Opções de ações israel
A tributação dos empregados & rsquo; Os planos de opções em Israel geralmente são divididos em dois regimes. Um conjunto de regras aplica-se a planos nos quais um administrador mantém as opções. Este regime concede tratamento fiscal benéfico aos empregados, conforme explicado abaixo, incluindo a caracterização de lucros como ganhos de capital e o diferimento do evento fiscal até as ações serem vendidas (em vez de quando as opções são outorgadas ou exercidas).
O outro regime aplica-se a opções não detidas por um fiduciário (ver: planos de opções não fiduciários). Nesse regime, os empregados não desfrutam de benefícios semelhantes aos do primeiro mencionado.
A seção 102 da Portaria de Imposto de Renda de Israel [Nova Versão] 1961 (a "Portaria"), regula a tributação dos empregados & rsquo; opções e outros modelos de compensação baseada em ações. De acordo com a Seção 102, os funcionários que são residentes israelenses para fins fiscais estão sujeitos a imposto de ganho de capital ou imposto de renda ordinária (emprego), mediante o exercício de suas opções, conforme previsto na rota fiscal específica eleja nos termos da Seção 102 da Portaria.
Basicamente, se o "imposto sobre ganhos de capital" for a rota é eleita, os funcionários estarão sujeitos a imposto sobre os ganhos de capital na taxa de 25% (exceto a parte do lucro que existia no momento da concessão).
No entanto, se o "imposto de renda ordinário" A rota é eleita ou se aplica na ausência de condições qualificadas para a rota de capital, então os funcionários estarão sujeitos a imposto na taxa de imposto marginal do titular. A tributação de acordo com a Seção 102 é pagável por funcionários israelenses empregados por empresas israelenses ou estrangeiras.
O rendimento do empregado decorrente da alocação de opções para ações da empresa empregadora geralmente não está sujeito a imposto no momento da alocação, mas ficará sujeito a imposto sobre o anterior ocorrer: (i) a venda das opções / partes pelo administrador; ou (ii) a transferência de tais opções / ações do agente fiduciário para o nome do empregado.
O rendimento acima referido do empregado deve ser considerado um ganho de capital (e não renda de emprego) tendo em conta o valor do benefício e o imposto sobre ganhos de capital à alíquota de 25% deve ser pago pelo empregado.
O "imposto de renda ordinário" rota.
O rendimento do empregado decorrente de uma alocação de tais opções na empresa empregadora geralmente não estará sujeito a imposto no momento da concessão. O empregado deve estar sujeito a um imposto de renda regular, bem como a uma taxa de seguro nacional a taxas variáveis, em relação ao benefício obtido pelo empregado após a ocorrência anterior de: (i) a venda das opções através do administrador fiduciário; ou (ii) a transferência das opções do administrador em nome do empregado.
Por favor, note que este resumo não discute todos os detalhes das leis, regras e regulamentos pertinentes que podem ser aplicados nesta matéria e serve para dar uma visão geral da situação legal.
7 grandes estoques de crescimento baseados em Israel.
A invasora nação do Oriente Médio é uma potência tecnológica.
Por Kathy Kristof, Editora contribuidora e Barbara Hoch Marcus, Editor Gerente.
Da Finanças Pessoais de Kiplinger, maio de 2014.
É um país apenas um pouco maior do que o estado de Nova Jersey que fica no meio de uma das regiões mais voláteis do mundo e que tem vizinhos que estão atentos à sua destruição. Desde a sua fundação, há 66 anos, Israel lutou sete guerras e inúmeras outras escaramuças armadas. E agora, um movimento de boicote de brotos que protesta contra a ocupação de terras habitadas por palestinos ameaça a economia de Israel mesmo sem o espectro de outra guerra.
Veja também: Os 10 melhores estoques do mundo.
No entanto, esta nação relativamente nova em uma terra antiga conseguiu apoiar uma economia próspera e orientada para a tecnologia em meio a turbulências e um crescimento global lento. Com mais empresas iniciantes per capita do que em qualquer outro lugar do mundo, Israel está repleto de perspectivas de investimento tentadoras. Além disso, muitas ações israelenses negociam nos EUA, tornando simples para os americanos investir no país.
Os riscos são substanciais, com certeza. Não só as empresas do país lidam com ameaças políticas e físicas, muitas são empresas jovens que ainda não têm lucro. Mas para os investidores de longo prazo que não se importam em assumir alguns riscos, as recompensas podem ser ótimas. "Israel é único", diz Steve Schoenfeld, diretor de investimentos da BlueStar Indexes, uma empresa da cidade de Nova York que desenvolveu o índice rastreado pelos vetores de mercado Israel ETF (símbolo ISRA), um fundo negociado em bolsa. "É um país pequeno com uma pegada global muito grande, e morre bem acima de sua média em todas as métricas que definem uma economia bem sucedida".
Propaganda.
Mesmo quando grande parte do mundo desenvolvido estava diminuindo em 2009, por exemplo, Israel conseguiu um crescimento modesto. Desde então, a economia da nação cresceu quase o dobro do ritmo da economia dos EUA. Sua taxa de desemprego, de 5,4%, está entre as mais baixas do mundo desenvolvido. E graças em parte à chegada na década de 1990 de uma onda de imigrantes altamente educados da antiga União Soviética, Israel tornou-se uma potência tecnológica. É uma segunda casa para praticamente todas as grandes empresas de alta tecnologia do mundo, incluindo Apple, Google, Intel e Microsoft.
Poucas empresas ilustram a mistura diária de antigos e novos, tradicionais e inovadores, bem como o CaesarStone Sdot-Yam (CSTE). Localizado a poucos quilômetros das ruínas da antiga cidade romana de Caesarea, esta empresa de produtos de construção opera fora do Kibbutz Sdot Yam, uma comuna que é mais antiga que o próprio Estado de Israel. Seus trabalhadores eram tradicionalmente empregados fazendo telhas de terrazzo. Agora, eles combinam polímeros de quartzo e alta tecnologia para criar pisos e bancadas para lares high-end. Graças, em parte, ao reavivamento da habitação no maior mercado de vendas dos EUA - Caesarstone e os lucros estão a balançar. Os analistas, em média, esperam que a empresa gere US $ 2,22 por ação este ano, um aumento de 23% em relação a 2013 e quase o lucro de Caesarstone em 2012. O estoque, que cresceu mais de cinco vezes desde que a Caesarstone foi divulgada em março de 2012 e agora tem um valor de mercado de US $ 2,1 bilhões, vende por 27 vezes o lucro previsto - não barato, mas não escandalosamente caro à luz do rápido crescimento da empresa. (Os preços das ações são de 7 de março)
Muitas empresas israelitas promissoras estão em saúde. Considere o Compugen (CGEN), localizado em Tel Aviv, e Oramed Pharmaceuticals (ORMP), com sede em Jerusalém. Nem a empresa de biotecnologia é rentável ainda, mas ambos parecem estar à beira de avanços que provavelmente colocá-los no mapa.
Ao longo dos últimos anos, a Compugen tem se concentrado em imunologia e oncologia, usando algoritmos computacionais complexos para descobrir novos inibidores do ponto de controle do sistema imunológico, que funcionam desencadeando o próprio sistema imunológico do corpo para atacar células cancerígenas. Em um sinal de confiança na tecnologia da Compugen, o gigante farmacêutico alemão Bayer AG disse no ano passado que iria comprometer até $ 540 milhões para desenvolver drogas conjuntamente com a Compugen. O estoque da Compugen acabou quando o acordo da Bayer foi anunciado, e Graig Suvannavejh, analista da MLV & Co., um banco de investimento baseado na cidade de Nova York, pensa que irá reagir de forma semelhante quando forem realizadas mais promoções no próximo ano.
Propaganda.
Oramed está trabalhando em uma forma oral de insulina como alternativa à versão injetada que é usada para tratar diabetes. A pílula está em julgamentos em fase tardia, o que significa que é uma boa chance de ser aprovado pela Food and Drug Administration. Suvannavejh acha que os diabéticos felizmente jogam suas seringas e transformar Oramed em um jogador-chave em um mercado de bilhões de dólares em rápido crescimento. O estoque pode atingir US $ 27 dentro de um ano, diz ele.
Você não precisa ir além do símbolo de ações da Alcobra (ADHD) para descobrir seu foco. Num momento em que o transtorno de hiperatividade com déficit de atenção parece atingir proporções epidêmicas, a Alcobra está desenvolvendo uma alternativa aos medicamentos tradicionais de TDAH. A solução da Alcobra, uma forma de Metadoxina de liberação lenta, parece ser eficaz e menos viciante do que outros medicamentos de TDAH, diz Stifel, analista da Nicolaus Annabel Samimy. A FDA já aprovou o uso do medicamento para tratar a síndrome do X frágil raro, uma desordem genética que causa atrasos cognitivos, e está em estágios finais de testes para TDAH. Samimy espera que a Alcobra ganhe aprovação regulamentar para o tratamento do TDAH e espera que o estoque atinja US $ 30 em um ano.
O corredor entre Tel Aviv e Haifa para o norte, apelidado de Silício Wadi, está repleto de empresas que estão trabalhando em maneiras de acelerar e proteger o comércio da Web. Silicom (SILC) faz adaptadores que servem como blocos de construção para todos os tipos de aparelhos tecnológicos. Como muitos de seus clientes estão crescendo rapidamente, também é Silicom; as receitas aumentaram 50% no ano passado. O analista da Needham & Co. Alex Henderson diz que a Silicom não pode manter esse ritmo indefinidamente, mas espera uma taxa de crescimento de 20% em vendas e lucros para 2014 e 16% no ano seguinte. Ele acha que o estoque, com 26 vezes o lucro projetado em 2014, é um roubo.
Com um número cada vez maior de consumidores acelerando através do ciberespaço, as redes de computadores estão ficando prejudicadas por um problema familiar: engarrafamentos. Radware (RDWR) faz com que os produtos desconectem esses pontos de estrangulamento, mantendo a segurança das redes informáticas. A empresa de Tel Aviv, de 17 anos, mostrou-se tão eficaz que tem roubado negócios com o rival mais conhecido e baseado em Seattle, F5 Networks, diz Henderson. Ele vê ganhos crescendo mais de 20% em 2014 e em um ritmo de 15% em 2015. O estoque, que vende em 21 vezes estimou ganhos de 2014, parece ter preços razoáveis. Além disso, a Radware possui um sólido balanço, sem dívidas e US $ 6 por ação em dinheiro.
Propaganda.
