Document:

Exhibit 10.29

 

Agreement No. <XXXXX>

 

KMG CHEMICALS, INC.

PERFORMANCE-BASED RESTRICTED STOCK UNIT
AGREEMENT

(SERIES 2)

 

THIS PERFORMANCE-BASED RESTRICTED STOCK UNIT
AGREEMENT (this “Agreement”)
is made and entered into by and between KMG Chemicals, Inc., a Texas
corporation (the “Company”) and <Employee Name>,
an individual and Employee of the Company (“Grantee”),
on the 2nd day of September, 2005 (the “Grant Date”),
subject to the terms and provisions of the KMG Chemicals, Inc. 2004
Long-Term Incentive Plan, effective as of October 14, 2004 (the “Plan”). 
The Plan is hereby incorporated herein in its entirety by this
reference.  Capitalized terms not
otherwise defined in this Agreement shall have the meaning given to such terms
in the Plan.

 

WHEREAS, Grantee is
an Employee of the Company, and in connection therewith, the Company desires to
grant to Grantee performance-based restricted stock units, subject to the terms
and conditions of this Agreement and the Plan, with a view to increasing
Grantee’s interest in the Company’s success and growth; and

 

WHEREAS, Grantee
desires to be the holder of such units subject to the terms and conditions of
this Agreement;

 

NOW, THEREFORE, in
consideration of the premises, mutual covenants and agreements contained
herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto, intending to be legally
bound hereby, agree as follows:

 

1.                                      Grant
of Target Units.  Subject to the
terms and conditions of this Agreement and the Plan, the Company hereby grants
to Grantee <                                         
(           )> Target
Units (“Target Units”).   Subject to Section 3 hereof,
each Target Unit shall initially represent one share of the Company’s Common
Stock (“Share”), $.01 par
value.  Each Target Unit represents an
unsecured promise of the Company to deliver Shares to the Grantee pursuant to
the terms and conditions of the Plan and this Agreement.  As a holder of Target Units, the Grantee has
only the rights of a general unsecured creditor of the Company.

 

2.                                      Transfer
Restrictions.  Grantee shall not
sell, assign, transfer, exchange, pledge, encumber, gift, devise, hypothecate
or otherwise dispose of (collectively, “Transfer”)
any Target Units granted hereunder.  Any
purported Transfer of Target Units in breach of this Agreement shall be void
and ineffective, and shall not operate to Transfer any interest or title in the
purported transferee.

 

 

3.                                      Vesting
and Payment of Target Units.

 

(a)                                  For
purpose of this Agreement, the “Measurement
Period Beginning Date” shall be August 1, 2004.  Subject to Section 4 hereof, the
Target Units granted hereunder shall vest and become payable to Grantee three (3) years
after the Measurement Period Beginning Date (the “Measurement Period Ending Date”), provided that (i) Grantee
is still an Employee at that time and has continuously been an Employee since
the Grant Date (the “Service Requirement”),
and (ii) the Company’s minimum average annual compounded total shareholder
return (“TSR”) over this measurement
period is at least ten percent (10%) as determined by the Committee (the “Performance Requirement”).  For purposes of this Section 3(a),
TSR is measured as the total appreciation of the Company’s Common Stock plus
dividends paid, subject to Section 4 hereof, during the measurement
period.  If, for purpose of calculating
satisfaction of the Performance Requirement, quotations for Shares are not
available on the Nasdaq SmallCap Quotation Market (or on a comparable successor
market) for any applicable date, the quotation on the closest succeeding date
shall be used.

