Document:

ex10_4.htm

    
      

    

    Exhibit
10.4

    
 

    As
Amended Effective January 11, 2008

     

     

    99¢
ONLY STORES

    1996
STOCK OPTION PLAN

     

    
      
        	
                1. 

              	
                Purpose
      of the Plan.

              

      

    

     

    The
purpose of this 1996 Stock Option Plan, as amended and restated (the “Plan”) is
to provide incentives and rewards to selected eligible directors, officers,
employees and consultants of 99¢ Only Stores (the “Company”) or its subsidiaries
in order to assist the Company and its subsidiaries in attracting, retaining and
motivating those persons by providing for or increasing the proprietary
interests of those persons in the Company, and by associating their interests in
the Company with those of the Company’s shareholders.

     

    
      
        	
                2.

              	
                Administration
      of the Plan.

              

      

    

     

    The Plan
shall be administered by a committee of the Board of Directors of the Company
(the “Committee”) consisting of two or more directors, each of whom shall be
both a “non-employee director,” as that term is defined in Rule 16b-3(b)(3)(i)
of the Rules and Regulations (the “Rules”) of the Securities and Exchange
Commission under the Securities Exchange Act of 1934, as amended, and an
“outside director” for purposes of Section 162(m) of the Internal Revenue Code
of 1986, as amended (the “Code”) and the regulations of the Internal Revenue
Service adopted thereunder, as such Rules and such Section and regulations may
from time to time be amended or interpreted.  Members of the Committee
shall serve at the pleasure of the Board of Directors of the
Company.

     

    The
Committee shall have all the powers vested in it by the terms of the Plan,
including exclusive authority (i) to select from among eligible directors,
officers, employees and consultants, those persons to be granted “Awards” (as
defined below) under the Plan; (ii) to determine the type, size and terms of
individual Awards (which need not be identical and will likely vary from person
to person) to be made to each person selected; (iii) to determine the time when
Awards will be granted, and to establish objectives and conditions (including,
without limitation, vesting and performance conditions), if any, for earning
Awards, and whether Awards will be paid after the end of the Award period; (iv)
to amend the terms or conditions of any outstanding Award, subject to applicable
legal restrictions; (v) to authorize any person to execute, on behalf of the
Company, any instrument required to carry out the purposes of the Plan; and (vi)
to make any and all other determinations which it determines to be necessary or
advisable in the administration of the Plan.  The Committee shall have
full power and authority to administer and interpret the Plan and to adopt,
amend and revoke such rules, regulations, agreements, guidelines and instruments
for the administration of the Plan and for the conduct of its business as the
Committee deems necessary or advisable.  The Committee’s
interpretation of the Plan, and all actions taken and determinations made by the
Committee pursuant to the powers vested in it hereunder, shall be conclusive and
binding on all parties concerned, including theCompany, its shareholders, any
participants in the Plan and any other employee of the Company or any of its
subsidiaries.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    
      	
              3.

            	
              Persons
      Eligible under the Plan.

            

    

     

    Any
person who is an officer, employee or consultant of the Company, or any of its
subsidiaries (an “Employee”), including any member of the Board of Directors of
the Company who is an Employee, shall be eligible to be considered for the grant
of Awards under the Plan. Subject to the provisions of Section 5 hereof, members
of the Board of Directors of the Company who are not employees (each a
“non-employee Director”) shall be eligible to be considered for the grant of
Awards under the Plan.  Participants in the Plan are referred to
herein as “participants.”

     

    
      	
              4. 

            	
              Awards.