Nenhuma discussão sobre Israel seria completa sem algumas palavras sobre a Teva Pharmaceuticals (TEVA), que, com um valor de mercado de US $ 41,8 bilhões, é, de longe, a maior empresa da Tel Aviv Stock Exchange. A Teva é a maior fabricante mundial de medicamentos genéricos, com baixas que representam cerca de metade de suas vendas anuais de cerca de US $ 20 bilhões. Ironicamente, no entanto, o estoque tem sido um artista medíocre nos últimos anos devido a expirações de patentes em alguns dos medicamentos de marca na linha de produtos da Teva. David Risinger, analista da Morgan Stanley, estima que o Copaxone, um tratamento de esclerose múltipla que perde proteção de patentes neste verão, representa 45% do lucro por ação e fluxo de caixa da Teva.
Apesar de escalar 25% desde meados de dezembro, o estoque da Teva retornou apenas 3,8% anualizado nos últimos cinco anos até o dia 7 de março. Mas William Scholes, gerente de investimento adjunto do Fundo Aberdeen Israel (ISL), um fundo fechado, pensa que O estoque, em apenas 11 vezes estimado o lucro de 2014 e com um rendimento de dividendos de 2,8%, é uma pechincha. A Teva está reduzindo os custos, desenvolvendo novos medicamentos e instalando recentemente um novo CEO.
Propaganda.
Atualização do mercado.
Propaganda.
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Contratos de trabalho.
Um funcionário pode ser encerrado, mas os direitos sobre as opções conservadas em estoque podem viver.
Os planos de opções de ações tornaram-se um elemento básico da remuneração do emprego, especialmente para executivos e funcionários no campo da tecnologia. Agora as opções estão encontrando seu caminho em disputas de rescisão e no sistema legal.
Os tribunais canadenses deixaram claro que, a menos que as empresas sejam extremamente cuidadas na redação dos planos de opção de compra de ações, esses planos serão interpretados para permitir que os funcionários demitidos sem motivo acumularem e exercem suas opções até o final do período de notificação razoável.
Opções de ações criam um incentivo para o empregado que está diretamente vinculado ao sucesso da empresa.
Os funcionários compartilham os lucros que seus esforços geraram. Os empregadores não gostam do pensamento de que os funcionários encerrados continuariam a compartilhar os sucessos da empresa depois que o empregado foi demitido. Quando o empregado tem o direito de continuar a exercer as opções de compra de ações após a rescisão, a finalidade do plano é frustrada e pode ser dispendioso ao comprovar a compensação durante o período de notificação razoável.
Os períodos de aviso podem ser longos, especialmente para funcionários de longa data ou aqueles nos níveis superiores da empresa. A chave para os empregadores é usar a redação no plano de opções de ações que limita o direito de um empregado a exercer opções a partir de um horário especificado depois de & ldquo; aviso real & rdquo; de demissão é fornecido ao empregado ou para amarrar a data de desbloqueio para a expiração das opções até o último dia em que o empregado executa & ldquo; serviços ativos & rdquo; pela empresa.
Na ausência de uma redação cuidadosa, os tribunais interpretarão os planos de opções de ações contra o empregador e a data de desativação para o término das opções não começará até o final do período de notificação razoável.
Em Gryba v. Moneta Porcupine Mines Ltd., o demandante foi o presidente da empresa de mineração demandada por nove anos. Gryba foi demitido sem causa. Ele ganhou um salário de US $ 60.000 por ano, mais opções de ações no momento da sua rescisão. A seção de chave do plano de opções é lida: & ldquo; & # 8230; Se um optante deixar de ser empregado pela corporação, exceto por motivo de morte ou rescisão por causa, & # 8230; qualquer opção ou parte não exercida detida por esse optante na data de efetivação deste pode ser exercido no todo ou em parte por um período de trinta (30) dias a partir daí. & rdquo;
A maioria do Tribunal de Recurso considerou que o plano de opção de compra de ações deveria ser interpretado como implicando uma rescisão legal de & ldquo; & rdquo; A rescisão legal requer a notificação razoável ou o pagamento em lugar de aviso razoável. O tribunal concluiu que as opções de compra de ações poderiam ser exercidas até 30 dias após o termo do prazo de notificação razoável em vez de 30 dias a partir da data efetiva do despedimento.
Tal decisão pode ser dispendiosa para o empregador. O cálculo dos danos nestes assuntos baseia-se na perda entre o preço da opção eo preço de negociação real no momento em que o tribunal determina que a ação teria sido vendida se a opção estiver disponível para o empregado.
A tendência judicial, como mostrado em Gryba, enfatiza a necessidade de um bom conselho jurídico na obtenção de precisão na elaboração de um plano de opção de compra de ações. Gryba também sugere que, não importa como um plano de opção de estoque é escrito, pode ser interpretado pelo tribunal como algo bastante diferente. O empregador cuidado.
Protegendo sua empresa.
As decisões recentes do plano de opção de estoque indicam que a criação de um plano de opção de compra de ações que evite fornecer benefícios aos funcionários após o término será difícil. Mas, há alguma esperança.
A decisão do Tribunal de Recurso de Ontário no Brock v. Matthews Group Ltd. é uma das poucas decisões relatadas que considerou que um plano de opção de compra de ações deve ser escrito corretamente, de modo a impedir o exercício das opções de compra de ações após a demissão.
A chave em Brock foi o uso da frase & ldquo; aviso de demissão, & rdquo; em vez de apenas "despedir" & rdquo; ou & ldquo; terminação & rdquo; em referência ao prazo estabelecido no direito do empregado para exercer opções de ações.
Apesar da incerteza em torno desta área de desenvolvimento da lei, as seguintes etapas que podem ser tomadas para proteger sua empresa de danos compensatórios em relação aos planos de opções de ações reivindicados por antigos funcionários:
Determine se o idioma existente ou proposto pode levar a resultados não desejados após a rescisão de um funcionário. A linguagem no plano ou contrato de opção de compra de ações deve ser clara, precisa e inequívoca. Se a redação for ambígua, os tribunais interpretarão o plano de opções de ações ou o acordo a favor do empregado demitido. O plano deve usar linguagem específica que limita a habilidade do empregado para exercer opções de ações após a notificação de demissão ser dada ao empregado. A frase "aviso real de despedimento" é a expressão preferida para limitar os planos de direitos de opções de ações de um empregado. Palavras como & ldquo; despedida & rdquo; ou & ldquo; terminação & rdquo; será interpretado pelos tribunais como significando & ldquo; terminação legal, & rdquo; e o empregado pode receber indenizações compensatórias pela perda do direito de vender opções de compra de ações durante um período de notificação razoável. Outra estratégia é declarar expressamente que a data de início para o término da opção é o último dia em que o funcionário realizou & ldquo; serviços ativos & rdquo; pela empresa.
Para mais informações, consulte Gryba v. Moneta Porcupine Mines Ltd. [2000] O. J. No. 4775 (C. A.) e Brock v. Matthews Group Ltd. [1991] O. J. No. 83 (C. A.).
Nos tribunais # 8230;
Em Veer v. Dover Corp. (Canadá) Ltd., o Tribunal de Recurso de Ontário tratou a questão dos direitos de opção de compra de ações após o término do emprego. O empregado demandante era um executivo sênior que foi rescindido pelo empregador por causa da "desobediência persistente". & Quot; O tribunal considerou que o empregador não tinha apenas motivos para rescindir a Veer e, portanto, ele tinha direito a aviso prévio razoável (ou pagamento em vez de aviso razoável). O funcionário encerrado tomou a posição de que ele tinha o direito de exercer suas opções durante o período de notificação razoável, apesar da redação do contrato de opção de compra de ações. A empresa sustentou que as opções do empregado encerrado só poderiam ser exercidas antes da demissão efetiva. O contrato de opção de compra de ações estabeleceu que os direitos ao abrigo do contrato terminaram a partir da data de rescisão.
O tribunal considerou que a denúncia referida no contrato, na ausência de linguagem especial, deve significar rescisão legal. (A rescisão legal implica a rescisão com aviso prévio ou compensação em vez de notificação). O tribunal ainda considerou que, sem um idioma expresso, não se podia concluir que as partes pretendessem que uma rescisão ilegal desencadeasse o fim dos direitos da opção do empregado.
Veer v. Dover Corp. (Canadá) Ltd. (1999) 120 O. A.C. 394 (C. A.).
Na Iaccobucci v. WIC Radio Ltd., o Tribunal de Recurso da Columbia Britânica tratou de uma questão similar. A rescisão do empregado entrou em vigor em maio de 1997. Ele foi colocado em continuação de salário e benefícios até novembro de 1998. O ex-funcionário foi informado de que ele tinha menos ações para exercer do que calculou. O empregador afirmou que a diferença havia sido cancelada como resultado da rescisão. O ex-funcionário argumentou que ele tinha direito a danos pelo valor das opções de compra de ações que viriam devido durante o período entre a demissão e o prazo de pré-aviso razoável.
O Tribunal de Recurso confirmou a decisão do juiz de julgamento de que as frases & ldquo; terminando seu emprego & rdquo; e & ldquo; a data de sua rescisão & rdquo; conforme contido no plano de opções significava rescisão legal. Isto significa que, se o empregado tivesse recebido um aviso de trabalho, ele teria permanecido empregado até novembro de 1998. Durante esse período, teria direito a exercer as opções aceleradas. Como resultado, o empregado recebeu danos substanciais.
Iaccobucci v. WIC Radio Ltd. [1999] B. C..J. No. 2890 (C. A.).
Peter Israel e Chris Foulon são parceiros do escritório de advocacia de Toronto Israel Foulon LLP & ndash; Emprego e Advogados Trabalhistas. Eles podem ser alcançados em 416-640-1550 ou piisraelfoulon. ou cfisraelfoulon. Os autores gostariam de agradecer a Douglas Hood por sua assistência com este artigo. Uma versão deste artigo originalmente apareceu na publicação Carswell, Canadian HR Reporter.
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O Tribunal Distrital de Israel determina o tratamento dos custos de compensação baseados em ações de acordo com um acordo de custo mais.
Veja alertas fiscais por.
Sumário executivo.
Em 24 de dezembro de 2015, o Tribunal Distrital de Tel Aviv decidiu o impacto de um plano de opção de compra de ações para um acordo de custo mais, uma questão relevante para a maioria dos centros de pesquisa e desenvolvimento de Israel (R e D) atendendo empresas do grupo relacionadas em um custo mais base.
No caso do agente de avaliação da Kontera Technologies Ltd vs. Tel Aviv 3, o tribunal decidiu que as despesas incorridas por uma subsidiária israelense de uma empresa americana em relação a um plano de opção de compra de ações devem ser incluídas na base do custo no cálculo do custo acrescido de remuneração não obstante o fato de que tais despesas não são permitidas como deduções fiscais para fins fiscais de Israel (se incorridos em relação a um plano de opção de compra de ações de empregado sob a chamada faixa de "ganho de capital"). O tribunal aceitou o cargo da Autoridade Tributária de Israel (ITA) neste caso, o que resultou em um aumento significativo da renda tributável da filial israelense devido à tributação total não só da marcação de tais custos, mas também do custo devido a não dedutibilidade da despesa.
