Document:

Q1 2013 new ceo TC

		
			 
		

		
			Exhibit 10.3 
		

		
			 
		

		
			Intersil Corporation
		

		
			2008 Equity Compensation Plan 
		

		
			Terms and Conditions
		

		
			 
		

		
			One-Year Cliff
(Effective April 1, 2013)  
		

		
			   
		

		
			Intersil Corporation (the “Company”) has granted you a non-qualified option (the “Option”) as of April 1, 2013 (the “Grant Date”) to purchase a certain number of shares of common stock of the Company pursuant to the Intersil Corporation 2008 Equity Compensation Plan, as amended and restated from time to time (the “Plan”).  The specific terms of your Option are controlled by your stock option grant letter, the terms of the Plan and the following Terms and Conditions.  Capitalized terms which are not defined in this document will have the meanings specified in the Plan or in your stock option grant letter. 
		

			
					
						 

					
					
						 

				
	
					
						1.

					
					
						Vesting and Initial Exercisability.  

				

		
			 
		

		
			Subject to Section 2, to the extent that there has been no termination of your employment and your Option has not otherwise expired or been forfeited, your Option shall vest and become exercisable on the earlier of (i) twelve months following the Grant Date, (ii) a Change in Control and (iii) the hiring of a new Chief Financial Officer by the Company, in each case provided you have not previously had a Separation from Service.  
		

			
					
						2.

					
					
						Term.  

				

		
			If you have not fully exercised your Option prior to the seventh anniversary of the Grant Date (the “Expiration Date”), you will not be permitted to exercise, and will forfeit any remaining portion of, your Option.  Your Option will also expire and be forfeited at such times and in such circumstances as otherwise provided herein or under the Plan. 
		

			
					
						 

					
					
						 

				
	
					
						3.

					
					
						Exercise Upon and After Separation from Service.

				
	
					
			

				 a)
			

		 
					
					
						Separation from Disability or Death.  If you have a Separation from Service as a result of your  Disability or Death, or if you die within 90 days of a Separation from Service, when such Separation from Service is for a reason other than Cause, the unexercised and vested portion of your Option will remain exercisable by you, your estate, the persons who acquired the right to exercise your Option by bequest or inheritance, as applicable, until the earlier of the end of the 180-day period immediately following your Separation from Service or the Expiration Date.  Such portion of your Option shall terminate to the extent not exercised within such period.  Any unvested portion of your Option will terminate and will be forfeited upon such Separation from Service.

				

		
			 
		

		
			 
		

		 

 

			
					
						 

					
					
						 

				
	
		 

 

					
			

				 b)
			

		 
					
					
						Termination for Cause.  If you have a Separation from Service on account of a termination for Cause, your Option will immediately expire on the date of such Separation from Service and you will forfeit all Shares underlying any exercised portion of your Option for which the Company has not delivered certificates, and the Company shall refund to you the Option Price you paid for any such Shares.

				
	
					
						c)

					
					
						Termination for Any Other Reason.  If you have a Separation from Service as a result of any reason other than your Disability, Death or for Cause, any unexercised, vested portion of your Option will remain exercisable until the earlier of the end of the one-year period immediately following your date of termination or the Expiration Date.  Such portion of your Option shall terminate to the extent not exercised within such period.  Any unvested portion of your Option will terminate and will be forfeited upon such Separation from Service.

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						4.

					
					
						Method of Exercising Your Option.  

				
	
					
						a)

					
					
						Notice and Representation.  When you want to exercise any vested portion of your Option, you must give written notice to the Company’s third party administrator as designated in the exercise instructions provided to you (the “Exercise Instructions”) specifying the number of Shares that you would like to purchase, together with payment of the Option Price in accordance with Section 4(b).  As used in this Section 4, “Option Price” means the product obtained by multiplying the Option Price by the number of Shares you wish to purchase.

				

		
			 
		

			
					
						b)

					
					
						Method of Payment.  To exercise your Option, you must pay to the Company’s third party administrator the Option Price, together with the withholding tax due pursuant to the third sentence of this Section 4(b) either: (a) in U.S. dollars via wire transfer of immediately available funds or (b) by any other method of payment that the Committee may approve.  Payment must be made in accordance with the Exercise Instructions.  In addition to payment of the Option Price, you must pay to the Company’s third party administrator any amount of withholding tax that is due as determined by the Company’s third party administrator in accordance with the Exercise Instructions.

				
	
					
						5.

					
					
						Transferability of Your Option.  

				

		
			You may transfer your Option only by will or the laws of descent and distribution.  In addition, any Shares issued or issuable to you under the Plan are subject to any transfer restrictions set forth in your stock option grant letter. 
		

			
					
						6.

					
					
						Incorporation by Reference.  

