Document:

Form of Notice of Stock Option Grant and Stock Option Agreement

 Exhibit 10.5 
 OVERLAND STORAGE, INC. 
 2009 EQUITY INCENTIVE PLAN 
 NOTICE OF STOCK OPTION GRANT 
 (DIRECTOR, LIMITED TRANSFERABILITY) 
 You have been granted the
following option to purchase shares of the Common Stock of Overland Storage, Inc. (the “Company”): 
  

			
	Name of Optionee:	  	
		
	Total Number of Shares:	  	
		
	Type of Option:	  	Non-Qualified Stock Option
		
	Exercise Price Per Share:	  	$
		
	Date of Grant:	  	
		
	Vesting Commencement Date:	  	
		
	Vesting Schedule:	  	This option becomes exercisable with respect to the first [____]% of the Shares subject to this option when you complete [____] months of continuous “Service” (as defined
in the Plan) from the Vesting Commencement Date. Thereafter, this option becomes exercisable with respect to an additional [____]% of the Shares subject to this option when you complete each month of Service.
		
	Expiration Date:	  	[____________] [____], 20[____]. This option expires earlier if your Service terminates earlier, as described in the Stock Option Agreement.

 You and the Company agree that this option is granted under and governed by the terms and conditions of the 2009 Equity Incentive Plan (the
“Plan”) and the Stock Option Agreement, both of which are attached to and made a part of this document. 
 You further agree that the
Company may deliver by email all documents relating to the Plan or this option (including, without limitation, prospectuses required by the Securities and Exchange Commission) and all other documents that the Company is required to deliver to its
security holders (including, without limitation, annual reports and proxy statements). You also agree that the Company may deliver these documents by posting them on a web site maintained by the Company or by a third party under contract with the
Company. If the Company posts these documents on a web site, it will notify you by email. 
  

									
	Optionee	 		 	Overland Storage, Inc.
				
	 	 		 	By:	 	 
		 		 		 	Title:	 	 

 OVERLAND STORAGE, INC. 
 2009 EQUITY INCENTIVE PLAN 
 STOCK OPTION AGREEMENT 
  

			
	Tax Treatment	  	This option is intended to be a nonstatutory stock option.
		
	Vesting	  	 This option becomes exercisable in installments, as shown in the Notice of Stock Option Grant. In addition, this option becomes
exercisable in full if either of the following events occurs:
  
 •      Your Service terminates because of total and permanent disability, or death, or
  

•      The Company is subject to a “Change in Control” (as defined
in the Plan) before your Service terminates.
  
 This option will in no event
become exercisable for additional shares after your Service has terminated for any reason.

		
	Term	  	This option expires in any event at the close of business at Company headquarters on the 10th anniversary of the Date of Grant, as shown in the Notice of Stock Option Grant, or if such anniversary date would fall
on a day when Company headquarters are not open for business, at the close of business at Company headquarters on the last business day before such anniversary date. (It will expire earlier if your Service terminates, as described
below.)
		
	Regular Termination	  	If your Service terminates for any reason except death or total and permanent disability, then this option will expire at the close of business at Company headquarters on the date
three months after your termination date, or if such expiration date would fall on a day when Company headquarters are not open for business, at the close of business at Company headquarters on the last business day before such expiration date. The
Company determines when your Service terminates for this purpose.
		
	Death	  	If you die before your Service terminates, then this option will expire at the close of business at Company headquarters on the date 12 months after the date of death, or if such
expiration date would fall on a day when Company headquarters are not open for business, at the close of business at Company headquarters on the last business day before such expiration date.

			
	Disability	  	 If your Service terminates because of your total and permanent disability, then this option will expire at the close of business at
Company headquarters on the date 12 months after your termination date, or if such expiration date would fall on a day when Company headquarters are not open for business, at the close of business at Company headquarters on the last business day
before such expiration date.
  
 For all purposes under this Agreement,
“total and permanent disability” means that you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted, or
can be expected to last, for a continuous period of not less than one year.

		
	Restrictions on Exercise	  	The Company will not permit you to exercise this option if the issuance of shares at that time would violate any “Applicable Law” (as defined in the
Plan).
		
