Document:

Exhibit 10.24

 

QUICKLOGIC CORPORATION

 

2009 STOCK PLAN

 

1.             Purposes
of the Plan.  The
purposes of this 2009 Stock Plan are:

 

·      to attract and retain the
best available personnel for positions of substantial responsibility;

 

·      to provide additional
incentive to Employees, Directors and Consultants; and

 

·      to promote the success of
the Company’s business.

 

Options granted under the
Plan may be Incentive Stock Options or Nonstatutory Stock Options, as
determined by the Administrator at the time of grant. Stock Appreciation
Rights, Restricted Stock and Restricted Stock Units may also be granted under
the Plan.

 

2.             Definitions.  As used herein, the following definitions
shall apply:

 

(a)           “Administrator” means the Board or any Committee as shall be
administering the Plan, in accordance with Section 4 of the Plan.

 

(b)           “Applicable Laws” means the requirements relating to the
administration of equity-based awards under U. S. state corporate laws, U.S.
federal and state securities laws, the Code, any stock exchange or quotation
system on which the Common Stock is listed or quoted and the applicable laws of
any foreign country or jurisdiction where Awards are, or will be, granted under
the Plan.

 

(c)           “Award” means, individually or collectively, a grant under
the Plan of Options, Stock Appreciation Rights, Restricted Stock or Restricted
Stock Units.

 

(d)           “Award Agreement” means the written or electronic agreement
setting forth the terms and provisions applicable to each Award granted under
the Plan. The Award Agreement is subject to the terms and conditions of the
Plan and the Notice of Grant.

 

(e)           “Board” means the Board of Directors of the Company.

 

(f)            “Code” means the Internal Revenue Code of 1986, as amended.
Any reference to a section of the Code herein shall be a reference to any
successor or amended section of the Code.

 

(g)           “Committee” means a committee of Directors or other
individuals satisfying Applicable Laws appointed by the Board in accordance
with Section 4 of the Plan.

 

(h)           “Common Stock” means the common stock of the Company.

 

(i)            “Company” means QuickLogic Corporation, a Delaware
corporation.

 

(j)            “Consultant” means any person, including an advisor, engaged
by the Company or a Parent or Subsidiary to render services to such entity.

 

(k)           “Director” means a member of the Board.

 

(l)            “Disability” means total and permanent disability as defined
in Section 22(e)(3) of the Code.

 

(m)          “Employee” means any person, including Officers and
Directors, employed by the Company or any Parent or Subsidiary of the Company. A
Service Provider shall not cease to be an Employee in the case of (i) any
leave of absence approved by the Company or (ii) transfers between
locations of the Company or between the Company, its Parent, any Subsidiary, or
any successor. For purposes of Incentive Stock Options, no such leave may
exceed three (3) months, unless reemployment upon expiration of such leave
is guaranteed by statute or contract. If

 

1

 

reemployment upon expiration
of a leave of absence approved by the Company is not so guaranteed, then six (6) months
following the first (1st) day of such
leave, any Incentive Stock Option held by the Optionee shall cease to be
treated as an Incentive Stock Option and shall be treated for tax purposes as a
Nonstatutory Stock Option. Neither service as a Director nor payment of a
director’s fee by the Company shall be sufficient to constitute “employment” by
the Company.

 

(n)           “Exchange Act” means the Securities Exchange Act of 1934, as
amended.

 

(o)           “Fair Market Value” means, as of any date, the value of
Common Stock determined as follows:

 

(i)            If the Common Stock is
listed on any established stock exchange or a national market system, including
without limitation the Nasdaq Global Market, the Nasdaq Global Select Market or
the Nasdaq Capital Market, its Fair Market Value shall be the closing sales
price for such stock (or the closing bid, if no sales were reported) as quoted
on such exchange or system for the last market trading day on or before the day
of determination, as reported in The Wall
Street Journal or such other source as the Administrator deems
reliable;

 

(ii)           If the Common Stock is
regularly quoted by a recognized securities dealer but selling prices are not
reported, the Fair Market Value of a Share of Common Stock shall be the mean
between the high bid and low asked prices for the Common Stock on the last
market trading day on or before the day of determination, as reported in The Wall Street Journal or such other
source as the Administrator deems reliable; or

 

(iii)          In the absence of an
established market for the Common Stock, the Fair Market Value shall be
determined in good faith by the Administrator.

 

(p)           “Incentive Stock Option” means an Option that by its terms
qualifies and is otherwise intended to qualify as an incentive stock option
within the meaning of Section 422 of the Code and the regulations
promulgated thereunder.

 

(q)           “Nonstatutory Stock Option” means an Option that by its terms
does not qualify or is not intended to qualify as an Incentive Stock Option.

 

(r)            “Notice of Grant” means a written or electronic notice
evidencing certain terms and conditions of an individual Award. The Notice of
Grant is part of the Award Agreement.

 

(s)           “Officer” means a person who is an officer of the Company
within the meaning of Section 16 of the Exchange Act and the rules and
regulations promulgated thereunder.

 

(t)            “Option” means a stock option granted pursuant to the Plan.

 

(u)           “Option Agreement” means an agreement between the Company and
an Optionee evidencing the terms and conditions of an individual Option grant.
The Option Agreement is subject to the terms and conditions of the Plan and the
Notice of Grant.

 

(v)           “Option Exchange Program” means a program whereby outstanding
Options are surrendered in exchange for Options with a lower exercise price.

 

(w)          “Optioned Stock” means the Common Stock subject to an Award.

 

(x)            “Optionee” means the holder of an outstanding Option granted
under the Plan.

 

(y)           “Parent” means a “parent corporation,” whether now or
hereafter existing, as defined in Section 424(e) of the Code.

 

(z)            “Participant” means the holder of an outstanding Award
granted under the Plan.

 

2

 

(aa)         “Performance Goals” means the goal(s) (or combined
goal(s)) determined by the Administrator (in its discretion) to be applicable
to a Participant with respect to an Award. As determined by the Administrator,
the performance measures for any performance period will be any one or more of
the following objective performance criteria, applied to either the Company as
a whole or, except with respect to shareholder return metrics, to a region,
business unit, affiliate or business segment, and measured either on an
absolute basis or relative to a pre-established target, to a previous period’s
results or to a designated comparison group, and, with respect to financial
metrics, which may be determined in accordance with United States Generally
Accepted Accounting Principles (“GAAP”), in accordance with accounting
principles established by the International Accounting Standards Board (“IASB
Principles”) or which may be adjusted when established to exclude any items
otherwise includable under GAAP or under IASB Principles: (i) cash flow
(including operating cash flow or free cash flow), (ii) revenue (on an
absolute basis or adjusted for currency effects), (iii) gross margin, (iv) operating
expenses or operating expenses as a percentage of revenue, (v) earnings
(which may include earnings before interest and taxes, earnings before taxes
and net earnings), (vi) earnings per share, (viii) stock price, (ix) return
on equity, (x) total shareholder return, (xi) growth in shareholder
value relative to the moving average of the S&P 500 Index or another
index, (xii) return on capital, (xiii) return on assets or net
assets, (xiv) return on investment, (xv) economic value added,
(xvi) operating profit or net operating profit, (xvii) operating
margin, (xix) market share, (xx) contract awards or backlog,
(xxi) overhead or other expense reduction, (xxii) credit rating,
(xxvi) objective customer indicators, (xxvii) new product invention
or innovation, (xxviii) attainment of research and development milestones,
(xxix) improvements in productivity, (xxx) attainment of objective operating
goals, and (xxxi) objective employee metrics.

 

(bb)         “Plan” means this QuickLogic Corporation 2009 Stock Plan.

 

(cc)         “Restricted Stock” means Shares issued pursuant to an Award
of Restricted Stock under 12 of the Plan, or issued pursuant to the early
exercise of an Option.

 

(dd)         “Restricted Stock Purchase Agreement” means a written or
electronic agreement between the Company and the Participant evidencing the
terms and restrictions applying to Shares purchased under a Restricted Stock
award. The Restricted Stock Purchase Agreement is subject to the terms and
conditions of the Plan and the Notice of Grant.

 

(ee)         “Restricted Stock Unit” means a bookkeeping entry
representing an amount equal to the Fair Market Value of one Share, granted
pursuant to Section 13. Each Restricted Stock Unit represents an unfunded
and unsecured obligation of the Company.

 

(ff)           “Restricted Stock Unit Agreement” means a written or
electronic agreement between the Company and the Participant evidencing the
terms and restrictions applying to an individual grant of Restricted Stock
Units. The Restricted Stock Unit Agreement is subject to the terms and
conditions of the Plan and the Notice of Grant.

 

(gg)         “Rule 16b-3” means Rule 16b-3 of the Exchange Act
or any successor to Rule 16b-3, as in effect when discretion is being
exercised with respect to the Plan.

 

(hh)         “Section 16(b)” means Section 16(b) of the
Exchange Act.

 

(ii)           “Service Provider” means an Employee, Director or Consultant.

 

(jj)           “Share” means a share of the Common Stock, as adjusted in
accordance with Section 15 of the Plan.

 

(kk)         “Stock Appreciation Right” or “SAR” means an Award, granted
alone or in connection with a related Option, that pursuant to Section 11
is designated as a SAR.

 

3

 

(ll)           “Stock Appreciation Right Agreement” means a written or
electronic agreement between the Company and the Participant evidencing the
terms and restrictions applying to Shares purchased under a SAR. The Stock
Appreciation Right Agreement is subject to the terms and conditions of the Plan
and the Notice of Grant.

 

(mm)       “Subsidiary” means a “subsidiary corporation”, whether now or
hereafter existing, as defined in Section 424(f) of the Code.