            

    

     

    (a) Common Stock and Derivative Security
Awards. Awards authorized under the Plan shall consist of any type of
arrangement with an Employee that is not inconsistent with the provisions of the
Plan and that, by its terms, involves or might involve or be made with reference
to the issuance of (i) shares of the Common Stock, no par value, of the Company
(the “Common Stock”) or (ii) a “derivative security” (as that term is defined in
Rule 16a-l(c) of the Rules, as the same may be amended from time to time) with
an exercise or conversion price related to the Common Stock or with a value
derived from the value of the Common Stock

     

    (b) Types of Awards. Awards are
not restricted to any specified form or structure and may include, but need not
be limited to, sales, bonuses and other transfers of stock, restricted stock,
stock options, reload stock options, stock purchase warrants, other rights to
acquire stock or securities convertible into or redeemable for stock, stock
appreciation rights, phantom stock, dividend equivalents, performance units or
performance shares, or any other type of Award which the Committee shall
determine is consistent with the objectives and limitations of the
Plan.  An Award may consist of one such security or benefit, or two or
more of them in tandem or in the alternative.

     

    (c)  Consideration.  Common
Stock may be issued pursuant to an Award for any lawful consideration as
determined by the Committee, including, without limitation, a cash payment,
services rendered, or the cancellation of indebtedness.

     

    (d)  Guidelines. The Committee may
adopt, amend or revoke from time to time written policies that provide
guidelines implementing the Plan.  Such guidelines may include, but
need not be limited to, the type, size and term of Awards to be made to
participants and the conditions for payment of such Awards.  No
employee shall have any right to receive an Award unless so determined by the
Committee.

     

    (e)  Terms
and Conditions. Subject to the provisions of
the Plan, the Committee, in its sole and absolute discretion, shall determine
all of the terms and conditions of each Award granted pursuant to the Plan,
which terms and conditions may include, among other things:

     

    (i)          any
provision necessary for such Award to qualify as an incentive stock Option under
Section 422 of the Code (an “Incentive Stock Option”);

     

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

     

    (ii)          a
provision permitting the recipient of such Award (including any recipient who is
a director or officer of the Company) to pay the purchase price of the Common
Stock or other property issuable pursuant to such Award, or to pay such
recipient’s tax withholding obligation with respect to such issuance, in whole
or in part, by delivering previously owned shares of capital stock of the
Company (including “pyramiding”) or other property, or by reducing the number of
shares of Common Stock or the amount of other property otherwise issuable
pursuant to such Award; or

     

    (iii)          a
provision conditioning or accelerating the receipt of
benefits  pursuant to the Award, or terminating the Award, either
automatically or in the discretion of the Committee, upon the occurrence of
specified events, including, without limitation, a change of control of the
Company, an acquisition of a specified percentage of the voting power of the
Company, the dissolution or liquidation of the Company, a sale of substantially
all of the property and assets of the Company or an event of  the type
described in Section g of the Plan.

     

    (f) Maximum Awards. An Employee
may be granted multiple Awards under the Plan.  However,
notwithstanding any other provision of the Plan, the maximum number of shares of
Common Stock with respect to which options or rights or other Awards may be
granted under the Plan to any Employee during any fiscal year shall be 450,000,
subject to adjustment as provided in Section 8 of the Plan.

     

    (g)  Suspension or
Termination of Awards.  The Committee may cancel, rescind,
suspend, withhold or otherwise terminate, limit or restrict any and all
unexpired, unpaid, deferred or other Awards, whether vested or unvested, at any
time if it determines that the applicable participant, while employed by the
Company or subsequent thereto, engaged in any Detrimental
Activity.   In the event a participant has engaged in Detrimental
Activity, any exercise, payment or delivery pursuant to an Award may be refused
if not already granted or, if already granted, may be rescinded within one year
thereafter.  In the event of any such rescission, the participant
shall pay to the Company the amount of any gain realized or payment received as
a result of the rescinded exercise, payment or delivery, in such manner and on
such terms and conditions as may be required, and the Company shall be entitled
to set-off against the amount
of any such gain any amount owed to the participant by the
Company.