Note-se que a decisão do tribunal foi afetada por um conjunto específico de circunstâncias; sendo uma a existência de uma alteração retroativa ao acordo de serviço entre empresas que excluiu as opções de estoque do arranjo de custo mais em retrospectiva e outro sendo o estudo de preços de transferência e outros documentos apresentados que o tribunal considerou irrelevantes.
Por conseguinte, grupos multinacionais com centros R & D em Israel devem rever a decisão e avaliar o seu potencial impacto nos fatos e circunstâncias relevantes para cada caso.
Discussão detalhada.
Fundo.
O processo judicial discute um apelo de uma empresa israelense que é uma subsidiária integral da Kontera Technologies Inc, uma empresa privada dos EUA. Em 2005, a empresa israelense e o pai dos Estados Unidos assinaram um acordo entre as empresas, segundo o qual a empresa israelense forneceria serviços R & D aos pais dos EUA em troca do reembolso de custos mais uma margem de 7%.
Nos anos de 2009 e 2010, os EUA forneceram opções de ações aos funcionários da empresa israelense. Além disso, em 2010, o acordo de serviço entre as empresas foi alterado para excluir o componente de opções de compra de ações do acordo de custo mais. A alteração do contrato de serviço foi aplicada de forma retroativa a partir de 1 de janeiro de 2008. No entanto, para fins contábeis, a empresa israelense calculou o valor das opções de compra de ações e registrou uma despesa nas contas estatutárias de acordo com as normas contábeis de Israel.
Para fins fiscais israelenses, a empresa optou por fornecer as opções de compra de ações aos seus empregados sob a "faixa de ganho de capital" da Seção 102 da Portaria Fiscal de Israel (ITO). A seção 102 da ITO geralmente lida com a remuneração baseada em ações para os funcionários e dá direito a funcionários, sob certas condições, para aplicar um tratamento de ganho de capital após o exercício com uma taxa de imposto de 25%. Como condição para aplicar a referida faixa de ganho de capital, o custo da remuneração baseada em ações geralmente não é permitido como uma dedução fiscal por parte do empregador israelense. Por conseguinte, no caso em apreço, a empresa israelense não reclamou os custos como uma dedução nas suas declarações fiscais de 2009 e de 2010.
Na avaliação das declarações de impostos da empresa em 2009 e 2010, o ITA ignorou a alteração de 2010 e incluiu as opções de compra de ações no cálculo de custo mais no contrato de serviço. Consequentemente, uma vez que o novo cálculo de custo mais resultou em uma marcação de 1,73%, o arranjo foi considerado fora do intervalo aceitável de comprimento do braço de acordo com os padrões TP israelenses. Assim, o custo mais a remuneração da transação do serviço foi recalculado, incluindo o custo das opções, e a ITA avaliou uma receita tributável adicional significativa para a empresa. Além disso, uma vez que a faixa de ganho de capital da Seção 102 foi aplicada, a empresa não conseguiu deduzir o custo total das opções, que efetivamente tornaram-se totalmente tributáveis.
A decisão do tribunal de distrito.
O Tribunal Distrital de Tel Aviv rejeitou o apelo da empresa israelense e determinou que o componente de opções de estoque deveria ser incluído no acordo de custo mais sob o acordo de serviço de R e D com a empresa americana.
Para chegar a essa decisão, o tribunal analisou os estudos de preços de transferência que suportavam o cálculo do custo da empresa mais o cálculo. Um dos estudos apoiou a exclusão de opções de estoque de contratos de serviços similares entre partes não relacionadas. O estudo foi considerado pelo tribunal como irrelevante, uma vez que não cobriu suficientemente as operações que são semelhantes a um arranjo de custo mais serviço. Consequentemente, o tribunal determinou que a empresa não cumpriu sua obrigação de apoiar e provar a natureza da transação, conforme prescrito nos regulamentos de preços de transferência israelenses.
Além disso, o fato de o acordo entre as empresas ter sido alterado retroativamente após cinco anos foi um fator na decisão do tribunal. Afirmou-se que isso indicava que era aceitável antes da alteração incluir o custo da opção de estoque, e apenas em retrospectiva os termos da transação foram alterados para transferir lucros para longe da empresa israelense.
Por conseguinte, na ausência de um estudo de preços de transferência válido que apoie a exclusão de opções de stock do arranjo de custos mais, e como a empresa não cumpriu os requisitos para mudar o ônus da prova para o ITA, neste caso específico a empresa israelense fez não provar que a exclusão do componente de opções de um arranjo de custo mais seguiu o princípio do comprimento do braço. Por conseguinte, o tribunal determinou que a ITA ignorou legalmente a alteração do contrato de serviço e atualizou o cálculo do custo mais de acordo com (i) incluir os custos das opções de ações dos empregados no cálculo das receitas de acordo com o custo mais, e (ii) desautorizar a custo como dedução devido ao acordo específico aplicável à remuneração baseada em ações de funcionários sob o ganho de capital.
Grupos multinacionais geralmente operam centros R & amp; D (ou outros centros de serviços) em Israel com base em custos mais. Este novo processo judicial, embora ainda não tenha sido julgado pelo Supremo Tribunal, apresenta a posição adotada pelo ITA em relação a essa questão. As multinacionais devem rever o caso e avaliar o seu potencial impacto sobre o conjunto de fatos e circunstâncias relevantes.
Para obter informações adicionais sobre este Alerta, entre em contato com o seguinte:
EY Israel, Kost Forer Gabbay & amp; Kasierer, Tel Aviv.
Sharon Shulman.
sharon. shulmanil. ey Motti Tagar.
Ernst & amp; Young LLP, Israel Tax Desk, Nova Iorque.
Rani Gilady.
Contate-Nos.
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Opções de ações israel
BRIGHT FONTE DE ENERGIA, INC.
Plano de ações de 2006.
AVISO DE CONCESSÃO DE OPÇÃO DE STOCK.
(102 Opções de trilha de ganhos de capital)
Você recebeu uma opção para comprar ações comuns da Bright Source Energy, Inc. (a & # 147; Companhia & # 148;) da seguinte maneira:
Data de Aprovação da Diretoria:
Preço de exercício por ação:
Número total de ações concedidas:
Preço de exercício total:
Vesting Commencement Date:
Esta opção pode não ser transferida.
Por sua assinatura e assinatura do representante da Companhia abaixo, você e a Empresa concordam que esta opção é concedida de acordo com os termos e condições de (i) o Plano de ações da Bright Source Energy, Inc. 2006 (incluindo o Apêndice para Contribuintes israelenses) e o Contrato de Opção de Compra de Ações, ambos anexados e feitos parte deste documento, (ii) Seção 102 (b) (2) da Portaria de Imposto de Renda de Israel (Nova Versão) & # 150; 1961 e as Regras promulgadas em conexão com isso, e (iii) o contrato de confiança entre a Companhia eo fiduciário de acordo com a Seção 102 (o & # 147; Contrato de Confiança & # 148;), uma cópia do qual foi fornecida ao Optionee ou feita disponível para revisão, mediante solicitação.
Além disso, pela assinatura do Option7, o Optionee concorda que as Opções serão emitidas para o Fiduciário para manter o nome do Optão, de acordo com os termos do ITO, as Regras e o Contrato de Fideicomisso e o Optionee confirmam que o Optionee conhece os termos e as provisões da Seção 102 da ITO e, em particular, a faixa de ganhos de capital descrita na subseção (2) (2), e Optionee concorda que o Optionee não exigirá que o administrador administre Opções ou Ações para Optionee, ou para vender Opções ou Ações a um terceiro, durante o período de retenção obrigatório, a menos que seja permitido por lei aplicável.
Além disso, você concorda e reconhece que seus direitos sobre quaisquer Ações subjacentes à Opção serão obtidos apenas quando você fornecer serviços à Companhia ao longo do tempo, que a concessão da Opção não é como contrapartida dos serviços prestados à Companhia antes da sua Vesting Commencement Date, e que nada neste Aviso ou nos documentos anexados confere a você qualquer direito de continuar seu relacionamento de emprego ou consultoria com a Companhia por qualquer período de tempo, nem interferir de forma alguma com o seu direito ou com a Empresa # 146 direito de rescindir esse relacionamento a qualquer momento, por qualquer motivo, com ou sem justa causa.
Circular do IRS 230 Divulgação: Para garantir o cumprimento dos requisitos impostos pelo IRS, informamos que qualquer conselho fiscal contido nesta comunicação (incluindo quaisquer anexos) (i) não foi pretendido ou escrito para ser usado e não pode ser usado para o propósito de evitar qualquer penalidade tributária e (ii) não foi escrito para promover, comercializar ou recomendar a transação ou assunto abordado na comunicação. Cada contribuinte deve procurar conselhos com base nas circunstâncias particulares do contribuinte de um conselheiro fiscal independente.
BRIGHT SOURCE ENERGY, INC.
Plano de ações de 2006.
PARA OPÇÕES CONCEDIDAS NA SEÇÃO 102 (b) (2)
DO ORDENAMENTO DE IMPOSTO DE RENDA ISRAELITA.
AOS FUNCIONÁRIOS, DIRETORES OU DIRETORES.
AS 102 CAPITAL GAINS OPÇÕES DE TRILHA.
1. Concessão de opção. Bright Source Energy, Inc., uma corporação da Delaware (The & # 147; Compan y & # 148;), concede a & laquo; Optionee & raquo; (& # 147; Optionee & # 148;), uma opção (a & # 147; Opção & # 148;) para comprar o número total de ações ordinárias (as & # 147; Ações & # 148;) estabelecidas no Aviso de Subsídio de Opção de Compra de Ações (o & # 147; Aviso & # 148;), ao preço de exercício por Ação estabelecido no Aviso (o & # 147; Preço de Exercício & # 148;) sujeito aos termos, definições e provisões do Plano de estoque de Bright Source Energy, Inc. (The & # 147; Plan & # 148;) e o Apêndice para contribuintes israelenses (o & # 147; Apêndice; 148) adotado pela Companhia, que está incorporado neste Contrato por referência. Salvo definição em contrário neste Contrato, os termos utilizados neste Contrato terão os significados definidos no Plano.
2. Designação da Opção. Esta Opção é concedida de acordo com os termos e condições da Seção 102 (b) (2) da Portaria do Imposto de Renda (Nova Versão) - 1961, o Plano, que é incorporado aqui por referência, eo Contrato de Fideicomisso celebrado entre a Companhia and ESOP Trust Company (the “ Trustee ”). The Options are granted as a 102 Capital Gains Track Grant.