 

3.             Stock
Subject to the Plan.

 

(a)           Subject to the provisions of
Section 15 of the Plan, the maximum aggregate number of Shares which may
be awarded and sold under the Plan is 2,500,000 Shares plus any Shares subject
to any outstanding options or similar awards granted under the Company’s 1999
Stock Plan (the “1999 Plan”) that subsequently expire or otherwise terminate
without having been exercised in full and Shares issued pursuant to awards
granted under the 1999 Plan that are forfeited to or repurchased by the
Company, up to a maximum of an additional 7,500,000 Shares. The Shares may be
authorized, but unissued, or reacquired Common Stock.

 

(b)           Lapsed
Awards.  If an Award expires or becomes
unexercisable without having been exercised in full, or with respect to
Restricted Stock or Restricted Stock Units, is forfeited to or repurchased by
the Company due to failure to vest, the unpurchased or unissued Shares (or for
Awards other than Options or SARs, the forfeited or repurchased Shares) which
were subject thereto shall become available for future grant or sale under the
Plan (unless the Plan has terminated). Upon exercise of a SAR settled in
Shares, the gross number of Shares covered by the portion of the Award so
exercised will cease to be available under the Plan. Shares that have actually
been issued under the Plan shall not be returned to the Plan and shall not
become available for future distribution under the Plan; provided, however,
that if unvested Shares issued pursuant to Awards of Restricted Stock or
Restricted Stock Units are repurchased by the Company at their original
purchase price or are forfeited to the Company due to the failure to vest, such
Shares will become available for future grant under the Plan. Shares used to
pay the exercise price of an Award or to satisfy the tax withholding obligations
related to an Award will not become available for future grant or sale under
the Plan. To the extent an Award under the Plan is paid out in cash rather than
Shares, such cash payment will not result in reducing the number of Shares
available for issuance under the Plan. Notwithstanding the foregoing and,
subject to adjustment as provided in Section 15, the maximum number of
Shares that may be issued upon the exercise of Incentive Stock Options will
equal the aggregate Share number stated in the immediately preceding paragraph
above, plus, to the extent allowable under Code Section 422 and the
Treasury Regulations promulgated thereunder, any Shares that become available
for issuance under the Plan pursuant to this paragraph.

 

4.             Administration
of the Plan.

 

(a)           Procedure.

 

(i)            Multiple
Administrative Bodies.  The
Plan may be administered by different Committees with respect to different
groups of Service Providers.

 

(ii)           Section 162(m).  To the extent that the Administrator
determines it to be desirable to qualify Awards granted hereunder as “performance-based
compensation” within the meaning of Section 162(m) of the Code, the
Plan shall be administered by a Committee of two or more “outside directors”
within the meaning of Section 162(m) of the Code.

 

4

 

(iii)          Rule 16b-3.  To the extent desirable to qualify
transactions hereunder as exempt under Rule 16b-3, the transactions
contemplated hereunder shall be structured to satisfy the requirements for
exemption under Rule 16b-3.

 

(iv)          Other
Administration.  Other than
as provided above, the Plan shall be administered by (A) the Board or (B) a
Committee, which committee shall be constituted to satisfy Applicable Laws.

 

(v)           Delegation
of Authority for Day-to-Day Administration.  Except to the extent prohibited by Applicable
Laws, the Administrator may delegate to one or more individuals the day-to-day
administration of the Plan and any of the functions assigned to it in this
Plan. Such delegation may be revoked at any time.

 

(b)           Powers of
the Administrator.  Subject to
the provisions of the Plan, and in the case of a Committee, subject to the
specific duties delegated by the Board to such Committee, the Administrator
shall have the authority, in its discretion:

 

(i)            to determine the Fair Market
Value;

 

(ii)           to select the Service
Providers to whom Awards may be granted hereunder;

 

(iii)          to determine the number of
shares of Common Stock to be covered by each Award granted hereunder;

 

(iv)          to approve forms of agreement
for use under the Plan;

 

(v)           to determine the terms and
conditions, not inconsistent with the terms of the Plan, of any Award relating
thereto granted hereunder. Such terms and conditions include, but are not
limited to, the exercise price, the time or times when Options or SARs may be
exercised (which may be based on performance criteria), any vesting
acceleration or waiver of forfeiture or repurchase restrictions, and any
restriction or limitation regarding any Award or the shares of Common Stock
relating thereto, based in each case on such factors as the Administrator, in
its sole discretion, shall determine;

 

(vi)          to construe and interpret
the terms of the Plan and Awards granted pursuant to the Plan;

 

(vii)         to prescribe, amend and
rescind rules and regulations relating to the Plan, including rules and
regulations relating to sub-plans established for the purpose of qualifying for
preferred tax treatment under foreign tax laws or satisfying applicable foreign
laws;

 

(viii)        to modify or amend each
Award (subject to Section 17(c) of the Plan), including the
discretionary authority to extend the post-termination exercisability period of
Options or SARs longer than is otherwise provided for in the Plan;

 

(ix)           to allow Participants to
satisfy withholding tax, Fringe Benefits Tax or National Insurance
Contributions tax obligations by electing to have the Company withhold from the
Shares or cash to be issued upon exercise or vesting of an Award that number of
Shares or cash having a Fair Market Value equal to the amount required to be
withheld. The Fair Market Value of the Shares to be withheld shall be
determined on the date that the amount of tax to be withheld is to be
determined. All elections by a Participant to have Shares or cash withheld for
this purpose shall be made in such form and under such conditions as the
Administrator may deem necessary or advisable;

 

(x)            to authorize any person to
execute on behalf of the Company any instrument required to effect the grant of
an Award previously granted by the Administrator; and

 

5

 

(xi)           to make all other
determinations deemed necessary or advisable for administering the Plan.

 

(c)           Effect of
Administrator’s Decision.  The
Administrator’s decisions, determinations and interpretations shall be final
and binding on all Participants and any other holders of an Award.

 

5.             Eligibility.  Nonstatutory Stock Options, Stock
Appreciation Rights, Restricted Stock and Restricted Stock Units may be granted
to Service Providers. Incentive Stock Options may be granted only to Employees.

 

6.             Limitations.

 

(a)           ISO
$100,000 Rule.  Each Option
shall be designated in the Option Agreement as either an Incentive Stock Option
or a Nonstatutory Stock Option. However, notwithstanding such designation, to
the extent that the aggregate Fair Market Value of the Shares with respect to
which Incentive Stock Options are exercisable for the first time by the
Optionee during any calendar year (under all plans of the Company and any
Parent or Subsidiary) exceeds $100,000, such Options shall be treated as
Nonstatutory Stock Options. For purposes of this Section 6(a), Incentive
Stock Options shall be taken into account in the order in which they were
granted. The Fair Market Value of the Shares shall be determined as of the time
the Option with respect to such Shares is granted.

 

(b)           No Rights
as a Service Provider. 
Neither the Plan nor any Award shall confer upon a Participant any right
with respect to continuing the Participant’s relationship as a Service Provider
with the Company, nor shall they interfere in any way with the right of the
Participant or the right of the Company or its Parent or Subsidiaries to
terminate such relationship at any time, with or without cause.

 

(c)           Section 162(m) Limitations.

 

(i)           Option and SAR Annual Share
Limit.  No Participant shall be
granted, in any fiscal year of the Company (“Fiscal Year”), Options and Stock
Appreciation Rights to purchase more than one million Shares; provided,
however, that such limit shall be two million Shares in connection with the
Participant’s initial service.

 

(ii)           Restricted
Stock Annual Limit.  No
Participant shall be granted, in any Fiscal Year, more than five hundred
thousand Shares of Restricted Stock; provided, however, that such limit shall
be one million Shares of Restricted Stock in connection with the Participant’s
initial service.

 

(iii)          Restricted
Stock Units Annual Limit.  No
Participant shall be granted, in any Fiscal Year, more than five hundred
thousand Restricted Stock Units; provided, however, that such limit shall be
one million Restricted Stock Units in connection with the Participant’s initial
service.

 

(iv)          Section 162(m) Performance
Restrictions.  For
purposes of qualifying grants of Restricted Stock or Restricted Stock Units as “performance-based
compensation” under Section 162(m) of the Code, the Administrator, in
its discretion, may set restrictions based upon the achievement of Performance
Goals. The Performance Goals shall be set by the Administrator on or before the
latest date permissible to enable the Restricted Stock or Restricted Stock
Units to qualify as “performance-based compensation” under Section 162(m) of
the Code. In granting Restricted Stock or Restricted Stock Units which are
intended to qualify under Section 162(m) of the Code, the
Administrator shall follow any procedures determined by it from time to time to
be necessary or appropriate to ensure qualification of the Award under Section 162(m) of
the Code (e.g., in determining the Performance Goals).

 

6

 

(v)           Cancellations.  If an Award is cancelled in the same fiscal
year of the Company in which it was granted (other than in connection with a
transaction described in Section 15), the cancelled Award will be counted
against the limits set forth in subsections (i), (ii) and (iii) above.
For this purpose, if the exercise price of an Award is reduced, the transaction
will be treated as a cancellation of the Award and the grant of a new Award.

 

(vi)          Changes in
Capitalization.  The
foregoing 162(m) limitations shall be adjusted proportionately in
connection with any change in the Company’s capitalization as described in Section 15(a).

 

7.             Term of
Plan.  Subject to Section 21 of
the Plan, the Plan shall become effective upon its adoption by the Board. It
will continue in effect for a term of ten (10) years unless sooner
terminated under Section 17 of the Plan.

 

8.             Term of
Option.  The term of each Option shall
be stated in the Option Agreement. In the case of an Incentive Stock Option,
the term shall be ten (10) years from the date of grant or such shorter
term as may be provided in the Option Agreement. Moreover, in the case of an
Incentive Stock Option granted to an Optionee who, at the time the Incentive
Stock Option is granted, owns stock representing more than ten percent (10%) of
the total combined voting power of all classes of stock of the Company or any
Parent or Subsidiary, the term of the Incentive Stock Option shall be five (5) years
from the date of grant or such shorter term as may be provided in the Option
Agreement.

