-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GdLJd7RaCNtXoWgFF36wUNy6lt0ssbjz5TxdK6o2ZLS1sNUrtV+e8i6/TvJNWYOM zeBjmOZO4wF7gEeq8i9Wyg== 0001144204-04-002382.txt : 20040303 0001144204-04-002382.hdr.sgml : 20040303 20040303132047 ACCESSION NUMBER: 0001144204-04-002382 CONFORMED SUBMISSION TYPE: S-8 PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20040303 EFFECTIVENESS DATE: 20040303 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ASYST CORP CENTRAL INDEX KEY: 0001088781 STANDARD INDUSTRIAL CLASSIFICATION: [9995] IRS NUMBER: 870416131 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: S-8 SEC ACT: 1933 Act SEC FILE NUMBER: 333-113244 FILM NUMBER: 04645387 BUSINESS ADDRESS: STREET 1: 6170 S 380 W 225 CITY: MURRAY STATE: UT ZIP: 84107 MAIL ADDRESS: STREET 1: ASYSY CORPORATION STREET 2: 6170 S 380 W 225 CITY: MURRAY STATE: UT ZIP: 84107 S-8 1 v01810_s-8.txt As filed with the Securities and Exchange Commission on March 3, 2004 Registration No. __________ ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-8 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Asyst Corporation ------------------------------------------------------ (Exact name of registrant as specified in its charter) Utah 87-0416131 - ---------------------------------- --------------------------------- (State or other jurisdiction (IRS Employer Identification No.) of incorporation or organization) 43 West 33 Street, New York, New York 10001 (Address of Principal Executive Offices) (Zip Code) Asyst Corporation 2004 Stock Compensation Plan (Full title of the plan) Angelo A. Chinnici, M.D. Chief Executive Officer 43 West 33 Street New York, New York 10001 ----------------------- (Name and address of agent for service) (212) 695-3003 (Telephone number, including area code, of agent for service)
Calculation of Registration Fee - ------------------------------------------- --------------------- ---------------- --------------------- ---------------- Proposed Proposed Title of maximum maximum securities Amount offering aggregate Amount of to be to be price offering registration registered registered(1) per share price fee(2) - ------------------------------------------- --------------------- ---------------- --------------------- ---------------- Common Stock, $.001 par value to be issued 4,300,000 shares $1.55 $6,665,000 $844.46 pursuant to the 2004 Asyst Corporation Stock Compensation Plan - ------------------------------------------- --------------------- ---------------- --------------------- ----------------
(1) This Registration Statement shall also cover any additional shares of common stock which become issuable under the Plan being registered pursuant to this Registration Statement by reason of any stock dividend, stock split, recapitalization or any other similar transaction effected without the receipt of consideration which results in an increase in the number of our outstanding shares of common stock. (2) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended, based upon the average of the bid and asked price of the Registrant's common stock on February 25, 2004, as reported in the over-the-counter bulletin board market. PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT Item 3. Incorporation of Documents by Reference. The SEC allows us to "incorporate by reference" the information we file with them, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is an important part of this prospectus, and information that we file later with the SEC will automatically update and supersede this information. We incorporate by reference the documents listed below and any future filings made with the SEC under Sections 13(a), 13(c), 14 or 15(d) the Securities Exchange Act of 1934: 1. Our Annual Report on Form 10-KSB for the fiscal year ended July 31, 2003. 2. Our Quarterly Report on Form 10-QSB for the quarter ended October 31, 2003. 3. Our Definitive Proxy Statement on Schedule 14A filed December 2, 2004. You may request a copy of these filings at no cost by writing or telephoning us at the following address: Angelo A. Chinnici, Chief Executive Officer, 43 West 33 Street, New York, New York 10001; (212) 695-3003. Item 4. Description of Securities. Inapplicable. Item 5. Interests of Named Experts and Counsel. None. Item 6. Indemnification of Directors and Officers. Utah Statutes Section 16-10a-841 of the Utah Revised Business Corporation Act provides for the indemnification of the Company's officers, directors, employees and agents under certain circumstances as follows: "(1) Without limiting the generality of Subsection 16-10a-840(4), if so provided in the articles of incorporation or in the bylaws or a resolution to the extent permitted in Subsection (3), a corporation may eliminate or limit the liability of a director to the corporation or to its shareholders for monetary damages for any action taken or any failure to take any action as a director, except liability for: (a) the amount of a financial benefit received by a director to which he is not entitled; (b) an intentional infliction of harm on the corporation or the shareholders; (c) a violation of Section 16-10a-842; or (d) an intentional violation of criminal law. (2) No provision authorized under this section may eliminate or limit the liability of a director for any act or omission occurring prior to the date when the provision becomes effective. -2- (3) Any provision authorized under this section to be included in the articles of incorporation may also be adopted in the bylaws or by resolution, but only if the provision is approved by the same percentage of shareholders of each voting group as would be required to approve an amendment to the articles of incorporation including the provision. (4) Any foreign corporation authorized to transact business in this state, including any federally chartered depository institution authorized under federal law to transact business in this state, may adopt any provision authorized under this section. (5) With respect to a corporation that is a depository institution regulated by the Department of Financial Institutions or by an agency of the federal government, any provision authorized under this section may include the elimination or limitation of the personal liability of a director or officer to the corporation's members or depositors." Section 16-10a-902 of the Utah Revised Business Corporation Act provides for the indemnification of the Company's officers, directors, employees and agents under certain circumstances as follows: "(1) Except as provided in Subsection (4), a corporation may indemnify an individual made a party to a proceeding because he is or was a director, against liability incurred in the proceeding if: (a) his conduct was in good