The Options will be registered in the name of the Trustee as required by the ITO to qualify under Section 102, for the benefit of Optionee. Optionee shall comply with the ITO, the Rules, and the terms and conditions of the Trust Agreement entered into between the Company and the Trustee. The Trustee will hold the Options or the Shares to be issued upon exercise of the Options for the Required Holding Period, as set forth in the Appendix. The Optionee hereby undertakes to release the Trustee from any liability in respect of any action or decision duly taken and executed in good faith in relation to the requirements of the Plan, the Appendix and the ITO, or any Option granted, or Share issued, in the name of the Trustee thereunder. The Optionee hereby confirms that s/he shall execute any and all documents which the Company or the Trustee may reasonably determine to be necessary in order to comply with the ITO, and particularly the Rules.
3. Exercise of Option . This Option shall be exercisable during its term in accordance with the Vesting/Exercise Schedule set out in the Notice and with the provisions of Section 9 of the Plan as follows:
(i) This Option may not be exercised for a fraction of a share.
(ii) In the event of Optionee’s death, disability or other termination of employment, the exercisability of the Option is governed by Section 5 below, subject to the limitations contained in this Section 3.
(iii) In no event may this Option be exercised after the Expiration Date of the Option as set forth in the Notice.
(i) This Option shall be exercisable by execution and delivery of the Exercise Notice and Restricted Stock Purchase Agreement attached hereto as Exhibit A (the “ Exercise Agreement ”) or of any other form of written notice approved for such purpose by the Company which shall state Optionee’s election to exercise the Option, the number of Shares in respect of which the Option is being exercised, and such other representations and agreements as to the holder’s investment intent with respect to such Shares as may be required by the Company pursuant to the provisions of the Plan. Such written notice shall be signed by Optionee and shall be delivered to the Company by such means as are determined by the Plan Administrator in its discretion to constitute adequate delivery. The written notice shall be accompanied by payment of the Exercise Price. This Option shall be deemed to be exercised upon receipt by the Company of such written notice accompanied by the Exercise Price.
(ii) The Company will notify the Trustee of any exercise of Options. If such notification is delivered during the Required Holding Period, the Shares issued upon the exercise of the Options shall be issued in the name of the Trustee, and held in trust on Optionee’s behalf by the Trustee. In the event that such notification is delivered after the end of the Required Holding Period, the Shares issued upon the exercise of the Options shall either (i) be issued in the name of the Trustee, subject to the Trustee’s prior written consent, or (ii) be transferred to the Optionee directly, provided that Optionee first complies with the provisions of Section 7 below. In the event that Optionee elects to have the Shares transferred to Optionee without selling such Shares, Optionee shall become liable to pay taxes immediately in accordance with the provisions of the ITO.
(iii) As a condition to the exercise of this Option and as further set forth in Section 11 of the Plan, Optionee agrees to make adequate provision for U. S. federal, state or other tax withholding obligations, if any, which arise upon the vesting or exercise of the Option, or disposition of Shares, whether by withholding, direct payment to the Company, or otherwise.
(iv) The Company is not obligated, and will have no liability for failure, to issue or deliver any Shares upon exercise of the Option unless such issuance or delivery would comply with the Applicable Laws, with such compliance determined by the Company in consultation with its legal counsel. This Option may not be exercised until such time as the Plan has been approved by the stockholders of the Company, or if the issuance of.
such Shares upon such exercise or the method of payment of consideration for such shares would constitute a violation of any applicable Israeli or U. S. federal or state securities or other law or regulation, including any rule under Part 221 of Title 12 of the U. S. Code of Federal Regulations as promulgated by the Federal Reserve Board. As a condition to the exercise of this Option, the Company may require Optionee to make any representation and warranty to the Company as may be required by the Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Optionee on the date on which the Option is exercised with respect to such Shares.
4. Method of Payment . Payment of the Exercise Price shall be by any of the following, or a combination of the following, at the election of Optionee:
(a) cash or check;
(b) cancellation of indebtedness; ou.
(c) following the date, if any, upon which the Common Stock is a Listed Security, and if the Company is at such time permitting “same day sale” cashless brokered exercises, delivery of a properly executed exercise notice together with irrevocable instructions to a broker participating in such cashless brokered exercise program to deliver promptly to the Company the amount required to pay the exercise price (and applicable withholding taxes).
5. Termination of Relationship; Early Termination of Option . Following the date of termination of Optionee’s Continuous Service Status for any reason (the “ Termination Date ”), Optionee may exercise the Option only as set forth in the Notice and this Section 5. To the extent that Optionee is not entitled to exercise this Option as of the Termination Date, or if Optionee does not exercise this Option within the Termination Period set forth in the Notice or the termination periods set forth below, the Option shall terminate in its entirety. In no event, may any Option be exercised after the Expiration Date of the Option as set forth in the Notice.
(a) Termination . In the event of termination of Optionee’s Continuous Service Status other than as a result of Optionee’s disability or death or for Cause (as defined in the Plan), Optionee may, to the extent Optionee is vested in the Option Shares at the Termination Date, exercise this Option during the Termination Period set forth in the Notice.
(b) Other Terminations of Relationship . In connection with any termination other than a termination covered by Section 5(a), Optionee may exercise the Option only as described below:
(i) Termination upon Disability of Optionee . In the event of termination of Optionee’s Continuous Service Status as a result of Optionee’s disability, Optionee may, but only within twelve months from the Termination Date, exercise this Option to the extent Optionee was vested in the Option Shares as of such Termination Date.
(ii) Death of Optionee . In the event of the death of Optionee (a) during the term of this Option and while an Employee or Consultant of the Company and having been in Continuous Service Status since the date of grant of the Option, or (b) within thirty (30)
days after Optionee’s Termination Date, the Option may be exercised at any time within twelve months following the date of death by Optionee’s estate or by a person who acquired the right to exercise the Option by bequest or inheritance, but only to the extent Optionee was vested in the Option as of the Termination Date.
(iii) Termination for Cause . In the event Optionee’s Continuous Service Status is terminated for Cause, the Option shall terminate immediately upon such termination for Cause as set forth in Section 9(b)(iv) of the Plan. In the event Optionee’s employment or consulting relationship with the Company is suspended pending investigation of whether such relationship shall be terminated for Cause, all Optionee’s rights under the Option, including the right to exercise the Option, shall be suspended during the investigation period, also as set forth in Section 9(b)(iv) of the Plan.
(c) Termination of Option . This Option may terminate prior to its Expiration Date and prior to the dates specified under Section 5(a) and (b) above under certain circumstances as set forth in Section 13 of the Plan.
6. Non-Transferability of Option . This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by him or her. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of Optionee.
7. Tax Consequences . The Company has not provided any tax advice with respect to this Option or the disposition of the Shares. Optionee should obtain advice from an appropriate independent professional adviser with respect to the taxation implications of the grant, exercise, assignment, release, cancellation or any other disposal of this Option and on any subsequent sale or disposition of the Shares. Any tax consequences arising from the grant or exercise of any Option, from the payment for Shares covered thereby, or from any other event or act (of the Company, and/or its Affiliates, and the Trustee or Optionee) relating to the Options or Shares issued upon exercise thereof, shall be borne solely by Optionee. The Company and/or its Affiliates, and/or the Trustee shall withhold taxes according to the requirements under the applicable laws, rules, and regulations, including withholding taxes at source. Furthermore, Optionee agrees to indemnify the Company and/or its Affiliates and/or the Trustee and hold them harmless against and from any and all liability for any such tax or interest or penalty thereon, including without limitation, liabilities relating to the necessity to withhold, or to have withheld, any such tax from any payment made to Optionee for which Optionee is responsible. The Company or any of its Affiliates and the Trustee may make such provisions and take such steps as it/they may deem necessary or appropriate for the withholding of all taxes required by law to be withheld with respect to Options granted under the Plan and the exercise thereof, including, but not limited, to (i) deducting the amount so required to be withheld from any other amount then or thereafter payable to Optionee, including by deducting any such amount from Optionee’s salary or other amounts payable to Optionee, to the maximum extent permitted under law and/or (ii) requiring Optionee to pay to the Company or any of its Affiliates the amount so required to be withheld as a condition of the issuance, delivery, distribution or release of any Shares and/or (iii) by causing the exercise and sale of any Options or Shares held by on behalf of Optionee to cover such liability, up to the amount required to satisfy minimum statutory withholding.
requisitos. In addition, Optionee will be required to pay any amount that exceeds the tax to be withheld and transferred to the tax authorities, pursuant to applicable Israeli tax regulations.
(a) Notice to U. S. Taxpayers . The per share Exercise Price of the Option is intended to be at least equal to the fair market value of the Company’s Common Stock at the date of grant. The Company has attempted in good faith to make the fair market value determination in compliance with applicable tax law although there can be no certainty that the IRS will agree. If the IRS does not agree and asserts the fair market value at the time of grant is higher than the Exercise Price, the IRS could seek to impose greater taxes on Optionee, including interest and penalties under Internal Revenue Code Section 409A if Optionee is a U. S. taxpayer. While the Company thinks this is an unlikely event, the Company cannot provide absolute assurance and Optionee may want to consult Optionee’s own tax adviser with any questions.
(a) To facilitate the administration of the Plan and this Agreement, it will be necessary for the Company (or its payroll administrators) to collect, hold and process certain personal information about Optionee and to transfer this data to certain third parties such as brokers with whom Optionee may elect to deposit any share capital under the Plan. Optionee consents to the Company (or its payroll administrators) collecting, holding and processing Optionee’s personal data and transferring this data to the Company or any other third parties insofar as is reasonably necessary to implement, administer and manage the Plan.
(b) Optionee understands that Optionee may, at any time, view Optionee’s personal data, require any necessary corrections to it or withdraw the consents herein in writing by contacting the Company, but acknowledges that without the use of such data it may not be practicable for the Company to administer Optionee’s involvement in the Plan in a timely fashion or at all and this may be detrimental to Optionee.
9. Lock-Up Agreement . In connection with the initial public offering of the Company’s securities and upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, Optionee hereby agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however and whenever acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days but subject to such extension or extensions as may be required by the underwriters in order to publish research reports while complying with Rule 2711 of the U. S. National Association of Securities Dealers, Inc.) from the effective date of such registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the public offering.
10. Governing Law . This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Israel, without giving effect to principles of conflicts of law.
11. Effect of Agreement . Optionee acknowledges receipt of a copy of the Plan and Appendix and represents that he or she is familiar with the terms and provisions thereof (and has had an opportunity to consult counsel regarding the Option terms), and hereby accepts this Option and agrees to be bound by its contractual terms as set forth herein and in the Plan and Appendix. Optionee hereby agrees to accept as binding, conclusive and final all decisions and interpretations of the Plan Administrator regarding any questions relating to the Option. In the event of a conflict between the terms and provisions of the Plan and Appendix and the terms and provisions of the Notice and this Agreement, the terms and provisions of the Plan and Appendix shall prevail. The Option, including the Plan and Appendix, constitutes the entire agreement between Optionee and the Company on the subject matter hereof and supersedes all proposals, written or oral, and all other communications between the parties relating to such subject matter.