 

9.             Option
Exercise Price and Consideration.

 

(a)           Exercise
Price.  The per share exercise price
for the Shares to be issued pursuant to exercise of an Option shall be
determined by the Administrator, subject to the following:

 

(i)            In the case of an Incentive
Stock Option

 

(A)          granted to an Employee who,
at the time the Incentive Stock Option is granted, owns stock representing more
than ten percent (10%) of the voting power of all classes of stock of the
Company or any Parent or Subsidiary, the per Share exercise price shall be no
less than 110% of the Fair Market Value per Share on the date of grant.

 

(B)           granted to any Employee
other than an Employee described in paragraph (A) immediately above,
the per Share exercise price shall be no less than 100% of the Fair Market
Value per Share on the date of grant.

 

(ii)           In the case of a
Nonstatutory Stock Option, the per Share exercise price shall be no less than
100% of the Fair Market Value per Share on the date of grant.

 

(iii)          Notwithstanding the
foregoing, Options may be granted with a per Share exercise price of less than
100% of the Fair Market Value per Share on the date of grant pursuant to a
merger or other corporate transaction described in, and in a manner consistent
with, Section 424(a) of the Code.

 

(b)           Waiting
Period and Exercise Dates.  At
the time an Option is granted, the Administrator shall fix the period within
which the Option may be exercised and shall determine any conditions which must
be satisfied before the Option may be exercised.

 

(c)           Form of
Consideration.  The
Administrator shall determine the acceptable form of consideration for
exercising an Option, including the method of payment. In the case of an
Incentive Stock Option, the Administrator shall determine the acceptable form
of consideration at

 

7

 

the time of grant. Such
consideration, to the extent permitted by Applicable Laws, may consist entirely
of:

 

(i)            cash;

 

(ii)           check;

 

(iii)          other Shares which 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;

 

(iv)          consideration received by
the Company under a cashless exercise program implemented by the Company in
connection with the Plan;

 

(v)           any combination of the
foregoing methods of payment; or

 

(vi)          such other consideration and
method of payment for the issuance of Shares to the extent permitted by
Applicable Laws.

 

10.           Exercise
of Option.

 

(a)           Procedure
for Exercise; Rights as a Shareholder.   Any Option granted hereunder shall be
exercisable according to the terms of the Plan and at such times and under such
conditions as determined by the Administrator and set forth in the Option
Agreement. An Option may not be exercised for a fraction of a Share.

 

An Option shall be deemed
exercised when the Company receives: (i) written or electronic notice of
exercise (in accordance with the Option Agreement) from the person entitled to
exercise the Option, and (ii) full payment for the Shares with respect to
which the Option is exercised. Full payment may consist of any consideration
and method of payment authorized by the Administrator and permitted by the
Option Agreement and the Plan. Shares issued upon exercise of an Option shall
be issued in the name of the Optionee or, if requested by the Optionee, in the
name of the Optionee and his or her spouse. Until the Shares are issued (as
evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company), no right to vote or receive
dividends or any other rights as a shareholder shall exist with respect to the
Optioned Stock, notwithstanding the exercise of the Option. The Company shall
issue (or cause to be issued) such Shares promptly after the Option is
exercised. No adjustment will be made for a dividend or other right for which
the record date is prior to the date the Shares are issued, except as provided
in Section 15 of the Plan.

 

Exercising an Option in any
manner shall decrease the number of Shares thereafter available, both for
purposes of the Plan and for sale under the Option, by the number of Shares as
to which the Option is exercised.

 

(b)           Termination
of Relationship as a Service Provider or Provision of Notice of Employment
Termination. If an Optionee (i) ceases to provide ongoing
service as a Service Provider (for any reason and regardless of any appropriate
court finding such termination unfair or irregular on any basis whatsoever),
other than upon the Optionee’s death or Disability, or (ii) is provided
with notice of termination of employment (for any reason and regardless of any
appropriate court finding the related termination unfair or irregular on any
basis whatsoever) and ceases to provide ongoing service during the notice
period, the Optionee may exercise his or her Option within such period of time
as is specified in the Option Agreement to the extent that the Option is vested
on the earlier of the date of such cessation as a Service Provider or the last
date of ongoing service after receiving a notice of termination of employment
or such later date as required by Applicable Laws (the earlier of these dates
or such later date required by Applicable Laws is referred to herein as the “Vesting
Cessation Date”, as reasonably fixed and determined by the Administrator), but
in no event later than the expiration of the term of such Option as set forth
in the Option Agreement. In the absence of a specified time in the Option
Agreement, the Option shall remain

 

8

 

exercisable for three (3) months
following the Vesting Cessation Date. If, on the Vesting Cessation Date, the
Optionee is not vested as to his or her entire Option, the Shares covered by
the unvested portion of the Option shall revert to the Plan (unless the
Administrator determines otherwise). At the sole discretion of Company, subject
to Applicable Laws, Grantee may be paid a lump sum for their cash compensation
in lieu of notice. If, after the Vesting Cessation Date, the Optionee does not
exercise his or her Option within the time specified by the Administrator, the
Option shall terminate, and the Shares covered by such Option shall revert to
the Plan.

 

(c)           Disability
of Optionee.  If an Optionee
ceases to be a Service Provider as a result of the Optionee’s Disability, the
Optionee may exercise his or her Option within such period of time as is
specified in the Option Agreement to the extent the Option is vested on the
date of termination (but in no event later than the expiration of the term of
such Option as set forth in the Option Agreement). In the absence of a
specified time in the Option Agreement, the Option shall remain exercisable for
twelve (12) months following the Optionee’s termination. If, on the date
of termination, the Optionee is not vested as to his or her entire Option, the
Shares covered by the unvested portion of the Option shall revert to the Plan.
If, after termination, the Optionee does not exercise his or her Option within
the time specified herein, the Option shall terminate, and the Shares covered
by such Option shall revert to the Plan.

 

(d)           Death of
Optionee.  If an
Optionee dies while a Service Provider, the Option may be exercised within such
period of time as is specified in the Option Agreement (but in no event later
than the expiration of the term of such Option as set forth in the Notice of
Grant), by the Optionee’s estate or by a person who acquires the right to
exercise the Option by bequest or inheritance, but only to the extent that the
Option is vested on the date of death. In the absence of a specified time in
the Option Agreement, the Option shall remain exercisable for twelve
(12) months following the Optionee’s termination. If, at the time of
death, the Optionee is not vested as to his or her entire Option, the Shares
covered by the unvested portion of the Option shall immediately revert to the
Plan. The Option may be exercised by the executor or administrator of the
Optionee’s estate or, if none, by the person(s) entitled to exercise the
Option under the Optionee’s will or the laws of descent or distribution. If the
Option is not so exercised within the time specified herein, the Option shall
terminate, and the Shares covered by such Option shall revert to the Plan.

 

11.           Stock
Appreciation Rights.

 

(a)           Grant of
SARs.  Subject to the terms and
conditions of the Plan, SARs may be granted to Service Providers at any time
and from time to time as shall be determined by the Administrator, in its sole
discretion. Subject to Section 6(c) hereof, the Administrator shall
have complete discretion to determine the number of SARs granted to any
Participant.

 

(b)           Exercise
Price and other Terms.  The
Administrator, subject to the provisions of the Plan, shall have complete
discretion to determine the terms and conditions of SARs granted under the
Plan; provided, however, that no SAR may have a term of more than ten (10) years
from the date of grant; provided, further that SARs may not have an exercise
price below 100% of the Fair Market Value of the underlying shares on the grant
date.

 

(c)           Payment of
SAR Amount.  Upon
exercise of a SAR, a Participant shall be entitled to receive payment from the
Company in an amount determined by multiplying.

 

(i)            The difference between the
Fair Market Value of a Share on the date of exercise over the exercise price;
times

 

(ii)           the number of Shares with
respect to which the SAR is exercised.

 

9

 

(d)           Payment
upon Exercise of SAR.  At the
discretion of the Administrator, payment for a SAR may be in cash, Shares or a
combination thereof.

 

(e)           SAR
Agreement.  Each SAR grant
shall be evidenced by a Stock Appreciation Right Agreement that shall specify
the exercise price, the term of the SAR, the conditions of exercise, and such
other terms and conditions as the Administrator, in its sole discretion, shall
determine.

 

(f)            Expiration
of SARs.  A SAR granted under
the Plan shall expire upon the date determined by the Administrator, in its
sole discretion, and set forth in the Stock Appreciation Right Agreement;
provided, however, that the term will be no more than ten (10) years from
the date of grant thereof. Notwithstanding the foregoing, the rules of Section 10
will also apply to SARs.

 

12.                                 Restricted
Stock.

 

(a)           Grant
of Restricted Stock.  Subject
to the terms and conditions of the Plan, Restricted Stock may be granted either
alone, in addition to, or in tandem with other awards granted under the Plan and/or
cash awards made outside of the Plan. After the Administrator determines that
it will offer Restricted Stock under the Plan, it shall advise the offeree in
writing or electronically, by means of a Notice of Grant, of the terms,
conditions and restrictions related to the grant, including the number of
Shares of Restricted Stock (subject to Section 6(c) hereof) granted
to the Participant and the conditions that must be satisfied, which typically
will be based principally or solely on continued provision of services but may
include a performance-based component, upon which is conditioned the grant or
vesting of Restricted Stock. The offer shall be accepted by execution of a
Restricted Stock Purchase Agreement in the form determined by the
Administrator.

