Document:

Exhibit 10.10

Exhibit 10.10

FORM OF COMMON STOCK WARRANT ISSUED TO ISSUED TO LONGVIEW ON AUGUST 2, 2010

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED BY THE HOLDER HEREOF FOR ITS OWN ACCOUNT FOR
INVESTMENT WITH NO INTENTION OF MAKING OR CAUSING TO BE MADE A PUBLIC DISTRIBUTION OF ALL OR ANY
PORTION THEREOF. SUCH SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED
OR OTHERWISE TRANSFERRED, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER SUCH
ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO IRVINE SENSORS CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

August 2, 2010

IRVINE SENSORS CORPORATION

WARRANT TO PURCHASE COMMON STOCK

Void after August 2, 2012

IRVINE SENSORS CORPORATION, a Delaware corporation (the “Company”), hereby
certifies that, for value received, LONGVIEW FUND, L.P. (including any permitted successors and
assigns, the “Holder”), is entitled, subject to the terms set forth below, to purchase from
the Company at any time or from time to time during the Exercise Period, defined below, and prior
to 5:00 PM Central time, on August 2, 2012 (the “Expiration Date”), fully paid and
nonassessable shares of Common Stock (the “Warrant Shares”) under the terms set forth
herein.

19. Number of Warrant Shares; Exercise Price. This Warrant shall evidence the right
of the Holder to purchase up to 1,000,000 Warrant Shares at an exercise price per Warrant Share of
$0.30 per share, subject to adjustment as provided in Section 6 below (the “Exercise
Price”).

20. Definitions. As used herein the following terms, unless the context otherwise
requires, have the following respective meanings:

(i) The term “Common Stock” shall mean the common stock, $0.01 par value per share, of
the Company.

(j) The term “Company” shall include any company which shall succeed to or assume the
obligations of the Company hereunder.

(k) The term “Corporate Transaction” shall mean (i) a sale, transfer or conveyance of
all or substantially all of the assets of the Company; (ii) a consolidation of the Company with, or
merger of the Company with or into, another corporation or other business entity in which the
stockholders of the Company immediately prior to such consolidation or merger own less than 50% of
the voting power of the surviving entity immediately after such consolidation or merger; or (iii)
any transaction or series of related transactions to which the Company is a party in which in
excess of 50% of the Company’s voting power is transferred, excluding any consolidation or merger
effected exclusively to change the domicile of the Company and excluding any transaction for the
primary purpose of raising capital.

(l) The term “Stock” shall mean (i) Common Stock or (ii) any other class of stock
resulting from successive changes or reclassifications of such Common Stock consisting solely of
changes in par value, or from par value to no par value, or from no par value to par value.

 

 

 

21. Exercise Date; Expiration. Subject to the terms hereof, this Warrant may be
exercised by the Holder at any time after six (6) months plus one (1) day after the issuance date
hereof and before the Expiration Date (the “Exercise Period”).

22. Exercise of Warrant; Partial Exercise.

(a) Subject to Section 3 above and Section 4(b) below, this Warrant may be exercised in full
by the Holder by surrender of this Warrant, together with the Holder’s duly executed form of
subscription attached hereto as Exhibit A, to the Company at its principal office,
accompanied by payment, in cash or by certified or official bank check payable to the order of the
Company, of the aggregate exercise price (as determined above) of the number of Warrant Shares to
be purchased hereunder. The exercise of this Warrant pursuant to this Section 4 shall be deemed to
have been effected immediately prior to the close of business on the business day on which this
Warrant is surrendered to the Company as provided in this Section 4, and at such time the person in
whose name any certificate for Warrant Shares shall be issuable upon such exercise shall be deemed
to be the record holder of such Warrant Shares for all purposes. No later than seven (7) business
days after the exercise of this Warrant, the Company at its expense will cause to be issued in the
name of and delivered to the Holder, or as the Holder may direct, a certificate or certificates for
the number of fully paid and nonassessable full shares of Warrant Shares to which the Holder shall
be entitled on such exercise, together with cash, in lieu of any fraction of a share, equal to such
fraction of the fair market value (as defined in Section 5(c) below) of one full Warrant Share as
of the close of business on the business day on which this Warrant is surrendered, and, if
applicable, a new warrant evidencing the balance of the shares remaining subject to the Warrant.

(b) The Holder may not exercise that portion of the Warrant on the deemed exercise date (the
“Exercise Amount”) in amounts that would result in the sum of (i) the number of shares of Common
Stock beneficially owned by the Holder and its affiliates on such deemed exercise date, and (ii)
the number of shares of Common Stock issuable upon the exercise of the Exercise Amount with respect
to which the determination of this Section 4(b) is being made on such deemed exercise date
resulting in beneficial ownership by the Holder and its affiliates of more than 4.99% of the
outstanding shares of Common Stock of the Company. For the purposes of this Section 4(b),
beneficial ownership shall be determined in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder. Subject to the foregoing, the
Holder shall not be limited to successive exercises which would result in the aggregate issuance of
more than 4.99%. The Holder may revoke the exercise limitation described in this Section 4(b), in
whole or in part, upon 61 days prior notice to the Company. The Holder may allocate which of the
equity of the Company deemed beneficially owned by the Holder shall be included in the 4.99% amount
described above and which shall be allocated to the excess above 4.99%. The Holder may waive the
exercise limitation described in this Section 4(b) in whole or in part, upon and effective after 61
days prior written notice to the Company to increase such percentage to up to 9.99%.

23. Net Issuance.

(g) Cashless Exercise. The Holder shall have the right to convert this Warrant (the
“Conversion Right”) into Warrant Shares as provided in this Section 5 from time to time
during the Exercise Period. Subject to Section 4(b), upon exercise of the Conversion Right with
respect to shares subject to the Warrant (the “Converted Warrant Shares”), the Company
shall deliver to the Holder (without payment by the Holder of any exercise price or any cash or
other consideration) that number of fully paid and nonassessable Warrant Shares computed using the
following formula:

	 	 	 	 	 
	 	X =

	Y (A -  B)
	 	 
	 

	 	A	 	 

	 	 	 	 	 
	Where:

	 	X =
	 	the number of Warrant Shares to be delivered to the Holder;
	 
	 	 	 	 
	 

	 	Y =
	 	the number of Converted Warrant Shares;
	 
	 	 	 	 
	 

	 	A =
	 	the fair market value of one Warrant Share on the Conversion Date (as defined below); and
	 
	 	 	 	 
	 

	 	B =
	 	the Exercise Price (as adjusted on the Conversion Date).