faith; and (b) he reasonably believed that his conduct was in, or not opposed to, the corporation's best interests; and (c) in the case of any criminal proceeding, he had no reasonable cause to believe his conduct was unlawful. (2) A director's conduct with respect to any employee benefit plan for a purpose he reasonably believed to be in or not opposed to the interests of the participants in and beneficiaries of the plan is conduct that satisfies the requirement of Subsection (1)(b). (3) The termination of a proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent is not, of itself, determinative that the director did not meet the standard of conduct described in this section. (4) A corporation may not indemnify a director under this section: (a) in connection with a proceeding by or in the right of the corporation in which the director was adjudged liable to the corporation; or (b) in connection with any other proceeding charging that the director derived an improper personal benefit, whether or not involving action in his official capacity, in which proceeding he was adjudged liable on the basis that he derived an improper personal benefit. (5) Indemnification permitted under this section in connection with a proceeding by or in the right of the corporation is limited to reasonable expenses incurred in connection with the proceeding." Amended and Restated Articles of Incorporation Our Articles of Incorporation contain no provisions regarding indemnification of officers and directors. -3- Bylaws Our Bylaws provide for the indemnification of our directors, officers, employees, or agents under certain circumstances as follows: "ARTICLE VIII INDEMNIFICATION Section 8.1 Indemnification. No officer or director shall be personally liable for any obligations arising out of any acts or conduct of said officer or director performed for or on behalf of the Corporation. The Corporation shall and does hereby indemnify and hold harmless each person and his heirs and administrators who shall serve at any time hereafter as a director or officer of the Corporation from and against any and all claims, judgments and liabilities to which such person shall become subject by reason of his having heretofore or hereafter been a director or officer of the corporation, or by reason of any action alleged to have been heretofore or hereafter taken or omitted to have been taken by him as such director or officer, and shall reimburse each such person for all legal and other expenses reasonably incurred by him in connection with any such claim or liability; and shall have power to defend such person from all suits as provided for under the provisions of the Utah Business Corporation Act; provided, however that no such person shall be indemnified against, or be reimbursed for, any expense incurred in connection with any claim or liability arising out of his own negligence or willful misconduct. The rights occurring to any person under the foregoing provisions of this section shall not exclude any other right to which he may lawfully be entitled, nor shall anything herein contained restrict the right of the Corporation to indemnify or reimburse such person in any proper case, even though not specifically herein provided for. The Corporation, its directors, officers, employees and agents shall be fully protected in taking any action or making any payment or in refusing so to do in reliance upon the advice of counsel. Section 8.2 Other Indemnification. The indemnification herein provided shall not be deemed exclusive of any other rights to which those seeking indemnification may be entitled under any Bylaw, agreement, note of shareholders or disinterested directors, or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer or employee and shall inure to the benefit of the heirs, executors and administrators of such a person. Section 8.3 Insurance. The Corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer or employee of the Corporation, or is or was serving at the request of another corporation, partnership, joint venture, trust or other enterprise, against any liability asserted against him and incurred by him in any capacity, or arising out of his status as such, whether or not the Corporation would have the power to indemnify him against liability under the provisions of this Article VIII or of subsection (o) of Section 16-10-4 of the Utah Business Corporation Act. Section 8.4 Settlement by Corporation. The right of any person to be indemnified shall be subject always to the right of the Corporation by its Board of Directors, in lieu of such indemnity, to settle any such claim, action, suit or proceeding at the expense of the Corporation by the payment of the amount of such settlement and the costs and expenses incurred in connection therewith. Item 7. Exemption from Registration Claimed. Inapplicable. -4- Item 8. Exhibits. Exhibit Number Description - -------------- ----------- 4.1 Asyst Corporation 2004 Stock Compensation Plan 5.1 Opinion of Spectrum Law Group, LLP re: legality of shares. 23.1 Consent of Spectrum Law Group, LLP (filed as Exhibit 5.1 herein). 23.2 Consent of Mantyla McReynolds Item 9. Undertakings. A. The undersigned registrant hereby undertakes to file during any period in which offers or sales of the securities are being made, a post-effective amendment to this Registration Statement to include any material information with respect to the plan of distribution not previously disclosed or any material change to such information set forth in the Registration Statement. B. The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. C. The undersigned registrant hereby undertakes to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. D. The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. E. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. -5- SIGNATURES The Registrant Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, New York, on February 29, 2004. ASYST CORPORATION By: /s/ Angelo A. Chinnici -------------------------------- Angelo A. Chinnici, CEO In accordance with the requirements of the Securities Act of 1933, this Registration Statement was signed by the following persons in the capacities and on the dates stated. Signatures Title Date - -------------------------------------------------------------------------------- /s/ Angelo A. Chinnici Director February 29, 2004 - ---------------------- Angelo A. Chinnici /s/ Philip Drachman Director February 29, 2004 - ----------------------- Philip Drachman -6- EX-4.1 3 v01810_ex4-1.txt Exhibit 4.1 2004 STOCK COMPENSATION PLAN 1. Purpose of Plan 1.1 This 2004 Compensation Plan, a non-qualified Employee Stock Option Compensation Plan, (the "Plan") of Asyst Corporation, a Utah corporation (the "Company") for employees, directors and other persons associated with the Company, is intended to advance the best interests of the Company by providing those persons who have a substantial responsibility for its management and growth with additional incentive and by increasing their proprietary interest in the success of the Company, thereby encouraging them to maintain their relationships with the Company. Further, the availability and offering of stock options and common stock under the Plan supports and increases the Company's ability to attract and retain individuals of exceptional talent upon whom, in large measure, the sustained progress, growth and profitability of the Company depends. 