 

(b)           Repurchase
Option.  Unless the
Administrator determines otherwise, the Restricted Stock Purchase Agreement
shall grant the Company a repurchase option exercisable upon and after the
Vesting Cessation Date or upon termination of the purchaser’s service with the
Company due to death or Disability. Unless the Administrator provides
otherwise, the purchase price for Shares repurchased pursuant to the Restricted
Stock Purchase Agreement shall be the original price paid by the purchaser and
may be paid by cancellation of any indebtedness of the purchaser to the
Company. The repurchase option shall lapse at a rate determined by the
Administrator.

 

(c)           Other
Provisions.  The Restricted
Stock Purchase Agreement shall contain such other terms, provisions and conditions
not inconsistent with the Plan as may be determined by the Administrator in its
sole discretion.

 

(d)           Rights
as a Shareholder.  Once the
Restricted Stock is granted, the Participant shall have the rights equivalent
to those of a shareholder, and shall be a shareholder when the grant is entered
upon the records of the duly authorized transfer agent of the Company. No
adjustment will be made for a dividend or other right for which the record date
is prior to the date the Restricted Stock is granted, except as provided in Section 15
of the Plan.

 

13.                                 Restricted
Stock Units.

 

(a)           Grant.  Restricted Stock Units may be granted at any
time and from time to time as determined by the Administrator. After the
Administrator determines that it will grant Restricted Stock Units under the
Plan, it shall advise the Participant in a Restricted Stock Unit Agreement of
the terms, conditions, and restrictions related to the grant, including the
number of Restricted Stock Units (subject to Section 6(c) hereof).

 

(b)           Vesting
Criteria and Other Terms.  The
Administrator shall set vesting criteria in its discretion, which, depending on
the extent to which the criteria are met, will determine the number of
Restricted Stock Units that will be paid out to the Participant. The Administrator
may set vesting criteria based upon the achievement of Company-wide, business
unit, or individual goals 

 

10

 

(including,
but not limited to, continued employment), or any other basis determined by the
Administrator in its discretion.

 

(c)           Earning
Restricted Stock Units.  Upon
meeting the applicable vesting criteria, the Participant shall be entitled to
receive a payout as determined by the Administrator. Notwithstanding the
foregoing, at any time after the grant of Restricted Stock Units, the
Administrator, in its sole discretion, may reduce or waive any vesting criteria
that must be met to receive a payout.

 

(d)           Form and
Timing of Payment.  Payment of
earned Restricted Stock Units shall be made as soon as practicable after the
date(s) determined by the Administrator and set forth in the Restricted
Stock Unit Agreement. The Administrator, in its sole discretion, may only
settle earned Restricted Stock Units in cash, Shares, or a combination of both.

 

(e)           Cancellation.  On the date set forth in the Restricted Stock
Unit Agreement, all unearned Restricted Stock Units shall be forfeited to the
Company.

 

14.                                 Non-Transferability
of Awards.  Unless determined
otherwise by the Administrator, an Award may not be sold, pledged, assigned,
hypothecated, transferred, or disposed of in any manner other than by will or
by the laws of descent or distribution and may be exercised, during the
lifetime of the Participant, only by the Participant. If the Administrator
makes an Award transferable, such Award shall contain such additional terms and
conditions as the Administrator deems appropriate. In no event may an Award
granted hereunder be transferred in exchange for consideration.

 

15.           Adjustments
Upon Changes in Capitalization, Dissolution, Merger or Asset Sale.

 

(a)           Changes
in Capitalization.  Subject to
any required action by the shareholders of the Company, the number of shares of
Common Stock covered by each outstanding Award, and the number of shares of
Common Stock which have been authorized for issuance under the Plan but as to
which no Awards have yet been granted or which have been returned to the Plan
upon cancellation, expiration, repurchase or forfeiture of an Award, as well as
the price per share of Common Stock covered by each such outstanding Award and
the Section 162(m) annual share issuance limits under Section 6(c),
shall be proportionately adjusted for any increase or decrease in the number of
issued shares of Common Stock resulting from a stock split, reverse stock
split, stock dividend, combination or reclassification of the Common Stock, or
any other increase or decrease in the number of issued shares of Common Stock
effected without receipt of consideration by the Company; provided, however, that
conversion of any convertible securities of the Company shall not be deemed to
have been “effected without receipt of consideration.” Such adjustment shall be
made by the Board, whose determination in that respect shall be final, binding
and conclusive. Except as expressly provided herein, no issuance by the Company
of shares of stock of any class, or securities convertible into shares of stock
of any class, shall affect, and no adjustment by reason thereof shall be made
with respect to, the number or price of shares of Common Stock subject to an
Award.

 

(b)           Dissolution
or Liquidation.  In the event
of the proposed dissolution or liquidation of the Company, the Administrator
shall notify each Participant as soon as practicable prior to the effective
date of such proposed transaction. The Administrator in its discretion may
provide for a Participant to have the right to exercise his or her Option or
SAR until ten (10) days prior to such transaction as to all of the
Optioned Stock covered thereby, including Shares as to which the Option would
not otherwise be exercisable. In addition, the Administrator may provide that
any Company repurchase option or forfeiture rights applicable to any Award
shall lapse 100% , and that any Award vesting shall accelerate 100%, provided
the proposed dissolution or liquidation takes place at the time and in the
manner contemplated. To the extent it has not been previously exercised, or,
with respect to Restricted Stock, all restrictions have not lapsed, or, with
respect to a 

 

11

 

Restricted
Stock Unit, all units have not vested, an Award will terminate immediately
prior to the consummation of such proposed action.

 

(c)           Merger
or Asset Sale.

 

(i)            Stock
Options and SARs.  In the
event of a merger of the Company with or into another corporation, or the sale
of substantially all of the assets of the Company, each outstanding Option and
SAR shall be assumed or an equivalent option or SAR substituted by the
successor corporation or a Parent or Subsidiary of the successor corporation.
In the event that the successor corporation refuses to assume or substitute for
the Option or SAR, the Participant shall fully vest in and have the right to
exercise the Option or SAR as to all of the Optioned Stock, including Shares as
to which it would not otherwise be vested or exercisable. If an Option or SAR
becomes fully vested and exercisable in lieu of assumption or substitution in
the event of a merger or sale of assets, the Administrator shall notify the
Participant in writing or electronically that the Option or SAR shall be fully
vested and exercisable for a period of fifteen (15) days from the date of
such notice, and the Option or SAR shall terminate upon the expiration of such
period, or such earlier date as specified in the Award Agreement. For the
purposes of this paragraph, the Option or SAR shall be considered assumed if,
following the merger or sale of assets, the option or stock appreciation right
confers the right to purchase or receive, for each Share of Optioned Stock
subject to the Option or SAR immediately prior to the merger or sale of assets,
the consideration (whether stock, cash, or other securities or property)
received in the merger or sale of assets by holders of Common Stock for each
Share held on the effective date of the transaction (and if holders were
offered a choice of consideration, the type of consideration chosen by the
holders of a majority of the outstanding Shares); provided, however, that if
such consideration received in the merger or sale of assets is not solely
common stock of the successor corporation or its Parent, the Administrator may,
with the consent of the successor corporation, provide for the consideration to
be received upon the exercise of the Option or SAR, for each Share of Optioned
Stock subject to the Option or SAR, to be solely common stock of the successor
corporation or its Parent equal in fair market value to the per share
consideration received by holders of Common Stock in the merger or sale of assets.

 

(ii)           Restricted
Stock and Restricted Stock Units. 
In the event of a merger of the Company with or into another
corporation, or the sale of substantially all of the assets of the Company,
each outstanding Restricted Stock and Restricted Stock Unit award shall be
assumed or an equivalent Restricted Stock or Restricted Stock Unit award
substituted by the successor corporation or a Parent or Subsidiary of the
successor corporation. In the event that the successor corporation refuses to
assume or substitute for the Restricted Stock or Restricted Stock Unit award,
the Participant shall fully vest in the Restricted Stock Unit, including shares
which would not otherwise be vested, and all restrictions on Restricted Stock
will lapse immediately prior to the closing date of the transaction. For the
purposes of this paragraph, a Restricted Stock or Restricted Stock Unit award
shall be considered assumed if, following the merger or sale of assets, the
award confers the right to purchase or receive, for each Share subject to the
Restricted Stock or Restricted Stock Unit award immediately prior to the merger
or sale of assets, the consideration (whether stock, cash, or other securities
or property) received in the merger or sale of assets by holders of Common
Stock for each Share held on the effective date of the transaction (and if
holders were offered a choice of consideration, the type of consideration
chosen by the holders of a majority of the outstanding Shares); provided,
however, that if such consideration received in the merger or sale of assets is
not solely 

 

12

 

common stock
of the successor corporation or its Parent, the Administrator may, with the
consent of the successor corporation, provide for the consideration to be
received, for each Share subject to the Restricted Stock or Restricted Stock
Unit award, to be solely common stock of the successor corporation or its
Parent equal in fair market value to the per share consideration received by
holders of Common Stock in the merger or sale of assets.

 

16.                                 Date
of Grant.  The date of grant of an
Award shall be, for all purposes, the date on which the Administrator makes the
determination granting such Award, or such other later date as is determined by
the Administrator. Notice of the determination shall be provided to each
Participant within a reasonable time after the date of such grant.

 

17.                                 Amendment
and Termination of the Plan.

 

(a)           Amendment
and Termination.  The Board
may at any time amend, alter, suspend or terminate the Plan.

 

(b)           Shareholder
Approval.  The Company shall
obtain shareholder approval of any Plan amendment to the extent necessary and
desirable to comply with Applicable Laws.