12. Restrictive Legends . The certificate or certificates representing the Shares issued upon exercise of the Option shall bear the following legends (as well as any legends required by applicable U. S. state and federal corporate and securities laws):
THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD OF UP TO 180 DAYS (SUBJECT TO CERTAIN EXTENSIONS) AFTER THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER THE U. S. SECURITIES ACT OF 1933, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE.
OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE. SUCH LOCK - UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.
13. Regulation S Legend . The certificate or certificates representing the Shares issued upon exercise of the Option shall bear the following legend (as well as any legends required by applicable U. S. state and federal corporate and securities laws):
THE SHARES HAVE NOT BEEN REGISTERED UNDER THE U. S. SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES UNLESS REGISTERED OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE.
[Signature Page Follows]
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one document.
BRIGHT SOURCE ENERGY, INC.
2006 STOCK PLAN.
EXERCISE NOTICE AND RESTRICTED STOCK PURCHASE AGREEMENT.
FOR OPTIONS GRANTED UNDER SECTION 102(b)(2)
OF THE ISRAELI INCOME TAX ORDINANCE.
TO EMPLOYEES, OFFICERS OR DIRECTORS.
This Agreement (“ Agreement ”) is made as of , by and between Bright Source Energy, Inc., a Delaware corporation (the “ Company ”), and «Optionee» (“ Purchaser ”). To the extent any capitalized terms used in this Agreement are not defined, they shall have the meaning ascribed to them in the Company’s 2006 Stock Plan (the “ Plan ”) or the Appendix thereto for Israeli Taxpayers (the “ Appendix ”).
1. Exercise of Option . Subject to the terms and conditions hereof, Purchaser hereby elects to exercise his or her option to purchase shares of the Common Stock (the “ Shares ”) of the Company under and pursuant to the Plan and the Appendix and the Stock Option Agreement granted «GrantDate» (the “ Option Agreement ”). The purchase price for the Shares shall be $«ExercisePrice» per Share for a total purchase price of $ . The term “ Shares ” refers to the purchased Shares and all securities received in replacement of the Shares or as stock dividends or splits, all securities received in replacement of the Shares in a recapitalization, merger, reorganization, exchange or the like, and all new, substituted or additional securities or other properties to which Purchaser is entitled by reason of Purchaser’s ownership of the Shares.
2. Time and Place of Exercise . The purchase and sale of the Shares under this Agreement shall occur at the principal office of the Company simultaneously with the execution and delivery of this Agreement in accordance with the provisions of Section 3(b) of the Option Agreement. On such date, the Company will deliver to the Trustee, for the benefit of the Purchaser, a certificate representing the Shares to be purchased for the benefit of the Purchaser (which shall be issued in the Trustee’s name) against payment of the exercise price therefor by Purchaser by any method listed in Section 4 of the Option Agreement.
3. Limitations on Transfer . In addition to any other limitation on transfer created by applicable securities laws, Purchaser shall not assign, encumber or dispose of any interest in the Shares, or cause the Trustee to perform any of the foregoing, except in compliance with the provisions below, the terms of the Option Agreement and Appendix, and applicable securities laws.
(a) Right of Repurchase . Purchaser acknowledges that the Company shall have the right, but not the obligation, during the 60 days after the termination of Purchaser’s Continuous Service Status for any reason or after exercise of the Option if the Option is exercised after termination of Purchaser’s Continuous Service Status for any reason, to repurchase the Shares. The repurchase price shall be the Fair Market Value of those Shares as of the date of the Termination. The Fair Market Value per Share will be determined as set forth in Section 3(c)(ii) of this Agreement. The repurchase price shall be paid in cash.
(b) Right of First Refusal . Before any Shares held by the Trustee on behalf of the Purchaser, the Purchaser or any transferee of Purchaser (either being sometimes referred to herein as the “ Holder ”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set forth in this Section 3(b) (the “ Right of First Refusal ”).
(i) Notice of Proposed Transfer . The Holder of the Shares shall deliver to the Company a written notice (the “ Notice ”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser or other transferee (“ Proposed Transferee ”); (iii) the number of Shares to be transferred to each Proposed Transferee; and (iv) the terms and conditions of each proposed sale or transfer. The Holder shall offer the Shares at the same price (the “ Offered Price ”) and upon the same terms (or terms as similar as reasonably possible) to the Company or its assignee(s).
(ii) Exercise of Right of First Refusal . At any time within thirty (30) days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (iii) below.
(iii) Purchase Price . The purchase price (“ Purchase Price ”) for the Shares purchased by the Company or its assignee(s) under this Section 3(b) shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board of Directors of the Company in good faith.
(iv) Payment . Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness, or by any combination thereof within 30 days after receipt of the Notice or in the manner and at the times set forth in the Notice, after deduction of all amounts required by mandatory withholding laws and regulations.
(v) Holder’s Right to Transfer . If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 3(b), then the Holder may sell or otherwise transfer such Shares to that Proposed Transferee at the Offered Price or at a higher price, provided that such sale or other transfer is consummated within 60 days after the date of the Notice and provided further that any such sale or other transfer is effected in accordance with any applicable.
securities laws and the Proposed Transferee agrees in writing that the provisions of this Section 3 shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee within such period, or if the Holder proposes to change the price or other terms to make them more favorable to the Proposed Transferee, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred.
(vi) Exception for Certain Family Transfers . Anything to the contrary contained in this Section 3(b) notwithstanding, the transfer of any or all of the Shares during Purchaser’s lifetime or on Purchaser’s death by will or intestacy to Purchaser’s Immediate Family or a trust for the benefit of Purchaser’s Immediate Family shall be exempt from the provisions of this Section 3(b), provided however, that any such transfer shall be subject to the restrictions and conditions set forth in the Appendix and the Option Agreement. “ Immediate Family ” as used herein shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section, and there shall be no further transfer of such Shares except in accordance with the terms of this Section 3.
(i) Company’s Right to Purchase upon Involuntary Transfer . In the event, at any time after the date of this Agreement, of any transfer by operation of law or other involuntary transfer (including death or divorce, but excluding a transfer to Immediate Family as set forth in Section 3(b)(vi) above) of all or a portion of the Shares by the record holder thereof, the Company shall have an option to purchase all of the Shares transferred at the Fair Market Value of the Shares on the date of transfer. Upon such a transfer, the person acquiring the Shares shall promptly notify the Secretary of the Company of such transfer. The right to purchase such Shares shall be provided to the Company for a period of thirty (30) days following receipt by the Company of written notice by the person acquiring the Shares.
(ii) Price for Involuntary Transfer . With respect to any stock to be transferred pursuant to Sections 3(a) or 3(c)(i), the Fair Market Value per Share shall be a price set by the Board of Directors of the Company in good faith using a reasonable valuation method in a reasonable manner in accordance with Section 409A of the Code. The Company shall notify Purchaser or his or her executor of the price so determined within thirty (30) days after receipt by it of written notice of the transfer or proposed transfer of Shares. However, if the Purchaser does not agree with the valuation as determined by the Board of Directors of the Company, the Purchaser shall be entitled to have the valuation determined by an independent appraiser to be mutually agreed upon by the Company and the Purchaser and whose fees shall be borne equally by the Company and the Purchaser.
(d) Assignment . The right of the Company to purchase any part of the Shares may be assigned in whole or in part to any stockholder or stockholders of the Company or other persons or organizations.
(e) Restrictions Binding on Transferees . All transferees of Shares or any interest therein will receive and hold such Shares or interest subject to the provisions of this Agreement. Any sale or transfer of the Company’s Shares shall be void unless the provisions of this Agreement are satisfied.
(f) Termination of Rights . The right of repurchase granted by the Company in Section 3(a) above, the right of first refusal granted the Company by Section 3(b) above and the option to repurchase the Shares in the event of an involuntary transfer granted the Company by Section 3(c) above shall terminate upon the first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the U. S. Securities and Exchange Commission under the U. S. Securities Act of 1933, as amended (the “ U. S. Securities Act ”). Upon termination of the rights to repurchase and the right of first refusal described in Sections 3(a), 3(b) and 3(c) above, a new certificate or certificates representing the Shares not repurchased shall be issued, on request, without the legend referred to in Section 5(a)(ii) herein and delivered to Purchaser.
4. Investment and Taxation Representations . In connection with the purchase of the Shares, Purchaser represents to the Company the following:
(a) Purchaser is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Shares. Purchaser is purchasing these securities for investment for his or her own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the U. S. Securities Act or under any applicable provision of state law. Purchaser does not have any present intention to transfer the Shares to any person or entity.
(b) Purchaser understands that the Shares have not been registered under the U. S. Securities Act by reason of a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed herein.
(c) Purchaser further acknowledges and understands that the securities must be held indefinitely unless they are subsequently registered under the U. S. Securities Act or an exemption from such registration is available. Purchaser further acknowledges and understands that the Company is under no obligation to register the securities. Purchaser understands that the certificate(s) evidencing the securities will be imprinted with a legend which prohibits the transfer of the securities unless they are registered or such registration is not required in the opinion of counsel for the Company.
(d) Purchaser is familiar with the provisions of Rule 144 promulgated under the U. S. Securities Act, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer of the securities (or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions. Purchaser understands that the Company provides no assurances as to whether he or she will be able to resell any or all of the Shares pursuant to Rule 144, which rule requires, among other things, that the Company be subject to the reporting requirements of the U. S. Securities Exchange Act of.
1934, as amended, that resales of securities take place only after the holder of the Shares has held the Shares for certain specified time periods, and under certain circumstances, that resales of securities be limited in volume and take place only pursuant to brokered transactions. Notwithstanding this paragraph (d), Purchaser acknowledges and agrees to the restrictions set forth in paragraph (e) below.
(e) Purchaser further understands that in the event all of the applicable requirements of Rule 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rule 144 is not exclusive, the Staff of the U. S. Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rule 144 or 701 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk.
(f) Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition of the Shares. Purchaser represents that Purchaser has consulted any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice.
(g) Purchaser understands that the per share “Exercise Price” for the Shares is intended to be at least equal to the fair market value of the Company’s Common Stock at the date of grant and that the Company has attempted in good faith to make the fair market value determination in compliance with applicable tax law although there can be no certainty that the IRS will agree. Purchaser understands that if the IRS does not agree and asserts that the fair market value at the time of grant is higher than the Exercise Price, the IRS could seek to impose greater taxes on Purchaser if Purchaser is a U. S. taxpayer, including interest and penalties under Internal Revenue Code Section 409A.
5. Restrictive Legends and Stop-Transfer Orders .
(a) Legends . The certificate or certificates representing the Shares shall bear the following legends (as well as any legends required by applicable U. S. state and federal corporate and securities laws):
THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U. S. SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED UNLESS EFFECTED PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO.