				

		
			Your Option shall be subject to the terms, conditions and limitations set forth herein, those of the Plan and those of your stock option grant letter, which are incorporated herein by reference.  In the event of any contradiction, distinction or differences between these Terms and Conditions and the terms of the Plan, the terms of the Plan will control.  
		

			
					
						7.

					
					
						Governing Law.  

				

		
			Your Option and these Terms and Conditions shall be construed in accordance with the laws of the State of Delaware. 
		

			
					
						 

					
					
						 

				
	
					
						8.

					
					
						Miscellaneous.

				
	
					
						a)

					
					
						The captions of these Terms and Conditions are not part of the provisions hereof and shall have no force or effect.  These Terms and Conditions, as they apply to your Option, may not be amended or modified, except pursuant to a written agreement between you and the Company.  The invalidity or unenforceability of any provision of these Terms and Conditions shall not affect the validity or enforceability of any other provision of these Terms and Conditions.

				

		 

 

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						b)

					
					
						The Committee may make such rules and regulations and establish such procedures for the administration of your Option and these Terms and Conditions as it deems appropriate.  Without limiting the generality of the foregoing, the Committee may interpret these Terms and Conditions, with such interpretations to be conclusive and binding on all persons and otherwise accorded the maximum deference permitted by law.  In the event of any dispute or disagreement as to the interpretation of these Terms and Conditions or of any rule, regulation or procedure, or as to any question, right or obligation arising from or related to these Terms and Conditions, the decision of the Committee shall be final and binding on all persons.

				
	
					
						 

					
					
						 

				
	
					
						c)

					
					
						All notices hereunder shall be in writing, and if to the Company or the Committee, shall be delivered to the Board of Directors of the Company or mailed to its principal office, addressed to the attention of the Board of Directors; and if to you, shall be delivered personally, sent by facsimile transmission or mailed to you at the address appearing in the records of the Company.  Such addresses may be changed at any time by written notice to the other party given in accordance with this Section 8(c).

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						d)

					
					
						The failure of you or the Company to insist upon strict compliance with any provision of these Terms and Conditions or the Plan, or to assert any right that you or the Company, respectively, may have under these Terms and Conditions or the Plan, shall not be deemed to be a waiver of such provision or right or any other provision or right of these Terms and Conditions or the Plan.

				
	
					
						e)

					
					
						Nothing in these Terms and Conditions shall confer on you the right to continue in the service or employment of the Company or interfere in any way with the right of the Company and its stockholders to terminate your service or employment at any time.exhibit10-1.htm

Exhibit 10.1

THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

SUBSCRIPTION AGREEMENT

 

This Subscription Agreement (“Agreement”) is entered into as of 7 March 2013, by and among Spectral Capital Corporation (“Spectral”); and the purchasers listed on Schedule A of this Agreement (individually, a “Purchaser” and collectively, the “Purchasers”).

 

WHEREAS, Spectral desires to issue and sell, and Purchaser desires to purchase, the number of shares of Spectral’s Common Stock, par value $0.0001 per share (the “Common Stock”), set forth opposite the name of each Purchaser on Schedule A hereto, each for the amount of  $0.65 per share, respectively. In addition to the Shares, the Purchaser is also hereby issued warrants to purchase 1,650,000 (equal number of shares) of the Company’s common stock at a price of $0.80 per share for a period of 24 months, subject to the terms and conditions contained in this Agreement. There can be no cashless or net exercise of such warrants, the full purchase price must be tendered in cash. In the event that the Purchaser exercises the Warrants, they will simply tender the exercise price and the attached notice of exercise to the Company. The warrants shall expire 24 months from the date hereof.

 

 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the parties hereto, intending to be legally bound hereby, agree as follows:

 

  

1

  

 

ARTICLE I

PURCHASE AND SALE OF SHARES

 

Section 1.1                          Purchase and Sale.  Spectral hereby sells, assigns, transfers and delivers to Purchaser the number of shares of Common Stock set forth opposite the name of each Purchaser on Schedule A, and the Purchaser hereby purchases from Spectral the number of shares of Common Stock for the aggregate purchase price set forth opposite the name of each Purchaser under the heading “Total Purchase Price” on Schedule A.

 

Section 1.2                                                Deliveries on Behalf of Spectral. Spectral hereby delivers to each Purchaser; one or more certificates representing the number of Shares set forth opposite the name of such entity or individual on Schedule A.

 

Section 1.3                                                Deliveries by the Purchasers. Each Purchaser listed on Schedule A hereby delivers to Spectral a check or wire transfer of immediately available funds of the aggregate purchase price set forth opposite the name of such Purchaser under the heading “Total Purchase Price” on Schedule A hereto.