2. Definitions 2.1 For Plan purposes, except where the context might clearly indicate otherwise, the following terms shall have the meanings set forth below: "Board" shall mean the Board of Directors of the Company. "Committee" shall mean the Compensation Committee, or such other committee appointed by the Board, which shall designated by the Board to administer the Plan, or the Board if no committees have been established. The Committee shall composed of three or more persons as from time to time are appointed to serve by the Board. Each member of the Committee, while serving as such, shall be a disinterested person with the meaning of Rule 16b-3 promulgated under the Securities Exchange Act of 1934 (the "Exchange Act"). "Common Stock" shall mean the Company's Common Stock, $0.001 par value per share or such other shares or securities in the event that the outstanding Common Stock are hereafter changed into or exchanged for different securities of the Company. "Company" shall mean Asyst Corporation, a Utah corporation, and any parent or subsidiary corporation of Asyst Corporation, as such terms are defined in Sections 425(e) and 425(f), respectively, of Internal Service Code (the "Code"). "Fair Market" shall mean, with respect to the date a given stock option is granted or exercised, the average of the highest and lowest reported sales prices of the Common Stock, as reported by such responsible reporting services as the Committee may select, or if there were no transactions in the Common Stock on such day, then the last preceding day on which transactions took place. The above withstanding, the Committee may determine the Fair Market Value in 1 such other matter as it may deem more equitable for Plan purposes or as is required by applicable laws or regulations. "Optionee" shall mean an employee of the company who has been granted one or more Stock Option under the Plan. "Optionee Shares" shall mean shares of Common Stock which are issued by the Company pursuant to Section 5, below. "Common Stockholder" means the employee of, consultant to, or director of the Company or other person to whom shares of Common Stock are issued pursuant to this Plan. "Common Stock Agreement" means an agreement executed by a Common Stockholder and the Company as contemplated by Section 5, below, which imposes on the shares of Common Stock held by the Common Stockholder such restrictions as the Board or Committee deem appropriate. "Stock Option" or "Non-Qualified Stock Option" or "NQSO" shall mean a stock option granted pursuant to the terms of the Plan. "Stock Option Agreement" shall mean the agreement between the Company and the Optionee under which the Optionee may purchase Common Stock hereunder. 3. Administration of the Plan 3.1 The Committee shall administer the Plan and accordingly, it shall have full power to grant Stock Options and Common Stock, construe and interpret the Plan, establish rules and regulations and perform all other acts, including the delegation of administrative responsibilities, it believes reasonable an proper. 3.2 The determination if those eligible to receive Stock Options and Common Stock, and the amount, type and timing of each grant and the terms and conditions of the respective stock option agreement and other stock compensation agreements shall rest in the sole discretion o the Committee, subject to the provisions of the Plan. 3.3 The Committee may cancel any Stock Options awarded under the Plan if an Optionee conducts himself in a manner which the Committee determines to be inimical to the best interest of the Company, as set forth more fully in paragraph 8 of Article 11 of the Plan. 3.4 The Board, or the Committee, may correct any defect, supply any omission or reconcile any inconsistency in the Plan, or in any granted Stock Option, in the manner and to the extent it shall deem necessary to carry it into effect. 2 3.5 Any decision made, or action taken, by the Committee or the Board arising out of or in connection with the interpretation and administration of the Plan shall be final and conclusive. 3.6 Meetings of the Committee shall be held at such times and places as shall be determined by the Committee. A majority of the members of the Committee shall constitute a quorum for the transaction of business, and the vote of a majority of those members present at any meeting shall decide any question brought before that meeting. In addition, the Committee may take any action otherwise proper under the Plan by the affirmative vote, taken without a meeting, of a majority of its members. 3.7 No member of the Committee shall be liable for any act or omission of any other member of the Committee or for any act or omission on his own part, including, but not limited to, the exercise of any power or discretion given to him under the Plan, except those resulting from his own gross negligence or willful misconduct. 3.8 The Company, through its management, shall supply full and timely information to the Committee on all matters relating to the eligibility of Optionees, their duties and performance, and current information on any Optionee's death, retirement, disability or other termination of association with the Company, and such other pertinent information as the Committee may require. The Company shall furnish the Committee with such clerical and other assistance as is necessary in the performance of its duties hereunder. 4. Shares Subject to the Plan 4.1 The total number of shares of the Company available for grants of Stock Options and Compensation Stock under the Plan shall be Four Million Three Hundred Thousand (4,300,000) shares, subject to adjustment for the anti-dilutive provisions in accordance with Article 7, of the Plan, which shares may be either authorized but unissued or reacquired Common Stock of the Company. 4.2 If a Stock Option or portion thereof shall expire ore terminate for any reason without having been exercised in full, the un-purchased shares covered by such NQSO shall be available for future grants of Stock Options. 