 

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No fractional shares shall be issuable upon exercise of the Conversion Right, and if the
number of shares to be issued (determined in accordance with the foregoing formula) is other than a
whole number, the Company shall pay to the Holder an amount in cash equal to the fair market value
of the resulting fractional share on the Conversion Date (as defined below). Shares issued
pursuant to the Conversion Right shall be treated as if they were issued upon the exercise of the
Warrant.

(h) Method of Exercise. The Conversion Right may be exercised by the Holder by the
surrender of the Warrant at the principal office of the Company together with a written statement
specifying that the Holder thereby intends to exercise the Conversion Right and indicating the
total number of shares under the Warrant that the Holder is exercising through the Conversion
Right. Such conversion shall be effective upon receipt by the Company of the Warrant together with
the aforesaid written statement, or on such later date as is specified therein (the “Conversion
Date”). Certificates for the shares issuable upon exercise of the Conversion Right shall be
delivered to the Holder within seven (7) business days following the Conversion Date and, if
applicable, a new warrant evidencing the balance of the shares remaining subject to the Warrant
shall also be delivered to the Holder.

(i) Determination of Fair Market Value. For purposes of this Section 5, fair market
value of a Warrant Share on the Conversion Date shall be determined as follows:

(i) If the Common Stock is traded on a national securities exchange or the Nasdaq Capital
Market, the fair market value of a Warrant Share shall be deemed to be the closing sales price of
the Common Stock on the stock exchange or market determined by the Board to be the primary market
for the Common Stock as of the trading day immediately prior to the Conversion Date, as such prices
are officially quoted in the composite tape of transactions on such exchange or market;

(ii) If the Common Stock is traded over-the-counter or in the “pink sheets”, the fair market
value of a Warrant Share shall be deemed to be the closing bid price (or, if such information is
available, the closing selling price, or, in the case of the “pink sheets,” the most recent bid
price) of the Common Stock as of the trading day immediately prior to the Conversion Date; and

(iii) If there is no public market for the Common Stock, then the fair market value of a
Warrant Share shall be determined by the Board of Directors of the Company in good faith and, upon
request of the Holder, the Board (or a representative thereof) shall, as promptly as reasonably
practicable, but in any event not later than 15 days after such request, notify the Holder of the
Fair Market Value per share of Common Stock.

24. Adjustments to Exercise Price and Number of Warrant Shares. The number and kind
of Warrant Shares (or any shares of stock or other securities which may be) issuable upon the
exercise of this Warrant and the Exercise Price hereunder shall be subject to adjustment from time
to time upon the happening of certain events, as follows:

(a) Splits and Subdivisions. In the event the Company should at any time or from time
to time fix a record date for the effectuation of a split or subdivision of the outstanding shares
of Common Stock into a greater number of shares, then, as of such record date (or the date of such
split or subdivision if no record date is fixed), the Exercise Price shall be appropriately
decreased and the number of Warrant Shares for which this Warrant is exercisable shall be
appropriately increased in accordance with Section 6(f) hereof.

(b) Combination of Shares. If the number of shares of Common Stock outstanding at any
time after the date hereof is decreased by a combination of the outstanding shares of Common Stock,
the Exercise Price shall be appropriately increased and the number of Warrant Shares for which this
Warrant is exercisable shall be appropriately decreased in accordance with Section 6(f) hereof.

 

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(c) Dividends in Common Stock or Common Stock Equivalents. In the event the Company
should at any time or from time to time fix a record date for the determination of the holders of
Common Stock entitled to receive a dividend or other distribution payable in additional shares of
Common Stock or other securities or rights convertible into, or entitling the holder thereof to
receive directly or indirectly, additional shares of
Common Stock (hereinafter referred to as the “Common Stock Equivalents”) without
payment of any consideration by such holder for the additional shares of Common Stock or Common
Stock Equivalents, then, as of such record date (or the date of such distribution if no record date
is fixed), the Holder hereof shall, upon the exercise of this Warrant, be entitled to receive, in
addition to the number of shares of Common Stock receivable thereupon, and without payment of any
additional consideration therefor, the amount of Common Stock and Common Stock Equivalents which
such Holder would hold on the date of such exercise had such Holder been the holder of record of
such Common Stock as of the date on which holders of Common Stock received or became entitled to
receive such shares of Common Stock or Common Stock Equivalents.

(d) Reclassification or Reorganization. If the Warrant Shares issuable upon the
exercise of this Warrant shall be changed into the same or different number of shares of any class
or classes of stock, whether by capital reorganization, reclassification or otherwise (other than a
split or subdivision provided for in Section 6(a) above or stock dividend provided for in Section
6(c) above or a combination of shares provided for in Section 6(b) above, or a reorganization,
merger or consolidation provided for in Section 6(e) below), then and in each such event the Holder
shall be entitled to receive upon the exercise of this Warrant the kind and amount of shares of
stock and other securities and property receivable upon such reorganization, reclassification or
other change, to which a holder of the number of Warrant Shares issuable upon the exercise of this
Warrant would have received if this Warrant had been exercised immediately prior to such
reorganization, reclassification or other change, all subject to further adjustment as provided
herein.

(e) Merger or Consolidation. If at any time there shall be a capital reclassification
or reorganization of the Warrant Shares or a Corporate Transaction (other than a subdivision,
combination, reclassification or exchange of shares provided for elsewhere in this Section 6) of
the Company, then as a part of such reorganization or Corporate Transaction, lawful and adequate
provision shall be made so that the Holder shall thereafter be entitled to receive upon the
exercise of this Warrant, the number of shares of stock or other securities or property of the
Company, resulting from such reorganization, recapitalization or Corporate Transaction to which a
holder of the number of Warrant Shares issuable upon the exercise of this Warrant would have
received if this Warrant had been exercised immediately prior to such reorganization or Corporate
Transaction. In any such case, the Company will make lawful and appropriate provision to insure
that the provisions of this Section 6(e) hereof will thereafter be applicable as nearly as may be
in relation to any shares of stock or securities thereafter deliverable upon the exercise of this
Warrant. The Company shall not effect any such Corporate Transaction unless prior to or
simultaneously with the consummation thereof the successor corporation (if other than the Company)
resulting from such Corporate Transaction or the corporation purchasing or acquiring such assets or
other appropriate corporation or entity shall assume the obligation to deliver to the Holder, at
the last address of the Holder appearing on the books of the Company, such shares of stock,
securities or assets as, in accordance with the foregoing provisions, the Holder may be entitled to
purchase, and the other obligations under this Warrant. The provisions of this Section 6(e) shall
similarly apply to successive reorganizations, reclassifications, or Corporate Transactions.