	Notice of Exercise	  	 When you wish to exercise this option, you may select one of the following:
  
 •      If
you have established an account with E*Trade (www.etrade.com, (800) 838-0908), or such other or substitute employee stock option plan administrative service as the Company may elect to engage (such stock option administrative service being the
“Plan Agency”), you may elect to exercise this option by utilizing the procedures established by the Plan Agency for exercise of this option. Such procedures may include provisions for execution of an electronic or a written notice stating
the number of shares to be purchased pursuant to this option and accompanied by delivery of an executed exercise agreement as implemented by the Plan Agency, and payment made in accordance with this Agreement and the Plan for the full purchase price
of the shares to be purchased. The “Committee” (as defined in the Plan) may from time to time establish further limitations and rules or procedures for exercise through the Plan Agency. The Company may also discontinue use of the Plan
Agency at any time, in which case you will be required to use the exercise procedure described below.
  
 •      Notify the Company by filing the proper “Exercise Notice” form
at the address given on the form. Your notice must specify how many shares you wish to purchase. Your notice must also specify how your shares should be registered.

			
		  	 Exercise through the Plan Agency will be effective in accordance with the policies and procedures of the Plan Agency. An “Exercise
Notice” filed with the Company will be effective when the Company receives it together with payment made in accordance with this Agreement and the Plan for the full purchase price of the shares to be purchased.
  
 If another person wants to exercise this option after it has been transferred to him or
her (a “Transferee”), that person must prove to the Company’s satisfaction that he or she is entitled to exercise this option, and must then select one of the exercise alternatives specified above; provided that exercise by a
Transferee may not be available through the Plan Agency, and if it is available, such exercise may require additional procedures or documentation established by the Company or the Plan Agency.

		
	Form of Payment	  	 When you exercise your option, you must pay the option exercise price for the shares that you are purchasing. Payment may be made in one
or a combination of the following forms:
  
 •      Your personal check, a cashier’s check or a money order.
  
 •      Irrevocable directions to a securities broker (such as the Plan Agency)
approved by the Company to sell all or part of your option shares and to deliver to the Company from the sale proceeds an amount sufficient to pay the option exercise price and any withholding taxes. (The balance of the sale proceeds, if any, will
be delivered to you.) This procedure will be permitted only if you utilize the services of the Plan Agency, or another securities broker pre-approved by the Company in its sole discretion. You will not be permitted to use this procedure if you are
an “Officer” or “Director” (each as defined in the Plan) and this procedure would be deemed an extension of credit or the arranging of an extension of credit in the form of a personal loan by the Company.

		
	Withholding Taxes and Stock Withholding	  	You will not be allowed to exercise this option unless you make arrangements acceptable to the Company to pay any withholding taxes that may be due as a result of the option
exercise. With the Company’s consent, these arrangements may include withholding shares of Company stock that otherwise would be issued to you when you exercise this option. The value of these shares, determined as of the effective date of the
option exercise, will be applied to the withholding taxes.

			
	Restrictions on Resale	  	You agree not to sell any option shares at a time when Applicable Law, Company policies or an agreement between the Company and its underwriters prohibit a sale. This restriction
will apply as long as your Service continues and for such period of time after the termination of your Service as the Company may specify.
		
	Transfer of Option	  	 In general, only you may exercise this option prior to your death. You may not transfer or assign this option, unless one of the
provisions below applies. For instance, you may not sell this option or use it as security for a loan. If you attempt to do any of these things, this option will immediately become invalid. You may, however, dispose of this option in your will or in
a beneficiary designation.
  
 The Committee may, in its sole discretion,
allow you to transfer this option as a gift to one or more family members. For purposes of this Agreement, “family member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece,
nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law (including adoptive relationships), any individual sharing your household (other than a tenant or employee), a trust in which one or more of these
individuals have more than 50% of the beneficial interest, a foundation in which you or one or more of these persons control the management of assets, and any entity in which you or one or more of these persons own more than 50% of the voting
interest.
  
