EXHIBIT 10.15
RADISYS CORPORATION
1995 STOCK INCENTIVE PLAN
RESTRICTED STOCK GRANT AGREEMENT
This Restricted Stock Grant Agreement (the "Agreement"), dated as of
____________ (the "Grant Date"), is made by and between RadiSys Corporation (the
"Company") and _________ (the "Award Recipient").
RECITALS
WHEREAS, the Company has established and maintains the RadiSys Corporation
1995 Stock Incentive Plan (the "Plan"); and
WHEREAS, the Award Recipient is an employee of the Company; and
WHEREAS, the Company desires to grant to the Award Recipient shares of
common stock, no par value, ("Common Stock") under the Plan, subject to certain
restrictions and limitations; and
WHEREAS, the Award Recipient desires to receive a grant of such shares of
Common Stock from the Company;
NOW, THEREFORE, in consideration of the promises and mutual agreements
contained herein, the adequacy and sufficiency of which are hereby acknowledged,
the Company and the Award Recipient agree as follows:
1. Grant of Restricted Stock.
(a) Number of Shares/Vesting. The Company hereby grants to the Award
Recipient, on the Grant Date, ____ shares of Common Stock under the Plan subject
to the vesting schedule and terms and conditions set forth below (the
"Restricted Stock").
NUMBER OF SHARES VESTING DATE
------------------- ------------
____
An additional ____
An additional ____
Restricted Stock granted under this Agreement shall vest in accordance with the
above schedule on the applicable dates listed in the table above (each a
"Vesting Date"), if on such Vesting Date the Award Recipient is still employed
by the Company or one of its subsidiaries. For avoidance
of doubt, there shall be no proportionate or partial vesting in the periods
prior to each Vesting Date and vesting shall occur only on the applicable
Vesting Date pursuant to this Section 1(a). Upon the Award Recipient's
termination of employment with the Company and its subsidiaries, the unvested
portion of the Restricted Stock shall be forfeited by the Award Recipient and
cancelled by the Company. Notwithstanding the foregoing, upon the Award
Recipient's termination of employment with the Company and its subsidiaries, the
Board of Directors or the Committee may, in its sole and complete discretion,
provide for an acceleration of vesting of the Restricted Stock granted under
this Agreement.
(b) Additional Documents/Capitalized Terms. The Award Recipient agrees to
execute such additional documents and complete and execute such forms as the
Company may require for purposes of this Agreement. Any capitalized terms not
defined herein shall have the same meaning as set forth in the Plan document.
(c) Issuance of Restricted Stock; Dividend and Distribution Rights. Upon
the vesting of any Restricted Stock pursuant to the terms hereof, the
restrictions of Sections 1 and 2 shall lapse with respect to such vested
Restricted Stock. As soon as practicable following the vesting of any Restricted
Stock, the Company shall, in its sole discretion, cause to be delivered to the
Award Recipient a certificate evidencing such Common Stock (less any shares of
Common Stock withheld under Section 4 below) or shall cause its third-party
recordkeeper to credit an account established and maintained in the Award
Recipient's name with the number of shares of Common Stock which have vested
(less any shares of Common Stock withheld under Section 4 below). The Board of
Directors or the Committee may, in its sole discretion, require any dividends or
other distributions paid by the Company with respect to the Restricted Stock be
held in escrow until the Restricted Stock vests in accordance with Section 1 of
this Agreement.
2. Restrictions on Transfer. Except as otherwise provided herein or in the Plan,
no unvested Restricted Stock shall be sold, exchanged, assigned, transferred,
conveyed, gifted, delivered, encumbered, discounted, pledged, hypothecated, or
otherwise disposed of, whether voluntarily, involuntarily, or by operation of
law. Immediately upon any attempt to transfer such rights, such Restricted
Stock, and all of the rights related thereto, shall be forfeited by the Award
Recipient.
3. Notification of Election Under Section 83(b) of the Code. If the Award
Recipient shall, in connection with the grant of Restricted Stock under this
Agreement, make the election permitted under Section 83(b) of the Internal
Revenue Code of 1986, as amended (the "Code"), (i.e., an election to include in
gross income in the year of transfer the amounts specified in Section 83(b) of
the Code), then the Award Recipient must make such an election using a form
provided by the Company. The election must be received by the Internal Revenue
Service within 30 calendar days following the Grant Date. The Award Recipient
shall also provide the Company with a copy of such election within 10 calendar
days of filing a notice of election with the Internal Revenue Service and shall,
at the same time as such notice of election is provided to the Company, remit to
the Company in cash an amount sufficient to satisfy any tax withholding
obligations.