 

(c)           Effect
of Amendment or Termination. 
No amendment, alteration, suspension or termination of the Plan shall
impair the rights of any Participant, unless mutually agreed otherwise between
the Participant and the Administrator, which agreement must be in writing and
signed by the Participant and the Company. Termination of the Plan shall not
affect the Administrator’s ability to exercise the powers granted to it
hereunder with respect to Awards granted under the Plan prior to the date of
such termination or Shares issued under the Plan.

 

The Company
will administer the Plan from the United States of America, and any disputes
will be settled in the U.S. according to U.S. law. This Plan and all awards are
governed by the internal substantive laws, but not the choice of law
principles, of the State of California, United States of America.

 

18.                                 Conditions
Upon Issuance of Shares.

 

(a)           Legal
Compliance.  Shares shall not
be issued pursuant to the exercise of an Option or Stock Appreciation Right or
pursuant to the vesting of a Restricted Stock or Restricted Stock Unit award
unless the exercise of such Option or Stock Appreciation Right or the vesting
of a Restricted Stock or Restricted Stock Unit award and the issuance and
delivery of such Shares shall comply with Applicable Laws and shall be further
subject to the approval of counsel for the Company with respect to such
compliance.

 

(b)           Investment
Representations.  As a
condition to the exercise or receipt of an Award, the Company may require the
person exercising or receiving such Award to represent and warrant at the time
of any such exercise or receipt that the Shares are being purchased only for
investment and without any present intention to sell or distribute such Shares
if, in the opinion of counsel for the Company, such a representation is
required.

 

19.                                 Inability
to Obtain Authority.  The inability
of the Company to obtain authority from any regulatory body having
jurisdiction, which authority is deemed by the Company’s counsel to be
necessary to the lawful issuance and sale of any Shares hereunder, shall
relieve the Company of any liability in respect of the failure to issue, sell
or release from escrow such Shares as to which such requisite authority shall
not have been obtained.

 

20.                                 Reservation
of Shares.  The Company, during the
term of this Plan, will at all times reserve and keep available such number of
Shares as shall be sufficient to satisfy the requirements of the Plan.

 

13

 

21.                                 Shareholder
Approval.  The Plan shall be subject
to approval by the shareholders of the Company within twelve (12) months
after the date the Plan is adopted. Such shareholder approval shall be obtained
in the manner and to the degree required under Applicable Laws.

 

22.                                 No
Repricing.  The exercise price for an
Option or SAR may not be reduced without the prior consent of the Company’s
stockholders. This shall include, without limitation, a repricing of the Option
or SAR as well as an Option or SAR exchange program whereby the Participant
agrees to cancel an existing Option in exchange for an Option, SAR or other
Award. If an Option or SAR is cancelled in the same fiscal year in which it was
granted (other than in connection with a transaction described in Section 15),
the cancelled Option or SAR as well as any replacement Option or SAR will be counted
against the limits set forth in section 6(c) above. Moreover, if the
exercise price of an Option or SAR is reduced, the transaction will be treated
as a cancellation of the Option or SAR and the grant of a new Option or SAR.

 

23.                                 Section 409A
Compliance.  Awards granted hereunder
are intended to comply with the requirements of Section 409A of the Code
to the extent Section 409A of the Code applies to such Awards and the
terms of the Plan and any Award granted under the Plan shall be interpreted,
operated and administered in a manner consistent with this intention to the
extent the Administrator deems necessary or advisable in its sole discretion.
Notwithstanding any other provision in the Plan, the Administrator, to the
extent it unilaterally deems necessary or advisable in its sole discretion,
reserves the right, but shall not be required, to amend or modify the Plan and
any Award granted under the Plan so that the Award qualifies for exemption from
or complies with Section 409A of the Code; provided, however, that the
Company makes no representation that the Awards granted under the Plan shall be
exempt from or comply with Section 409A of the Code and makes no
undertaking to preclude Section 409A of the Code from applying to Awards
granted under the Plan.

 

14Exhibit 10.25

 

QUICKLOGIC CORPORATION

 

2009 EMPLOYEE STOCK PURCHASE PLAN

 

1.                                       PURPOSE.  The purpose of the Plan is to provide
employees of the Company and its Designated Subsidiaries with an opportunity to
purchase Common Stock of the Company through accumulated payroll deductions. It
is the intention of the Company to have the Plan qualify as an “Employee Stock
Purchase Plan” under Section 423 of the Internal Revenue Code of 1986, as
amended. The provisions of the Plan, accordingly, shall be construed so as to
extend and limit participation in a manner consistent with the requirements of
that section of the Code.

 

2.                                       DEFINITIONS.

 

(a)           “Applicable Laws” shall mean the
requirements relating to the administration of equity-based awards under U.S.
state corporate laws, U.S. federal and state securities laws, the Code, any
stock exchange or quotation system on which the Common Stock is listed or
quoted and the applicable laws of any foreign country or jurisdiction where
options are, or shall be, granted under the Plan.

 

(b)           “Board” shall mean the Board of Directors
of the Company or any committee thereof designated by the Board in accordance
with Section 14 of the Plan.

 

(c)           “Code” shall mean the Internal Revenue Code
of 1986, as amended. Any reference to a section of the Code herein shall be a
reference to any successor or amended section of the Code.

 

(d)           “Common Stock” shall mean the common stock
of the Company.

 

(e)           “Company” shall mean QuickLogic
Corporation, a Delaware corporation.

 

(f)            “Compensation” shall mean all base straight
time gross earnings, overtime and incentive/variable compensation, but
exclusive of bonuses and other compensation.

 

(g)           “Designated Subsidiary” shall mean any
Subsidiary which has been designated by the Board from time to time in its sole
discretion as eligible to participate in the Plan.

 

(h)           “Eligible Employee” shall mean any
individual who is a common law employee of the Company or any of its Designated
Subsidiaries and is customarily employed for at least twenty (20) hours
per week and more than five (5) months in any calendar year by the Company
or such Designated Subsidiary. For purposes of the Plan, the employment
relationship shall be treated as continuing intact while the individual is on
sick leave or other leave of absence approved by the Company or the Designated
Subsidiary. Where the period of leave exceeds three (3) months and the
individual’s right to reemployment is not guaranteed either by statute or by
contract, the employment relationship shall be deemed to have terminated three (3) months
and one (1) day following the commencement of such leave. The Board, in
its discretion, from time to time may, prior to an Offering Date for all
options to be granted on such Offering Date, determine (on a uniform and
nondiscriminatory basis) that the definition of Eligible Employee shall or
shall not include an individual if he or she: (i) has not completed at
least two (2) years of service since his or her last hire date (or such
lesser period of time as may be determined by the Board in its discretion), (ii) customarily
works not more than twenty (20) hours per week (or such lesser period of
time as may be determined by the Board in its discretion), (iii) customarily
works not more than five (5) months per calendar year (or such lesser
period of time as may be determined by the Board in its discretion), (iv) is
an executive, officer or other manager, or (v) is a highly compensated
employee under Section 414(q) of the Code.

 

(i)            “Enrollment Date” shall mean the first
Trading Day of each Offering Period.

 

1

 

(j)            “Exercise Date” shall mean the last Trading
Day of each Offering Period.

 

(k)           “Fair Market Value” shall mean, as of any
date, the value of Common Stock determined as follows:

 

(i)            If the Common Stock
is listed on any established stock exchange or a national market system,
including without limitation the Nasdaq Global Select Market, the Nasdaq Global
Market or the Nasdaq Capital Market of the Nasdaq Stock Market, its Fair Market
Value shall be the closing sales price for such stock (or the closing bid, if
no sales were reported) as quoted on such exchange or system for the last
market trading day on the date of such determination, as reported in The Wall Street Journal or such other source
as the Board deems reliable;

 

(ii)           If the Common Stock
is regularly quoted by a recognized securities dealer but selling prices are
not reported, its Fair Market Value shall be the mean of the closing bid and
asked prices for the Common Stock on the date of such determination, as
reported in The Wall Street Journal
or such other source as the Board deems reliable; or

 

(iii)          In the absence of
an established market for the Common Stock, the Fair Market Value thereof shall
be determined in good faith by the Board.

 

(l)            “New Exercise Date” means a new Exercise
Date set by shortening any Offering Period then in progress.

 

(m)          “Offering Periods” shall mean the periods
of approximately six (6) months during which an option granted pursuant to
the Plan may be exercised, commencing on the first Trading Day on or after May 15
and November 15 of each year and terminating on the last Trading Day in
the periods ending six months later. For example, an Offering Period under the
Plan shall commence with the first Trading Day on or after May 15, 2009
and end on the last Trading Day on or before November 14, 2009. The
duration and timing of Offering Periods may be changed pursuant to
Sections 4 and 20 of this Plan.

 

(n)           “Parent” shall mean a “parent corporation,”
whether now or hereafter existing, as defined in Section 424(e) of
the Code.

 

(o)           “Participant” means an Eligible Employee
who (a) has become a Participant in the Plan pursuant to Section 5
and (b) has not ceased to be a Participant pursuant to Section 10 or Section 11.

 

(p)           “Plan” shall mean this 2009 Employee Stock
Purchase Plan.

 

(q)           “Purchase Price” shall mean 85% of the Fair
Market Value of a share of Common Stock as determined pursuant to Section 4;
provided, however, that the Purchase Price may be adjusted by the Board
pursuant to Section 20.

 

(r)            “Reserves” shall mean the number of shares
of Common Stock covered by each option under the Plan which have not yet been
exercised and the number of shares of Common Stock which have been authorized
for issuance under the Plan but not yet placed under option.

 

(s)           “Subsidiary” shall mean a “subsidiary
corporation,” whether now or hereafter existing, as defined in Section 424(f) of
the Code.

 

(t)            “Trading Day” shall mean a day on which the
national stock exchange upon which the Common Stock is listed is open for
trading.