 Regardless of any marital property settlement agreement, the
Company is not obligated to honor a notice of exercise from your former spouse, nor is the Company obligated to recognize your former spouse’s interest in your option in any other way, except pursuant to a Domestic Relations Order.

 
 The Committee will allow you to transfer this option only if both you and the
transferee(s) execute the forms prescribed by the Committee, which include the consent of the transferee(s) to be bound by this Agreement.

		
	Retention Rights	  	Your option or this Agreement does not give you the right to be retained by the Company or a subsidiary of the Company in any capacity. The Company and its subsidiaries reserve the
right to terminate your Service at any time, with or without cause.

			
	Shareholder Rights	  	You, or your estate or heirs, have no rights as a shareholder of the Company until you have exercised this option by giving the required notice to the Company and paying the
exercise price. No adjustments are made for dividends or other rights if the applicable record date occurs before you exercise this option, except as described in the Plan.
		
	Adjustments	  	In the event of a stock split, a stock dividend or a similar change in Company stock, the number of shares covered by this option and the exercise price per share may be adjusted
pursuant to the Plan.
		
	Governing Law	  	This Agreement will be interpreted and enforced under the laws of the State of California (without regard to its choice-of-law provisions).
		
	The Plan and Other Agreements	  	 The text of the Plan is incorporated in this Agreement by reference.
  
 This Agreement and the Plan constitute the entire understanding between you and the
Company regarding this option. Any prior agreements, commitments or negotiations concerning this option are superseded. This Agreement may be amended only by another written agreement between the parties.

 By signing the cover sheet of this Agreement, you agree 
 to all of the terms and conditions described above and in the Plan.Form of Notice of Restricted Stock Award and Restricted Stock Agreement

 Exhibit 10.6 
 Overland Storage, Inc. 
 2009 Equity Incentive Plan

 Notice of Restricted Stock Award 
 You have been granted restricted shares of Common Stock of Overland Storage, Inc. (the “Company”) on the following terms: 
  

			
	Name of Recipient:	  	
		
	Total Number of Shares Granted:	  	
		
	Fair Market Value per Share:	  	$
		
	Total Fair Market Value of Award:	  	$
		
	Date of Grant:	  	
		
	Vesting Commencement Date:	  	
		
	Vesting Schedule:	  	The first [_____]% of the shares subject to this award vest when you complete [____] months of continuous “Service” (as defined in the Plan) from the Vesting
Commencement Date. Thereafter, an additional [_____]% of the shares subject to this award vest when you complete each month of Service.

 You and the Company agree that these shares are granted under and governed by the terms and
conditions of the Overland Storage, Inc. 2009 Equity Incentive Plan (the “Plan”) and the Restricted Stock Agreement, which is attached to and made a part of this document. 
 You further agree that the Company may deliver by email all documents relating to the Plan or this award (including, without limitation, prospectuses required by the Securities and Exchange Commission)
and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements). You also agree that the Company may deliver these documents by posting them on a web site
maintained by the Company or by a third party under contract with the Company. If the Company posts these documents on a web site, it will notify you by email. 
  

									
	Optionee:	 		 	Overland Storage, Inc.
				
	 	 		 	By:	 	 
		 		 		 	Title:	 	 

  

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 Overland Storage, Inc. 
 2009 Equity Incentive Plan 
 Restricted Stock
Agreement 
  

			
	Payment for Shares	  	No payment is required for the shares that you are receiving.
		
	Vesting	  	The shares that you are receiving will vest in installments, as shown in the Notice of Restricted Stock Award. In addition, the shares vest in full if either of the following events
occurs:
		
		  	 •        Your Service terminates because of your “Disability” (as defined
in the Plan), or death, or

		
		  	 •        [The Company is subject to a “Change in Control” (as defined in
the Plan) before your Service terminates] or [The Company is subject to a “Change in Control” (as defined in the Plan) before your Service terminates, and you are subject to an “Involuntary Termination” (as defined in the Plan)
within [12][24] months after the Change in Control.]

		
		  	No additional shares vest after your Service has terminated for any reason.
		