5. Award of Common Stock 5.1 The Board or Committee from time to time, in its absolute discretion, may (a) award Common Stock to employees of, consultants to, and directors of the Company, and such other persons as the Board or Committee may select, and (b) permit Holders of Common Stock Options to exercise such Options prior to full vesting therein and hold the Common Stock issued upon exercise of the Option as Common Stock. In either such event, the owner of such Common Stock shall hold such stock subjects to such vesting schedule as the Board or Committee may impose or such vesting schedule to which the Option was subject, as determined in the discretion of the Board or Committee. 3 5.2 Common Stock shall be issued only pursuant to a Common Stock Agreement, which shall be executed by the Common Stockholder and the Company and which shall contain such terms and conditions as the Board or Committee shall determine consistent with this Plan, including such restrictions on transfer as are imposed by the Common Stock Agreement. 5.3 Upon delivery of the shares of Common Stock to the Common Stockholder, below, the Common Stockholder shall have, unless otherwise provided by the Board or Committee, all the rights of a stockholder with respect to said shares, subject to the restrictions in the Common Stock Agreement, including the right to receive all dividends and other distributions paid or made with respect to the Common Stock. 5.4 Notwithstanding anything in this Plan or any Common Stock Agreement to the contrary, no Common Stockholders may sell or otherwise transfer, whether or not for value, any of the Common Stock prior to the date on which the Common Stockholder is vested therein. 5.5 All shares of Common Stock issued under this Plan (including any shares of Common Stock and other securities issued with respect to the shares of Common Stock as a result of stock dividends, stock splits or similar changes in the capital structure of the Company) shall be subject to such restrictions as the Board or Committee shall provide, which restrictions may include, without limitations, restrictions concerning voting rights, transferability of the Common Stock and restrictions based on duration of employment with the Company, Company performance and individual performance; provided that the Board or Committee may, on such terms and conditions as it may determine to be appropriate, remove any or all of such restrictions. Common Stock may not be sold or encumbered until all applicable restrictions have terminated or expire. The restrictions, if an, imposed by the Board or Committee of the Board under this Section 5 need not be identical for all Common Stock and the imposition of any restrictions with respect to any Common Stock shall not require the imposition of the same or any other restrictions with respect to any other Common Stock. 5.6 Each Common Stock Agreement shall provide that the Company shall have the right to repurchase from the Common Stockholder the unvested Common Stock upon a termination of employment, termination of directorship or termination of a consultancy arrangement, as applicable, at a cash price per share equal to the purchase price paid by the Common Stockholder for such Common Stock. 5.7 In the discretion of the Board or Committee, the Common Stock Agreement may provide that the Company shall have the right of first refusal with respect to the Common Stock and a right to repurchase the vested Common Stock upon a termination of the Common Stockholder's employment with the Company, the termination of the Common Stockholder's consulting arrangement with the Company, the termination of Common Stockholder's service on the Company's Board, or such other events as the Board or Committee may deem appropriate. 4 5.8 The Board or Committee shall cause a legend or legends to be placed on certificates representing shares of Common Stock that are subject to restrictions under Common Stock Agreements, which legend or legends shall make appropriate reference to the applicable restrictions. 6. Stock Option Term and Conditions 6.1 Consistent with the Plan's purpose, Stock Options may be granted to non-employee directors of the Company or other persons who are performing or who have been engaged to perform services of special importance to the management, operation or development of the Company. 6.2 All Stock Options granted under the Plan shall be evidenced by an agreement which shall be subject to applicable provisions of the Plan, and such other provisions as the Committee may adopt, including the provisions set forth in paragraphs 2 through 11 of this Section 6, in the form substantially in the form as the Stock Option Agreement as that attached to this Plan as Exhibit "A" (the "Stock Option Agreement"). 6.3 All Stock Options granted hereunder must be granted within ten years from the earlier of the date of this Plan is adopted or approved by the Company's shareholders. 6.4 No Stock Option granted to any employee or 10% Shareholder shall be exercisable after the expiration of ten years from the date such NQSO is granted. The Committee, in its discretion, may provide that an Option shall be exercisable during such ten-year period or during any lesser period of time. The Committee may establish installment exercise terms for a Stock Option such that the NQSO becomes fully exercisable in a series of cumulating portions. If an Optionee shall not, in any given installment period, purchase all the Common Stock which such Optionee is entitled to purchase within such installment period, such Optionee's right to purchase any Common Stock not purchased in such installment period shall continue until the expiration or sooner termination of such NQSO. The Committee may also accelerate the exercise of any NQSO, with mutual written consent of the holders of any Stock Options. However, no NQSO, or any portion thereof, may exercisable until thirty (30) days following date of grant ("30-Day Holding Period."). 6.5 A Stock Option, or portion thereof, shall be exercised by delivery of (i) a written notice of exercise to the Company specifying the number of Common Stock to be purchased, and (ii) payment of the full price of such Common Stock, as fully set forth in paragraph 6 of this Section 6. No NQSO or installment thereof shall be exercisable except with respect to whole shares, and fractional shares interest shall be disregarded. Not less than 100 Common Stock may be purchased at one time unless the number purchased is the total number at the time available for purchase 5 under the NQSO. Until the Common Stock represented by an exercised NQSO are issued to an Optionee, he shall have none of the rights of a shareholder. 