(f) Adjustment in Number of Warrant Shares. Upon each adjustment of the Exercise
Price pursuant to the provisions of this Section 6, the number of Warrant Shares issuable upon the
exercise of this Warrant shall be adjusted to the nearest full amount by multiplying a number equal
to the Exercise Price in effect immediately prior to such adjustment by the number of Warrant
Shares issuable upon exercise of the Warrants immediately prior to such adjustment and dividing the
product so obtained by the adjusted Exercise Price.

(g) Notice of Record Dates; Adjustments. In the event of a Corporate Transaction, the
Company shall provide to the Holder ten (10) days advance written notice of such Corporate
Transaction. The Company shall promptly notify the Holder in writing of each adjustment or
readjustment of the Exercise Price and the number of Warrant Shares issuable upon the exercise of
this Warrant. Such notice shall state the adjustment or readjustment and show in reasonable detail
the facts on which that adjustment or readjustment is based.

25. Replacement of Warrants. On receipt by the Company of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in
the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity
agreement reasonably satisfactory in form and amount to the Company or, in the case of any such
mutilation, on surrender and cancellation of such Warrant, the Company at its expense will execute
and deliver to the Holder, in lieu thereof, a new Warrant of like tenor.

 

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26. No Rights or Liability as a Stockholder. This Warrant does not entitle the Holder
to any voting rights or other rights as a stockholder of the Company. No provisions, in the
absence of affirmative action by the Holder to purchase Warrant Shares, and no enumeration of the
rights or privileges of the Holder contained herein, shall give rise to any liability of the Holder
as a stockholder of the Company.

27. Miscellaneous.

(s) Transfer of Warrant; Permitted Designees. The Holder agrees not to make any
disposition of this Warrant, the Warrant Shares or any rights hereunder without the prior written
consent of the Company. Any such permitted transfer must be made by the Holder in person or by
duly authorized attorney, upon delivery of this Warrant and the form of assignment attached hereto
as Exhibit B to any such permitted transferee. As a condition precedent to such transfer,
the transferee shall sign an investment letter in form and substance satisfactory to the Company.
Subject to the foregoing, the provisions of this Warrant shall inure to the benefit of and be
binding upon any successor to the Company and shall extend to any holder hereof. Notwithstanding
anything contained herein, the Company shall, upon written instructions to be delivered to the
Company within fifteen (15) business days following the date hereof, transfer all or a portion of
this Warrant to officers, directors, employees and other registered agents or associated persons of
the Holder (collectively, “Permitted Designees”) in accordance with this Section 9;
provided, however, the Company shall not be required to issue such Warrants to any person who is
not an “accredited investor” within the meaning of Regulation D promulgated under the Securities
Act of 1933, as amended, and provided, further, that Holder provides an opinion of counsel
reasonably satisfactory to the Company that such transfer complies with applicable Federal and
state securities laws. Each Permitted Designee shall be required to execute fully and completely
the Investor Representation Letter in the form attached hereto as Exhibit C prior to the
issuance of the Warrant to such person.

(t) Restrictive Legend. Each certificate for Warrant Shares shall bear a restrictive
legend in substantially the form as follows, together with any additional legend required by (i)
any applicable state securities laws and (ii) any securities exchange upon which such Warrant
Shares may, at the time of such exercise, be listed:

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE
SOLD, OFFERED FOR SALE, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND ANY APPLICABLE STATE SECURITIES
LAWS, OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IRVINE SENSORS CORPORATION
THAT SUCH REGISTRATION IS NOT REQUIRED.”

(u) Titles and Subtitles. The titles and subtitles used in this Warrant are for
convenience only and are not to be considered in construing or interpreting this Warrant.

(v) Notices. Any notice required or permitted to be given to a party pursuant to the
provisions of this Warrant shall be in writing and shall be effective and deemed given to such
party under this Warrant on the earliest of the following: (i) the date of personal delivery; (ii)
the date of transmission by facsimile, addressed to the other party at its facsimile number, with
confirmation of transmission; (iii) the next business day after deposit with an overnight courier
for United States deliveries; or (iv) five (5) business days after deposit in the United States
mail by registered or certified mail (return receipt requested) for United States deliveries. All
notices not delivered personally or by facsimile will be sent with postage and/or other charges
prepaid and properly addressed to such party at the address set forth on the signature page hereto,
or at such other address as such party may designate by ten (10) days advance written notice to the
other party hereto. Notices to the Company will be marked “Attention: Chief Financial Officer.”

 

Page 5

 

(w) Attorneys’ Fees. If any action at law or in equity is necessary to enforce or
interpret the terms of this Warrant, the prevailing party shall be entitled to reasonable
attorneys’ fees, costs and disbursements in addition to any other relief to which such party may be
entitled.

(x) Amendments and Waivers. Any term of this Warrant may be amended and the
observance of any term of this Warrant may be waived (either generally or in a particular instance
and either
retroactively or prospectively) with the written consent of the Holder and the Company. Any
amendment or waiver effected in accordance with this Section 9(f) shall be binding upon the Holder
of this Warrant (and of any securities into which this Warrant is convertible), each future holder
of all such securities, and the Company.

(y) Severability. If one or more provisions of this Warrant are held to be
unenforceable under applicable law, such provision shall be excluded from this Warrant and the
balance of the Warrant shall be interpreted as if such provision were so excluded and shall be
enforceable in accordance with its terms.

(z) Governing Law. This Warrant shall be governed by and construed and enforced in
accordance with the laws of the State of New York, without giving effect to its conflicts of laws
principles.

