Document:

Unassociated Document

 

		 
Kulicke & Soffa Industries Inc.

1005 Virginia Drive

Fort Washington, PA19034USAee

	 	 
215-784-6000 phone

215-659-7588 fax

www.kns.com

 

Exhibit 10.31

26 October 2011

Tek Chee Mak

Vice President, Global Sales

Dear TC,

This letter outlines the terms and conditions of your assignment in Hong Kong as the Vice President of Global Sales reporting to Bruno Guilmart, President and CEO of Kulicke and Soffa Industries Inc (the “Company”).

You will remain an employee of the Company for the duration of your assignment.  The terms and conditions of your assignment will be effective beginning February 16, 2011 for a period of 36 months.

Compensation 

All of your compensation including base salary, incentive payments, equity grants and car allowance will continue to be paid in the U.S.

Long-Term Assignment Allowances and Benefits-in-Kind 

Relocation Allowance: You will receive an annual allowance of $25,000 USD to cover duplicate housing expenses and travel costs for your family.  This allowance will be paid through-out the year on a bi-weekly basis.

Healthcare:  You and your family will remain in the US health benefit plan.  In addition, you are eligible for global health coverage provided to other executives of the Company outside the US.

Tax Filings:  The Company will provide you with KPMG tax filing services for all fiscal years affected by your assignment to Hong Kong.  It is your responsibility to set up appointments with KPMG and to provide all necessary documentation in a timely manner. You are responsible for the correct and timely filing of all required tax returns and related statements.

Recovery of Previously Paid Executive Compensation 

If the Board of Directors of the Company or the MDCC determines that any fraud, gross negligence or intentional misconduct by you was a significant factor contributing to the Company restating all or a portion of its financial statement(s), the Board or the Committee will take, in its discretion, such action as it deems necessary to remedy the fraud, gross negligence or intentional misconduct and prevent its recurrence. The Board or the Committee will also review the facts and circumstances underlying the restatement, and if any incentive award was calculated based on the achievement of financial results that were subsequently reduced due to a restatement, may in its discretion (i) require reimbursement to the Company of all or a portion of the incentive award; (ii) cancel any unvested or outstanding incentive award; and (iii) seek reimbursement of any gains realized on the exercise of the incentive awards. Under the policy, the Company may seek to recover or recoup incentive awards that were paid or vested up to 60 months prior to the date the applicable restatement is disclosed.  The terms of this policy are subject to modification by the Board of Directors in light of, among other things, changes in applicable regulations or market practices.

 

  

  

  

 

 

		 
Kulicke & Soffa Industries Inc.

1005 Virginia Drive

Fort Washington, PA19034USAee

	 	 
215-784-6000 phone

215-659-7588 fax

www.kns.com

 

Full Time Employment 

You will devote your full time, attention, and energies to the business of the Company, and will not engage in any other business activity.  You are permitted to serve on the boards of directors of other companies, only with the prior consent of the CEO, and as long as such service on outside boards of directors does not, in the opinion of the CEO, conflict or interfere with your duties to the Company or its subsidiaries or affiliates.

Termination/Resignation of Employment: 

Termination: This letter shall confer no rights on you to remain employed by the Company or any of its subsidiaries for the term of your assignment or for any other period of time.  The Company or any of its subsidiaries may terminate your employment at any time, with or without cause, to the fullest extent permitted by applicable law and in accordance with the Company’s policy.

 

Severance:  If the Company terminates you while on assignment, the eligibility for severance and/or termination benefits will be based on policies and procedures of Officer Severance Pay Plan dated July 2011.

Resignation:  Should you resign from the Company while on assignment to accept a position with another company, the Company will have no responsibility to relocate you to either your home location or to the location of your new employer, nor any continued responsibility for your assignment allowances and benefits-in-kind.

This letter and any confidentiality agreements, non-compete agreements, training bonds, and employment contracts currently in place, collectively the “Other Agreements,” constitute the entire agreement between parties pertaining to the subject matter contained herein and therein.

 

  

  

  

 

		 
Kulicke & Soffa Industries Inc.

1005 Virginia Drive

Fort Washington, PA19034USAee

	 	 
215-784-6000 phone

215-659-7588 fax

www.kns.com

 

No supplement, modification, waiver or amendment of this letter or Other Agreements shall be binding unless executed in writing by you and an officer of the Company.  Without limiting the generality of the foregoing, neither the Company nor any of it subsidiaries shall be bound by any written, electronic or oral agreement, representation or undertaking to pay you any additional amount or employ you for any specific period of time, unless such agreement, representation or undertaking is in writing and is executed by you and an officer of the Company.