6.6 The exercise price of a Stock Option, or portion thereof, may be paid: A. In United States dollars, in cash or by cashier's check, certified check, bank draft or money order, payable to the order of the Company in an amount equal to the option price; or B. At the discretion of the Committee, through the delivery of full paid and nonassessable Common Stock, with an aggregate Fair Market Value on the date the NQSO is exercised equal to the option price, provided such tendered Shares have been owned by the Optionee for at least one year prior to such exercise; or C. By a combination of both A and B above; or D. By a secured Promissory Note, secured by equity approved by the Committee. The Committee shall determine acceptable methods for tendering Common Stock as payment upon exercise of a Stock Option and may impose such limitations and prohibitions on the use of Common Stock to exercise an NQSO, as it deems appropriate. 6.7 With the Optionee's consent, the Committee may cancel any Stock Option issued under this Plan and issue a new NQSO to such Optionee. 6.8 Except by will or the laws of descent and distribution, no right or interest in any Stock Option granted under the Plan shall be assignable or transferable, and no right or interest of any Optionee shall be liable for, or subject to, any lien, obligation or liability of the Optionee. Stock Options shall be exercisable during the Optionee's lifetime only by the Optionee or the duly appointed legal representative of an incompetent Optionee. 6.9 If the Optionee shall die while associated with the Company or within three months after termination of such association, the personal representative or administrator of the Optinee's estate or the person(s) to whom an NQSO granted hereunder shall have been validly transferred by such personal, representative or administrator pursuant to the Optionee's will or the laws of descent and distribution, shall have the right to exercise the NQSO for one year after the date of such termination of employment by death, and (ii) such NQSO was not exercised, and (iii) the exercise period may not be extended beyond the expiration of the term of the Option. No transfer of a Stock Option by the will of an Optionee or by the laws of descent and distribution shall be effective to bind by Company unless the Company shall have furnished with written notice thereof and an authenticated copy of the will and/or such other evidence as the Committee may deem necessary to establish the validity o the transfer and the acceptance by the transferee or transferee of the terms and conditions of such Stock Option. 6 In the event of death following termination of the Optionee's association with the Company while any portion of an NQSO remains exercisable, the Committee, in its discretion, may provide for an extension of the exercise period of up to one year after the Optionee's death but not beyond the expiration of the term of the Stock Option. 6.10 Any Optionee who disposes of Common Stock acquired on the exercise of a NQSO by sale or exchange either (i) within two years after the date of the grant of the NQSO under which the stock was acquired, or (ii) within one year after the acquisition of such Shares, shall notify the Company of such disposition and of the amount realized upon such disposition. The transfer of Common Stock may also be made under applicable provisions of the Securities Act of 1933, as amended. 7. Adjustments or Changes in Capitalization 7.1 In the event that the outstanding Common Stock of the Company are hereafter changed into or exchanged for a different number or kind of shares or other securities of the Company by reason of merger, consolidation, other reorganization, recapitalization, combination of shares, stock split-up or stock dividend: A. Prompt, proportionate, equitable, lawful and adequate adjustment shall be made of the aggregate number and kind of shares subject to Stock Options which may be granted under the Plan, such that the Optionee shall have the right to purchase such Common Stock as may be issued in exchange for the Common Stock purchasable on exercise of the NQSO has such merger, consolidation, other reorganization, recapitalization, reclassification, combination of shares, stock split-up or stock dividend not taken place, provided however that, notwithstanding anything in this Plan to the contrary the number of Plan shares shall not be affected or altered in any way by reason of a reverse split of the Company's Common Stock; B. Rights under unexercised Stock Options or portions thereof granted prior to any such change, both as to the number or kind of shares and the exercise price per share, shall be adjusted appropriately, provided that such adjustments shall be made without change in the total exercise price applicable to he unexercised portion of such NQSO's but by an adjustment in the price for each share covered by such NQSO's, provided however that, notwithstanding anything in this Plan to the contrary, the number of Plan Shares shall not be affected or altered in any way by reason of a reverse split of the Company's Common Stock; C. Upon any dissolution or liquidation of the Company or any merger or combination in which the Company is not a surviving corporation, each outstanding Stock Option granted hereunder shall terminate, but the Optionee shall have the right, immediately prior to such dissolution, liquidation, merger or combination, to exercise his NQSO in whole part, to the extent that it shall not have been exercised, without regard to any installment exercise provisions in such NQSO. 7 D. Pursuant to Title 17, Chapter II, Part 230.416(a), notwithstanding anything contained in the Plan to cover the contrary, including any adjustments discussed in this Paragraph 7, the Plan Shares shall be anti-dilutive in the event of a reverse stock split by the Company, i.e. a reverse stock split by the Company shall not affect or result in any reduction in the number of Plan Shares remaining in the Plan at the effective time of such reverse stock split(s). 7.2 The foregoing adjustments and the manner of application of the foregoing provisions shall be determined solely by the Committee, whose determination as to what adjustments shall be made and the extent thereof, shall be final, binding and conclusive. No fractional Shares shall be issued under the Plan on account of any such adjustments. 8. Merger, Consolidation or Tender Offer 8.1 If the Company shall be a party to a binding agreement to any merger, consolidation or reorganization or sale of substantially all the assets of the Company, each outstanding Stock Option shall pertain and apply to the securities and/or property which a shareholder of the number of Common Stock of the Company subject to the NQSO would be entitled to receive pursuant to such merger, consolidation or reorganization or sales of assets. 