(aa) Counterparts. This Warrant may be executed in any number of counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same
instrument.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

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In Witness Whereof, the Company has caused this Warrant to be executed by its duly
authorized officer as of the date first written above.

	 	 	 	 	 
	 	IRVINE SENSORS CORPORATION

a Delaware corporation

 	 
	 	By:  	/s/ John J. Stuart, Jr.
 	 
	 	 	Name:  	John J. Stuart, Jr. 	 
	 	 	Title:  	Sr. Vice President & Chief Financial Officer 	 

	 	 	 	 	 
	 

	 	Address:
	 	3001 Red Hill Avenue
	 

	 	 	 	Building 4, Suite 108
	 

	 	 	 	Costa Mesa, CA 92626

ACKNOWLEDGED AND AGREED:

	 	 	 	 	 
	 	LONGVIEW FUND, L.P.

 	 
	 	By:  	 	 
	 	 	Print Name:  	 
	 	 	Title:  	 	 
	 

 

Page 7

 

EXHIBIT A TO WARRANT

FORM OF SUBSCRIPTION

(To be signed only on exercise of Warrant)

To:   IRVINE SENSORS CORPORATION

The undersigned, pursuant to the provisions set forth in the attached Warrant, hereby
irrevocably elects to (a) purchase
 _____ 
shares of the Common Stock covered by such Warrant and
herewith makes payment of $_____, representing the full purchase price for such shares at the
price per share provided for in such Warrant, or (b) exercise such Warrant for the issuance of

 _____ 
shares of Common Stock in exchange for the surrender of the right to purchase
 _____ 

shares of Common Stock under the Warrant pursuant to the Net Issue Exercise provisions of Section 5
of such Warrant.

Please issue a certificate or certificates representing
 _____ 
shares of Common Stock in the
name of the undersigned or in such other name or names as are specified below:

	 	 	 	 	 
	 
	 	 

(Name)
	 	 
	 	 	 	 	 
	 	 	 	 	 
	 
	 	 

	 	 
	 	 	 	 	 
	 
	 	 

(Address)
	 	 

The undersigned represents that the undersigned is an “accredited investor” as defined in
Regulation D promulgated under the Securities Act of 1933, as amended, and that the aforesaid
shares are being acquired for the account of the undersigned for investment and not with a view to,
or for resale in connection with, the distribution thereof and that the undersigned has no present
intention of distributing or reselling such shares, all except as in compliance with applicable
securities laws. The undersigned further represents that the aforesaid exercise complies with
Section 4(b) of the Warrant.

	 	 	 
	 
	 	 
	 

	 	 
	 

	 	(Signature must conform in all respects to name of
the Holder as specified on the face of the Warrant)
	 
	 	 
	 
	 	 
	 

	 	 
	 

	 	(Print Name)
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 

	 	(Address)

Dated:                     

 

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EXHIBIT B TO WARRANT

FORM OF ASSIGNMENT

(To assign the foregoing Warrant, execute this form
and supply required information.
 Do not use this
form to purchase shares.)

For Value Received, the foregoing Warrant and all rights evidenced thereby are hereby
assigned to:

	 	 	 
	Name:
	 	 
	 

	 	 
	 

	 	(Please Print)
	 
	 	 
	Address:
	 	 
	 

	 	 
	 

	 	(Please Print)

Dated: __________, 20__

	 	 	 	 	 
	Holder’s
Signature:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Holder’s
Address:
	 	 	 	 
	 

	 	 

	 	 

	NOTE:	 	

The signature to this Assignment must correspond with the name as it appears on the face of
the Warrant, without alteration or enlargement or any change whatever. Officers of corporations
and those acting in a fiduciary or other representative capacity should file proper evidence of
authority to assign the foregoing Warrant.

 

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EXHIBIT C TO WARRANT

FORM OF INVESTOR REPRESENTATION LETTER

DATE:
 _____ 

Irvine Sensors Corporation

3001 Red Hill Avenue

Building 4, Suite 108

Costa Mesa, CA 92626

Gentlemen:

In connection with my receipt of warrants (“Warrants”) to purchase the number of shares of
common stock referred to below, I hereby represent, warrant and covenant as follows:

	1.	 	Check each one which is applicable:

       I am an “accredited investor” within the meaning of Regulation D promulgated
under the Securities Act of 1933, as amended (the “Act”);

        I am able to fend for myself, can bear the economic risk of my investment and
have such knowledge and experience in financial, tax, and business matters so as to utilize
information made available to me in order to evaluate the merits and risks of an investment
decision with respect thereto, or I have a preexisting personal or business relationship with the
Company or one or more of the officers or directors of the Company;

	2.	 	       I have had the opportunity to ask questions and receive and review such answers
and information concerning Irvine Sensors Corporation (the “Issuer”) as I have deemed
pertinent;

	 
	3.	 	         I am not relying on the Issuer respecting the tax and other economic
considerations of an investment in the Issuer;

	 
	4.	 	         I am acquiring the Warrants and the underlying securities related thereto
solely for my own account for investment and not with a view to resale or distribution. I
acknowledge that neither the Warrants nor the underlying securities have been registered under
the Act or any state securities laws and may not be resold except pursuant to an effective
registration statement thereunder or an exemption therefrom;

	 	 	 	 	 
	 

	 	 

Name:
	 	 
	 
	 	 	 	 
	 	 	Holder of Warrants to purchase _____ shares of common stock of Irvine Sensors
Corporation pursuant to the terms of the Common Stock
Purchase Warrant of even date herewith

 

Page 10exv10w1

Exhibit 10.1

CORVEL CORPORATION

1991 EMPLOYEE STOCK PURCHASE PLAN

AS AMENDED AND RESTATED ON AUGUST 5, 2010

I. PURPOSE

     The CorVel Corporation 1991 Employee Stock Purchase Plan, as amended and restated on August 5,
2010 (the “Plan”), is intended to provide eligible employees of the Company and one or more of its
Corporate Affiliates with the opportunity to acquire a proprietary interest in the Company through
participation in a plan designed to qualify as an employee stock purchase plan under Section 423 of
the Internal Revenue Code (the “Code”).