     

    (i)          With
respect to an Employee, “Detrimental Activity” means conduct that constitutes a
breach of an Employee’s fiduciary duty to the Company under applicable law, a
failure to maintain the confidentiality of the Company’s confidential or
proprietary information that could reasonably be expected to cause material harm
to the Company, or any material misconduct relating to the Company or its
subsidiaries, including, but not limited to:

     

    a)          The
disclosure to anyone outside the Company or its Affiliates, or the use in other
than the Company's or a subsidiary’s business, without written authorization
from an executive officer of the Company, of any confidential or proprietary
information of the Company or its subsidiaries (of which such Employee became
aware during his or her  employment with the Company or a subsidiary)
in a manner that could reasonably be expected to cause material harm to the
Company;

     

    
      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

     

    b)          Any
act of misappropriation, embezzlement, fraud, making or accepting any bribe,
kick-back or similar inducement related in any way to the Company or a
subsidiary;

     

    c)          Any
willful or grossly negligent act that causes damage of a material nature to any
property of the Company or its subsidiaries; or

     

    d)          Any
other intentional conduct or act determined by the Committee to be materially
injurious or detrimental to the Company or its subsidiaries.

     

    (ii)          With
respect to a non-employee Director, “Detrimental Activity” means any act or
failure to act that constitutes cause for removal of a director under applicable
California law.

     

    Notwithstanding
the above or anything in the Plan to the contrary, the Committee shall have the
sole and absolute authority to construe and interpret the term “Detrimental
Activity” with respect to all Employees.

     

    (h)  Employment
Status.  Options may not be exercised by any participant who
for any reason other than a leave of absence protected by law is not actively
working and performing services on an ongoing, regular basis for the Company at
the time such person seeks to exercise any portion of his or her options under
the Plan; provided that following the termination of a participant’s service
with the Company, vested Options may be exercised pursuant to the guidelines
adopted by the Committee pursuant to Section 4(d) or, with respect to
non-employee Directors, pursuant to Section 5, unless such rights have been
suspended or otherwise limited or cancelled by the Committee in accordance with
Section 4(g).

     

    
      	
              5. 

            	
              Mandatory
      Grants to Non-Employee Directors.

            

    

     

    (a)  Grants to Non-Employee
Directors. Notwithstanding any other provision of the Plan, the grant of
Awards to non-employee Directors shall be subject to the following limitations
of this Section 5:

     

    (i)          Prior
to the date of the first registration of an equity security of the Company under
Section 12 of the Securities Exchange Act of 1934 (the “Exchange Act”),
Non-Employee Directors shall be entitled to participate in the Plan and receive
Awards to the same extent as Employees pursuant to Section 4 of the
Plan.

     

    (ii)          following
the date of the first registration of an equity security of the Company under
Section 12 of the Exchange Act, each non-employee Director who is serving on the
Board of Directors of the Company as of the date of each Annual Meeting of the
Company’s Shareholders (or any Special Meeting in lieu of the Annual Meeting),
shall receive a ten year Non-Statutory Option to purchase 9,000 shares of Stock,
subject to adjustment as provided in Section 8 of the Plan;

     

    
      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

     

    (iii)          all
Stock Options granted to non-employee Directors under this Section 5 shall be
exercisable at an exercise price equal to 100% of the fair market value (which
shall be determined by reference to the average closing price of the Common
Stock during the 20 trading days immediately preceding the date of grant or if
the Common Stock is not a publicly traded security on the date of grant by the
Committee in the exercise of their reasonable discretion) of a share of Common
Stock on the day preceding the Date of Grant or, if higher, the closing price of
the Common Stock on the date of grant;

     

    (iv)          all
Non-Statutory Options granted to non-employee Directors under this Section 5
will be exercisable as to one third of the shares of Common Stock subject to
such Non-Statutory Options on the first anniversary of the Date of Grant, and as
to one third of the shares of Common Stock subject to such Non-Statutory Option
on each subsequent anniversary of the Date of Grant until such Non-Statutory
Option is fully exercisable; and

     

    (v)          all
Non-Statutory Options granted to a non-employee Director which have vested as of
the date the Director ceases to serve as a Director may be exercised for up to
three years following such date, but in no event past the ten-year anniversary
of the date of grant of such Options.