 

(b)                                 Settlement of Target Units.  On or before the Settlement Date (hereinafter
defined), the Company shall award to Grantee the number of Shares which have
become vested as determined in accordance with Section 3(a), 3(d), 4(a) or
4(b), as adjusted in accordance with Section 3(c), if
applicable.  All Shares delivered to or
on behalf of Grantee in exchange for vested Target Units shall be subject to
any further transfer or other restrictions as may be required by securities law
or other applicable law as determined by the Company.  For purpose of this Agreement, the “Settlement Date” shall be two and one-half (21⁄2) months
after any Target Units become vested pursuant to either Section 3(a),
3(d), 4(a) or 4(b), but if audited financial statements of the Company
for the applicable measuring period are not available at such time, such date
shall be not later than the later of (i) two and one-half (21⁄2) months after
the end of the employee’s tax year in which the amount vests, or (ii) two
and one-half (21⁄2) months after the end of the Company’s fiscal year in which
the Target Units become vested.

 

(c)                                  Dividends, Splits and Voting Rights.  If the Company (i) declares a stock dividend
or makes a distribution on Common Stock in Shares, (ii) subdivides or
reclassifies outstanding Shares into a greater number of Shares, or (iii) combines
or reclassifies outstanding Shares into a smaller number of Shares, then the
number of Target Units granted under this Agreement shall be proportionately
increased or reduced, as applicable, so as to prevent the enlargement or
dilution of Grantee’s rights and duties hereunder.  The determination of the Committee regarding
such adjustments shall be binding.

 

(d)                                 Change in Control.  If there is a Change in Control of the
Company (as defined in the Plan), then the Service Requirement of this Section 3
shall automatically be deemed satisfied and all the Units shall become 100%
vested on the effective date of such Change in Control.

 

4.                                      Forfeiture.

 

(a)                                  Termination Due to Death or Total and Permanent
Disability.  If Grantee’s
employment with the Company is terminated due to death or Total and Permanent
Disability (as defined in the Plan) of the Grantee, then vesting of the Units
will occur as follows:

 

2

 

(1) the Service Requirement shall be deemed satisfied for a number of Units equal to the total unvested Units multiplied
by a fraction, the numerator of which is the number of Grantee’s Months of
Service from the Measurement Period Beginning Date to the date of such
termination of employment, and the denominator of which is thirty-six (36), and
(2) the Units determined in (1) above will become vested in accordance
with Section 3(a), except that the minimum average annual
compounded TSR is determined over the period coincident with Grantee’s Months
of Service (as determined in (1) above) only.  For purposes of this Section 4(a),
a “Month of Service” means a calendar
month or any fraction thereof during which Grantee was an Employee of the
Company.

 

(b)                                 Termination Due to Retirement.  If Grantee’s employment with the Company is
terminated due to Retirement (as defined in the Plan) of the Grantee, then the
Service Requirement of Section 3(a) shall automatically be
deemed satisfied on the effective date of such Retirement.  In this case, the settlement of Units shall
be made in accordance with Section 3(b) in such amount and at
such times for which the Units would have been settled pursuant to Section 3(b) if
Grantee had remained employed until the Measurement Period Ending Date but only
to the extent that the TSR has been satisfied at such date.  Notwithstanding the preceding sentence, in
the event of Grantee’s Retirement, but only if Grantee is a “Key Employee”
within the meaning given to such term under Section 409A of the Internal
Revenue Code, in no event shall any Shares be awarded to Grantee before the
date which is six (6) months after the date of such Retirement.

 

(c)                                  Termination Other than Death, Total and Permanent
Disability or Retirement. 
If Grantee’s employment with the Company is voluntarily or involuntarily
terminated by the Company or Grantee for any reason other than due to death,
Total and Permanent Disability or Retirement, then Grantee shall immediately
forfeit all Target Units that are not already vested as of such date.  Upon the forfeiture of any Target Units
hereunder, the Grantee shall cease to have any rights in connection with such
Target Units as of the date of such forfeiture. 
A transfer of employment by the Grantee, without an interruption of
employment service, between or among the Company and any parent or subsidiary
of the Company as determined by the Committee, shall not be considered a
termination of employment for purposes of this Agreement.

