SEC Contract Filing

Filing Date: 2019-03-18

Document Content:
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<TYPE>EX-10.9
<SEQUENCE>3
<FILENAME>pcti-ex109_141.htm
<DESCRIPTION>EX-10.9
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pcti-ex109_141.htm
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<p style="margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:12pt;"><font style="font-weight:bold;">EXHIBIT 10.9</font></p></td></tr></table>
<p style="text-align:right;margin-top:12pt;margin-bottom:0pt;margin-right:3.7%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.41%;">TIER II</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;margin-right:3.7%;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">PCTEL, INC.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;margin-right:3.7%;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">MANAGEMENT RETENTION AGREEMENT</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-right:3.7%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This Management Retention Agreement (the &#8220;Agreement&#8221;) is effective as of _____________________ by and between <font style="font-weight:bold;">[name of executive</font> (the &#8220;<font style="text-decoration:underline;">Executive</font>&#8221;) and <font style="font-weight:bold;">PCTEL, Inc.</font> (the &#8220;<font style="text-decoration:underline;">Company</font>&#8221;).&nbsp;&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;margin-right:3.7%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">R E C I T A L S</font></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-right:3.7%;text-indent:7.41%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A.<font style="margin-left:36pt;">It is expected that the Company from time to time may consider a Change of Control (as defined below).&nbsp;&nbsp;The Board of Directors of the Company (the &#8220;</font><font style="text-decoration:underline;">Board</font>&#8221;) recognizes that such consideration can be a distraction to the Executive and can cause the Executive to consider alternative employment opportunities.&nbsp;&nbsp;The Board has determined that it is in the best interests of the Company and its stockholders to assure that the Company will have the continued dedication and objectivity of the Executive, notwithstanding the possibility, threat or occurrence of a Change of Control of the Company.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-right:3.7%;text-indent:7.41%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">B.<font style="margin-left:36pt;">The Board believes that it is in the best interests of the Company a</font>nd its stockholders to provide Executive with an incentive to continue his/her employment and to motivate the Executive to maximize the value of the Company upon a Change of Control for the benefit of its stockholders.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-right:3.7%;text-indent:7.41%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">C.<font style="margin-left:36pt;">The Board believes that it is imperative to provide the Executive with </font>certain benefits upon a Change of Control and severance benefits upon Executive's termination of employment following a Change of Control which provides Executive with enhanced financial security and incentive and encouragement to remain with the Company notwithstanding the possibility of a Change of Control.</p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-right:3.7%;text-indent:7.41%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">D.<font style="margin-left:36pt;">Certain capitalized terms used in this Agreement are defined in Section&#160;</font>4.</p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-right:3.7%;text-indent:7.41%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The parties hereto agree as follows:</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-right:3.7%;text-indent:7.41%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Term of Agreement</font>.&nbsp;&nbsp;This Agreement shall terminate upon the date that all obligations of the parties with respect to this Agreement have been satisfied.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-right:3.7%;text-indent:7.41%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"