8.2 In the event that: A. Any person other than the Company shall acquire more than 20% of the Common Stock of the Company through a tender offer, exchange offer or otherwise; B. A change in the "control" of the Company occurs, as such term is defined in Rule 405 under the Securities Act of 1933; C. There shall be a sale of all or substantially all of the assets of the Company; any then outstanding Stock Option held by an Optionee, who is deemed by the Committee to be a statutory officer ("Insider") for purposes of Section 16 of the Securities Act of 1934 shall be entitled to receive, subject to any action by the Committee revoking such an entitlement as provided for below, in lieu of exercise of such Stock Option, to the extent that it is then exercisable, a cash payment in an amount equal to the difference between the aggregate exercise price such NQSO, or portion thereof, and, (i) in the event of an offer or similar event, the final offer price per share paid for Common Stock, or such lower price as the Committee may determine to conform an option to preserve its Stock Option status, times and number of Common Stock covered by the NQSO or portion thereof, or (ii) in the case of an event covered by B or C above, the aggregate Fair Market of the Common Stock covered by the Stock Option, s determined by the Committee at such time. 8 8.3 Any payment which the Company is required to make pursuant to paragraph 8.2 of this Section 8 shall be made within 15 business days, following the event which results in the Optionee's right to such payment. In the event of a tender offer in which fewer than all the shares which are validly tendered in compliance with such are purchased or exchanged, then only that portion of the shares covered by an NQSO as results from multiplying such shares by a fraction, the numerator of which is the number of Common Stock tendered in compliance with such offer shall be used to determine the payment thereupon. To the extent that all or any portion of a Stock Option shall be affected by this provision, all or such portion of the NQSO shall be terminated. 8.4 Notwithstanding paragraphs 8.1 and 8.3 of this Section 8, the Committee may, by unanimous vote and resolution, unilaterally revoke the benefits of the above provisions; provided, however, that such vote is taken no later than ten business days following public announcement of the intent of an offer or the change of control, whichever occurs earlier. 9. Amendment and Termination of Plan 9.1 The Board may at any time, and from time to time, suspend or terminate the Plan in whole or in part or amend it from time to time in such respects as the Board may deem appropriate and in the best interest of the Company. 9.2 No amendment, suspension or termination of this Plan shall, without the Optionee's consent, alter or impair any of the rights or obligations under any Stock Option theretofore granted to him under the Plan. 9.3 The Board may amend the Plan, subject to the limitations cited above, in such manner as it deems necessary to permit the granting of Stock Options meeting the requirements of future amendments or issued regulations, if any, to the Code. 9.4 No NQSO may be granted during any suspension of the Plan or after termination of the Plan. 10. Government and Other Regulations 10.1 The obligation of the Company to issue, transfer and deliver Common Stock for Stock Options exercised under the Plan shall be subject to all applicable laws, regulations, rules, orders and approval which shall then be in effect and required by the relevant stock exchanges on which the Common Stock are traded and by government entities as set forth below or as the Committee in its sole discretion shall deem necessary or advisable. Specifically, in connection with the Securities Act of 1933, as amended, upon exercise of any Stock Option, the Company shall not be required to issue Common Stock unless the Committee has received evidence satisfactory to it to the effect that the Optionee will not transfer such shares except pursuant to a registration statement in effect under such Act or unless an opinion of counsel satisfactory to the Company has been received by the Company to the effect that such registration is not required. Any determination in this connection by the 9 Committee shall be final, binding and conclusive. The Company may, but shall in no event be obligated, to take any other affirmative action in order to cause the exercise of a Stock Option ore the issuance of Common Stock pursuant thereto to comply with any law or regulation of any government authority. 11. Miscellaneous Provisions 11.1 No person shall have any claim or right to be granted a Stock Option or Common Stock under the Plan, and the grant of an NQSO or Common Stock under the Plan shall not be construed as giving an Optionee or Common Stockholder the right to be retained by the Company. Furthermore, the Company expressly reserves the right at any time to terminate its relationship with an Optionee with or without cause, free from any liability, or any claim under the Plan, except as provided herein, in an option agreement, or in any agreement between the Company and the Optionee. 11.2 Any expenses of administering this Plan shall be borne by the Company. 11.3 The payment received from Optionee from the exercise of Stock Options under the Plan shall be used for the general corporate purposes of the Company. 11.4 The place of administration of the Plan shall be in the State of California, and the validity, construction, interpretation, administration and effect of the Plan and of its rules and regulations, and rights relating to the Plan, shall be determined solely in accordance with the laws of the State of California. 11.5 Without amending the Plan, grants may be made to persons who are foreign nationals or employed outside the United States, or both, on such terms and conditions, consistent with the Plan's purpose, different from those specified in the Plan as may, in the judgment of the Committee, be necessary or desirable to create equitable opportunities given differences in tax laws in other countries. 11.6 In addition, to such other rights of indemnification as they may have as members of the Board or the Committee, the members of the Committee shall be indemnified by the Company against all costs and expenses reasonably incurred by them in connection with any action, taken or failure to act under or in connection with the Plan or any Stock Option granted thereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except a judgment base upon a finding of a bad faith; provided that upon the institution of any such action, suit or proceeding a Committee member shall, in writing, given the Company notice thereof and an opportunity, at its own expense, to handle and defend the same, with counsel acceptable to the Optionee, before such Committee member undertakes to handle and defend it on his own behalf. 