Document:

Exhibit 10.2

 

AMENDMENT

TO THE

1999
DIRECTOR STOCK OPTION PLAN

OF

SYMMETRICOM,
INC.

 

Pursuant to the authority reserved to the Board of
Directors (the “Board”) of Symmetricom, Inc., a corporation
organized under the laws of the State of Delaware, under Section 11(a) of
the 1999 Director Stock Option Plan of Symmetricom, Inc. (as amended to
date, the “Plan”), the Board hereby amends the Plan as follows:

 

1.             Section 4(a)(v)(A) of the Plan is hereby amended in its entirety
to read as follows:

 

“(v)         The
terms of a First Option granted hereunder shall be as follows:

 

(A)          the term of
the First Option shall be five (5) years.”

 

2.             Section 4(a)(vi)(A) of the Plan is hereby amended in its entirety
to read as follows:

 

“(v)         The
terms of a Subsequent Option granted hereunder shall be as follows:

 

(A)          the term of
the Subsequent Option shall be (5) years.”

 

3.             Section 8(b) of
the Plan is hereby amended in its entirety to read as follows:

 

“(b)         Termination
of Relationship as a Director. 
Subject to Section 10 hereof, in the event an Optionee’s status as
a Director terminates (other than upon the Optionee’s death or Disability), the
Optionee may exercise his or her Option, but only within three (3) months
following the date of such termination, and only to the extent that the
Optionee was entitled to exercise it on the date of such termination (but in no
event later than the expiration of its five (5) year term). To the extent
that the Optionee was not entitled to exercise an Option on the date of such
termination, and to the extent that the Optionee does not exercise such Option
(to the extent otherwise so entitled) within the time specified herein, the
Option shall terminate.”

 

4.             Section 8(c) of
the Plan is hereby amended in its entirety to read as follows:

 

“(c)         Disability
of Optionee.  In the event
Optionee’s status as a Director terminates as a result of Disability, the
Optionee may exercise his or her Option, but only within six (6) months
following the date of such termination, and only to the extent that the
Optionee was entitled to exercise it on the date of such termination (but in no
event later than the expiration of its five (5) year term).  To the extent that the Optionee was not
entitled to exercise an Option on the date of

 

 

termination, or if he or she does
not exercise such Option (to the extent otherwise so entitled) within the time
specified herein, the Option shall terminate.”

 

5.             Section 8(d) of
the Plan is hereby amended in its entirety to read as follows:

 

“(d)         Death of
Optionee.  In the event of an
Optionee’s death, the Optionee’s estate or a person who acquired the right to
exercise the Option by bequest or inheritance may exercise the Option, but only
within six (6) months following the date of death, and only to the extent
that the Optionee was entitled to exercise it on the date of death (but in no
event later than the expiration of its five (5) year term).  To the extent that the Optionee was not
entitled to exercise an Option on the date of death, and to the extent that the
Optionee’s estate or a person who acquired the right to exercise such Option
does not exercise such Option (to the extent otherwise so entitled) within the
time specified herein, the Option shall terminate.”

 

* * * * * * * * * *

 

I hereby certify that the foregoing amendment to the
Plan was duly adopted by the Board of Directors of Symmetricom, Inc.,
effective as of December 28, 2005.

 

 

	
   

  	
  /s/ William Slater

  	
   

  
	
   

  	
  William Slater, SecretaryExhibit 10.3

 

SYMMETRICOM,
INC.

 

DIRECTOR
OPTION AGREEMENT

 

Symmetricom, Inc. (the “Company”), has granted to
                                
(the “Optionee”), an option to purchase a total of               
(        ) shares of the Company’s
Common Stock (the “Optioned Stock”), at the price determined as provided
herein, and in all respects subject to the terms, definitions and provisions of
the Company’s 1999 Director Stock Option Plan (the “Plan”) adopted by the
Company which is incorporated herein by reference. The terms defined in the
Plan shall have the same defined meanings herein.

 

1.             Nature
of the Option.  This Option is a
nonstatutory option and is not intended to qualify for any special tax benefits
to the Optionee.

 

2.             Exercise
Price.  The exercise price is $             
for each share of Common Stock.

 

3.             Exercise
of Option.  This Option shall be
exercisable during its term in accordance with the provisions of Section 8
of the Plan as follows:

 

(i)            Right
to Exercise.

 

(a)           This Option shall become
exercisable as provided in Section 4 of the Plan; provided, however, that
in no event shall any Option be exercisable prior to the date the stockholders
of the Company approve the Plan.

 

(b)           This Option may not be
exercised for a fraction of a share.

 

(c)           In the event of
Optionee’s death, Disability or other termination of service as a Director, the
exercisability of the Option is governed by Section 8 of the Plan.

 

(ii)           Method
of Exercise.  This Option shall be
exercisable by written notice which shall state the election to exercise the
Option and the number of Shares in respect of which the Option is being
exercised.  Such written notice, in the
form attached hereto as Exhibit A, shall be signed by the Optionee and
shall be delivered in person or by certified mail to the Secretary of the
Company.  The written notice shall be
accompanied by payment of the exercise price.