	Shares Restricted	  	Unvested shares will be considered “Restricted Shares.” You may not sell, transfer, pledge or otherwise dispose of any Restricted Shares without the written consent of the
Company, except as provided in the next sentence. You may transfer Restricted Shares to your spouse, children or grandchildren or to a trust established by you for the benefit of yourself or your spouse, children or grandchildren, or pursuant to a
Domestic Relations Order. However, a transferee of Restricted Shares must agree in writing on a form prescribed by the Company to be bound by all provisions of this Agreement.
		
	Forfeiture	  	If your Service terminates for any reason, then your shares will be forfeited to the extent that they have not vested before the termination date and do not vest as a result of the
termination. This means that the Restricted Shares will immediately revert to the Company. You receive no payment for Restricted Shares that are forfeited.
		
		  	The Company determines when your Service terminates for this purpose.

  

 -2- 

			
	Leaves of Absence and Part-Time Work	  	For purposes of this award, your Service does not terminate when you go on a military leave, a sick leave or another bona fide leave of absence, if the leave was approved by
the Company in writing and if continued crediting of Service is required by applicable law, the Company’s leave of absence policy or the terms of your leave. But your Service terminates when the approved leave ends, unless you immediately
return to active work.
		
		  	If you go on a leave of absence, then the vesting schedule specified in the Notice of Restricted Stock Award may be adjusted in accordance with the Company’s leave of absence
policy or the terms of your leave. If you commence working on a part-time basis, then the vesting schedule specified in the Notice of Restricted Stock Award may be adjusted in accordance with the Company’s part-time work policy or the terms of
an agreement between you and the Company pertaining to your part-time schedule.
		
	Stock Certificates	  	The certificates for Restricted Shares have stamped on them a special legend referring to the Company’s right of repurchase. In addition to or in lieu of imposing the legend,
the Company may hold the certificates in escrow. As your vested percentage increases, you may request (at reasonable intervals) that the Company release to you a non-legended certificate for your vested shares.
		
	Voting Rights	  	You may vote your shares even before they vest.
		
	Withholding Taxes	  	No stock certificates will be released to you unless you have made acceptable arrangements to pay any withholding taxes that may be due as a result of this award or the vesting of
the shares. With the Company’s consent, these arrangements may include (a) withholding shares of Company stock that otherwise would be issued to you when they vest or (b) surrendering shares that you previously acquired. The fair market value
of the shares you surrender, determined as of the date when taxes otherwise would have been withheld in cash, will be applied as a credit against the withholding taxes.
		
	Restrictions on Resale	  	You agree not to sell any shares at a time when Applicable Law, Company policies or an agreement between the Company and its underwriters prohibit a sale. This restriction will
apply as long as your Service continues and for such period of time after the termination of your Service as the Company may specify.

  

 -3- 

			
	No Retention Rights	  	Your award or this Agreement does not give you the right to be employed or retained by the Company or a subsidiary of the Company in any capacity. The Company and its subsidiaries
reserve the right to terminate your Service at any time, with or without cause.
		
	Adjustments	  	In the event of a stock split, a stock dividend or a similar change in Company stock, the number of your shares will be adjusted accordingly, as the Company may determine pursuant
to the Plan.
		
	Beneficiary Designation	  	You may dispose of your shares in a written beneficiary designation. A beneficiary designation must be filed with the Company on the proper form. It will be recognized only if it
has been received at the Company’s headquarters before your death. If you file no beneficiary designation or if none of your designated beneficiaries survives you, then your estate will receive any vested shares that you hold at the time of
your death.
		
	Governing Law	  	This Agreement will be interpreted and enforced under the laws of the State of California (without regard to its choice-of-law provisions).
		
	The Plan and Other Agreements	  	 The text of the Plan is incorporated in this Agreement by reference.
  
 This Agreement and the Plan constitute the entire understanding between you and the
Company regarding this award. Any prior agreements, commitments or negotiations concerning this award are superseded. This Agreement may be amended only by another written agreement between the parties.

 By signing the cover sheet of this Agreement, you agree to all of the terms and
conditions 
 described above and in the Plan. 
  

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