II. DEFINITIONS

     For purposes of administration of the Plan, the following terms shall have the meanings
indicated:

     “BASE SALARY” means the regular base earnings paid to a Participant by one or more
Participating Companies during such individual’s period of participation in the Plan, plus (i) one
hundred percent (100%) of the commissions paid to such individual during each purchase period in
which he or she participates in the Plan and (iii) any salary deferral contributions made by such
Participant to any Code Section 401(k) Plan of the Company or any Company Affiliate during such
period. There shall be excluded from the calculation of Base Salary (i) all overtime payments,
bonuses, profit-sharing distributions and other incentive-type payments and (ii) all contributions
(other than Code Section 401(k) contributions) made by the Company or its Corporate Affiliates for
such individual’s benefit under any employee benefit or welfare plan now or hereafter established.

     “BOARD” means the Board of Directors of the Company.

     “COMPANY” means CorVel Corporation, a Delaware corporation1, and any corporate
successor to all or substantially all of the assets or voting stock of the Company that shall by
appropriate action adopt the Plan.

     “CORPORATE AFFILIATE” means any company that is either the parent corporation or a subsidiary
corporation of the Company (as determined in accordance with Section 424 of the Code), including
any parent or subsidiary corporation that becomes such after the Effective Date.

 

			
	1	 	The Company was previously known as FORTIS
Corporation and assumed all of the rights and responsibilities of FORTIS
Corporation, a Minnesota corporation (“FORTIS Minnesota”), with respect to
the Plan pursuant to the Agreement and Plan of Merger by and between the
Company and FORTIS Minnesota, effective May 16, 1991, under which FORTIS
Minnesota changed its state of incorporation from Minnesota to Delaware by
merging with and into the Company, which was a wholly owned subsidiary of
FORTIS Minnesota.

 

 

     “EFFECTIVE DATE” means October 1, 1991; provided, however, that any Corporate Affiliate that
becomes a Participating Company in the Plan after October 1, 1991, shall designate a subsequent
Effective Date with respect to its employee-Participants.

     “ELIGIBLE EMPLOYEE” means any person who is regularly engaged, for a period of more than
twenty (20) hours per week and more than five (5) months per calendar year, in the rendition of
personal services to the Company or any other Participating Company for earnings considered wages
under Section 3121(a) of the Code. However, employees of the Company who, at the start of any
purchase period under the Plan, (i) are deemed to be Highly Compensated Employees within the
meaning of Section 414(q) of the Code and (ii) hold unvested options to purchase more than 30,000
shares of Stock under the Company’s Restated 1988 Executive Stock Option Plan shall not be treated
as Eligible Employees for that purchase period and shall accordingly be ineligible to participate
in the Plan for such period. A person shall not continue to be an Eligible Employee because of the
payment of compensation following termination of employment whether as part of a severance
agreement with the Company or otherwise.

     “FAIR MARKET VALUE” per share of Stock on any relevant date shall be determined in accordance
with the following provisions:

     (a) If the Stock is at the time listed on the Nasdaq National Market or the Nasdaq SmallCap
Market, then the Fair Market Value shall be the closing selling price per share of Stock on the
date in question, as such price is reported by the National Association of Securities Dealers on
the Nasdaq National Market or the Nasdaq SmallCap Market and published in The Wall Street Journal.

     (b) If the Stock is at the time listed on any stock exchange, then the Fair Market Value shall
be the closing selling price per share of Stock on the date in question on the stock exchange
determined by the Plan Administrator to be the primary market for the Stock, as such price is
officially quoted in the composite tape of transactions on such exchange and published in The Wall
Street Journal.

     (c) If the Stock is not listed on the Nasdaq National Market, Nasdaq SmallCap Market or a
national securities exchange, the Fair Market Value shall be the average of the closing bid and ask
prices of the Stock on that day as reported by the Nasdaq bulletin board or any comparable system
on that day.

     (d) If the Stock is not traded included in the Nasdaq bulletin board or any comparable system,
the Fair Market Value shall be the of the closing bid and ask prices on that day as furnished by
any member of the National Association of Securities Dealers, Inc. selected from time to time by
the Company for that purpose.

     (e) If the date in question is not a trading day, then the Fair Market Value shall be
determined based on prices for the trading day prior to the date in question.

     “PARTICIPANT” means any Eligible Employee of a Participating Company who is actively
participating in the Plan.

2

 

     “PARTICIPATING COMPANY” means the Company and such Corporate Affiliate or Affiliates as may be
authorized from time to time by the Board to extend the benefits of the Plan to their Eligible
Employees. The Participating Companies in the Plan are listed in attached Schedule A.

     “PERMANENT DISABILITY OR PERMANENTLY DISABLED” shall mean the inability of the Participant to
engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment expected to result in death or to be of continuous duration of twelve months or
more.

     “STOCK” means shares of the common stock of the Company, par value $.0001 per share.

III. ADMINISTRATION

     (a) The Plan shall be administered by a committee (the “Committee”) consisting of one or more
Board members appointed by the Board. Members of the Committee shall serve for such period of time
as the Board may determine and shall be subject to removal by the Board at any time.

     (b) The Committee is hereby designated as the Plan Administrator and shall have full authority
to administer the Plan, including authority to interpret and construe any provision of the Plan and
to adopt such rules and procedures for administering the Plan as it may deem necessary in order to
comply with the requirements of Section 423 of the Code. Decisions of the Plan Administrator shall
be final and binding on all parties who have an interest in the Plan.

     (c) To the maximum extent permitted by law, the Company shall indemnify each member of the
Committee and every other member of the Board, as well as any other employee with duties under the
Plan, against all liabilities and expenses (including any amount paid in settlement or in
satisfaction of a judgment) reasonably incurred by the individual in connection with any claims
against the individual by reason of the performance of the individual’s duties under the Plan. This
indemnity shall not apply, however, if (i) it is in the action, lawsuit, or proceeding that the
individual is guilty of gross negligence or intentional misconduct in the performance of those
duties; or (ii) the individual fails to assist the Company in defending against any such claim.
The Company shall have the right to select counsel and to control the prosecution or defense of the
suit. The Company shall not be obligated to indemnify any individual for any amount incurred
through any settlement or compromise of any action unless the Company consents in writing to the
settlement or compromise.