By signing below, you have accepted the terms and conditions in this letter.    Please sign and return a copy to Lester A. Wong, General Counsel, in a timely manner.

	
Approved: 

	/s/ Bruno Guilmart 	
 

	
7 December 2011

	 	Bruno Guilmart 	 	Date
	
 

	 	
 

	
 

	 	 	 	 
	
Accepted:

	/s/ Tek Chee Mak  	
 

	
7 December 2011

	
 

	Tek Chee Mak  	 	DateUnassociated Document

 

EXHIBIT 10.1

Zion Oil & Gas Inc.

2011 EQUITY INCENTIVE PLAN

FORM OF INCENTIVE STOCK OPTION AWARD AGREEMENT

made and entered into on the ____ day of ______, 2011

By and between

Zion Oil & Gas Inc.

6510 Abrams Rd., Suite 300

Dallas, TX. 75231

 (hereinafter: the “Company”)

and

__________   (hereinafter: the “Grantee”)

	
WHEREAS:

	
The Grantee is an Eligible Employee as defined in the Plan; and

	
WHEREAS:

	
The Company desires to grant the Grantee options to purchase Shares in the Company, and the Grantee is interested in receiving the aforesaid options, all in accordance with and subject to the Company’s 2011 Equity Incentive Plan (the “Plan”) and the provisions of this award agreement (the “Award Agreement”), and their intention is that the provisions of Section 422 of the United States Internal Revenue Code of 1986, as amended (“Section 422”) shall apply to the options granted; and

	
WHEREAS:

	
The Grantee has read Section 422 and the Plan and wishes to be bound by them and desires that they apply to the options which shall be granted to him/her hereunder.

NOW THEREFORE IT IS AGREED AS FOLLOWS:

	
1. 

	
Preamble and definitions

	 	
1.1 

	
The Preamble to this Award Agreement constitutes an integral part hereof.

	
  

	
1.2

	
Unless the context otherwise requires, terms used herein shall have the same meaning as in the Plan.

 

  

  

  

 

	
2.

	
Application of the Provisions of the Plan

	
  

	
2.1

	
The Grantee hereby declares that he/she has carefully read the Plan and that he acknowledges and agrees to all of the provisions, conditions, limitations, authorizations, declarations and commitments included therein.

	
  

	
2.2

	
The Grantee declares and agrees that this Award Agreement and the Plan prevail over any previous agreement, arrangement and/or understanding, whether written or oral between the Grantee and the Company and/or any Subsidiary of the Company, or the officers and/or directors and/or the shareholders thereof with respect to the matters herein included, and with respect to options to purchase shares in the Company which have not yet been actually issued or granted (with the exception of options that are planned to be granted under another approved stock option plan which was adopted by the Company), and that any agreement, arrangement and/or understanding as aforesaid, are null and void and of no further force or effect.

	
  

	
2.3

	
All of the provisions, conditions, limitations and declarations included and specified in the Plan, as the same shall be amended from time to time, are hereby incorporated herein by reference and constitute an integral part of this Award Agreement and of the Grantee’s commitments hereunder. Except and to the extent otherwise expressly provided herein, nothing in this Award Agreement or in the provisions hereof shall derogate from anything contained in the Plan.

	
  

	
2.4

	
The Grantee declares, covenants and agrees that the provisions of Section 422, as the same shall be amended from time to time, are fully binding on the Grantee and shall prevail in case of contradiction, over any other provision in the Award Agreement or in the Plan.

	
  

	
2.5

	
A copy of the Plan is attached hereto and constitutes an integral part hereof.

	
3. 

	
Grant of Awards

	 	
3.1 

	
The Company hereby grants the Grantee _______  Incentive Stock Options, each Option to have the right to purchase one (1) Share of common stock, par value USD 0.01 (hereinafter – the “Awards” and the “Award Shares”, respectively), all subject to the conditions of the Plan, at an Exercise Price of USD $____ (the "Exercise Price").

	
  

	
3.2

	
The Awards will be issued in the Grantee’s name and are intended to qualify as "Incentive Stock Awards" under Section 422.