OR UNDER ANOTHER EXEMPTION AVAILABLE UNDER THE U. S. SECURITIES ACT OF 1933 (AS TO WHICH AVAILABILITY THE COMPANY MAY REQUIRE THE SELLER/TRANSFEROR TO PROVIDE AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY).
(b) Stop-Transfer Notices . Purchaser agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.
(c) Refusal to Transfer . The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.
(d) Regulation S Legend . The certificate or certificates representing the Shares shall bear the following legend (as well as any legends required by applicable U. S. state and federal corporate and securities laws):
THE SHARES HAVE NOT BEEN REGISTERED UNDER THE U. S. SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES UNLESS REGISTERED OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE.
6. No Employment Rights . Nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company, or a parent or subsidiary of the Company, to terminate Purchaser’s employment or consulting relationship, for any reason, with or without cause.
7. Lock-Up Agreement . In connection with the initial public offering of the Company’s securities and upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, Purchaser agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however or whenever acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days but subject to such extension or extensions as may be required by the underwriters in order to publish research reports while complying with Rule 2711 of the U. S. National Association of Securities Dealers, Inc.) from the effective date of such registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the public offering.
(a) To facilitate the administration of the Plan and this Agreement, it will be necessary for the Company (or its payroll administrators) to collect, hold and process certain personal information about Purchaser and to transfer this data to certain third parties such as brokers with whom Purchaser may elect to deposit any share capital under the Plan. Purchaser consents to the Company (or its payroll administrators) collecting, holding and processing Purchaser’s personal data and transferring this data to the Company or any other third parties insofar as is reasonably necessary to implement, administer and manage the Plan.
(b) Purchaser understands that Purchaser may, at any time, view Purchaser’s personal data, require any necessary corrections to it or withdraw the consents herein in writing by contacting the Company, but acknowledges that without the use of such data it may not be practicable for the Company to administer Purchaser’s involvement in the Plan in a timely fashion or at all and this may be detrimental to Purchaser.
(a) Governing Law . This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Israel, without giving effect to principles of conflicts of law.
(b) Entire Agreement; Enforcement of Rights . This Agreement sets forth the entire agreement and understanding of the parties relating to the subject matter herein and merges all prior discussions between them. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the parties to this Agreement. The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party.
(c) Severability . If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.
(d) Construction . This Agreement is the result of negotiations between and has been reviewed by each of the parties hereto and their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto.
(e) Notices . Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient when delivered personally or sent by courier or fax or forty-eight (48) hours after being deposited in domestic mail, as certified or registered mail, with postage prepaid, and addressed to the party to be notified at such party’s address as set forth below or as subsequently modified by written notice.
(f) Counterparts . This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.
(g) Successors and Assigns . The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. The rights and obligations of Purchaser under this Agreement may only be assigned with the prior written consent of the Company.
[Signature Page Follows]
The parties have executed this Exercise Notice and Restricted Stock Purchase Agreement as of the date first set forth above.
BRIGHT FONTE DE ENERGIA, INC.
Plano de ações de 2006.
AVISO DE CONCESSÃO DE OPÇÃO DE STOCK.
(102 Opções de trilha de ganhos de capital)
Você recebeu uma opção para comprar ações comuns da Bright Source Energy, Inc. (a & # 147; Companhia & # 148;) da seguinte maneira:
Data de Aprovação da Diretoria:
Preço de exercício por ação:
Número total de ações concedidas:
Preço de exercício total:
Vesting Commencement Date:
Esta opção pode não ser transferida.
Por sua assinatura e assinatura do representante da Companhia abaixo, você e a Empresa concordam que esta opção é concedida de acordo com os termos e condições de (i) o Plano de ações da Bright Source Energy, Inc. 2006 (incluindo o Apêndice para Contribuintes israelenses) e o Contrato de Opção de Compra de Ações, ambos anexados e feitos parte deste documento, (ii) Seção 102 (b) (2) da Portaria de Imposto de Renda de Israel (Nova Versão) & # 150; 1961 e as Regras promulgadas em conexão com isso, e (iii) o contrato de confiança entre a Companhia eo fiduciário de acordo com a Seção 102 (o & # 147; Contrato de Confiança & # 148;), uma cópia do qual foi fornecida ao Optionee ou feita disponível para revisão, mediante solicitação.
Além disso, pela assinatura do Option7, o Optionee concorda que as Opções serão emitidas para o Fiduciário para manter o nome do Optão, de acordo com os termos do ITO, as Regras e o Contrato de Fideicomisso e o Optionee confirmam que o Optionee conhece os termos e as provisões da Seção 102 da ITO e, em particular, a faixa de ganhos de capital descrita na subseção (2) (2), e Optionee concorda que o Optionee não exigirá que o administrador administre Opções ou Ações para Optionee, ou para vender Opções ou Ações a um terceiro, durante o período de retenção obrigatório, a menos que seja permitido por lei aplicável.
Além disso, você concorda e reconhece que seus direitos sobre quaisquer Ações subjacentes à Opção serão obtidos apenas quando você fornecer serviços à Companhia ao longo do tempo, que a concessão da Opção não é como contrapartida dos serviços prestados à Companhia antes da sua Vesting Commencement Date, e que nada neste Aviso ou nos documentos anexados confere a você qualquer direito de continuar seu relacionamento de emprego ou consultoria com a Companhia por qualquer período de tempo, nem interferir de forma alguma com o seu direito ou com a Empresa # 146 direito de rescindir esse relacionamento a qualquer momento, por qualquer motivo, com ou sem justa causa.
Circular do IRS 230 Divulgação: Para garantir o cumprimento dos requisitos impostos pelo IRS, informamos que qualquer conselho fiscal contido nesta comunicação (incluindo quaisquer anexos) (i) não foi pretendido ou escrito para ser usado e não pode ser usado para o propósito de evitar qualquer penalidade tributária e (ii) não foi escrito para promover, comercializar ou recomendar a transação ou assunto abordado na comunicação. Cada contribuinte deve procurar conselhos com base nas circunstâncias particulares do contribuinte de um conselheiro fiscal independente.
BRIGHT SOURCE ENERGY, INC.
Plano de ações de 2006.
PARA OPÇÕES CONCEDIDAS NA SEÇÃO 102 (b) (2)
DO ORDENAMENTO DE IMPOSTO DE RENDA ISRAELITA.
AOS FUNCIONÁRIOS, DIRETORES OU DIRETORES.
AS 102 CAPITAL GAINS OPÇÕES DE TRILHA.
1. Concessão de opção. Bright Source Energy, Inc., uma corporação da Delaware (The & # 147; Compan y & # 148;), concede a & laquo; Optionee & raquo; (& # 147; Optionee & # 148;), uma opção (a & # 147; Opção & # 148;) para comprar o número total de ações ordinárias (as & # 147; Ações & # 148;) estabelecidas no Aviso de Subsídio de Opção de Compra de Ações (o & # 147; Aviso & # 148;), ao preço de exercício por Ação estabelecido no Aviso (o & # 147; Preço de Exercício & # 148;) sujeito aos termos, definições e provisões do Plano de estoque de Bright Source Energy, Inc. (The & # 147; Plan & # 148;) e o Apêndice para contribuintes israelenses (o & # 147; Apêndice; 148) adotado pela Companhia, que está incorporado neste Contrato por referência. Salvo definição em contrário neste Contrato, os termos utilizados neste Contrato terão os significados definidos no Plano.
2. Designação da Opção. Esta Opção é concedida de acordo com os termos e condições da Seção 102 (b) (2) da Portaria do Imposto de Renda (Nova Versão) - 1961, o Plano, que é incorporado aqui por referência, eo Contrato de Fideicomisso celebrado entre a Companhia and ESOP Trust Company (the “ Trustee ”). The Options are granted as a 102 Capital Gains Track Grant.
The Options will be registered in the name of the Trustee as required by the ITO to qualify under Section 102, for the benefit of Optionee. Optionee shall comply with the ITO, the Rules, and the terms and conditions of the Trust Agreement entered into between the Company and the Trustee. The Trustee will hold the Options or the Shares to be issued upon exercise of the Options for the Required Holding Period, as set forth in the Appendix. The Optionee hereby undertakes to release the Trustee from any liability in respect of any action or decision duly taken and executed in good faith in relation to the requirements of the Plan, the Appendix and the ITO, or any Option granted, or Share issued, in the name of the Trustee thereunder. The Optionee hereby confirms that s/he shall execute any and all documents which the Company or the Trustee may reasonably determine to be necessary in order to comply with the ITO, and particularly the Rules.
3. Exercise of Option . This Option shall be exercisable during its term in accordance with the Vesting/Exercise Schedule set out in the Notice and with the provisions of Section 9 of the Plan as follows:
(i) This Option may not be exercised for a fraction of a share.
(ii) In the event of Optionee’s death, disability or other termination of employment, the exercisability of the Option is governed by Section 5 below, subject to the limitations contained in this Section 3.
(iii) In no event may this Option be exercised after the Expiration Date of the Option as set forth in the Notice.
(i) This Option shall be exercisable by execution and delivery of the Exercise Notice and Restricted Stock Purchase Agreement attached hereto as Exhibit A (the “ Exercise Agreement ”) or of any other form of written notice approved for such purpose by the Company which shall state Optionee’s election to exercise the Option, the number of Shares in respect of which the Option is being exercised, and such other representations and agreements as to the holder’s investment intent with respect to such Shares as may be required by the Company pursuant to the provisions of the Plan. Such written notice shall be signed by Optionee and shall be delivered to the Company by such means as are determined by the Plan Administrator in its discretion to constitute adequate delivery. The written notice shall be accompanied by payment of the Exercise Price. This Option shall be deemed to be exercised upon receipt by the Company of such written notice accompanied by the Exercise Price.
(ii) The Company will notify the Trustee of any exercise of Options. If such notification is delivered during the Required Holding Period, the Shares issued upon the exercise of the Options shall be issued in the name of the Trustee, and held in trust on Optionee’s behalf by the Trustee. In the event that such notification is delivered after the end of the Required Holding Period, the Shares issued upon the exercise of the Options shall either (i) be issued in the name of the Trustee, subject to the Trustee’s prior written consent, or (ii) be transferred to the Optionee directly, provided that Optionee first complies with the provisions of Section 7 below. In the event that Optionee elects to have the Shares transferred to Optionee without selling such Shares, Optionee shall become liable to pay taxes immediately in accordance with the provisions of the ITO.
(iii) As a condition to the exercise of this Option and as further set forth in Section 11 of the Plan, Optionee agrees to make adequate provision for U. S. federal, state or other tax withholding obligations, if any, which arise upon the vesting or exercise of the Option, or disposition of Shares, whether by withholding, direct payment to the Company, or otherwise.