11.7 Stock Options may be granted under this Plan from time to time, in substitution for stock options held by employees of other corporations who are 10 about to become employees of the Company as the result of a merger or consolidation of the employing corporation with the Company or the acquisition by the Company of stock of the employing corporation as a result which it becomes a subsidiary of the Company. The terms and conditions set forth in this Plan to such extent as the Board of Directors of the Company at the time of grant may be deem appropriate to conform, in whole or in part, to the provisions of the stock options in substitution for which they are granted, but no such variations shall be such as to affect the status of any such substitute stock options as a stock option under Section 422A of the Code. 11.8 Notwithstanding anything to the contrary in the Plan, of the Committee finds by a majority vote, after full consideration of the facts presented on behalf of both the Company and the Optionee, that the Optionee has been engaged in fraud, embezzlement, theft, insider trading in the Company's stock, commission of a felony or proven dishonesty in the course of his association with the Company or any subsidiary corporation which damaged the Company or any subsidiary corporation, or for disclosing trade secrets of the Company or any subsidiary corporation , the Optionee shall forfeit all unexercised Stock Options and all exercised NQSO's under which the Company has not yet delivered the certificates and which have been earlier granted to the Optionee by the Committee. The decision of the Committee as to the cause of an Optionee's discharge and the damage done to the Company shall be final. No decision of the Committee, however, shall affect the finality of the discharge of such Optionee by the Company or any subsidiary corporation in any manner. 12. Written Assignment 12.1 Each Stock Option granted hereunder shall be embodied in a written Stock Option Agreement which shall be subject to the terms and conditions prescribed above and shall be signed by the Optionee and by the President or any Vice President of the Company, for and in the name and on behalf of the Company. Such Stock Option Agreement shall contain such other provisions as the Committee, in its discretion shall be deem advisable. IN WITNESS WHEREOF, this Plan has been executed effective as of February 25, 2004. ASYST CORPORATION, a Utah Corporation /s/ Angelo A. Chinnici ------------------------------------------- Angelo A. Chinnici, Chief Executive Officer 11 Exhibit "A" To the 2004 STOCK COMPENSATION PLAN STOCK OPTION AGREEMENT THIS STOCK OPTION AGREEMENT ("Option") is entered into effective the ____ day of __________ 2004, by and between _____________________ ("Optionee") and Asyst Corporation, a Utah corporation (the "Company"). WHEREAS, the Company and Optionee are parties to ___________________, (the "Agreement") and, contemporaneously with any execution of this option, in consideration for and as an inducement for Optionee entering into the Agreement, the Company has agreed to issue to Optionee options to purchase shares of its $.001 par value common stock (the "Common Stock") NOW, THEREFORE, for and in consideration of the mutual promises herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and subject to the terms and conditions set forth below, Optionee and the Company agree as follows: 1. The Option In consideration for Optionee entering into the Amendment, the Company hereby grants to Optionee the Option to acquire _____________________ (__________) shares of its Common Stock (the "Option Shares"), at a purchase price (each, an "Option Price") as follows: 2. Terms and Exercise of Option A) Terms of Option. Subject to the terms of this Option, Optionee shall have the right to exercise the Option in whole or in part, until the fifth (5th) anniversary of Optionee's execution hereof. B) Exercise of the Option. The Option may be exercised either in full or in part and from time to time by Optionee upon written notice to the Company setting out the number of Option Shares to be purchased accompanied by payment of the applicable portion of the Option Price, utilizing the Notice of Exercise substantially in the form attached hereto as Schedule 1 (the "Notice of Exercise") C) Issuance of Option Shares. Upon receipt of notice of exercise and payment of the Option Price, the Company shall immediately cause the delivery of the Option Shares so purchased to Optionee, or in such name or names as Optionee may designate. In the event the Option is exercised in respect of less than all of the Option Shares purchasable on such exercise at any time prior to the date of expiration hereof, 12 the remaining Option Shares shall continue to be subject to adjustment as set forth in paragraph 3 hereof. 3. Adjustment of Option Shares The number of Option Shares purchasable pursuant to this Option shall be subject to adjustment from time to time upon the happening of certain events, as follows: A) Adjustment for Recapitalization. In the event the Company shall (a) subdivide its outstanding shares of Common Stock, or (b) issue or convert by a reclassification or recapitalization of its shares of Common Stock into, for, with other securities (a "Recapitalization"), the number of Option Shares purchasable hereunder immediately following such Recapitalization shall be adjusted so that Optionee shall be entitled to receive the kind and number of Option Shares or other securities of the Company Measured as a percentage of the current issued and outstanding shares of Company's Common Stock as of the date hereof, which it would have been entitled to receive has such Option been exercised immediately prior to the happening of such event or any record date with respect thereto; provided however that, notwithstanding anything in this Plan to the contrary, the number of Plan Shares shall be affected or altered in any way by reason of a reverse split of the Company's Common Stock, and that any adjustment to the Option Price shall not exceed _________ in event of a reverse split of the Company's Common Stock. B) Preservation of Purchase Rights Under Consolidation. Subject to paragraph 3.A. above, in case of any Recapitalization or any other consolidation of the Company with or merger of the Company into another corporation, or in case of any sale or conveyance top another corporation of the property of the