Document:

EXHIBIT 10.4

  

  

  

  

  

  
    FORM OF

    NON-QUALIFIED STOCK OPTION AWARD AGREEMENT

    

    

    Granted by

    

    

    BLUE FOUNDRY BANCORP

    

    

    under the

    

    

    BLUE FOUNDRY BANCORP 2022 EQUITY INCENTIVE PLAN

    

    

    This Non-Qualified Stock Option Agreement (“Option” or “Agreement”)
      is and will be subject in every respect to the provisions of the Blue Foundry Bancorp 2022 Equity Incentive Plan (the “Plan”),
      which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement.  A copy of the Plan and related prospectus have been provided to each person granted a stock option pursuant to the Plan.  The holder of
      this Option (the “Participant”) hereby accepts the Option, subject to all the terms and provisions of the Plan and this
      Agreement, and agrees that all decisions under and interpretations of the Plan and this Agreement by the Committee appointed to administer the Plan (the “Committee”) or the Board of Directors will be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors and permitted assigns.  Except where the context otherwise
      requires, the term “Company” means Blue Foundry Bancorp, including its present and future subsidiaries as defined in Section
      424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”).  Capitalized terms used
      herein but not defined will have the same meaning as in the Plan.

     

    

    
      	1.	
              Name of Participant:  ___________________________________

            

    

    

      	
              2.

            	
              Date of Grant:  ________________, 20      .

            

      

    

      

    
      	
              3.

            	
              Total number of shares of Company
                  common stock, $0.01 par value per share, that may be acquired pursuant to this Option:

                (subject to adjustment pursuant to Section 9 hereof).

               

              

            

    

    
      	
              •

            	
              This is a Non-Qualified Stock Option.

            

    

    

      	
              4.

            	
              
                Exercise price per share: $
                    _______

                (subject to adjustment pursuant to Section 9 below)

              

            

    

    

    	5.	
            Expiration Date of Option:  _________, 20      .  Notwithstanding anything in this Agreement to the contrary, no part of this Option may be exercised at any time on or after the expiration date.

             

            

          

    	6.	
            Vesting Schedule.  Unless sooner vested in accordance with the
              terms of the Plan and this Agreement, the Option granted hereunder will vest (i.e., become exercisable) in accordance with the following
              schedule:

             

            

          

    Vesting Date Number of Shares Exercisable

    

    

    

    

    
      
        

    

    
    	7.	
            Exercise Procedure and Delivery of Notice of Exercise of Option. 
              This Option may be exercised in whole or in part by the Participant’s delivery to the Company of written notice (the “Notice
                of Exercise of Option” attached hereto as Exhibit A or as otherwise acceptable to the Company) setting forth the number of shares with
              respect to which this Option is to be exercised, together with payment by cash or other means acceptable to the Committee, in accordance with the Plan.

             

            

          

    	8.	
            Delivery of Shares.  Delivery of shares of Stock upon the
              exercise of this Option will comply with all applicable laws (including the requirements of the Securities Act of 1933, as amended) and the applicable requirements of any securities exchange or similar entity.

          

    

    

    	9.	
            Adjustment Provisions.  This Option, including the number of
              shares subject to the Option and the exercise price, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of, Section 3.4 of the Plan.

          

     

    
    	10.	
            Accelerated Vesting and Exercisability Period.

             

              

            Notwithstanding the vesting schedule set forth in Section 6 of this Agreement, the vesting and exercisability of this Option upon a Termination of Service in certain
              events will be as follows:

          

    

    	

          	10.1	
            Death.  In the event of the Participant’s Termination of Service
              by reason of death, any unvested portion of this Option will vest, and any unexercised portion of the Option may thereafter be exercised by the Participant’s legal representative or beneficiaries for the lesser of: (i) a period of one (1)
              year from the Participant’s date of death, or (ii) the remaining unexpired term of the Option.

             

            

          

    	

          	10.2	
            Disability.  In the event of the Participant’s Termination of
              Service by reason of the Participant’s Disability, any unvested portion of this Option will vest and any unexercised portion of the Option may thereafter be exercised by the Participant or the Participant’s legal representative for the lesser
              of: (i) a period of one (1) year following the Termination of Service due to Disability, or (ii) the remaining unexpired term of the Option.