 

2

 

3.                                       ELIGIBILITY.

 

(a)           Any individual who
is an Eligible Employee on a given Enrollment Date shall be eligible to
participate in the Plan. This Plan shall not confer upon any Eligible Employee
any right with respect to the continuation of his or her employment with the
Company or any Designated Subsidiary, nor shall it restrict, limit, or
interfere in any way with the right of the Company or any Designated Subsidiary
to terminate the employment relationship of any Eligible Employee at any time,
with or without cause.

 

(b)           Any provisions of
the Plan to the contrary notwithstanding, no Eligible Employee shall be granted
an option under the Plan (i) to the extent that, immediately after the
grant, such Eligible Employee (or any other person whose stock would be
attributed to such Eligible Employee pursuant to Section 424(d) of
the Code) would own capital stock of the Company or any Parent or Subsidiary of
the Company and/or hold outstanding options to purchase such stock possessing
five percent (5%) or more of the total combined voting power or value of all
classes of the capital stock of the Company or of any Parent or Subsidiary of
the Company, or (ii) to the extent that his or her rights to purchase
stock under all employee stock purchase plans (as defined in Section 423
of the Code) of the Company or any Parent or Subsidiary of the Company accrues
at a rate which exceeds Twenty-Five Thousand Dollars ($25,000) worth of stock
(determined at the Fair Market Value of the shares at the time such option is
granted) for each calendar year in which such option is outstanding at any
time, as determined in accordance with Section 423 of the Code and the
regulations thereunder.

 

4.                                       OFFERING
PERIODS.

 

(a)           The Plan shall be
implemented by either of the following Offering Periods, which shall be
determined by the Board prior to the applicable Offering Period:

 

(i)            A six (6) month
Offering Period commencing on the first Trading Day on or after May 15 and
November 15 each year, or on such other date as the Board shall determine,
and continuing thereafter until terminated in accordance with Section 20
hereof or changed pursuant to this Section 4(a) and with a Purchase
Price equal to 85% of the Fair Market Value of a share of Common Stock on the
Exercise Date (a “Purchase Date Offering Period”); or

 

(ii)           A six (6) month
Offering Period commencing on the first Trading Day on or after May 15 and
November 15 each year, or on such other date as the Board shall determine,
and continuing thereafter until terminated in accordance with Section 20
hereof or changed pursuant to this Section 4(a) and with a Purchase
Price equal to 85% of the Fair Market Value of a share of Common Stock on the
Enrollment Date or on the Exercise Date, whichever is lower (a “Look-Back
Offering Period”).

 

Notwithstanding
the foregoing, if the Board does not determine the type of Offering Period
prior to the start of the applicable Offering Period, the default Offering
Period shall be the Purchase Date Offering Period as described in Section 4(a)(i) above.

 

(b)           The Board shall have
the power to change the duration of Offering Periods (including the
commencement dates thereof) and to implement Offering Periods with multiple
purchase periods with respect to future offerings without shareholder approval
if such change is announced at least five (5) days prior to the scheduled
beginning of the first Offering Period to be affected thereafter.

 

5.                                       PARTICIPATION.

 

(a)           An Eligible Employee
may become a Participant in the Plan only by (i) submitting a subscription
agreement authorizing payroll deductions in a form determined by the Board
(which may be similar to the form attached hereto as Exhibit A) to the
Company’s payroll office (or its 

 

3

 

designee), on
or before a date prescribed by the Board prior to an applicable Enrollment
Date, or (ii) following an electronic or other enrollment procedure
prescribed by the Board. Participants in the offering period under the Company’s
1999 Employee Stock Purchase Plan (the “1999 ESPP”) beginning on or about November 15,
2008 will automatically be enrolled in the initial Offering Period under this
Plan commencing on the first Trading Day on or after May 15, 2009 at the
same contribution levels as last elected under the 1999 ESPP.

 

6.                                       PAYROLL
DEDUCTIONS.

 

(a)           At the time a
Participant files his or her subscription agreement, he or she shall elect to
have payroll deductions made on each pay day during the Offering Period in an
amount not exceeding twenty percent (20%) of the Compensation which he or she
receives on each pay day during the Offering Period.

 

(b)           Payroll deductions
for a Participant shall commence on the first payroll following the Enrollment
Date and shall end on the last payroll in the Offering Period to which such
authorization is applicable, unless sooner terminated by the Participant as
provided in Section 10 hereof.

 

(c)           All payroll
deductions made for a Participant shall be credited to his or her account under
the Plan and shall be withheld in whole percentages only. A Participant may not
make any additional payments into such account.

 

(d)           A Participant may
discontinue his or her participation in the Plan as provided in Section 10
hereof, or may (i) increase or decrease the rate of his or her payroll
deductions during a Purchase Date Offering Period, or (ii) only decrease
the rate of his or her payroll deductions during a Look-Back Offering Period,
in either case by (A) properly completing and submitting to the Company’s
payroll office (or its designee), on or before a date prescribed by the Board
prior to an applicable Exercise Date, a new subscription agreement authorizing
a change in payroll deduction rate in the form provided by the Board for such
purpose, or (B) following an electronic or other procedure prescribed by
the Board. If a Participant has not followed such procedures to change the rate
of payroll deductions, the rate of his or her payroll deductions shall continue
at the originally elected rate throughout the Offering Period and future
Offering Periods (unless terminated as provided in Section 10). The Board
may, in its discretion, limit the number of payroll deduction rate changes that
may be made by Participants during any Offering Period, and may establish such
other conditions or limitations as it deems appropriate for Plan
administration. Any change in payroll deduction rate made pursuant to this Section 6(d) shall
be effective with the first full payroll period following five (5) business
days after the Company’s receipt of the new subscription agreement unless the
Company, in its sole discretion, elects to process a given change in payroll
deduction rate more quickly. A Participant’s subscription agreement shall
remain in effect for successive Offering Periods unless terminated as provided
in Section 10 hereof; provided, however, that in the event a Participant
changes his or her rate of payroll deductions during an Offering Period to zero
percent (0%) and does not withdraw pursuant to Section 10 prior to the
beginning of the subsequent Offering Period, the Participant’s payroll
deductions shall recommence for the subsequent Offering Period at the rate
originally elected by the Participant as of the beginning of the prior Offering
Period.

 

(e)           Notwithstanding the
foregoing, to the extent necessary to comply with Section 423(b)(8) of
the Code and Section 3(b) hereof, a Participant’s payroll deductions
may be decreased to zero percent (0%) at any time during an Offering Period.
Subject to Section 423(b)(8) of the Code and Section 3(b) hereof,
payroll deductions shall recommence at the rate originally elected by the
Participant effective as of the beginning of the first Offering Period which is
scheduled to end in the following calendar year, unless terminated by the
Participant as provided in Section 10 hereof.

 

4

 

(f)            At the time the
option is exercised, in whole or in part, or at the time some or all of the
Company’s Common Stock issued under the Plan is disposed of, the Participant
must make adequate provision for amounts not in excess of the minimum statutory
federal, state, or any other tax liability payable to any authority, national
insurance, social security or other tax withholding obligations, if any, which
arise upon the exercise of the option or the disposition of the Common Stock.
At any time, the Company or the employing Designated Subsidiary, as applicable,
may, but shall not be obligated to, withhold from the Participant’s
compensation amounts not in excess of the applicable minimum statutory
withholding obligations, including any withholding required to make available
to the Company or the employing Designated Subsidiary, as applicable, any tax
deductions or benefits attributable to sale or early disposition of Common
Stock by the Eligible Employee. If the Company allows the Participant to settle
such tax withholding obligations by remitting to the Company shares of Common
Stock issued upon exercise, then the Participant may not elect to withhold
amounts in excess of the applicable minimum statutory federal, state, or other
tax obligations withheld at the time of exercise or disposal.

 

7.                                       GRANT
OF OPTION.  On the Enrollment Date of
each Offering Period, each Eligible Employee participating in such Offering
Period shall be granted an option to purchase on each Exercise Date during such
Offering Period (at the applicable Purchase Price) up to a number of shares of
the Company’s Common Stock determined by dividing such Eligible Employee’s
payroll deductions accumulated prior to such Exercise Date and retained in the
Participant’s account as of the Exercise Date by the applicable Purchase Price;
provided that in no event shall an Eligible Employee be permitted to purchase
during each Offering Period more than 20,000 shares of the Company’s Common
Stock (subject to any adjustment pursuant to Section 19), and provided
further that such purchase shall be subject to the limitations set forth in
Sections 3(b) and 13 hereof. The Board may, for future Offering
Periods, increase or decrease, in its absolute discretion, the maximum number
of shares of the Company’s Common Stock an Eligible Employee may purchase
during each Offering Period. Exercise of the option shall occur as provided in Section 8
hereof, unless the Participant has withdrawn pursuant to Section 10
hereof. The option shall expire on the last day of the Offering Period.

 

8.                                       EXERCISE
OF OPTION.

 

(a)           Unless a Participant
withdraws from the Plan as provided in Section 10 hereof, his or her
option for the purchase of shares shall be exercised automatically on the
Exercise Date, and the maximum number of full shares subject to the option
shall be purchased for such Participant at the applicable Purchase Price with
the accumulated payroll deductions in his or her account. No fractional shares
shall be purchased; any payroll deductions accumulated in a Participant’s
account which are not sufficient to purchase a full share shall be retained in
the Participant’s account for the subsequent Offering Period, subject to
earlier withdrawal by the Participant as provided in Section 10 hereof.
Any other monies left over in a Participant’s account after the Exercise Date
shall be returned to the Participant. During a Participant’s lifetime, a
Participant’s option to purchase shares hereunder is exercisable only by him or
her.