Company as an entity or substantially as an entity, the Company shall prior to closing of such transaction, cause such successor or purchasing corporation, as the case may be, to acknowledge and accept responsibility for the Company's obligations hereunder and to grant Optionee the right thereafter upon payment of the Option Price to purchase the kind and amount of shares and other securities and property which he would have owned or have been entitled to receive after the happening of such consolidation, merger, sale or conveyance. The provisions of this paragraph shall similarly apply to successive consolidations, mergers, sales or conveyances. C) Notice of Adjustment. Whenever the number of Option Shares purchasable hereunder is adjusted, as herein provided, the Company shall mail by first class mail, postage prepaid, to Optionee notice such adjustments, and shall deliver to Optionee setting forth the adjustment, including the computation by which such adjustment was made. 13 4. Assignment The rights represented by this Option may only be assigned or transferred by Optionee to an affiliate or retirement plan, or to a trust if affected as the result of estate planning. For the purpose of this Option, the term "affiliate" shall be defined as a family member or an enterprise that directly, or indirectly through one or more intermediaries, controls, or controlled by, or is under common control of Optionee; otherwise, this Option and rights hereunder shall not be assigned by either party hereto. 5. Counterparts This Option may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. A facsimile, telecopy or other reproduction of this instrument may be executed by one or more parties hereto and such executed copy may be delivered by facsimile or similar instantaneous electronic transmission device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party hereto, all parties agree to execute an original of this instrument as well as any facsimile, telecopy or other reproduction hereof. 6. Further Documentation Each party hereto agrees to execute such additional instruments and take such action as may be reasonably requested by the other party to affect the transaction, or otherwise to carry out the intent and purposes of this Option. 7. Notices All notices and other communications hereunder shall be in writing and shall be sent by prepaid first class mail to the parties at the following addresses, as amended by the parties with written notice to To Optionee: ------------------------- ------------------------- ------------------------- Telephone: (___) ___ ____ Facsimile: (___) ___ ____ To the Company: Asyst Corporation ------------------------- ------------------------- Telephone: (___) ___ ____ Facsimile: (___) ___ ____ 14 8. Governing Law This Option was negotiated, and shall be governed by the laws of Utah notwithstanding any conflict-of-law provision to the contrary. 9. Entire Option This Option set forth the entire understanding between the parties hereto and no other prior written or oral statement or agreement shall be reorganized or enforced. 10. Severability If a court of component jurisdiction determines that any clause or provision of this Option is invalid, illegal or unenforceable, the other clauses and provisions of the Option shall remain in full force and effect and the clause and provisions which are determined to be void, illegal or unenforceable shall be limited, so that they shall remain in effect to the extent permissible by law. 11. Headings The Section and subsection headings in this Option are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Option. IN WITNESS WHEREOF, the parties have executed this Option the day and year first written above. "Optionee" -------------------------------- The "Company" Asyst Corporation a Utah Corporation By: -------------------------------- Name: Title: 15 Exhibit A To the Stock Option Agreement NOTICE OF EXERCISE To: Asyst Corporation (1) The undersigned hereby elects to purchase shares of Common Stock (the "Exercised Shares") of Asyst Corporation pursuant to the terms of the attached 2004 Stock Compensation Plan (the "2004 Plan"), and tenders herewith payments of the exercise price for the Exercise Shares, together with all applicable transfer taxes, if any. (2) Please issue a certificate or certificates representing the Exercised Shares in the name the undersigned or in such other name as is specified below: ---------------------------------- (Name) ---------------------------------- (Address) Dated: ---------------------------------- Signature 16 Optionee: _____________________ Date of Grant: _____________________ Exhibit B To the Stock Option Agreement
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17 EX-5.1 4 v01810_ex5-1.txt Exhibit 5.1 March 3, 2004 Asyst Corporation 43 West 33 Street New York, New York 10001 Gentlemen: As special counsel for Asyst Corporation (the "Company"), we have examined its Articles of Incorporation and Bylaws, as amended, and such other corporate records, documents and proceedings, and such questions of law as we have deemed relevant for the purpose of this opinion. We have also, as such counsel, examined the registration statement of the Company on Form S-8 to be filed by the Company with the Securities and Exchange Commission on or about March 3, 2004 (the "Registration Statement") covering the registration under the Securities Act of 1933, as amended, an aggregate of up to 4,300,000 shares of common stock, $.001 par value (the "Shares") to be issued pursuant to the Asyst Corporation Inc. 2004 Stock Compensation Plan (the "Plan"). Upon the basis of such examination, we are of the opinion that the Shares will be, when issued and sold in the manner referred to in the Plan, duly and validly issued as fully paid and non-assessable securities of the Company. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. Very truly yours, /s/ Spectrum Law Group, LLP --------------------------- EX-23.1 5 v01810_ex23-1.txt Exhibit 23.1 CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT March 2, 2004 United States Securities and Exchange Commission 450 5th Street, N.W. Washington, D.C. 20549 Re: Consent to be named in the S-8 Registration Statement of Asyst Corporation, a Utah corporation (the"Registrant"), SEC File No. 000-26753, to be filed on or about March 2, 2004, covering the registration of 4,300,000 shares of common stock to be issued under the 2004 Asyst Corporation Stock Compensation Plan. Ladies and Gentlemen: We hereby consent to the use of our report for the year ended July 31, 2003, dated October 7, 2003 in the above-referenced Registration Statement. Sincerely, Mantyla McReynolds Certified Public Accountants -----END PRIVACY-ENHANCED MESSAGE-----