Document:

Restricted Stock Agreement between Planar Systems INc and Scott Hix

 Exhibit 10.40 
 PLANAR SYSTEMS, INC. 
 RESTRICTED STOCK AWARD AGREEMENT 
  

			
	 TO: Scott Hix
	  	Date of Grant:    May 2nd, 2006

 We are pleased to inform you that the Compensation Committee (the “Committee”) of the
Board of Directors (the “Board”) of Planar Systems, Inc. (the “Company”) has approved management’s recommendation for an award of twenty-five thousand (25,000) shares (the “Shares”) of the Company’s
common stock. This award (the “Award”) is subject to the following terms and conditions. 
 VESTING. Except as otherwise provided
by your Letter Agreement with the Company dated April 19, 2006 (the “Letter Agreement”), the Shares will vest and become deliverable to you as follows: twenty-five thousand (25,000) of the Shares shall vest on a four year
schedule, with 6,250 Shares vesting on each of the first four anniversaries of this Agreement beginning on May 2nd, 2007. 
 The Shares
subject to this Agreement may not be sold, assigned, transferred, pledged or otherwise encumbered until the Shares are vested and delivered to you. After the Shares are vested and delivered to you, you shall become the owner of the Shares free of
all restrictions otherwise imposed by this Agreement. 
 Notwithstanding any other provision of this Agreement, the Committee may at any
time, in its sole discretion, accelerate the date of vesting and delivery of all or a portion of the Shares subject to this Award. 
 DIVIDENDS AND VOTING RIGHTS. You will be entitled to receive any dividends paid with respect to the Shares that become payable before the Shares have vested and been delivered to you; provided, however, that no dividends shall be payable to
you with respect to record dates occurring prior to the Date of Grant, or with respect to record dates occurring on or after your Date of Termination (as defined below). You will be entitled to vote the Shares before the Shares have vested and been
delivered to you to the same extent as would have been applicable to you if you were then vested in the Shares; provided, however, that you will not be entitled to vote the Shares with respect to record dates for such voting rights arising prior to
the Date of Grant, or with respect to record dates occurring on or after your Date of Termination (as defined below). 
 DEPOSIT OF SHARES.
Each certificate issued in respect to the Shares granted under this Agreement shall be registered in your name and shall be held by the Treasurer of the Company until vested and delivered to you pursuant to the terms of this Agreement. This Award is
conditioned upon your execution of a blank stock power for the Shares. Upon vesting of all or 

  

 1 – RESTRICTED STOCK AWARD AGREEMENT 

 
a portion of the Shares, the Company shall deliver the vested Shares to you as promptly as practical. 
 WITHHOLDING TAXES. As a condition to the delivery of the Shares, you must make such arrangements as the Company may require for the satisfaction of any
federal, state or local withholding tax obligations that may arise in connection with the vesting and delivery of the Shares. At your request, the Company shall withhold such number of Shares as instructed by you to satisfy up to all of your minimum
anticipated tax liability arising in connection with the vesting of the Shares. The calculation of your anticipated tax liability shall be made by the Company, and the withheld Shares shall be valued at the most recent closing price of the Common
Stock. 
 TERMINATION. If your employment with the Company terminates for any reason, including death or disability (the “Date of
Termination”), then, notwithstanding the vesting schedule set forth above, this Award shall immediately expire and no additional Shares shall be vested or delivered to you pursuant to this Award and you shall forfeit all Shares that are not
vested before the Date of Termination. Your Date of Termination for purposes of this Agreement shall be determined by the Committee, which determination shall be final. 
 TRANSFERABILITY OF AWARD. This Award and the rights and privileges conferred hereby may not be sold, transferred, assigned, pledged, encumbered or hypothecated in any manner (whether by operation of law or otherwise)
and any such attempted action shall be null and void. The terms of this Agreement shall be binding upon your executors, administrators, heirs, successors and assigns. Notwithstanding the foregoing, to the extent permitted by applicable law and
regulation, the Company, in its sole discretion, may permit you to transfer this Award and the rights and privileges conferred hereby. 
 CONTINUATION OF RELATIONSHIP. Nothing in this Award will confer upon you any right to continue in the employ or other relationship of the Company, or to interfere in any way with the right of the Company to terminate your employment or
other relationship with the Company at any time. 
 DETERMINATION OF COMMITTEE TO BE FINAL. The administration of this Award and all
determinations referred to herein or otherwise will be made by the Committee, and such determinations will be final, binding and conclusive. 
 INVESTMENT INTENT. You represent and warrant to the Company that you are acquiring the Shares for your own account and investment and not with a view to, or for sale in connection with, any distribution. 
 RESTRICTED SECURITIES; LEGEND. You understand that the Shares have not been registered under the Securities Act of 1933 in reliance upon an exemption
from registration. Such exemption depends upon, among other things, the bona fide nature of your investment intent stated in this Agreement. You understand that the Shares must be held indefinitely, unless the Shares subsequently are registered
under the Securities Act of 1933 or unless an exemption from registration is otherwise available. You agree that the Shares may not be offered, sold, transferred, pledged, or otherwise disposed of in the absence of an effective registration 

  

 2 – RESTRICTED STOCK AWARD AGREEMENT 

 
statement under the Securities Act of 1933 and applicable state securities laws or an opinion of counsel acceptable to the Company that such registration is
not required. You understand that the certificate(s) representing the Shares will be imprinted with substantially the following legend: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR APPLICABLE STATE SECURITIES LAWS. THE SHARES HAVE BEEN ACQUIRED WITHOUT A VIEW TO DISTRIBUTION AND
MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SHARES UNDER THE ACT AND UNDER ANY APPLICABLE SECURITIES LAWS, OR AN OPINION OF COUNSEL FOR THE HOLDER (CONCURRED IN BY
LEGAL COUNSEL FOR THE CORPORATION) THAT SUCH REGISTRATION IS NOT REQUIRED AS TO SUCH SALE OR OFFER. THE STOCK TRANSFER AGENT HAS BEEN ORDERED TO EFFECTUATE TRANSFERS OF THIS CERTIFICATE ONLY IN ACCORDANCE WITH THE ABOVE INSTRUCTION. 

