Document:

CRAY-03.31.2014-Ex 10.2

Exhibit 10.2
August 31, 2009

Dear Mike,

I am pleased to offer you employment with Cray as Vice President and General Counsel.  In this position you will report to Peter Ungaro, President and CEO.

Your bi-weekly base salary will be $8,846.15 ($230,000 annualized). In addition, you will participate in the annual executive bonus plan as approved from time to time by the Board of Directors.  Your target bonus will be 50% of your base salary ($230,000 annualized) to commence in 2009 and will be based on performance. Annual payout of this bonus will range from 0 to 150% of the target bonus, although for 2009, your bonus potential will be prorated and based on Cray’s Adjusted Operating Income (we will use the same AOI target for you as is carried by Peter Ungaro). For 2009 only, we will set your minimum bonus at 100% of your target level, therefore your 2009 bonus range will be 100-150% of your target bonus.

When you become an employee you will receive an option to purchase 100,000 shares pursuant to Cray’s Stock Option Plan.  The options vest over four years, with 25% vesting after one year and the remaining options vesting monthly over the following 36 months.

Obviously, we all hope that the Company prospers, that the Company’s stock reflects that success, and that the stock becomes a valuable investment for you.

You will be considered a Vice President for purposes of the Cray Executive Severance Policy. 

Cray provides a variety of benefits including:

		
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	health and dental care

		
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	life insurance

		
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	Section 125 Flexible Spending Plan

		
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	401 (k) Plan

		
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	stock purchase plan.

Your salary and benefits are subject to periodic modification.

As a condition of employment, all new employees are required to present documentation that confirms their identity and eligibility for employment in the United States.  On your first day of employment with Cray, you will be asked to execute an “Employment Eligibility Certification” attesting to such. Your employment is further conditioned on executing our standard Confidentiality Agreement.

Copies of the relevant plans and documents will be sent to you separately once you have accepted our offer of employment.

This employment opportunity, which Cray offers, is of indefinite duration and will continue as long as both you and Cray consider it of mutual benefit. Either you or Cray are free to terminate the employment relationship at will (without cause) and at any time.

We consider the terms of this offer to be confidential, except as disclosure may be required by the federal securities laws.  Your employment would commence on a date that is agreed upon between you and Peter Ungaro but is currently expected to be in the early October timeframe.

I’m sure that you know how excited we are about the chance to work closely with you.  While there clearly is a lot of work ahead, there should also be a lot of success and fun.  To indicate your acceptance of this offer, please sign and return one copy of this letter to my confidential fax number.

Sincerely,

/s/ Linda Howitson

Linda Howitson
Vice President, Human Resources
Cray Inc.

Accepted by:  /s/ Michael C. Piraino                        , this 2nd day of September 2009CRAY-03.31.2014-Ex 10.3

Exhibit 10.3 

CRAY INC.
AMENDED AND RESTATED NON-EMPLOYEE DIRECTOR COMPENSATION POLICY
Equity Compensation
Continuing Directors.  At the conclusion of each annual meeting of the Company’s shareholders (“Annual Meeting”), each continuing non-employee director (“NE Director”) elected by the shareholders at such Annual Meeting will automatically be granted, without any further action by the Board of Directors, a number of restricted shares of the Company’s common stock (the “Refresher Awards”) determined by dividing the dollar amount of such director’s fees earned during the previous fiscal year, including the annual retainer, fees for chairing the Board and Board committees and for Board and committee attendance, by the closing sales price for the common stock on the trading day immediately prior to the date of the Annual Meeting, as reported by NASDAQ.
The Refresher Awards shall vest in full on the earlier of (i) 12 months from the date of grant and (ii) the date that is immediately prior to the date of the next Annual Meeting.  Until the shares are vested, as set forth pursuant to the above schedule, the shares will be restricted against sale or transfer.
The NE Directors may vote and receive dividends on the restricted shares while the restrictions remain in place.
If an NE Director resigns from the Board without the prior approval of the Corporate Governance Committee prior to the full vesting of the Restricted Award, the NE Director will forfeit the unvested shares that remain restricted.
New Directors.  Each NE Director, upon his or her first election to the Board, shall be granted stock options for 20,000 shares of the Company’s common stock, which options shall be immediately vested as of the date of grant and have an exercise price equal to the fair market value of the common stock on the date of grant.
Cash Compensation
NE Directors receive cash compensation for serving in such positions as follows:  
Board and Committee Annual Retainer:  The following changes to the cash compensation of the Board became effective January 1, 2013:  $40,000 annual retainer for serving on the Board (with the retainer including one Board meeting per quarter), plus $5,000 annual retainer for each Committee served (except Audit), paid quarterly; plus $10,000 annual retainer for serving on the Audit Committee, paid quarterly.
Board and Committee Chairman Fees:      
		