IV. PURCHASE PERIODS

     (a) Stock shall be offered for purchase under the Plan through a series of successive purchase
periods until such time as (i) the maximum number of shares of Stock available for issuance under
the Plan shall have been issued pursuant to purchase rights granted under the Plan or (ii) the Plan
shall have been sooner terminated in accordance with Article IX.

     (b) Each purchase period shall have a duration of six (6) months. Purchase periods shall
commence on the first day of April and October.

3

 

     (c) The Participant shall be granted a separate purchase right for each purchase period in
which he or she participates. The purchase right shall be granted on the first business day of the
purchase period and shall be automatically exercised on the last business day of the purchase
period.

     (d) Under no circumstances shall any shares of Stock be issued hereunder, until such time as
the Company shall have complied with all applicable requirements of the Securities Act of 1933, as
amended, all applicable listing requirements of any securities exchange on which the Stock is
listed and all other applicable requirements established by law or regulation.

     (e) The acquisition of Stock through participation in the Plan for any purchase period shall
neither limit nor require the acquisition of Stock by the Participant in any subsequent purchase
period.

V. ELIGIBILITY AND PARTICIPATION

     (a) Each individual who is an Eligible Employee of a Participating Company on the first day of
any purchase period may begin participation in the Plan on the first day of any purchase period
following the commencement of his or her employment with the Company or any other Participating
Company.

     (b) In order to participate in the Plan for a particular purchase period, an Eligible Employee
must complete the enrollment forms prescribed by the Plan Administrator (including a stock purchase
agreement and a payroll deduction authorization) and file such forms with the Plan Administrator
(or its designee) during the specified enrollment period for that purchase period.

     (c) The payroll deduction authorized by a Participant for purposes of acquiring Stock under
the Plan may be any multiple of $10.00, up to a dollar maximum not in excess of 20% of the Base
Salary paid to the Participant during the purchase period. The deduction rate so authorized shall
continue in effect for the entire purchase period, unless the Participant shall, prior to the end
of the purchase period for which the purchase right is in effect, change the rate by filing the
appropriate form with the Plan Administrator (or its designee). The changed rate shall become
effective as soon as practicable following the filing of such form. Payroll deductions, however,
will automatically cease upon the termination of the Participant’s purchase right in accordance
with Section VII(d) or (e) below.

VI. STOCK SUBJECT TO PLAN

     (a) The Stock purchasable by Participants under the Plan shall, solely in the Board’s
discretion, be made available from either authorized but unissued Stock or from reacquired Stock,
including shares of Stock purchased on the open market. The total number of shares that may be
issued under the Plan shall not exceed 950,000 shares (subject to adjustment under subparagraph (b)
below). If any outstanding purchase right is terminated for any reason prior to its exercise, the
shares allocable to the purchase right may again become subject to purchase under the Plan.

4

 

     (b) In the event any change is made to the Stock purchasable under the Plan by reason of any
stock dividend, recapitalization, stock split, reverse stock split, combination of shares,
recapitalization or other change affecting the outstanding Stock as a class without the Company’s
receipt of consideration, appropriate adjustments shall be made by the Plan Administrator to (i)
the class and maximum number of shares issuable over the term of the Plan, (ii) the class and
maximum number of shares purchasable per Participant under any one purchase right, and (iii) the
class and number of shares and the price per share in effect under each purchase right at the time
outstanding under the Plan.

VII. PURCHASE RIGHTS

     Each Eligible Employee who participates in the Plan for a particular purchase period shall
have the right to purchase Stock upon the terms and conditions set forth below and shall execute a
purchase agreement embodying such terms and conditions and such other provisions (not inconsistent
with the Plan) as the Plan Administrator may deem advisable.

     (a) Purchase Price. The purchase price per share of Stock shall be 95% of the Fair
Market Value of a share of Stock on the date the purchase right is exercised.

     (b) Number of Purchasable Shares.

          (i) The number of shares of Stock purchasable by a Participant upon the exercise of an
outstanding purchase right shall be the number of whole shares obtained by dividing the amount
collected from the Participant through payroll deductions during the purchase period for which such
purchase right is outstanding, by the purchase price per share in effect for that purchase period.
However, the maximum number of shares purchasable by any Participant during any one purchase period
shall not exceed 1,000 shares (subject to adjustment under Section VI(b)). However, the Plan
Administrator shall have the discretionary authority, exercisable prior to the start of any
purchase period under the Plan, to increase or decrease the limitations to be in for the number of
shares of Stock purchasable per Participant during that purchase period.

          (ii) Under no circumstances shall purchase rights be granted the Plan to any Eligible Employee
if such individual would, after the grant, own (within the meaning of Code Section 424(d)), or hold
outstanding options or other rights to purchase, stock possessing 5% or more of the total combined
voting power or value of all classes of stock of the Company or any Corporate Affiliate. For this
purpose an Eligible Employee’s ownership interest shall be determined in accordance with Code
Section 424(d), which rules are as follows:

          i. The Eligible Employee is treated as owning any stock owned, directly or indirectly,
by:

	 	(1)	 	Brothers and sisters (whether by whole or half-blood);
	 
	 	(2)	 	Spouse; and
	 
	 	(3)	 	Lineal descendants and/or ancestors.

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          ii. Stock owned, directly or indirectly, by a corporation, partnership, estate, or
trust is treated as owned proportionately by or for its stockholders, partners, or
beneficiaries.

          iii. Stock that can be acquired by the exercise of an option is treated as being owned
by the Eligible Employee for purposes of determining the number of shares owned by the
Eligible Employee, but not for purposes of determining the total number of shares of Stock
outstanding. Options are taken into account for this purpose whether or not they are
currently exercisable.

     (c) Payment. Payment for the Stock purchased under the Plan shall be effected through
the Participant’s authorized payroll deductions. Such deductions shall begin on the first pay day
coincident with or immediately following the commencement date of the purchase period and shall
terminate with the pay day ending with or immediately prior to the last business day of such
purchase period. The amounts so collected shall be credited to the Participant’s individual
account under the Plan, but no interest shall be paid on the balance from time to time outstanding
in the account. The collected amounts shall not be required to be held in any segregated account
or trust fund and may be commingled with the Company’s general assets and used for any corporate
purpose.

     (d) Termination of Purchase Rights.