(iv) The Company is not obligated, and will have no liability for failure, to issue or deliver any Shares upon exercise of the Option unless such issuance or delivery would comply with the Applicable Laws, with such compliance determined by the Company in consultation with its legal counsel. This Option may not be exercised until such time as the Plan has been approved by the stockholders of the Company, or if the issuance of.
such Shares upon such exercise or the method of payment of consideration for such shares would constitute a violation of any applicable Israeli or U. S. federal or state securities or other law or regulation, including any rule under Part 221 of Title 12 of the U. S. Code of Federal Regulations as promulgated by the Federal Reserve Board. As a condition to the exercise of this Option, the Company may require Optionee to make any representation and warranty to the Company as may be required by the Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Optionee on the date on which the Option is exercised with respect to such Shares.
4. Method of Payment . Payment of the Exercise Price shall be by any of the following, or a combination of the following, at the election of Optionee:
(a) cash or check;
(b) cancellation of indebtedness; ou.
(c) following the date, if any, upon which the Common Stock is a Listed Security, and if the Company is at such time permitting “same day sale” cashless brokered exercises, delivery of a properly executed exercise notice together with irrevocable instructions to a broker participating in such cashless brokered exercise program to deliver promptly to the Company the amount required to pay the exercise price (and applicable withholding taxes).
5. Termination of Relationship; Early Termination of Option . Following the date of termination of Optionee’s Continuous Service Status for any reason (the “ Termination Date ”), Optionee may exercise the Option only as set forth in the Notice and this Section 5. To the extent that Optionee is not entitled to exercise this Option as of the Termination Date, or if Optionee does not exercise this Option within the Termination Period set forth in the Notice or the termination periods set forth below, the Option shall terminate in its entirety. In no event, may any Option be exercised after the Expiration Date of the Option as set forth in the Notice.
(a) Termination . In the event of termination of Optionee’s Continuous Service Status other than as a result of Optionee’s disability or death or for Cause (as defined in the Plan), Optionee may, to the extent Optionee is vested in the Option Shares at the Termination Date, exercise this Option during the Termination Period set forth in the Notice.
(b) Other Terminations of Relationship . In connection with any termination other than a termination covered by Section 5(a), Optionee may exercise the Option only as described below:
(i) Termination upon Disability of Optionee . In the event of termination of Optionee’s Continuous Service Status as a result of Optionee’s disability, Optionee may, but only within twelve months from the Termination Date, exercise this Option to the extent Optionee was vested in the Option Shares as of such Termination Date.
(ii) Death of Optionee . In the event of the death of Optionee (a) during the term of this Option and while an Employee or Consultant of the Company and having been in Continuous Service Status since the date of grant of the Option, or (b) within thirty (30)
days after Optionee’s Termination Date, the Option may be exercised at any time within twelve months following the date of death by Optionee’s estate or by a person who acquired the right to exercise the Option by bequest or inheritance, but only to the extent Optionee was vested in the Option as of the Termination Date.
(iii) Termination for Cause . In the event Optionee’s Continuous Service Status is terminated for Cause, the Option shall terminate immediately upon such termination for Cause as set forth in Section 9(b)(iv) of the Plan. In the event Optionee’s employment or consulting relationship with the Company is suspended pending investigation of whether such relationship shall be terminated for Cause, all Optionee’s rights under the Option, including the right to exercise the Option, shall be suspended during the investigation period, also as set forth in Section 9(b)(iv) of the Plan.
(c) Termination of Option . This Option may terminate prior to its Expiration Date and prior to the dates specified under Section 5(a) and (b) above under certain circumstances as set forth in Section 13 of the Plan.
6. Non-Transferability of Option . This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by him or her. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of Optionee.
7. Tax Consequences . The Company has not provided any tax advice with respect to this Option or the disposition of the Shares. Optionee should obtain advice from an appropriate independent professional adviser with respect to the taxation implications of the grant, exercise, assignment, release, cancellation or any other disposal of this Option and on any subsequent sale or disposition of the Shares. Any tax consequences arising from the grant or exercise of any Option, from the payment for Shares covered thereby, or from any other event or act (of the Company, and/or its Affiliates, and the Trustee or Optionee) relating to the Options or Shares issued upon exercise thereof, shall be borne solely by Optionee. The Company and/or its Affiliates, and/or the Trustee shall withhold taxes according to the requirements under the applicable laws, rules, and regulations, including withholding taxes at source. Furthermore, Optionee agrees to indemnify the Company and/or its Affiliates and/or the Trustee and hold them harmless against and from any and all liability for any such tax or interest or penalty thereon, including without limitation, liabilities relating to the necessity to withhold, or to have withheld, any such tax from any payment made to Optionee for which Optionee is responsible. The Company or any of its Affiliates and the Trustee may make such provisions and take such steps as it/they may deem necessary or appropriate for the withholding of all taxes required by law to be withheld with respect to Options granted under the Plan and the exercise thereof, including, but not limited, to (i) deducting the amount so required to be withheld from any other amount then or thereafter payable to Optionee, including by deducting any such amount from Optionee’s salary or other amounts payable to Optionee, to the maximum extent permitted under law and/or (ii) requiring Optionee to pay to the Company or any of its Affiliates the amount so required to be withheld as a condition of the issuance, delivery, distribution or release of any Shares and/or (iii) by causing the exercise and sale of any Options or Shares held by on behalf of Optionee to cover such liability, up to the amount required to satisfy minimum statutory withholding.
requisitos. In addition, Optionee will be required to pay any amount that exceeds the tax to be withheld and transferred to the tax authorities, pursuant to applicable Israeli tax regulations.
(a) Notice to U. S. Taxpayers . The per share Exercise Price of the Option is intended to be at least equal to the fair market value of the Company’s Common Stock at the date of grant. The Company has attempted in good faith to make the fair market value determination in compliance with applicable tax law although there can be no certainty that the IRS will agree. If the IRS does not agree and asserts the fair market value at the time of grant is higher than the Exercise Price, the IRS could seek to impose greater taxes on Optionee, including interest and penalties under Internal Revenue Code Section 409A if Optionee is a U. S. taxpayer. While the Company thinks this is an unlikely event, the Company cannot provide absolute assurance and Optionee may want to consult Optionee’s own tax adviser with any questions.
(a) To facilitate the administration of the Plan and this Agreement, it will be necessary for the Company (or its payroll administrators) to collect, hold and process certain personal information about Optionee and to transfer this data to certain third parties such as brokers with whom Optionee may elect to deposit any share capital under the Plan. Optionee consents to the Company (or its payroll administrators) collecting, holding and processing Optionee’s personal data and transferring this data to the Company or any other third parties insofar as is reasonably necessary to implement, administer and manage the Plan.
(b) Optionee understands that Optionee may, at any time, view Optionee’s personal data, require any necessary corrections to it or withdraw the consents herein in writing by contacting the Company, but acknowledges that without the use of such data it may not be practicable for the Company to administer Optionee’s involvement in the Plan in a timely fashion or at all and this may be detrimental to Optionee.
9. Lock-Up Agreement . In connection with the initial public offering of the Company’s securities and upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, Optionee hereby agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however and whenever acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days but subject to such extension or extensions as may be required by the underwriters in order to publish research reports while complying with Rule 2711 of the U. S. National Association of Securities Dealers, Inc.) from the effective date of such registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the public offering.
10. Governing Law . This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Israel, without giving effect to principles of conflicts of law.
11. Effect of Agreement . Optionee acknowledges receipt of a copy of the Plan and Appendix and represents that he or she is familiar with the terms and provisions thereof (and has had an opportunity to consult counsel regarding the Option terms), and hereby accepts this Option and agrees to be bound by its contractual terms as set forth herein and in the Plan and Appendix. Optionee hereby agrees to accept as binding, conclusive and final all decisions and interpretations of the Plan Administrator regarding any questions relating to the Option. In the event of a conflict between the terms and provisions of the Plan and Appendix and the terms and provisions of the Notice and this Agreement, the terms and provisions of the Plan and Appendix shall prevail. The Option, including the Plan and Appendix, constitutes the entire agreement between Optionee and the Company on the subject matter hereof and supersedes all proposals, written or oral, and all other communications between the parties relating to such subject matter.
12. Restrictive Legends . The certificate or certificates representing the Shares issued upon exercise of the Option shall bear the following legends (as well as any legends required by applicable U. S. state and federal corporate and securities laws):
THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD OF UP TO 180 DAYS (SUBJECT TO CERTAIN EXTENSIONS) AFTER THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER THE U. S. SECURITIES ACT OF 1933, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE.
OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE. SUCH LOCK - UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.
13. Regulation S Legend . The certificate or certificates representing the Shares issued upon exercise of the Option shall bear the following legend (as well as any legends required by applicable U. S. state and federal corporate and securities laws):
THE SHARES HAVE NOT BEEN REGISTERED UNDER THE U. S. SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES UNLESS REGISTERED OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE.
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This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one document.
BRIGHT SOURCE ENERGY, INC.
2006 STOCK PLAN.
EXERCISE NOTICE AND RESTRICTED STOCK PURCHASE AGREEMENT.
FOR OPTIONS GRANTED UNDER SECTION 102(b)(2)
OF THE ISRAELI INCOME TAX ORDINANCE.
TO EMPLOYEES, OFFICERS OR DIRECTORS.
This Agreement (“ Agreement ”) is made as of , by and between Bright Source Energy, Inc., a Delaware corporation (the “ Company ”), and «Optionee» (“ Purchaser ”). To the extent any capitalized terms used in this Agreement are not defined, they shall have the meaning ascribed to them in the Company’s 2006 Stock Plan (the “ Plan ”) or the Appendix thereto for Israeli Taxpayers (the “ Appendix ”).
1. Exercise of Option . Subject to the terms and conditions hereof, Purchaser hereby elects to exercise his or her option to purchase shares of the Common Stock (the “ Shares ”) of the Company under and pursuant to the Plan and the Appendix and the Stock Option Agreement granted «GrantDate» (the “ Option Agreement ”). The purchase price for the Shares shall be $«ExercisePrice» per Share for a total purchase price of $ . The term “ Shares ” refers to the purchased Shares and all securities received in replacement of the Shares or as stock dividends or splits, all securities received in replacement of the Shares in a recapitalization, merger, reorganization, exchange or the like, and all new, substituted or additional securities or other properties to which Purchaser is entitled by reason of Purchaser’s ownership of the Shares.
2. Time and Place of Exercise . The purchase and sale of the Shares under this Agreement shall occur at the principal office of the Company simultaneously with the execution and delivery of this Agreement in accordance with the provisions of Section 3(b) of the Option Agreement. On such date, the Company will deliver to the Trustee, for the benefit of the Purchaser, a certificate representing the Shares to be purchased for the benefit of the Purchaser (which shall be issued in the Trustee’s name) against payment of the exercise price therefor by Purchaser by any method listed in Section 4 of the Option Agreement.