 

4.             Method
of Payment.  Payment of the exercise
price shall be by any of the following, or a combination thereof, at the
election of the Optionee:

 

(i)            cash;

 

(ii)           check;
or

 

(iii)          surrender
of other shares which (x) in the case of Shares acquired upon exercise of an
Option, have been owned by the Optionee for more than six (6) months on
the date of surrender, and (y) have a Fair Market Value on the date of
surrender equal to the aggregate exercise price of the Shares as to which said
Option shall be exercised; or

 

 

(iv)          delivery
of a properly executed exercise notice together with such other documentation
as the Company and the broker, if applicable, shall require to effect an
exercise of the Option and delivery to the Company of the sale or loan proceeds
required to pay the exercise price.

 

5.             Restrictions
on Exercise.  This Option may not be
exercised if the issuance of such Shares upon such exercise or the method of
payment of consideration for such shares would constitute a violation of any
applicable federal or state securities or other law or regulations, or if such
issuance would not comply with the requirements of any stock exchange upon
which the Shares may then be listed.  As
a condition to the exercise of this Option, the Company may require Optionee to
make any representation and warranty to the Company as may be required by any
applicable law or regulation.

 

6.             Non-Transferability
of Option.  This Option may not be
transferred in any manner otherwise than by will or by the laws of descent or
distribution and may be exercised during the lifetime of Optionee only by the
Optionee.  The terms of this Option shall
be binding upon the executors, administrators, heirs, successors and assigns of
the Optionee.

 

7.             Term
of Option.  This Option may not be
exercised more than five (5) years from the date of grant of this Option,
and may be exercised during such period only in accordance with the Plan and
the terms of this Option.

 

8.             Taxation
Upon Exercise of Option.  Optionee
understands that, upon exercise of this Option, he or she will recognize income
for tax purposes in an amount equal to the excess of the then Fair Market Value
of the Shares purchased over the exercise price paid for such Shares. Since the
Optionee is subject to Section 16(b) of the Securities Exchange Act
of 1934, as amended, under certain limited circumstances the measurement and
timing of such income (and the commencement of any capital gain holding period)
may be deferred, and the Optionee is advised to contact a tax advisor
concerning the application of Section 83 in general and the availability a
Section 83(b) election in particular in connection with the exercise
of the Option. Upon a resale of such Shares by the Optionee, any difference
between the sale price and the Fair Market Value of the Shares on the date of
exercise of the Option, to the extent not included in income as described
above, will be treated as capital gain or loss.

 

	
  DATE OF GRANT:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Symmetricom, Inc.,

  
	
   

  	
  a
  Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  

 

Optionee acknowledges receipt of a copy of the Plan, a
copy of which is attached hereto, and represents that he or she is familiar
with the terms and provisions thereof, and hereby accepts this Option subject
to all of the terms and provisions thereof. 
Optionee hereby agrees to accept 

 

2

 

as binding, conclusive and final all decisions or
interpretations of the Board upon any questions arising under the Plan.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Optionee

  

 

3

 

EXHIBIT A

 

DIRECTOR
OPTION EXERCISE NOTICE

 

Symmetricom, Inc.

2300 Orchard Parkway

San Jose, CA 95131

Attention: 
Corporate Secretary

 

1.             Exercise
of Option.  The undersigned (“Optionee”)
hereby elects to exercise Optionee’s option to purchase             
shares of the Common Stock (the “Shares”) of Symmetricom, Inc. (the “Company”)
under and pursuant to the Company’s 1999 Director Stock Option Plan and the
Director Option Agreement dated                          
(the “Agreement”).

 

2.             Representations
of Optionee.  Optionee acknowledges
that Optionee has received, read and understood the Agreement.

 

3.             Federal
Restrictions on Transfer.  Optionee
understands that the Shares must be held indefinitely unless they are
registered under the Securities Act of 1933, as amended (the “1933 Act”), or
unless an exemption from such registration is available, and that the
certificate(s) representing the Shares may bear a legend to that effect.  Optionee understands that the Company is under
no obligation to register the Shares and that an exemption may not be available
or may not permit Optionee to transfer Shares in the amounts or at the times
proposed by Optionee.

 

4.             Tax
Consequences.  Optionee understands
that Optionee may suffer adverse tax consequences as a result of Optionee’s
purchase or disposition of the Shares. Optionee represents that Optionee has
consulted with any tax consultant(s) Optionee deems advisable in connection
with the purchase or disposition of the Shares and that Optionee is not relying
on the Company for any tax advice.

 

5.             Delivery
of Payment.  Optionee herewith
delivers to the Company the aggregate purchase price for the Shares that
Optionee has elected to purchase and has made provision for the payment of any
federal or state withholding taxes required to be paid or withheld by the
Company.

 

6.             Entire
Agreement.  The Agreement is
incorporated herein by reference. This Exercise Notice and the Agreement
constitute the entire agreement of the parties and supersede in their entirety
all prior undertakings and agreements of the Company and Optionee with respect
to the subject matter hereof.  This
Exercise Notice and the Agreement are governed by California law except for
that body of law pertaining to conflict of laws.

 

[Signatures
follow]

 

 

	
  Submitted by:  

  	
   

  	
  Accepted by:

  
	
   

  	
   

  	
   

  
	
  OPTIONEE:

  	
   

  	
  SYMMETRICOM, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
  Its:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  Dated:

  	
   

  
						

 

2

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