 

(b)           If the Board
determines that, on a given Exercise Date, the number of shares of Common Stock
with respect to which options are to be exercised may exceed (i) the
number of shares of Common Stock that were available for sale under the Plan on
the Enrollment Date of the applicable Offering Period, or (ii) the number
of shares of Common Stock available for sale under the Plan on such Exercise
Date, the Board may in its sole discretion (x) provide that the Company
shall make a pro rata allocation of the 

 

5

 

shares of
Common Stock available for purchase on such Enrollment Date or Exercise Date,
as applicable, in as uniform a manner as shall be practicable and as it shall
determine in its sole discretion to be equitable among all Participants
exercising options to purchase Common Stock on such Exercise Date, and continue
all Offering Periods then in effect, or (y) provide that the Company shall
make a pro rata allocation of the shares available for purchase on such
Enrollment Date or Exercise Date, as applicable, in as uniform a manner as
shall be practicable and as it shall determine in its sole discretion to be
equitable among all Participants exercising options to purchase Common Stock on
such Exercise Date, and terminate any or all Offering Periods then in effect
pursuant to Section 20 hereof. The Company may make a pro rata allocation
of the shares available on the Enrollment Date of any applicable Offering
Period pursuant to the preceding sentence, notwithstanding any authorization of
additional shares for issuance under the Plan by the Company’s shareholders
subsequent to such Enrollment Date.

 

9.                                       DELIVERY.  As promptly as reasonably practicable after
each Exercise Date on which a purchase of shares occurs, the Company shall
arrange the delivery to each Participant, as appropriate, the shares purchased
upon exercise of his or her option in a form determined by the Board (in its
sole discretion) and pursuant to rules established by the Board. The
Company may permit or require that shares be deposited with a broker designated
by the Company or to a designated agent of the Company, and the Company may
utilize electronic or automated methods of share transfer. The Company may
require that shares be retained with such broker or agent for a designated
period of time and/or may establish other procedures to permit tracking of
disqualifying dispositions of such shares. No Participant shall have any
voting, dividend, or other shareholder rights with respect to such shares of
Common Stock subject to any option granted under the Plan until such shares
have been purchased and delivered to the Participant as provided in this Section 9.

 

10.                                 WITHDRAWAL.

 

(a)           A Participant may
withdraw all but not less than all the payroll deductions credited to his or
her account and not yet used to exercise his or her option under the Plan at
any time by (i) submitting to the Company’s payroll office (or its
designee) a written notice of withdrawal in the form prescribed by the Board
for such purpose (which may be similar to the form attached hereto as Exhibit B),
or (ii) following an electronic or other withdrawal procedure prescribed
by the Board. All of the Participant’s payroll deductions credited to his or
her account shall be paid to such Participant promptly after receipt of notice
of withdrawal and such Participant’s option for the Offering Period shall be
automatically terminated, and no further payroll deductions for the purchase of
shares shall be made for such Offering Period. If a Participant withdraws from
an Offering Period, payroll deductions shall not resume at the beginning of the
succeeding Offering Period unless the Participant re-enrolls in the Plan in
accordance with the provisions of Section 5.

 

(b)           A Participant’s
withdrawal from an Offering Period shall not have any effect upon his or her
eligibility to participate in any similar plan which may hereafter be adopted
by the Company or in succeeding Offering Periods which commence after the
termination of the Offering Period from which the Participant withdraws.

 

11.                                 TERMINATION
OF EMPLOYMENT.  Upon a Participant’s
ceasing to be an Eligible Employee, for any reason, he or she shall be deemed
to have elected to withdraw from the Plan and the payroll deductions credited
to such Participant’s account during the Offering Period but not yet used to
purchase shares under the Plan shall be returned to such Participant or, in the
case of his or her death, to the person or persons entitled thereto under Section 15
hereof, and such Participant’s option shall be automatically terminated.

 

12.                                 INTEREST.  No interest shall accrue on the payroll
deductions of a Participant in the Plan.

 

13.                                 STOCK.

 

(a)           Subject to
adjustment upon changes in capitalization of the Company as provided in Section 19
hereof, the maximum number of shares of the Company’s Common Stock which shall
be made available for sale under the Plan shall be 2,300,000 shares of Common
Stock.

 

6

 

(b)           Until the shares of Common
Stock are issued (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company), a Participant
shall only have the rights of an unsecured creditor with respect to such
shares, and no right to vote or receive dividends or any other rights as a
shareholder shall exist with respect to such shares.

 

(c)           Shares of Common Stock to be
delivered to a Participant under the Plan shall be registered in the name of
the Participant or in the name of the Participant and his or her spouse.

 

14.           ADMINISTRATION.  The Plan shall be administered by the Board
or a committee of members of the Board appointed by the Board, which shall be
constituted to comply with Applicable Laws. The Board or its committee shall
have full and exclusive discretionary authority to construe, interpret and
apply the terms of the Plan, to determine eligibility and to adjudicate all
disputed claims filed under the Plan. Every finding, decision and determination
made by the Board or its committee shall, to the full extent permitted by law,
be final and binding upon all parties. Notwithstanding any provision to the
contrary in this Plan, the Board or its committee may adopt rules or
procedures relating to the operation and administration of the Plan to
accommodate the specific requirements of local laws and procedures for
jurisdictions outside of the United States. Without limiting the generality of
the foregoing, the Board or its committee is specifically authorized to adopt rules and
procedures regarding eligibility to participate, the definition of
Compensation, handling of payroll deductions, making of contributions to the
Plan (including, without limitation, in forms other than payroll deductions),
establishment of bank or trust accounts to hold payroll deductions, payment of
interest, conversion of local currency, obligations to pay payroll tax,
determination of beneficiary designation requirements, withholding procedures
and handling of stock certificates which vary with local requirements.

 

15.           DESIGNATION
OF BENEFICIARY.

 

(a)           A Participant may
file a designation of a beneficiary who is to receive any shares of Common
Stock and cash, if any, from the Participant’s account under the Plan in the
event of such Participant’s death subsequent to an Exercise Date on which the
option is exercised but prior to delivery to such Participant of such shares
and cash. In addition, a Participant may file a designation of a
beneficiary who is to receive any cash from the Participant’s account under the
Plan in the event of such Participant’s death prior to exercise of the option.
If a Participant is married and the designated beneficiary is not the spouse,
spousal consent shall be required for such designation to be effective.

 

(b)           Such designation of
beneficiary may be changed by the Participant at any time by notice in a form
determined by the Board. In the event of the death of a Participant and in the
absence of a beneficiary validly designated under the Plan who is living at the
time of such Participant’s death, the Company shall deliver such shares and/or
cash to the executor or administrator of the estate of the Participant, or if
no such executor or administrator has been appointed (to the knowledge of the
Company), the Company, in its discretion, may deliver such shares and/or cash
to the spouse or to any one or more dependents or relatives of the Participant,
or if no spouse, dependent or relative is known to the Company, then to such
other person as the Company may designate.

 

(c)           All beneficiary designations
shall be in such form and manner as the Board may designate from time to time.

 

16.           TRANSFERABILITY.  Neither payroll deductions credited to a
Participant’s account nor any rights with regard to the exercise of an option
or to receive shares under the Plan may be assigned, transferred, pledged or
otherwise disposed of in any way (other than by will, the laws of descent and
distribution or as provided in Section 15 hereof) by the Participant. Any
such attempt at assignment, transfer, pledge or other disposition shall be
without effect, except that the

 

7

 

Company may treat such act
as an election to withdraw funds from an Offering Period in accordance with Section 10
hereof.

 

17.           USE OF
FUNDS.  All payroll deductions
received or held by the Company under the Plan may be used by the Company for
any corporate purpose, and the Company shall not be obligated to segregate such
payroll deductions. Until shares of Common Stock are issued, Participants shall
only have the rights of an unsecured creditor with respect to such shares.

 

18.           REPORTS.  Individual accounts shall be maintained for
each Participant in the Plan. Statements of account shall be given to
participating Eligible Employees at least annually, which statements shall set
forth the amounts of payroll deductions, the Purchase Price, the number of
shares of Common Stock purchased and the remaining cash balance, if any.

 

19.           ADJUSTMENTS
UPON CHANGES IN CAPITALIZATION, DISSOLUTION, LIQUIDATION, MERGER OR ASSET SALE.

 

(a)           Changes in
Capitalization.  In the
event that any dividend or other distribution (whether in the form of cash,
Common Stock, other securities or other property), recapitalization, stock
split, reverse stock split, reorganization, merger, consolidation, split-up,
spin-off, combination, repurchase, or exchange of Common Stock or other
securities of the Company, or other similar change in the corporate structure
of the Company affecting the Common Stock occurs, the number and class of
Common Stock of the Reserves, the Purchase Price per share and the number of
shares of Common Stock covered by each option under the Plan which has not yet
been exercised, and the numerical limits of Sections 7 and 13 shall be automatically
proportionately adjusted.

 

(b)           Dissolution
or Liquidation.  In the
event of the proposed dissolution or liquidation of the Company, the Offering
Period then in progress shall be shortened by setting a new Exercise Date, and
shall terminate immediately prior to the consummation of such proposed
dissolution or liquidation, unless provided otherwise by the Board. The New
Exercise Date shall be before the date of the Company’s proposed dissolution or
liquidation. The Board shall notify each Participant in writing, at least ten (10) business
days prior to the New Exercise Date, that the Exercise Date for the Participant’s
option has been changed to the New Exercise Date and that the Participant’s
option shall be exercised automatically on the New Exercise Date, unless prior
to such date the Participant has withdrawn from the Offering Period as provided
in Section 10 hereof.