4. Withholding. The Award Recipient shall be liable for any and all U.S.
federal, state or local taxes of any kind required by law to be withheld with
respect to the vesting of Restricted
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Stock. When the Restricted Stock vests, the Award Recipient shall surrender to
the Company a number of whole shares of Common Stock having a fair market value,
determined by the Company as of the Vesting Date, not in excess of the minimum
amount of withholding taxes and social security contributions required by law to
be withheld with respect to such vesting. The Company will provide the Award
Recipient with a cash refund for any fractional surrendered share of Common
Stock not necessary for required withholding taxes and social security
contributions. Instead of requiring the Award Recipient to surrender shares as
described above, the Company may, in its discretion, (a) require the Award
Recipient to remit to the Company on the Vesting Date on which the Restricted
Stock vests cash in an amount sufficient to satisfy all applicable required
withholding taxes and social security contributions related to such vesting, or
(b) deduct from the Award Recipient's regular salary payroll cash, on a payroll
date following the Vesting Date on which the Restricted Stock vests, in an
amount sufficient to satisfy such obligations.
In lieu of surrendering shares of Common Stock to cover all applicable
required withholding taxes and social security contributions, the Award
Recipient may, by providing notice to the Company at least 30 days before any
Vesting Date (a) elect to remit to the Company on the Vesting Date on which the
Restricted Stock vests cash in an amount sufficient to satisfy such obligations,
or (b) request the Company to deduct from the Award Recipient's regular salary
payroll cash, on a payroll date following the Vesting Date on which the
Restricted Stock vests, in an amount sufficient to satisfy such obligations,
which request the Company may choose to honor in its sole discretion.
Notwithstanding the foregoing, if the Award Recipient makes an election under
Section 3 above, the Award Recipient shall remit to the Company in cash an
amount sufficient to satisfy any withholding obligations at the time the notice
described in Section 3 is delivered to the Company.
5. Grant Subject to Plan Provisions. This grant of Restricted Stock is made
pursuant to the Plan, the terms of which are incorporated herein by reference,
and in all respects will be interpreted in accordance with the Plan. The Board
of Directors (or the Committee) has the authority to interpret and construe this
Agreement pursuant to the terms of the Plan, and its decisions are conclusive as
to any questions arising hereunder. In the event of any conflict between the
terms of this Agreement and the terms of the Plan, the terms of the Plan shall
control.
6. No Employment or Other Rights. This grant of Restricted Stock does not confer
upon the Award Recipient any right to be continued in the employment of the
Company or any subsidiary or interfere in any way with the right of the Company
or any subsidiary to terminate such Award Recipient's employment at any time,
for any reason, with or without cause, or to decrease such Award Recipient's
compensation or benefits.
7. Rights as a Shareholder. Except as otherwise provided in this Agreement, the
Award Recipient shall have all rights of a shareholder with respect to the
Restricted Stock granted under this Agreement.
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8. Applicable Law. The validity, construction, interpretation and effect of this
instrument will be governed by and construed in accordance with the laws of the
State of Oregon, without giving effect to the conflicts of laws provisions
thereof.
9. Notice. Any notice to the Company or the Board of Directors (or the
Committee) provided for in this Agreement shall be addressed to RadiSys
Corporation at its principal business address in care of the Secretary of the
Company, and any notice to the Award Recipient will be addressed to the Award
Recipient at the current address shown on the books and records of the Company
or its subsidiary. Any notice shall be sent by registered or certified mail.
10. Discretionary Nature of Plan. The Plan is discretionary in nature, and the
Company may suspend, modify, amend or terminate the Plan in its sole discretion
at any time, subject to the terms of the Plan and any applicable limitations
imposed by law. This Restricted Stock grant under the Plan is a one-time benefit
and does not create any contractual or other right to receive additional
Restricted Stock or other benefits in lieu of Restricted Stock in the future.
Future grants, if any, will be at the sole discretion of the Board of Directors
or the Committee, including, but not limited to, the timing of any grant, the
number of Restricted Stock granted, and the vesting provisions.
11. Entire Agreement. This Agreement and the Plan contain the entire agreement
between the Award Recipient and the Company regarding the grant of Restricted
Stock and supersede all prior arrangements or understandings with respect
thereto.
IN WITNESS WHEREOF, the Company has caused this Agreement to be executed
by its duly authorized representative and the Award Recipient has executed this
Agreement effective as of the Grant Date.
I. RADISYS CORPORATION
By:__________________________
Its:_________________________
Date: ________________________
I hereby accept the Restricted Stock granted pursuant to this Agreement, and I
agree to be bound by the terms of the Plan and this Agreement. I hereby further
agree that all the decisions and determinations of the Board of Directors or the
Committee and their interpretation and construction of the provisions of the
Plan and this Agreement will be final, conclusive and binding.
_____________________________
Award Recipient Date
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