          (i) A Participant may terminate his or her outstanding purchase right under the Plan by filing
the prescribed notification form with the Plan Administrator (or its designee) at least two
business days before the last business day of any purchase period. No further payroll deductions
shall be collected from the Participant with respect to such purchase right, and the Participant
shall have the following election with respect to any payroll deductions made by such individual
with respect to such purchase right: (A) have the Company refund those payroll deductions or (B)
have such payroll deductions held for the purchase of shares at the end of the purchase period. If
no such election is made, then such payroll deductions shall automatically be refunded at the end
of such purchase period. Immediately following the refund or purchase of shares, the purchase
right shall terminate.

          (ii) The request for termination shall be irrevocable with respect to the particular purchase
right to which it pertains, and the Participant may not subsequently rejoin the purchase period
covered by such right.

     (e) Termination of Service.

          (i) Except as set forth in Paragraph VII(e)(ii) below, if a Participant ceases to be an
Eligible Employee while his or her purchase right remains outstanding, then such purchase right
shall immediately terminate, and all sums previously collected from the Participant during the
purchase period in which such termination occurs shall be refunded (without interest) to the
Participant.

          (ii) Should the Participant die or become Permanently Disabled or should the Participant cease
active employment by reason of a leave of absence taken in accordance with

6

 

the Company’s leave of absence policy, then the Participant (or the person or persons to whom
the rights of the deceased Participant under the Plan are transferred by will or by the laws of
descent and distribution) shall have the election, exercisable up until the end of the purchase
period in which the Participant dies or becomes Permanently Disabled or in which the leave of
absence commences, to (i) withdraw all the funds credited to the Participant’s account at the time
of his or her cessation of employment or at the commencement of such leave or (ii) have such funds
held for the purchase of shares at the end of such purchase period. If no such election is made,
then such funds shall automatically be held for the purchase of shares at the end of such purchase
period. In no event, however, shall any further payroll deductions added to the Participant’s
account following his or her cessation of employment or the commencement of such leave. Upon the
Participant’s return to active employment of twenty (20) hours a week (x) within ninety (90) days
following the commencement of such leave or (y) prior to the expiration of any longer period for
which such Participant’s right to reemployment with the Company is guaranteed by statute or
contract, his or her payroll deductions under the Plan shall automatically resume at the rate in
effect at the time the leave began, unless the Participant withdraws from the Plan prior to his or
her return. An individual who returns to active employment following a leave of absence that
exceeds in duration the applicable (x) or (y) time period will no longer be an Eligible Employee
for purposes of subsequent participation in the Plan, will receive a refund (without interest) of
the payroll deductions that the Participant made during that purchase period with respect to such
purchase right not previously exercised, and must accordingly re-enroll in the Plan (by making a
timely filing of the prescribed enrollment forms) on or before the first day of the new purchase
period once he or she qualifies as an Eligible Employee.

     (f) Stock Purchase. The Stock subject to the purchase right of each Participant
(other than Participants whose payroll deductions have been refunded in accordance with Section
VII(d) or (e) above) shall be automatically purchased on the Participant’s behalf on the last
business day of the purchase period. The purchase shall be effected by applying the amount credited
to each Participant’s account on the last business day of the purchase period to the purchase of
whole shares of Stock (subject to the limitations on the maximum number of purchasable shares set
forth in Section VII(b)) at the purchase price in effect for such purchase period. Any amount
remaining in the Participant’s account after such application shall be refunded.

     (g) Proration of Purchase Rights. Should the total number of shares of Stock that are
to be purchased pursuant to outstanding purchase rights on any particular date exceed the number of
shares then available for issuance under the Plan, the Plan Administrator shall make a pro-rata
allocation of the available shares on a uniform and nondiscriminatory basis, and any amounts
credited to the accounts of Participants shall, to the extent not applied to the purchase of Stock,
be refunded to the Participants.

     (h) Rights as Stockholder. A Participant shall have no rights as a stockholder of the
Company with respect to shares covered by his or her outstanding purchase right under the Plan
until the shares are actually purchased on the Participant’s behalf in accordance with Section
VII(f). No adjustments shall be made for dividends, distributions or other rights for which the
record date is prior to the date of such purchase.

7

 

     (i) Assignability. No purchase right granted under the Plan shall be assignable or
transferable by the Participant other than by will or by the laws of descent and distribution
following the Participant’s death, and during the Participant’s lifetime the purchase right shall
be exercisable only by the Participant.

     (j) Notice of Disqualifying Disposition. A Participant must notify the Company if the
Participant disposes of stock acquired pursuant to the Plan prior to the expiration of the holding
periods required to qualify for long-term capital gains treatment on the sale proceeds.

     (k) Merger or Liquidation of Company. In the event the Company or its stockholders
enter into an agreement to dispose of all or substantially all of the assets or outstanding capital
stock of the Company by means of a sale, merger, reorganization or similar transaction (other than
a reorganization effected primarily to change the State in which the Company is incorporated) or in
the event the Company is liquidated (a “Change in Control”), each outstanding purchase right shall
automatically be exercised, immediately prior to the effective date of any Change in Control, by
applying the payroll deductions of each Participant for the purchase period in which such Change in
Control occurs to the purchase of whole shares of Stock at a purchase price per share equal to
eighty-five percent (85%) of the lower of (i) the Fair Market Value per share of Stock on the first
day of the purchase period in which such Change in Control occurs or (ii) the Fair Market Value per
share of Stock immediately prior to the effective date of such Change in Control. However, the
applicable limitation on the number of shares of Stock purchasable per Participant shall continue
to apply to any such purchase. Any amount not applied to the purchase of Stock by reason of the
Section VII(b) limitation on the maximum number of purchasable shares shall be refunded. The
Company shall use its best efforts to provide at least ten (10) days’ prior written notice of the
occurrence of any Change in Control, and Participants shall, following the receipt of such notice,
have the right to terminate their outstanding purchase rights prior to the effective date of the
Change in Control.