 

(c)           Merger or
Asset Sale.  In the
event of a proposed sale of all or substantially all of the assets of the
Company, or the merger of the Company with or into another corporation, each
outstanding option shall be assumed or an equivalent option substituted by the
successor corporation or a Parent or Subsidiary of the successor corporation.
In the event that the successor corporation refuses to assume or substitute for
the option, any Offering Periods then in progress shall be shortened by setting
a New Exercise Date on which such Offering Period shall end. The New Exercise
Date shall occur before the date of the Company’s proposed sale or merger. The
Board shall notify each Participant in writing, at least ten (10) business
days prior to the New Exercise Date, that the Exercise Date for the Participant’s
option has been changed to the New Exercise Date and that the Participant’s
option shall be exercised automatically on the New Exercise Date, unless prior
to such date the Participant has withdrawn from the Offering Period as provided
in Section 10 hereof.

 

20.           AMENDMENT
OR TERMINATION.

 

(a)           The Board of Directors of
the Company, in its sole discretion, may amend, suspend, or terminate the Plan,
or any part thereof, at any time and for any reason. If the Plan is terminated,
the Board, in its sole discretion, may elect to terminate all outstanding
Offering Periods either immediately or upon completion of the purchase of
shares of Common Stock on the next Exercise Date (which may be sooner than
originally scheduled, if determined by the Board in its discretion),

 

8

 

or may elect to permit Offering
Periods to expire in accordance with their terms (and subject to any adjustment
pursuant to Section 19). If the Offering Periods are terminated prior to
expiration, all amounts then credited to Participants’ accounts which have not
been used to purchase shares of Common Stock shall be returned to the
Participants (without interest thereon, except as otherwise required under
local laws) as soon as administratively practicable.

 

(b)           Without shareholder consent
and without limiting Section 20(a), the Board (or its committee) shall be
entitled to change the Offering Periods (however, in no event shall an Offering
Period exceed 12 months), limit the frequency and/or number of changes in
the amount withheld during an Offering Period, establish the exchange ratio
applicable to amounts withheld in a currency other than U.S. dollars, permit
payroll withholding in excess of the amount designated by a Participant in
order to adjust for delays or mistakes in the Company’s processing of properly
completed withholding elections, establish reasonable waiting and adjustment
periods and/or accounting and crediting procedures to ensure that amounts
applied toward the purchase of Common Stock for each Participant properly
correspond with amounts withheld from the Participant’s Compensation, and
establish such other limitations or procedures as the Board (or its committee)
determines in its sole discretion advisable which are consistent with the Plan.

 

(c)           In the event the Board
determines that the ongoing operation of the Plan may result in unfavorable
financial accounting consequences, the Board may, in its discretion and, to the
extent necessary or desirable, modify, amend or terminate the Plan to reduce or
eliminate such accounting consequence including, but not limited to:

 

(i)            amending the Plan to conform
with the safe harbor definition under Statement of Financial Accounting
Standards 123(R), including with respect to an Offering Period underway at the
time;

 

(ii)           altering the Purchase Price
for any Offering Period including an Offering Period underway at the time of
the change in Purchase Price;

 

(iii)          shortening any Offering
Period by setting a New Exercise Date, including an Offering Period underway at
the time of the Board action;

 

(iv)          reducing the maximum
percentage of Compensation a Participant may elect to set aside as payroll
deductions; and

 

(v)           reducing the maximum number
of shares a Participant may purchase during any Offering Period.

 

Such modifications or
amendments shall not require shareholder approval or the consent of any Plan
Participants.

 

21.           NOTICES.  All notices or other communications by a
Participant to the Company under or in connection with the Plan shall be deemed
to have been duly given when received in the form and manner specified by the
Company at the location, or by the person, designated by the Company for the
receipt thereof.

 

22.           CONDITIONS
UPON ISSUANCE OF SHARES. 
Shares of Common Stock shall not be issued with respect to an option
unless the exercise of such option and the issuance and delivery of such shares
pursuant thereto shall comply with all applicable provisions of law, domestic
or foreign, including, without limitation, the Securities Act of 1933, as
amended, the Securities Exchange Act of 1934, as amended, the rules and
regulations promulgated thereunder, and the requirements of any stock exchange
upon which the shares may then be listed, and shall be further subject to the
approval of counsel for the Company with respect to such compliance.

 

9

 

As a condition to the
exercise of an option, the Company may require the person exercising such
option to represent and warrant at the time of any such exercise that the
shares are being purchased only for investment and without any present intention
to sell or distribute such shares if, in the opinion of counsel for the
Company, such a representation is required by any of the aforementioned
applicable provisions of law.

 

23.           TERM OF
PLAN.  The Plan shall become
effective upon the earlier to occur of its adoption by the Board or its
approval by the stockholders of the Company. It shall continue in effect for a
term of ten (10) years, unless sooner terminated under Section 20
hereof.

 

10

 

EXHIBIT A

 

QUICKLOGIC CORPORATION

 

2009 EMPLOYEE STOCK PURCHASE PLAN

SUBSCRIPTION AGREEMENT

 

	
  Purchase Period:

  	
   

  
	
  Original Application (New
  Enrollment)

  	
  Enrollment Date:

  
	
  Change in Payroll
  Deduction Rate

  	
   

  
	
  Change of Beneficiary(ies)

  	
   

  

 

1.                                                     hereby
elects to participate in the QuickLogic Corporation 2009 Employee Stock
Purchase Plan (the “Employee Stock Purchase Plan”) and subscribes to purchase
shares of the Company’s Common Stock in accordance with this Subscription
Agreement and the Employee Stock Purchase Plan.

 

2.             I hereby authorize payroll
deductions from each paycheck in the amount of             % of my Compensation on each
payday (from 0 to 20%) during the Offering Period in accordance with the
Employee Stock Purchase Plan. (Please note that no fractional percentages are
permitted and only one reduction is allowed during each 6-month period
according to our plan document.)

 

3.             I understand that said
payroll deductions will be accumulated for the purchase of shares of Common Stock
at the applicable Purchase Price determined in accordance with the Employee
Stock Purchase Plan. I understand that if I do not withdraw from an Offering
Period, any accumulated payroll deductions will be used to automatically
exercise my option and purchase Common Stock under the Employee Stock Purchase
Plan.

 

4.             I have received a copy of
the complete Employee Stock Purchase Plan and its accompanying prospectus. I
understand that my participation in the Employee Stock Purchase Plan is in all
respects subject to the terms of the Plan.

 

5.             Shares of Common Stock
purchased for me under the Employee Stock Purchase Plan should be issued in the
name(s) of                               
(Eligible Employee or Eligible Employee and Spouse only).

 

6.             I understand that if I
dispose of any shares received by me pursuant to the Plan within 2 years
after the Enrollment Date (the first day of the Offering Period during which I
purchased such shares) or 1 year after the Exercise Date, whichever is
later, I will be treated for federal income tax purposes as having received
ordinary income at the time of such disposition in an amount equal to the
excess of the fair market value of the shares at the time such shares were
purchased by me over the price which I paid for the shares. I hereby agree to notify the Company
in writing within 30 days after the date of any disposition of my shares
and I will make adequate provisions for Federal, state or other tax withholding
obligations, if any, which arise upon the disposition of the Common Stock.
The Company may, but will not be obligated to, withhold from my compensation
the minimum statutory amounts of applicable withholding obligation including
any withholding necessary to make available to the Company any tax deductions
or benefits attributable to sale or early disposition of Common Stock by me. If
I dispose of such shares at any time after the expiration of the 2-year and
1-year holding periods, I understand that I will be treated for federal income
tax purposes as having received income only at the time of such disposition,
and that such income will be taxed as ordinary income only to the extent of an
amount equal to the lesser of (a) the excess of the fair market value of
the shares at the time of such disposition over the

 

A-1

 

 

purchase price which I paid
for the shares, or (b) 15% of the fair market value of the shares on the
first day of the Offering Period. The remainder of the gain, if any, recognized
on such disposition will be taxed as capital gain.

 

7.             I hereby agree to be bound
by the terms of the Employee Stock Purchase Plan. The effectiveness of this
Subscription Agreement is dependent upon my eligibility to participate in the
Employee Stock Purchase Plan.

 

8.             In the event of my death, I
hereby designate the following as my beneficiary(ies) to receive all payments
and shares due me under the Employee Stock Purchase Plan:

 

	
  NAME: (Please print)

  	
   

  
	
   

  	
   

  
	
  (First)            (Middle)            (Last)

  	
   

  
	
   

  	
   

  
	
  Relationship

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  (Address)

  	
   

  
	
   

  	
   

  
	
  Employee’s Social

  Security Number:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Employee’s Address:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

I UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT
SHALL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS TERMINATED
BY ME.

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
  Signature of Employee

  	
   

  
	
   

  	
   

  
	
  Spouse’s Signature (If beneficiary other than spouse)

  	
   

  

 

A-2

 

EXHIBIT B

 

QUICKLOGIC CORPORATION

 

2009 EMPLOYEE STOCK PURCHASE PLAN

NOTICE OF WITHDRAWAL

 

The undersigned Participant
in the Offering Period of the QuickLogic Corporation 2009 Employee Stock
Purchase Plan which began on                                ,                (the
“Enrollment Date”) hereby notifies the Company that he or she hereby withdraws
from the Offering Period. He or she hereby directs the Company to pay to the
undersigned as promptly as practicable all the payroll deductions credited to
his or her account with respect to such Offering Period. The undersigned
understands and agrees that his or her option for such Offering Period will be
automatically terminated. The undersigned understands further that no further
payroll deductions will be made for the purchase of shares in the current
Offering Period and the undersigned shall be eligible to participate in
succeeding Offering Periods only by delivering to the Company a new
Subscription Agreement.

 

	
  Name and Address of Participant:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signature:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:

  	
   

  
	
   

  	
   

  

 

B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]