3. Limitations on Transfer . In addition to any other limitation on transfer created by applicable securities laws, Purchaser shall not assign, encumber or dispose of any interest in the Shares, or cause the Trustee to perform any of the foregoing, except in compliance with the provisions below, the terms of the Option Agreement and Appendix, and applicable securities laws.
(a) Right of Repurchase . Purchaser acknowledges that the Company shall have the right, but not the obligation, during the 60 days after the termination of Purchaser’s Continuous Service Status for any reason or after exercise of the Option if the Option is exercised after termination of Purchaser’s Continuous Service Status for any reason, to repurchase the Shares. The repurchase price shall be the Fair Market Value of those Shares as of the date of the Termination. The Fair Market Value per Share will be determined as set forth in Section 3(c)(ii) of this Agreement. The repurchase price shall be paid in cash.
(b) Right of First Refusal . Before any Shares held by the Trustee on behalf of the Purchaser, the Purchaser or any transferee of Purchaser (either being sometimes referred to herein as the “ Holder ”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set forth in this Section 3(b) (the “ Right of First Refusal ”).
(i) Notice of Proposed Transfer . The Holder of the Shares shall deliver to the Company a written notice (the “ Notice ”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser or other transferee (“ Proposed Transferee ”); (iii) the number of Shares to be transferred to each Proposed Transferee; and (iv) the terms and conditions of each proposed sale or transfer. The Holder shall offer the Shares at the same price (the “ Offered Price ”) and upon the same terms (or terms as similar as reasonably possible) to the Company or its assignee(s).
(ii) Exercise of Right of First Refusal . At any time within thirty (30) days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (iii) below.
(iii) Purchase Price . The purchase price (“ Purchase Price ”) for the Shares purchased by the Company or its assignee(s) under this Section 3(b) shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board of Directors of the Company in good faith.
(iv) Payment . Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness, or by any combination thereof within 30 days after receipt of the Notice or in the manner and at the times set forth in the Notice, after deduction of all amounts required by mandatory withholding laws and regulations.
(v) Holder’s Right to Transfer . If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 3(b), then the Holder may sell or otherwise transfer such Shares to that Proposed Transferee at the Offered Price or at a higher price, provided that such sale or other transfer is consummated within 60 days after the date of the Notice and provided further that any such sale or other transfer is effected in accordance with any applicable.
securities laws and the Proposed Transferee agrees in writing that the provisions of this Section 3 shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee within such period, or if the Holder proposes to change the price or other terms to make them more favorable to the Proposed Transferee, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred.
(vi) Exception for Certain Family Transfers . Anything to the contrary contained in this Section 3(b) notwithstanding, the transfer of any or all of the Shares during Purchaser’s lifetime or on Purchaser’s death by will or intestacy to Purchaser’s Immediate Family or a trust for the benefit of Purchaser’s Immediate Family shall be exempt from the provisions of this Section 3(b), provided however, that any such transfer shall be subject to the restrictions and conditions set forth in the Appendix and the Option Agreement. “ Immediate Family ” as used herein shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section, and there shall be no further transfer of such Shares except in accordance with the terms of this Section 3.
(i) Company’s Right to Purchase upon Involuntary Transfer . In the event, at any time after the date of this Agreement, of any transfer by operation of law or other involuntary transfer (including death or divorce, but excluding a transfer to Immediate Family as set forth in Section 3(b)(vi) above) of all or a portion of the Shares by the record holder thereof, the Company shall have an option to purchase all of the Shares transferred at the Fair Market Value of the Shares on the date of transfer. Upon such a transfer, the person acquiring the Shares shall promptly notify the Secretary of the Company of such transfer. The right to purchase such Shares shall be provided to the Company for a period of thirty (30) days following receipt by the Company of written notice by the person acquiring the Shares.
(ii) Price for Involuntary Transfer . With respect to any stock to be transferred pursuant to Sections 3(a) or 3(c)(i), the Fair Market Value per Share shall be a price set by the Board of Directors of the Company in good faith using a reasonable valuation method in a reasonable manner in accordance with Section 409A of the Code. The Company shall notify Purchaser or his or her executor of the price so determined within thirty (30) days after receipt by it of written notice of the transfer or proposed transfer of Shares. However, if the Purchaser does not agree with the valuation as determined by the Board of Directors of the Company, the Purchaser shall be entitled to have the valuation determined by an independent appraiser to be mutually agreed upon by the Company and the Purchaser and whose fees shall be borne equally by the Company and the Purchaser.
(d) Assignment . The right of the Company to purchase any part of the Shares may be assigned in whole or in part to any stockholder or stockholders of the Company or other persons or organizations.
(e) Restrictions Binding on Transferees . All transferees of Shares or any interest therein will receive and hold such Shares or interest subject to the provisions of this Agreement. Any sale or transfer of the Company’s Shares shall be void unless the provisions of this Agreement are satisfied.
(f) Termination of Rights . The right of repurchase granted by the Company in Section 3(a) above, the right of first refusal granted the Company by Section 3(b) above and the option to repurchase the Shares in the event of an involuntary transfer granted the Company by Section 3(c) above shall terminate upon the first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the U. S. Securities and Exchange Commission under the U. S. Securities Act of 1933, as amended (the “ U. S. Securities Act ”). Upon termination of the rights to repurchase and the right of first refusal described in Sections 3(a), 3(b) and 3(c) above, a new certificate or certificates representing the Shares not repurchased shall be issued, on request, without the legend referred to in Section 5(a)(ii) herein and delivered to Purchaser.
4. Investment and Taxation Representations . In connection with the purchase of the Shares, Purchaser represents to the Company the following:
(a) Purchaser is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Shares. Purchaser is purchasing these securities for investment for his or her own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the U. S. Securities Act or under any applicable provision of state law. Purchaser does not have any present intention to transfer the Shares to any person or entity.
(b) Purchaser understands that the Shares have not been registered under the U. S. Securities Act by reason of a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed herein.
(c) Purchaser further acknowledges and understands that the securities must be held indefinitely unless they are subsequently registered under the U. S. Securities Act or an exemption from such registration is available. Purchaser further acknowledges and understands that the Company is under no obligation to register the securities. Purchaser understands that the certificate(s) evidencing the securities will be imprinted with a legend which prohibits the transfer of the securities unless they are registered or such registration is not required in the opinion of counsel for the Company.
(d) Purchaser is familiar with the provisions of Rule 144 promulgated under the U. S. Securities Act, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer of the securities (or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions. Purchaser understands that the Company provides no assurances as to whether he or she will be able to resell any or all of the Shares pursuant to Rule 144, which rule requires, among other things, that the Company be subject to the reporting requirements of the U. S. Securities Exchange Act of.
1934, as amended, that resales of securities take place only after the holder of the Shares has held the Shares for certain specified time periods, and under certain circumstances, that resales of securities be limited in volume and take place only pursuant to brokered transactions. Notwithstanding this paragraph (d), Purchaser acknowledges and agrees to the restrictions set forth in paragraph (e) below.
(e) Purchaser further understands that in the event all of the applicable requirements of Rule 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rule 144 is not exclusive, the Staff of the U. S. Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rule 144 or 701 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk.
(f) Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition of the Shares. Purchaser represents that Purchaser has consulted any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice.
(g) Purchaser understands that the per share “Exercise Price” for the Shares is intended to be at least equal to the fair market value of the Company’s Common Stock at the date of grant and that the Company has attempted in good faith to make the fair market value determination in compliance with applicable tax law although there can be no certainty that the IRS will agree. Purchaser understands that if the IRS does not agree and asserts that the fair market value at the time of grant is higher than the Exercise Price, the IRS could seek to impose greater taxes on Purchaser if Purchaser is a U. S. taxpayer, including interest and penalties under Internal Revenue Code Section 409A.
5. Restrictive Legends and Stop-Transfer Orders .
(a) Legends . The certificate or certificates representing the Shares shall bear the following legends (as well as any legends required by applicable U. S. state and federal corporate and securities laws):
THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U. S. SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED UNLESS EFFECTED PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO.
OR UNDER ANOTHER EXEMPTION AVAILABLE UNDER THE U. S. SECURITIES ACT OF 1933 (AS TO WHICH AVAILABILITY THE COMPANY MAY REQUIRE THE SELLER/TRANSFEROR TO PROVIDE AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY).
(b) Stop-Transfer Notices . Purchaser agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.
(c) Refusal to Transfer . The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.
(d) Regulation S Legend . The certificate or certificates representing the Shares shall bear the following legend (as well as any legends required by applicable U. S. state and federal corporate and securities laws):
THE SHARES HAVE NOT BEEN REGISTERED UNDER THE U. S. SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES UNLESS REGISTERED OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE.
6. No Employment Rights . Nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company, or a parent or subsidiary of the Company, to terminate Purchaser’s employment or consulting relationship, for any reason, with or without cause.
7. Lock-Up Agreement . In connection with the initial public offering of the Company’s securities and upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, Purchaser agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however or whenever acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days but subject to such extension or extensions as may be required by the underwriters in order to publish research reports while complying with Rule 2711 of the U. S. National Association of Securities Dealers, Inc.) from the effective date of such registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the public offering.
(a) To facilitate the administration of the Plan and this Agreement, it will be necessary for the Company (or its payroll administrators) to collect, hold and process certain personal information about Purchaser and to transfer this data to certain third parties such as brokers with whom Purchaser may elect to deposit any share capital under the Plan. Purchaser consents to the Company (or its payroll administrators) collecting, holding and processing Purchaser’s personal data and transferring this data to the Company or any other third parties insofar as is reasonably necessary to implement, administer and manage the Plan.
(b) Purchaser understands that Purchaser may, at any time, view Purchaser’s personal data, require any necessary corrections to it or withdraw the consents herein in writing by contacting the Company, but acknowledges that without the use of such data it may not be practicable for the Company to administer Purchaser’s involvement in the Plan in a timely fashion or at all and this may be detrimental to Purchaser.
(a) Governing Law . This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Israel, without giving effect to principles of conflicts of law.
(b) Entire Agreement; Enforcement of Rights . This Agreement sets forth the entire agreement and understanding of the parties relating to the subject matter herein and merges all prior discussions between them. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the parties to this Agreement. The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party.
(c) Severability . If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.
(d) Construction . This Agreement is the result of negotiations between and has been reviewed by each of the parties hereto and their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto.
(e) Notices . Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient when delivered personally or sent by courier or fax or forty-eight (48) hours after being deposited in domestic mail, as certified or registered mail, with postage prepaid, and addressed to the party to be notified at such party’s address as set forth below or as subsequently modified by written notice.
(f) Counterparts . This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.
(g) Successors and Assigns . The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. The rights and obligations of Purchaser under this Agreement may only be assigned with the prior written consent of the Company.
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The parties have executed this Exercise Notice and Restricted Stock Purchase Agreement as of the date first set forth above.
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