     

    (b)  Prohibition of Other Grants to
Non-Employee Directors. Notwithstanding any other provisions in this
Plan, the mandatory grants described in this Section 5 shall constitute the only
grant of Awards under the Plan permitted to be made to non-employee
Directors.

     

    (c)  Prohibition Against Certain
Amendments. Notwithstanding any other provisions of this Plan, the
provisions of this Section 5 shall not be amended more than once every six
months, other than to comport with changes in the Internal Revenue Code, the
Employee Retirement Income Security Act, or the rules thereunder.

     

    
      	
              6. 

            	
              Shares
      of Common Stock Subject to the Plan

            

    

     

    The
aggregate number of shares of Common Stock that may be issued or issuable
pursuit to all Awards under the Plan (including Awards in the form of Incentive
Stock Options and Non- Statutory Options) shall not exceed an aggregate of
17,000,000 shares of Common Stock, subject to adjustment as provided in Section
8 of the Plan. Shares of Common Stock subject to the Plan may consist, in whole
or in part, of authorized and unissued shares or treasury shares.  Any
shares of Common Stock subject to an Award that for any reason expires or is
terminated unexercised as to such shares shall again be available for issuance
under the Plan.  For purposes of this Section 6, the aggregate number
of shares of Common Stock that may be issued at any time pursuant to Awards
granted under the Plan shall be reduced by: (i) the number of shares of Common
Stock previously issued pursuant to Awards granted under the Plan, other than
shares of Common Stock subsequently reacquired by the Company pursuant to the
terms and conditions of such Awards and with respect to which the holder thereof
received no benefits of ownership, such as dividends; and (ii) the number of
shares of Common Stock which were otherwise issuable pursuant to Awards granted
under this Plan but which were withheld by the Company as payment of the
purchase price of the Common Stock issued pursuant to such Awards or as payment
of the recipient’s tax withholding obligation with respect to such
issuance.

     

    
      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

     

    
      	
              7. 

            	
              Payment
      of Awards.

            

    

     

    The
Committee shall determine the extent to which Awards shall be payable in cash
(i.e., by check), shares of Common Stock or any combination
thereof.  The Committee may, upon request of a participant, determine
that all or a portion of a payment to that participant under the Plan, whether
it is to be made in cash, shares of Common Stock or a combination thereof, shall
be deferred. Deferrals shall be for such periods and upon such terms as the
Committee may determine in its sole discretion; provided however that no
deferrals shall be made with respect to Awards granted pursuant to Section 5 of
the Plan.

     

    
      	
              8.

            	
              Dilution
      and Other Adjustment.

            

    

     

    In the
event of any change in the outstanding shares of the Common Stock or other
securities then subject to the Plan by reason of any stock split, reverse stock
split, stock dividend, recapitalization, merger, consolidation, combination or
exchange of shares or other similar corporate change, or if the outstanding
securities of the class then subject to the Plan are exchanged for or converted
into cash, property or a different kind of securities, or if cash, property or
securities are distributed in respect of such outstanding securities (other than
a regular cash dividend), then, unless the terms of such transaction shall
provide otherwise, such equitable adjustments shall be made in the Plan and the
Awards thereunder (including, without limitation, appropriate and proportionate
adjustments in (i) the number and type of  shares or other securities
or cash or other property that may be acquired pursuant to Incentive Stock
Options and other Awards theretofore granted under the Plan, including, without
limitation Awards granted under Section 5 of the Plan, (ii) the maximum number
and type of shares or other securities that may be issued pursuant to Incentive
Stock Options and other Awards thereafter granted under the Plan; and (iii) the
maximum number of securities with respect to which Awards may thereafter be
granted to any Employee in any fiscal year) as the Committee determines are
necessary or appropriate, including, if necessary, any adjustments in the
maximum number of shares referred to in Section 6 of the Plan.  Such
adjustments shall be conclusive and binding for all purposes of the
Plan.

     

    
      	
              9. 

            	
              Miscellaneous
      Provisions.