             

            

          

    	

          	10.3	
            Termination of Service at or Following a Change in Control.  In
              the event of the Participant’s Involuntary Termination of Service at or following a Change in Control, any unvested portion of the Option will vest and any unexercised portion of the Option may be exercised by the Participant or the
              Participant’s legal representative for a period of one (1) year following the Participant’s Involuntary Termination of Service.

             

            

          

    	

          	10.4	
            Retirement.  In the event of the Participant’s Termination of
              Service by reason of the Participant’s Retirement, vested Options may be exercised for the lesser of: (i) a period of one (1) year from the date of Termination of Service, or (ii) the remaining unexpired term of the Option. Options that have
              not vested will expire and be forfeited on the date of Termination of Service by reason of Retirement.  “Retirement”
              has the meaning set forth in Section 8.1 of the Plan.

             

            

          

    	

          	10.5	
            Termination for Cause.  In the event of the Participant’s Termination of Service for Cause, all Options subject to this Agreement that have not been exercised will immediately expire and be forfeited.

             

            

          

    	

          	10.6	
            Other Termination.  In the event of the Participant’s Termination from Service for any reason other than due to death, Disability, Retirement, Involuntary Termination at or following a Change in
              Control, or for Cause, this Option may thereafter be exercised, only to the extent it was exercisable at the time of the termination and only for the lesser of: (i) a period of three (3) months following the termination, or (ii) the remaining
              unexpired term of the Option.

          

    
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      	11.	Miscellaneous.

    

    

    

    	

          	11.1	
            No Option will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of
              such rights.

          

    

    

    	

          	11.2	
            Except as otherwise provided for in the Plan, this Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the
              Participant.

          

    

    

    	

          	11.3	
            At the discretion of the Committee, a Non-Qualified Option granted under the Plan may be transferable by the Participant, provided, however, that transfers will be
              limited to Immediate Family Members of Participants, trusts and partnerships established for the primary benefit of Immediate Family Members or to charitable organizations, and provided further, that the transfers are not made for
              consideration to the Participant.

          

    

    

    	

          	11.4	
            This Option will be subject to any required federal, state and local tax withholding, which may be effected in the manner or manners permitted by the Company.  The
              Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant’s participation in the Plan, or the Participant’s acquisition or sale of the underlying shares.  The
              Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding the Participant’s participation in the Plan before taking any action related to the Plan.

             

            

          

    	

          	11.5	
            This Agreement will be governed by and construed in accordance with the laws of the State of Delaware.

             

            

          

    	

          	11.6	
            The granting of this Option does not confer upon the Participant any right to be retained in the service of the Company or any of its subsidiaries.

          

    

    

    	

          	11.7	
            This Option is subject to forfeiture in accordance with the provisions of Section 7.17 of the Plan or as otherwise adopted by the Company.

          

    

    

    	

          	11.8	
            This Option is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions
              hereof, the Company will not be obligated to issue any shares of stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof.

          

    

    

    

    

    [Signature Page to Follow]

    
      3

      
        

    

    

    

    IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the
      date of grant of this Option set forth above.

    BLUE FOUNDRY BANCORP

     

    

    Name: _______________________

    Title:
        ________________________

    

    

    

    

    PARTICIPANT’S ACCEPTANCE

    The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including the
      terms and provisions of the Blue Foundry Bancorp 2022 Equity Incentive Plan.  The undersigned hereby acknowledges receipt of a copy of the Blue Foundry Bancorp 2022 Equity Incentive Plan and related prospectus.

    

    

     PARTICIPANT

    

    

    

    

     ______________________

      

     Name: __________________

    

    

    

    

    
      4

      
        

    

    EXHIBIT A

    NOTICE OF EXERCISE OF OPTION

    

    

    I, ______________________________, hereby exercise the stock option (the “Option”) granted to me by Blue Foundry Bancorp (the “Company”)
      or its affiliate, subject to all the terms and provisions set forth in the Non-Qualified Stock Option Agreement (the “Agreement”)
      and the Blue Foundry Bancorp 2022 Equity Incentive Plan (the “Plan”) referred to therein, and notify you of my desire to
      purchase __________________ shares of common stock of the Company (“Common Stock”) for a purchase price of $______ per share.