	
  

	
3.3

	
The Grantee is aware that the Company intends to issue additional Shares in the future to various entities and individuals, as the Company in its sole discretion shall determine.

 

  

  

  

 

	
4.

	
Transfer of Awards

The transfer of these Awards is limited as set forth in the Plan.

 

	
5.

	
Exercise Price & Period.

Each Award may be exercised in consideration of the payment in cash (or by any other mean as specified in the Plan) of the Exercise Price indicated above at anytime up to and including ____________.

 

	
6.

	
Vesting of Awards

The Award shall vest in _______________.

	
7.

	
Method of exercise

	
  

	
7.1

	
Subject to the provisions of para. 8 below, the Awards, or any part thereof, shall be exercised by the Grantee by signing and returning to the Company, at its principal office, a notice of exercise in such form as may be prescribed by the Company from time to time (the “Notice of Exercise”), together with full payment of the Exercise Price.

	
  

	
7.2

	
In order to issue Award Shares upon the exercise of any of the Awards, the Grantee hereby agrees to sign any and all documents required by the Company’s management and/or any law and/or the Company's Articles of Association.

	
  

	
7.3

	
After a Notice of Exercise has been delivered to the Company, it may not be rescinded or revised by the Grantee. Subsequent to the Company's receipt of a Notice of Exercise, together with the Payment of the Exercise Price   and certification that the taxes referred to in Section 10, below, have been or will be paid by the Grantee, the Award Shares issuable upon the exercise of the Awards shall be issued to the Grantee.

	
8. 

	
Taxes

	
  

	
8.1

	
Any and all taxes, fees and other liabilities (as may apply from time to time) in connection with the grant and/or exercise of the Awards and the sale of Award Shares issued upon the exercise of the Awards, will be borne by the Grantee and he will be solely liable for all such taxes, fees and other liabilities. Furthermore, the Grantee shall agree to indemnify the Company and hold it harmless against and from any and all liability for any such tax or interest or penalty thereon.

 

  

  

  

 

	
  

	
8.2

	
The Grantee acknowledges that the receipt of the Awards and the acquisition of the Award Shares to be issued upon the exercise of the Awards may result in tax consequences. The description set forth in the Plan relating to the payment of tax does not purport to be a full and complete description of the Grantee’s tax obligations under the law.

	
  

	
8.3

	
In the event that the Company determines that it is required to withhold any tax as a result of the exercise of these Awards, the Grantee, as a condition to the exercise of these Awards, shall make arrangements satisfactory to the Company to enable it to satisfy all withholding requirements. The Grantee shall also make arrangements satisfactory to the Company to enable it to satisfy any withholding requirements that may arise in connection with the vesting or disposition of Award Shares purchased by exercising these Awards.

	
9. 

	
Miscellaneous Provisions

	
  

	
9.1

	
Each party to this Award Agreement agrees to perform any and all further acts and to execute and deliver any documents that may reasonably be necessary to carry out the provisions of this Award Agreement.

	
  

	
9.2

	
The Grantee agrees and acknowledges that the terms and conditions of this Award Agreement, including without limitation the number of Award Shares for which Awards have been granted, are confidential. The Grantee agrees that he will not disclose these terms and conditions to any third party, except to the Grantee’s financial or legal advisors, or family members, unless such disclosure is required by law.

	
  

	
9.3

	
Any notice or other communication under this Award Agreement must be in writing and shall be effective upon delivery by hand, or three (3) business days after deposit in the mail, postage prepaid, certified or registered, and addressed to the Company or to the Grantee at the corresponding address as written in the preamble to this Award Agreement; provided, however, that any Notice of Exercise or payment to the Company under section 7 of this Award Agreement shall be effective only upon actual receipt by the Company at the address above. Each party shall be obligated to notify the other in writing of any change in that party's address. Notice of change of address shall be effective only when done in accordance with this Subsection.

	
  

	
9.4

	
The Company may, but shall not be obligated to register or qualify the sale of Award Shares under any other Applicable Law.

	
  

	
9.5

	
The Company shall not be obligated to take any affirmative action in order to cause the sale of Award Shares under this Award Agreement to comply with any law.

  

  

  

 

IN WITNESS WHEREOF the parties have signed and delivered this Award Agreement as of the date first hereinabove set forth.

 

	 	 	 	 	 
	Zion Oil & Gas, Inc.	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	
Grantee

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