            

    

     

    (a)  Definitions. As used herein,
“subsidiary” means any current or future corporation which would be a
“subsidiary corporation,” as that term is defined in Section 425 of the Code, of
the Company; and the term “or” means “and/or.”

     

    (b)  Conditions on Issuance.
Securities shall not be issued pursuant to Awards unless the grant and
issuance thereof shall comply with all relevant provisions of law and the
requirements of any securities exchange or quotation system upon which any
securities of the Company are listed, and shall be further subject to approval
of counsel for the Company with respect to such compliance. Inability of the
Company to obtain authority from any regulatory body having jurisdiction, which
authority is determined by Company counsel to be necessary to the lawful
issuance and sale of any security or Award, shall relieve the Company of any
liability in respect of the nonissuance or sale of such securities as to which
requisite authority shall not have been obtained.

     

    
      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

     

    (c)  Rights as Shareholder. A
participant under the Plan shall have no rights as a holder of Common Stock with
respect to Awards hereunder, unless and until certificates for shares of such
stock are issued to the participant.

     

    (d)  Assignment or Transfer.No
Awards under the Plan or any rights or interests therein shall be assignable or
transferable by a participant except by will or the laws of descent and
distribution. During the lifetime of a participant, Awards hereunder are
exercisable only by, and payable only to, the participant.

     

    (e)  Agreements. All Awards
granted under the Plan shall be evidenced by written agreements in such form and
containing such terms and conditions (not inconsistent with the Plan) as the
Committee shall from time to time adopt.

     

    (f)  Withholding Taxes. The
Company shall have the right to deduct from all Awards hereunder paid in cash
any federal, state, local or foreign taxes required by law to be withheld with
respect to such awards and, with respect to awards paid in stock, to require the
payment (through withholding from the participant’s salary or otherwise) of any
such taxes.  The obligation of the Company to make delivery of Awards
in cash or Common Stock shall be subject to currency or other restrictions
imposed by any government.

     

    (g)  No Rights to Award. No
Employee or other person shall have any right to be granted an Award under the
Plan. Neither the Plan nor any action taken hereunder shall be construed as
giving any Employee any right to be retained in the employ of the Company or any
of its subsidiaries or shall interfere with or restrict in any way the rights of
the Company or any of its subsidiaries, which are hereby reserved, to discharge
the Employee at any time for any reason whatsoever or for no reason, in the
Company’s sole and absolute discretion, with or without cause.

     

    (h)  Costs and Expenses. The costs
and expenses of administering the Plan shall be borne by the Company and not
charged to any Award nor to any Employee receiving an Award.

     

    (i)  Funding of Plan. The Plan
shall be unfunded.  The Company shall not be required to establish any
special or separate fund or to make any other segregation of assets to assure
the payment of any Award under the Plan.

     

    
      	
              10. 

            	
              Amendments
      and Termination.

            

    

     

    (a)  Amendments. The Committee may
at any time terminate or from time to time amend the Plan in whole or in part,
but, except as may be provided herein or in the Company’s other Plan documents
and as may be permitted by applicable law, no such action shall adversely affect
any rights or obligations with respect to any Awards theretofore made under the
Plan.  In addition, the Committee may from time to time amend
outstanding agreements evidencing Awards under the Plan in a manner not
inconsistent with the terms of the Plan, provided that, without the consent of a
participant, no such action shall adversely affect any rights or obligations of
such participant.

     

    
      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

     

    (b)  Shareholder Approval. To the
extent that Rule 16b-3 of the Rules, Section 422 of the Code, other applicable
law, or the rules, regulations, procedures or listing agreement of any national
securities exchange or quotation system, requires that any such amendment be
approved by the shareholders of the Company, no such amendment shall be
effective unless and until it is approved by the shareholders in such a manner
and to such a degree as is required.

     

    (c)  Termination. Unless the Plan
shall theretofore have been terminated as above provided, the Plan (but not the
awards theretofore granted under the Plan) shall terminate on and no awards
shall be granted after March 19, 2011.

     

    
      	
              11. 

            	
              Effective
      Date.