 

5.                                      Grantee’s
Representations.  Notwithstanding any
provision hereof to the contrary, the Grantee hereby agrees and represents that
Grantee will not acquire any Shares, and that the Company will not be obligated
to issue any Shares to the Grantee hereunder, if the issuance of such Shares
constitutes a violation by the Grantee or the Company of any law or regulation
of any governmental authority.  Any
determination in this regard that is made by the Committee, in good faith,
shall be final and binding.  The rights
and obligations of the Company and the Grantee are subject to all applicable
laws and regulations.

 

6.                                      Tax
Withholding.  To the extent that the
receipt of Shares hereunder results in compensation income to Grantee for
federal, state or local income tax purposes, Grantee shall deliver to Company
at such time the sum that the Company requires to meet its tax withholding
obligations under applicable law or regulation, and, if Grantee fails to do so,
Company is authorized to (a) withhold from any cash or other remuneration
(including any Shares), then or thereafter payable to Grantee, any tax required
to be withheld; or (b) sell such number of Shares 

 

3

 

before their transfer to Grantee as is
appropriate to satisfy such tax withholding requirements, before transferring
the resulting net number of Shares to Grantee in satisfaction of its
obligations under this Agreement.

 

7.                                      Miscellaneous.

 

(a)                                  No Fractional Shares.  All provisions of this Agreement concern
whole Shares.  If the application of any
provision hereunder would yield a fractional Share, such fractional Share shall
be rounded down to the next whole Share if it is less than 0.5 and rounded up
to the next whole Share if it is 0.5 or more.

 

(b)                                 Not an Employment Agreement.  This Agreement is not an employment
agreement, and no provision of this Agreement shall be construed or interpreted
to create any employment relationship between Grantee and the Company for any
time period.  The employment of Grantee
with the Company shall be subject to termination to the same extent as if this
Agreement had not been executed.

 

(c)                                  Notices.  Any notice, instruction, authorization,
request or demand required hereunder shall be in writing, and shall be
delivered either by personal delivery, by telegram, telex, telecopy or similar
facsimile means, by certified or registered mail, return receipt requested, or
by courier or delivery service, addressed to the Company at its then current
main corporate address, and to Grantee at his address indicated on the Company’s
records, or at such other address and number as a party has previously
designated by written notice given to the other party in the manner hereinabove
set forth.  Notices shall be deemed given
when received, if sent by facsimile means (confirmation of such receipt by
confirmed facsimile transmission being deemed receipt of communications sent by
facsimile means); and when delivered and receipted for (or upon the date of
attempted delivery where delivery is refused), if hand-delivered, sent by
express courier or delivery service, or sent by certified or registered mail,
return receipt requested.

 

(d)                                 Amendment, Termination and Waiver.  This Agreement may be amended, modified,
terminated or superseded only by written instrument executed by or on behalf of
the Company and by Grantee.  Any waiver
of the terms or conditions hereof shall be made only by a written instrument
executed and delivered by the party waiving compliance.  Any waiver granted by the Company shall be
effective only if executed and delivered by a duly authorized executive officer
of the Company other than Grantee.  The
failure of any party at any time or times to require performance of any provisions
hereof shall in no manner affect the right to enforce the same.  No waiver by any party of any term or
condition herein, or the breach thereof, in one or more instances shall be
deemed to be, or construed as, a further or continuing waiver of any such
condition or breach or a waiver of any other condition or the breach of any
other term or condition.

 

(e)                                  Governing Law and Severability.  This Agreement shall be governed by the
internal laws, and not the laws of conflict, of the State of Texas.  The invalidity of any provision of this
Agreement shall not affect any other provision of this Agreement, which shall
remain in full force and effect.

 

4

 

(f)                                    Successors and Assigns.  This Agreement shall bind, be enforceable by,
and inure to the benefit of, the Company and its successors and assigns, and
Grantee and Grantee’s permitted assigns under the Plan.

 

[Signature page follows.]

 

5

 

IN WITNESS WHEREOF, this Performance-Based Restricted Stock Unit
Agreement is granted and executed as of the date first written above.