Notwithstanding the foregoing, if any of the Shares vested pursuant to the terms of this Agreement or the Letter Agreement less than one year before the effective
date of the termination of your employment, the Company shall use its best efforts to promptly register for resale such Shares under the Securities Act of 1933. 
 Please execute the Agreement in the space below and return it to the undersigned. 
  

			
	 Very truly yours,
  
 PLANAR SYSTEMS, INC.

		
	By:	 	/s/    Gerald Perkel
		 	 Gerald Perkel
 President and Chief Executive
Officer

  

			
	AGREED AND ACCEPTED:
	
	/s/    Scott Hix
	Scott Hix

 Date: May 2, 2006 
  

 3 – RESTRICTED STOCK AWARD AGREEMENTLetter Agreement between Brad Gleeson and Planar Systems, Inc

 Exhibit 10.41 
 July 17, 2006 
 Bradley Gleeson 
 Dear Brad

 Further to our discussions, I am pleased to be in a position to ask you to join the Planar Executive Council in the role of VP, Business Development,
reporting to me, starting July 18th, 2006. 
 We hope you will confirm your favorable consideration of this offer that includes the following core components: 
  

	 	•	 	Starting annual salary at $220,000, paid bi-weekly. 

  

	 	•	 	Bonus Plan eligibility at 60% of annual base pay at target for the year. Bonus awards are paid after the end of each quarter, subject to performance metrics being met. Any payment
made for Q4 will be pro-rated according to your start date. 

 Upon your acceptance, I will be making the following recommendations for
approval by the Board Compensation Committee. 
  

	 	•	 	New Hire Stock Option grant of twenty five thousand (25,000) shares that will be made during the first month of hire. Share price will be the closing price of the
Company’s common stock on the NASDAQ Stock Market on the last trading day prior to your start date. The options vest on a four year schedule (25% after the first year and 6.25% on the last day of each quarter thereafter) and have a life of ten
years. 

  

	 	•	 	New Hire restricted stock grant of twenty-five thousand (25,000) shares that will vest on a four year schedule, 25% on the anniversary date and 25% each year thereafter.

  

	 	•	 	New Hire restricted stock grant of fifteen thousand (15,000) shares that will vest over time, subject to performance metrics being met. Vesting schedule and performance metrics
will be determined by me within the next 120 days. 

 I will be recommending to the Board of Directors that the company enter into a change of
control agreement, commensurate with a similar agreement in place with other executives, soon after the beginning of your employment. I anticipate approval of the same by our Board and am enclosing a sample copy for your review. 
 Relocation Costs and Temporary Housing. Planar will pay for the cost of moving household goods from Bremerton to Portland, through Swartz Moving, upon completion of your
planned purchase of a home in close proximity to the office. In the meantime, we will reimburse for expenses in connection with your temporary housing situation in an amount not to exceed $3,000 over a period of 45 days. 
  

 Planar offers an Employee Share Purchase Plan whereby employees can purchase company stock at a 15% discount through
direct payroll deductions. Your first opportunity to join the plan will be in mid-September, 2006 for the October, 2006 through March, 2007 period. 
 Other
competitive benefits offered include: 
  

	 	•	 	401(k) retirement savings plan with company match and immediate vesting. 

  

	 	•	 	Medical insurance coverage through CIGNA, and Flexible Health Spending Account option. 

  

	 	•	 	PTO (paid time off) of 20 days in first year. This includes a bank of 40 available hours on hire and accrual at 4.62 hours per pay period through the rest of the year. After five
years of service the PTO accrual rate is increased to 7.7 hrs per pay period amounting to five weeks per year. Planar has ten paid holidays per year, three of which are floating days determined by the company. 

 As part of our commitment to providing a safe, drug free environment for our employees, all employment offers are dependent on the prospective new hire passing a drug
screen prior to joining Planar. Our local drug screen provider is at the Tanasborne Urgent Care Center / Center for Occupational Health, located at the corner of NW 185th and Cornell Road, Suite #210, Aloha, OR 97006, phone: 503-216-7960. This is a
walk in clinic – no appointment is necessary. 
 Brad, I welcome this opportunity to make you a full member of the team and look forward to receipt of a
signed acceptance, marked for my attention. I am also enclosing: a) a Proprietary and Intellectual Property Agreement that requires your perusal and signature for delivery with your job offer acceptance. 
 During the first three days of employment, you will be asked for your current driver’s license and original social security card, or a current passport and visa to
satisfy the USCIS I-9 work authorization process. 
 Please note this offer expires on July 19, 2006. 
 Sincerely, 
 Gerry Perkel 
 Planar Systems, Inc. 
 President & CEO 
 While it is our belief that our relationship will be a positive one, it is appropriate to advise you that Planar Systems, Inc. is an “at-will” employer and
does not offer employment on a fixed term basis. Either you or the company can terminate the working relationship at any time and for any reason. The representations in this letter and from our meeting with you should not be construed in any manner
as a proposed contract for any fixed term or for any specific terms and conditions of employment contrary to an “at-will” relationship. 
  

					
	I ACCEPT THIS OFFER	  	        /s/    Bradley Gleeson                
Bradley Gleeson	  	         July 17, 2006        
 Date

 Encs: 
 Benefits
summary brochure 
 Sample Change in Control 
 Intellectual
Property/Confidentiality Agreement

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