    

    

    I elect to pay the exercise price by:

    

    

    	

          	___	
            Cash or personal, certified or cashier’s check in the sum of $_______, in full/partial payment of the purchase price.

          

    	

          	___	
            Stock of the Company with a fair market value of $______ in full/partial payment of the purchase price.*

          

    	

          	___	
            My check in the sum of $_______ and stock of the Company with a fair market
              value of $______, in full/partial payment of the purchase price.*

          

    

    

    	

          	___	
            A net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any minimum
              required tax withholding).

          

    	

          	___	
            Selling  ______ shares from my Option shares through a broker in full/partial payment of the purchase price.

          

    I understand that after this exercise, ____________ shares of Common Stock remain subject to the Option, subject to
      all terms and provisions set forth in the Agreement and the Plan.

    I hereby represent that it is my intention to acquire these shares for the following purpose:

    ___ investment

    ___ resale or distribution

    

    

    Please note: if your intention is to resell (or distribute within the meaning of Section 2(11) of the Securities
      Act of 1933, as amended (the "Securities Act"), the shares you acquire through this Option exercise, the Company or transfer
      agent may require an opinion of counsel that such resale or distribution would not violate the Securities Act of 1933 prior to your exercise of such Option.

    

    

    Date: _______________, 20___                                 _________________________________________

    Participant’s signature

    

    

    *   If I elect to exercise by exchanging shares I already own, I will constructively return shares that I already own to purchase the new option shares.  If my shares are in certificate form, I must attach a separate statement indicating the certificate number of the
      shares I am treating as having exchanged.  If the shares are held in “street name” by a registered broker, I must provide the Company with a notarized statement attesting to the number of shares owned that will be treated as having been exchanged.  I
      will keep the shares that I already own and treat them as if they are shares acquired by the option exercise.  In addition, I will receive additional shares equal to the difference between the shares I constructively exchange and the total new option
      shares that I acquire.

  

  5EX-4.1

 Exhibit 4.1 

FIRST SUPPLEMENTAL INDENTURE 

This First Supplemental Indenture (this “Supplemental Indenture”) is entered into as of August 26, 2022 but effective as
of 12:01 a.m. Pacific Time, on the 27th day of August, 2022, between SMART Global Holdings, Inc., a Cayman Islands exempted company (the “Company”) and U.S. Bank Trust Company,
National Association (as successor in interest to U.S. Bank National Association), as trustee (the “Trustee”). Capitalized terms used herein but not defined shall have the meanings assigned to them in the Indenture (as hereinafter
defined). 
 RECITALS 

WHEREAS, the Company and the Trustee entered into an Indenture, dated as of February 11, 2020 (the “Indenture”),
providing for the issuance of its 2.25% Convertible Senior Notes due 2026 (the “Notes”); 
 WHEREAS, pursuant to
Section 8.01(G) of the Indenture, the Company and the Trustee may supplement the Indenture without the consent of the Holders of the Notes to irrevocably elect or eliminate a Settlement Method and/or irrevocably elect a Specified Dollar Amount;

 WHEREAS, the Company desires the Trustee to join with it in the execution and delivery of this Supplemental Indenture in order to
irrevocably eliminate the right of the Company to elect Physical Settlement and to irrevocably elect a Specified Dollar Amount for any Combination Settlement, and in accordance with Sections 8.01 and 8.06 of the Indenture, the Company has duly
adopted resolutions of the Board of Directors authorizing the execution and delivery of this Supplemental Indenture, and has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that the execution of this
Supplemental Indenture complies with the requirements of Article 8 of the Indenture and is permitted and authorized by the Indenture and this Supplemental Indenture constitutes the legal, valid and binding obligation of the Company enforceable in
accordance with its terms; 
 WHEREAS, the conditions set forth in the Indenture for the execution and delivery of this Supplemental
Indenture have been complied with; and 
 WHEREAS, all things necessary to make this Supplemental Indenture a valid supplement to the
Indenture pursuant to its terms and the terms of the Indenture have been done. 
 NOW THEREFORE, in consideration of the foregoing and for
other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree as follows: 

SECTION 1. Irrevocable Elections. 

a.    Irrevocable Election to Eliminate Physical Settlement. The Company hereby irrevocably eliminates the right of
the Company to elect Physical Settlement as the Settlement Method on any conversion of Notes that occurs on or after the date of this Supplemental Indenture. 

 b.    Irrevocable Election of Specified Dollar Amount. The
Company hereby irrevocably elects that, with respect to any Combination Settlement, the Specified Dollar Amount per $1,000 principal amount of the Notes shall be no lower than $1,000. 