 

 

  

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ARTICLE II

REPRESENTATIONS AND WARRANTIES

 

Section 2.1                                                Each of the Purchasers, severally but not jointly, represents and warrants, as to such Purchaser only, to Spectral that such Purchaser:

 

(a)                        has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of its investment in the Shares contemplated hereby, and the Purchaser’s financial situation is such that the Purchaser is able to bear indefinitely the economic risk of such investment;

 

(b)                       has had the opportunity to meet with certain of Spectral’s officers and representatives to discuss Spectral’s business, assets, liabilities and financial condition;

 

(c)                        is acquiring the Shares for its own account for investment purposes only, and not with a view to, or for resale in connection with, any distribution thereof within the meaning of the Securities Act of 1933 as amended, and the regulations promulgated thereunder (the “Securities Act”);

 

(d)                       understands that the Shares have not been registered under the Securities Act and cannot be sold unless subsequently registered under the Securities Act or pursuant to an exemption therefrom and further understands that availability of an exemption may depend on factors over which the Purchaser has no control;

 

(e)                        is an “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act, or if not such an “accredited investor”, has notified Spectral of this fact in writing;

 

(f)                          is not relying upon any information, other than that contained in this Agreement and the results of the Purchaser’s own independent investigation;

 

(g)                       if not a natural person, is a limited liability company or limited partnership, as applicable, duly organized, validly existing and in good standing under the laws of its state of organization;

 

(h)                       has the power and authority to execute and deliver this Agreement and to perform and consummate the transactions contemplated hereby. The Purchaser has taken all actions necessary to authorize the execution and delivery of this Agreement, the performance of its obligations hereunder and the consummation of the transactions contemplated hereby. This Agreement has been duly executed and delivered by the Purchaser. This Agreement constitutes the legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its respective terms, except as the enforceability thereof may be limited by general principles of equity applicable to bankruptcy, insolvency, reorganization or similar laws generally.

 

Section 2.2                                                The Company hereby makes the following representations and warranties to each Purchaser:

 

(a)                        The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Nevada. The Company has the corporate power and authority to carry on its business as now conducted and presently proposed to be conducted and to carry out the transactions contemplated by this Agreement.

 

 

  

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(b)                       Immediately prior to the date hereof (i) the authorized capital stock of the Company consists of 500,000,000 shares of common stock and 5,000,000 shares preferred stock, of which 101,267,623 shares of common stock and no shares of preferred stock are issued and outstanding

 

(c)                             The Shares of the Company will be and all of the outstanding shares of the Company’s capital stock have been duly authorized, validly issued, fully paid and nonassessable.

 

(d)                          The Company has made available to the Purchaser true and complete copies of its articles of incorporation and bylaws as in effect on the date hereof.

 

(e)                       The execution, delivery and performance of this Agreement and all other agreements and transactions contemplated hereby and thereby have been duly authorized by the Company. This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms, subject to the availability of equitable remedies and to the laws of bankruptcy and other similar laws affecting creditors’ rights generally. The execution and delivery by the Company of this Agreement and all other agreements and instruments contemplated hereby to be executed by the Company and the offering, sale and issuance of the Shares hereunder, does not and will not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s capital stock or assets pursuant to, (iv) give any third party the right to accelerate any obligation under, (v) result in a violation of or (vi) require any authorization, consent, approval, exemption or other action by or notice to any court or administrative or governmental body (other than in connection with certain state and federal securities laws) pursuant to, the certificate of incorporation or the bylaws, or any law, statute, rule, regulation, instrument, order, judgment or decree to which the Company is subject or any agreement or instrument to which the Company is a party.

 

  

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ARTICLE III

MISCELLANEOUS

 

Section 3.1                                                Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same Agreement, and shall become effective when one or more such counterparts have been signed by each of the parties and delivered to each party.

 

Section 3.2                                                Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada.

 

[Signature Pages Follow]

 

  

5

  

 

	  	
SPECTRAL CAPITAL CORPORATION

	  	  
	  	  
	  	
By:

	
 

	  	
Name:  Jenifer Osterwalder

	  	
Title:    President and Chief Executive Officer

 

 

Signature Page to Subscription Agreement

  

  

  

	
Schedule A

	  
	
Shareholder

	
Shares Subscribed For

	  	
 

	  	  
	
Greenwings Ltd

	
1,650,000

	  	  
	  	  
	  	
 

	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	
TOTAL SHARES Subscribed

	
 1,650,000

  

  

  

X_____________________________________

Signature of Purchaser

Print Name of Purchaser: _______________________________

  

  

  

NOTICE OF EXERCISE

TO:           SPECTRAL CAPITAL CORPORATION

 

(1)      The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2)      Payment shall take the form of (check applicable box):

 

[ X] in lawful money of the United States; or

 

[ ] [if permitted] the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

 

(3)      Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

 

______________________________

The Warrant Shares shall be delivered by physical delivery of a certificate to:

 

_______________________________

_______________________________

_______________________________

(4)  Accredited Investor.  The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

 

 

X_________________________

Purchaser

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