreement are the Universal Orlando Code of Conduct and the Company’s Discrimination and Sexual Harassment Policy. Compliance with such Policies and Code of Conduct, and any amendments thereto which you receive, such
amendments to be consistent with the tenor of the current Policies and Codes of Conduct and not in violation of public policy, are conditions to your continued employment. Any material violation thereof shall constitute a breach of this Agreement,
and shall provide for termination as set forth in Section 8 above. 
  

 Page 4 of 6 

 In addition to such Policies and Code of Conduct, also incorporated herein and made a part of this
Agreement is the Employee Confidentiality and Non-Disclosure Agreement. In view of the fact that your position of service to UO is a unique one of trust and confidence and, as a condition to your employment by UO under this Agreement, you agree to
sign and comply with each of the provisions of such Employee Confidentiality and Non-Disclosure Agreement. 
  

	12.	Termination of All Previous Agreements: 

 All prior
personal employment service agreements (whether written, oral or implied) between us, if any, are terminated as of the commencement of the term of this Agreement. 
  

	13.	Choice of Laws: 

 This Agreement shall be covered by
and construed and enforced in accordance with and subject to the laws of the State of Florida. Any legal proceeding brought by either party for enforcing any right or obligation under this Agreement, or arising under any matter pertaining to this
Agreement or the services to be rendered hereunder, shall be submitted without jury before any court of competent jurisdiction in the State of Florida. The parties hereto expressly waive trial by jury. 
  

	14.	Entire Agreement; Modification; Severability: 

 This
Agreement sets forth the entire understanding between us; there are no terms, conditions, representations, warranties or covenants other than those contained herein. No term or provision of this Agreement may be amended, waived, released, discharged
or modified in any respect except in writing, signed by the appropriate party(ies). No waiver of any breach or default shall constitute a waiver of any other breach or default, whether of the same or any other term or condition. 
  

 Page 5 of 6 

 The invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement. 
 Very truly yours, 
 UNIVERSAL ORLANDO 
  

	
	 John R. Sprouls

	 Executive Vice President

	 Human Resources, Legal & Business Affairs, UPR

 JRS:jal 
 AGREED:

  

					
			
	 /s/ Tracey Stockwell
	 		 	January 23, 2007
	 Tracey Stockwell
	 		 	Date

  

 Page 6 of 6

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