SECTION 2. Relationship to Indenture. This Supplemental Indenture is a supplemental indenture within the meaning of the Indenture. The
Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects ratified, confirmed and approved and, as supplemented and amended by this Supplemental Indenture, shall be read, taken and construed as one and the same
instrument. 
 SECTION 3. Modification of the Indenture. Except as expressly modified by this Supplemental Indenture, the provisions
of the Indenture shall continue to apply to the Notes 
 SECTION 4. Governing Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES, AND ANY
CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE OR THE NOTES, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.. 

SECTION 5. Execution in Counterparts; Electronic Signatures. This Supplemental Indenture may be executed in any number of
counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall
constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF
shall be deemed to be their original signatures for all purposes. This Supplemental Indenture shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of
(i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature provided by DocuSign (or such other digital signature provider as specified in writing to the Trustee by
an Officer of the Company), in English and permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law,
including any relevant provisions of the UCC (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have
the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual
signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Supplemental Indenture may be executed in any number of counterparts, each of
which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under
the UCC or other Signature Law due to the character or intended character of the writings. The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee,
including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

  
 2 

 SECTION 6. Headings. The headings of sections of this Supplemental Indenture have
been inserted for convenience of reference only, are not intended to be considered a part hereof, and will not modify or restrict any of the terms or provisions hereof. 

SECTION 7. The Trustee. The recitals in this Supplemental Indenture are made by the Company only and not by the Trustee. The Trustee
makes no representations as to and shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture, and the Trustee assumes no responsibility for the same. All of the provisions
contained in the Indenture in respect of the rights, powers, privileges, and immunities of the Trustee shall be applicable in respect of this Supplemental Indenture as fully and with like force and effect as though set forth in full herein. 

SECTION 8. Notice to Holders. The Company hereby requests the Trustee provide the notice to Holders (by delivering notice to DTC LENS)
attached hereto as Exhibit A promptly following execution of this Supplemental Indenture. 
 [SIGNATURE PAGES FOLLOW] 

  
 3 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Supplemental Indenture to be
executed by its duly authorized officers as of the date first written above. 
  

			
	COMPANY
	
	SMART GLOBAL HOLDINGS, INC.
		
	By:	 	 /s/ Ken Rizvi

		 	Name: Ken Rizvi
		 	Title: CFO
	
	TRUSTEE
	
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Bradley E. Scarbrough

		 	Name: Bradley E. Scarbrough
		 	Title: Vice President

  
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 EXHIBIT A 

NOTICE OF FIRST SUPPLEMENTAL INDENTURE 

SMART GLOBAL HOLDINGS, INC. 

2.25% Convertible Senior Notes due 2026 

Aggregate Principal Amount: $250,000,000 

Maturity Date: February 15, 2026 

CUSIP: 83205Y AB01 

NOTICE IS HEREBY GIVEN, that on August 26, 2022, SMART Global Holdings, Inc. (the “Company”) and U.S. Bank Trust
Company, National Association (as successor in interest to U.S. Bank National Association), as trustee (the “Trustee”) entered into the First Supplemental Indenture (the “Supplemental Indenture”) to the Indenture
(the “Indenture”), dated as of February 11, 2020, between the Company and the Trustee. Capitalized terms used but not otherwise defined herein have the meanings ascribed to such terms in the Indenture. 

Pursuant to the Supplemental Indenture, the Company irrevocably elected (i) to eliminate the Company’s option to elect Physical
Settlement on any conversion of Notes that occurs on or after the date of the Supplemental Indenture and (ii) that, with respect to any Combination Settlement for a conversion of Notes, the Specified Dollar Amount that will be settled in cash
per $1,000 principal amount of the Notes shall be no lower than $1,000. 
 Date:
                    , 2022 

 

	1 	 The CUSIP number is included solely for the convenience of the Holders of Notes. No representation is made as
to the correctness or accuracy of the CUSIP number with respect to the Notes or as indicated in this notice.

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