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	Board:  $25,000 annual fee, paid quarterly

		
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	Audit Committee:  $15,000 annual fee, paid quarterly

		
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	Compensation Committee:  $10,000 annual fee, paid quarterly

		
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	Corporate Governance Committee:  $5,000 annual fee, paid quarterly

		
	•
	Strategic Technology Committee:  $5,000 annual fee, paid quarterlyExhibit 4.4

FIXED-TO-FLOATING RATE NON-CUMULATIVE PREFERRED STOCK, SERIES H

($25,000 LIQUIDATION PREFERENCE)

	
NUMBER

	  	  	
SHARES

	
1

	  	  	  
	  	  	  	  
	  	  	  	
CUSIP

MORGAN STANLEY

 

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

THIS CERTIFICATE IS TRANSFERABLE

IN THE CITY OF NEW YORK, NEW YORK

 

This is to certify that The Bank of New York Mellon, as Depositary under the Deposit Agreement, dated as of April   , 2014, among Morgan Stanley (the “Corporation”), The Bank of New York Mellon, and the holders from time to time of the Depositary Receipts issued thereunder, is the owner of       fully paid and non-assessable shares of Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series H, $0.01 par value, liquidation preference $25,000 per share, of the Corporation (the “Stock”), transferable on the books of the Corporation by the holder hereof in person or by duly authorized attorney upon surrender of this certificate properly endorsed.

 

This certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar.

 

  

  

  

 

Witness the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers.

 

Dated: April   , 2014

 

	
[SEAL]

	  	  
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	  	  	  
	  	  	  

 

 

	  	  	
Countersigned and Registered

The Bank of New York Mellon

Transfer Agent, Dividend Disbursement

Agent and Registrar

	 	 	 
	  	  	
By:

	  
	  	  	  	  	  
	  	  	  	  	  

  

  

  

MORGAN STANLEY

 

MORGAN STANLEY (the “Corporation”) will furnish, without charge to each stockholder who so requests, a copy of the certificate of designation establishing the powers, preferences and relative, participating, optional or other special rights of each class of stock of the Corporation or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights applicable to each class of stock of the Corporation or series thereof. Such information may be obtained by a request in writing to the Secretary of the Corporation at its principal place of business.

 

This certificate and the share or shares represented hereby are issued and shall be held subject to all of the provisions of the Corporation’s Amended and Restated Certificate of Incorporation, as amended, and the Certificate of Designation of Preferences and Rights of the Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series H (Liquidation Preference $25,000 per share) (copies of which are on file with the Transfer Agent), to all of which the holder, by acceptance hereof, assents.

 

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full to applicable laws or regulations:

 

	  	TEN COM	
  -  as tenants in common

	  	
UNIF GIFT MIN ACT-

	
 _____

	
Custodian

	
____

	  	TEN ENT	
  -  as tenants by the entireties

	  	  	
(Minor)

	  	
(Cust)

	  	JT TEN	
  -  as joint tenants with right of survivorship and not as tenants in common

	  	
under Uniform Gifts to Minors Act

_______________________

(State)

Additional abbreviations may also be used though not in the above list.

___________________________

 

For value received, ________________ hereby sell(s), assign(s) and transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER 

IDENTIFYING NUMBER OF ASSIGNEE

 

	  	  
	  	  

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE

 

	
 

	
 

	
 

	 shares

of the capital stock represented by the within certificate, and do(es) hereby irrevocably constitute and appoint _______________________, Attorney to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.

 

  

  

  

Dated__________________

	 	 	 
	  	 	Signature	  
	  	  	 	  
	  	
NOTICE:

	The signature to this assignment must correspond with the name as written upon the face of this certificate in every particular, without alteration or enlargement or any change whatever.

	
SIGNATURE GUARANTEED

	  
	NOTICE: The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934.

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