VIII. ACCRUAL LIMITATIONS

     (a) No Participant shall be entitled to accrue rights to acquire Stock pursuant to any
purchase right outstanding under the Plan if and to the extent such accrual, when aggregated with
(i) rights to acquire Stock accrued under other purchase rights granted to the Participant under
this Plan and (ii) similar rights accrued by the Participant under other employee stock purchase
plans (within the meaning of Code Section 423) of the Company or its Corporate Affiliates, would
otherwise permit such Participant to purchase more than $25,000 worth of Stock of the Company or
any Corporate Affiliate (determined on the basis of the Fair Market Value of such stock on the date
or dates such rights are granted to the Participant) for each calendar year such rights are at any
time outstanding.

     (b) For purposes of applying the accrual limitations of Section VIII(a), the right to acquire
Stock pursuant to each purchase right granted under the Plan shall accrue as follows:

     (i) The right to acquire Stock under each such purchase right shall accrue when the purchase
right first becomes exercisable on the last business day of the purchase period for which such
right is granted.

8

 

     (ii) To the extent the Participant’s purchase right does not, by reason of the Section VIII(a)
limitations, accrue on the last business day of the particular purchase period for which such right
is granted, then the payroll deductions that the Participant made during that purchase period with
respect to such purchase right shall be refunded.

     (c) In the event there is any conflict between the provisions of this Article VIII and one or
more provisions of the Plan or any instrument issued thereunder, the provisions of this Article
VIII shall be controlling.

IX. AMENDMENT AND TERMINATION

     The Board may from time to time alter, amend, suspend or discontinue the Plan to become
effective immediately following the close of a purchase period; provided, however, the Plan may be
amended or terminated immediately upon Board action, if and to the extent necessary to assure that
the Company will not recognize, for financial reporting purposes, any compensation expense in
connection with the shares of Stock offered for purchase under the Plan, should the financial
accounting rules applicable to the Plan at the Effective Date be subsequently revised so as to
require the Company to recognize compensation expense in the absence of such amendment or
termination. The Board may not, without the approval of the Company’s stockholders, increase the
number of shares issuable under the Plan (provided, however, the Plan Administrator shall have the
authority to effect adjustments pursuant to Section VI(b) without stockholder approval).

X. GENERAL PROVISIONS

     (a) Effective Date. The Plan became effective on the Effective Date. On June 15,
1992, the Board approved a restatement of the Plan, to be effective as of October 1, 1992. The
restatement was approved by the Company’s stockholders at the 1992 Annual Meeting. On May 4, 1994,
the Board approved an amendment to the Plan to increase the aggregate number of shares issuable
over the term thereof from 100,000 to 150,000 shares. The amendment was approved by the Company’s
stockholders at the 1994 Annual Meeting. In June 1997, the Board approved another amendment to the
Plan to increase the aggregate number of shares issuable over the term thereof from 150,000 to
250,000 shares. The amendment was approved by the Company’s stockholders at the 1997 Annual
Meeting.

     On June 14, 1999, the Company effected a 2-for-1 stock split in the form of a 100 percent
stock dividend distributed to stockholders of record as of May 31, 1999. On May 20, 2001, the
Board approved amendments to the Plan to (i) effect certain technical revisions to the provisions
of the Plan in order to facilitate the administration and interpretation of the Plan, (ii) modify
the type of amendments to the Plan which require stockholder approval and (iii) extend the
termination date of the Plan by ten years to September 30, 2011. The amendments were approved by
the Company’s stockholders at the 2001 Annual Meeting. On August 31, 2001, the Company effected a
3-for-2 stock split in the form of a 50 percent stock dividend distributed to stockholders of
record as of August 17, 2001.

     On August 4, 2005, the Board approved amendments to the Plan to (i) avoid compensation expense
charges under Statement of Financial Accounting Standards No. 123

9

 

(revised 2004), Accounting for Stock-Based Compensation and (ii) increase the aggregate number
of shares issuable over the term of the Plan from 750,000 to 950,000 shares. The amendments were
approved by the Company’s stockholders at the 2005 Annual Meeting.

     On May 14, 2010, the Board approved amendments to the Plan to (i) remove the requirement for
stockholder approval for modifying eligibility requirements and (ii) extend the termination date of
the Plan by ten years from September 30, 2011 to September 30, 2021, subject to stockholder
approval at the 2010 Annual Meeting.

     (b) Termination. The Plan shall terminate upon the EARLIEST of (i) September 30,
2021, (ii) the date on which all shares available for issuance under the Plan shall have been sold
pursuant to purchase rights exercised under the Plan, (iii) the date on which all purchase rights
are exercised in connection with a Change in Control or (iv) termination by the Board. No further
purchase rights shall be granted or exercised, and no further payroll deductions shall be collected
under the Plan following such termination.

     (c) Costs. All costs and expenses incurred in the administration of the Plan shall be
paid by the Company; however, each Plan Participant shall bear all costs and expenses incurred by
such individual in the sale or other disposition of any shares purchased under the Plan.

     (d) No Employment Rights. Neither the action of the Company in establishing the Plan,
nor any action taken under the Plan by the Board or the Plan Administrator, nor any provision of
the Plan itself shall be construed so as to grant any person the right to remain in the employ of
the Company or any of its Corporate Affiliates for any period of specific duration, and such
person’s employment may be terminated at any time, with or without cause.

     (e) Governing Law. The provisions of the Plan shall be governed by the laws of the
State of California.

     (f) Annual Statements. To the extent required, the Company shall provide a statement
containing the information required by Code Section 6039(a) to Participants no later than January
31st of the calendar year following prior to the calendar year in which they purchase Stock
pursuant to the Plan. This notice shall contain the following items of information:

          (i) The name, address, and employer identification number of the corporation transferring the
Stock;

          (ii) The name, address, and identifying number of the Participant to whom the share or shares
of Stock were transferred;

          (iii) The name and address of the corporation the stock of which is the subject of the option
(if other than the corporation transferring the stock);

          (iv) The date the option was granted;

          (v) The date the shares were transferred to the person exercising the option;

10

 

          (vi) The fair market value of the Stock at the time the option was exercised;

          (vii) The number of shares of Stock transferred pursuant to the option;

          (viii) The type of option under which the transferred shares were acquired; and

          (ix) The total cost of all the shares.

11

 

SCHEDULE A

PARTICIPATING COMPANIES

CorVel Corporation, a Delaware corporation

CorVel Healthcare Corporation, a California corporation

CorVel Enterprise Comp, Inc. a Delaware corporation

12

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