 

	
   

  	
  KMG CHEMICALS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
    David L. Hatcher

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
     Chairman and CEO

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GRANTEE:

  
	
   

  	
  <Employee Name>

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Print Name

  	
   

  
							

 

6Exhibit 10.96

 

CATALYST
SEMICONDUCTOR, INC.

 

Fiscal
2006 Executive Bonus Plan

 

The Company’s executive
compensation philosophy is to pay a combination of base salary and bonuses that
are in aggregate competitive to market rates and to reward executives for
corporate financial performance and the achievement of individual personal
goals important to implementing the corporate operating or strategic plans.

 

Outline of 2006 Executive Bonus Plan:

 

1.               The executive bonus pool is determined based
upon a formula established by the Compensation Committee that measures the
Company’s ROE, net income and total revenue and is subject to the discretion of
the compensation committee.  Aggregate annual bonuses under the executive
bonus pool will be targeted at 50% of each executive’s annual base salary (65%
in the case of the chief executive officer) and, depending upon the Company’s
performance and any discretionary adjustments by the Compensation Committee,
will be capped at 100% of each executive’s annual base salary (130% in the case
of the chief executive officer).

 

2.               Bonuses to each executive are to be paid
quarterly based on the Company’s cumulative performance through each quarter and are subject to adjustment at the discretion of the Compensation
Committee.

 

3.               The maximum quarterly bonus will be based
upon the following percentages of the estimated total annual payments based upon cumulative performance: 12% for the fiscal first quarter, 15% for
the fiscal second quarter, 23% for the fiscal third quarter and 50% for the
fiscal fourth quarter.

 

Other Provisions of the Plan:

 

1.
  Executives who work less than full-time may be eligible to receive
prorated bonuses at the discretion of the Compensation Committee.

 

2.
  To be eligible to receive a bonus, executives must be employed as of the
applicable bonus payment date.  Executives whose employment is terminated
for any reason or no reason prior to the applicable bonus payment date will not
be entitled to receive a bonus.  There will be no bonus paid for partial
periods of employment prior to a bonus payment date.

 

3.
  Each bonus that may become payable under the plan will be paid solely
from the general assets of the Company.  Nothing in this plan will be
construed to create a trust or to establish or evidence any participant’s claim
of any right to payment of a bonus other than as an unsecured general creditor
with respect to any payment to which he or she may become entitled.

 

4.
  The bonus plan will be administered by the Compensation Committee. 
The Compensation Committee will have all powers and discretion necessary or
appropriate to administer the plan and to control its operation, including, but
not limited to, the power to (a) determine which executives will be
participants in the plan, (b) prescribe the terms and conditions of the
bonuses, (c) interpret the plan, (d) adopt rules for the
administration, interpretation and application of the plan as are consistent
therewith, and (f) interpret, amend or revoke any such rules.  The
plan may be amended, suspended or terminated prematurely in the sole and
absolute discretion of the Compensation Committee.

 

5.
  To the maximum extent permitted by law, an employee’s rights or benefits
under this plan will not be subject to anticipation, alienation, sale,
assignment, pledge, encumbrance or charge, and any attempt to anticipate,
alienate, sell, assign, pledge, encumber or charge the same will be void. 
No right or benefit

 

 

under the plan will in any manner be liable for or subject to the debts,
contracts, liabilities or torts of the employee.

 

6. 
If any provision of the plan is found to be invalid or unenforceable, such
provision will not affect the other provisions of the plan, and the plan will
be construed in all respects as if such invalid provision had been omitted. 
The provisions of the plan shall be governed by and construed in accordance
with the laws of the state of California (without regard to its conflict of law
rules).

 

7.
  This plan does not constitute a contract of employment or impose on
either the employee or the Company, its subsidiaries or its successor any
obligation to retain the participant as an employee.  This plan does not
change the status of a participant as an employee at will, or the policies of
the Company regarding termination of employment, nor guarantee further
continuing participation in the plan.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]