Supertex: Entry Into A Material Definitive Agreement
The following excerpt is from the company's SEC filing
Starting on February 7, 2014, Supertex, Inc., a
California corporation (Registrant), entered into Indemnification Agreements in the form attached hereto as Exhibit 10.10 with its current directors and officers providing them with indemnification and expense advancement to the maximum
extent authorized or permitted by the provisions of the California Corporations Code and other applicable law and the Articles of Incorporation and Bylaws of the Company. The Company intends to enter into such form of agreement with future elected
officers and directors as well.
On February 7, 2014, Registrants board of dire
ctors adopted the amendment attached as Exhibit 10.11 to its 2009 Equity Incentive
Plan. Under this amendment, options currently held by or in the future granted to outside directors under that plan would be accelerated in full upon a change in control as defined in such plan. Previously such options were accelerated
by one year in such event. For example, were a change in control to occur prior to Registrants next annual shareholders meeting typically scheduled at the end of the summer, 12,000 additional options held by each outside directors
would be accelerated as a result of this amendment, bringing the total accelerated options for each outside director to 19,000.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
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