            

    

     

    The Plan
is effective on March 19, 1996, the date on which it was adopted by the Board of
Directors of the Company and the holders of the majority of the Common Stock of
the Company.  The Plan was amended effective May 12, 1998, which
amendment is applicable to all grants made on or after such date (including
those grants authorized on April 25, 1998).  The Plan was further
amended and restated effective April 30, 2001, which amendment is applicable to
all grants that are outstanding as of the effective date and all subsequent
grants that are made pursuant to the Plan, unless the Award Agreement
specifically states otherwise.  The Plan was further amended effective
November 14, 2007, which amendment is applicable to all grants that are
outstanding as of the effective date and all subsequent grants that are made
pursuant to the Plan, unless the Award Agreement specifically states
otherwise.  The Plan was further amended effective January 11, 2008,
which amendment is applicable to all grants that are outstanding as of the
effective date and all subsequent grants that are made pursuant to the Plan,
unless the Award Agreement specifically states otherwise.

     

    
      	
              12. 

            	
              Governing
      Law.

            

    

     

    The
corporate law of California shall govern issues related to the validity and
issuance of Common Stock.  Otherwise, the Plan and any agreements
entered into thereunder shall be construed and governed by the laws of the State
of California applicable to contracts made within, and to be performed wholly
within, the State of California.

     

     

    9ex10_1.htm

    
      

    

    Exhibit
10.1

    

    EMCORE
CORPORATION

    

    2007
DIRECTORS’ STOCK AWARD PLAN

    

    

    1.           The
purposes of the 2007 Directors' Stock Award Plan (the “Plan”) are (a) to
attract and retain highly qualified individuals to serve as Directors of EMCORE
Corporation (the “Corporation”), (b) to
increase non-employee Directors' stock ownership in the Corporation and (c) to
relate non-employee Directors' compensation more closely to the Corporation's
performance and its shareholders' interest.

    

    2.           The
Plan shall become effective upon its approval by the shareholders of the
Corporation. It shall continue in effect for a term of ten (10) years
unless sooner terminated under Section 7 of the Plan.

    

    3.           “Plan Year” shall mean
each 12-month period beginning on January 1 and ending on
December 31.

    

    4.           “Annual Stock Award
Amount” shall mean the amount of fees a non-employee Director will be
entitled to receive pursuant to the Plan for serving as a Director in a relevant
Plan Year.  The amount of each non-employee Director’s Annual Stock
Award Amount shall be determined by adding (A) $3,500 for each meeting of the
Board of Directors attended by such non-employee Director during the relevant
Plan Year, (B) $500 for each meeting of a committee of the Board of Directors
attended by such non-employee Director during the relevant Plan Year and (C) an
additional $500 for each meeting of a committee of the Board of Directors at
which such non-employee Director served as Chairman.

    

    5.           A
non-employee Director may forego the portion of his or her Annual Stock Award
Amount that relates to any one or more meeting(s) of the Board of Directors or
committee thereof by giving irrevocable written notice to such effect to the
Secretary of the Corporation 30 days prior to the date of such
meeting.

    

    6.           Each
non-employee Director shall receive, one month after the beginning of each Plan
Year (or, if such date is not a business day, on the next succeeding business
day) (the “Grant
Date”), the number of shares of the Company’s common stock, no par value
per share (“Common
Stock”) determined by dividing his or her Annual Stock Award Amount by
the closing price of the Common Stock as published in the Wall Street Journal
(the “Fair Market
Value”) on the Grant Date.  The number of shares distributed to
each non-employee Director shall be rounded down to the nearest whole number,
and any fractional shares that would otherwise have been paid in Common Stock
shall be paid in cash based upon the Fair Market Value of the Common Stock on
the Grant Date.

    

    7.           This
Plan shall be construed in accordance with the laws of the State of New Jersey
and may be amended or terminated at any time by action of the Board of Directors
of the Corporation; provided, however, that the
Corporation will seek shareholder approval for any change to the extent required
by applicable law.

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