Non-Qualified Stock Option Agreement between Fairchild Semiconductor International, Inc. and Kirk Pond (April 28, 2003)

Summary

This agreement grants Kirk Pond, an employee of Fairchild Semiconductor International, Inc., the option to purchase up to 250,000 shares of the company's Class A Common Stock at $11.50 per share. The option vests over four years, with 25% vesting each year, and fully vests upon retirement or certain employment terminations. The option is non-transferable except by inheritance and must be exercised within eight years and one day from the grant date. The agreement is governed by Maine law and does not guarantee continued employment.

EX-10.4 5 b46535fsexv10w4.txt EX-10.4 NON-STATUTORY STOCK OPTION AGMNT Exhibit 10.4 (FAIRCHILD SEMICONDUCTOR LOGO) FAIRCHILD SEMICONDUCTOR STOCK PLAN NON-QUALIFIED STOCK OPTION AGREEMENT This is a Non-Qualified Stock Option Agreement dated APRIL 28, 2003 (the Grant Date) between Fairchild Semiconductor International, Inc. (the Company) and KIRK POND, a salaried employee of the Company or one of its subsidiaries (you or the Optionee). - ------------------------------------------------------------------------------------------------------------------------------------ The Company grants you the option to purchase up to 250,000 shares of the Company's Class A Common Stock at OPTION GRANT; an exercise price of $11.50 per share. This option grant is subject to the terms of the Fairchild EXERCISE PRICE Semiconductor Stock Plan, as well as to the terms of this agreement, and your Employment Agreement dated March 7, 2003 (your "Employment Agreement"). This grant under the Fairchild Semiconductor Stock Plan has been authorized by the board of directors. - ------------------------------------------------------------------------------------------------------------------------------------ The term of your option is 8 years plus one day from the Grant Date. Your option terminates at the end of OPTION TERM; VESTING the term and cannot be exercised after the term. You can exercise your option only to the extent it has vested. Your option will vest in increments, as follows: Vesting Date Percentage Vested (including portion that vested the preceding year) 1st Anniversary of Grant Date.................................................25% 2nd Anniversary of Grant Date.................................................50% 3rd Anniversary of Grant Date.................................................75% 4th Anniversary of Grant Date................................................100% provided that your option will vest in its entirety upon your retirement from the Company in accordance with the terms of your employment agreement with the Company, or otherwise in accordance with other agreements governing your employment. - ------------------------------------------------------------------------------------------------------------------------------------ You must remain an employee of the Company or a subsidiary to be able to exercise your option, except as TERMINATION OF follows, or as otherwise provided in any agreement governing your employment with the Company: EMPLOYMENT Death, Disability, Certain Cases of Retirement, Qualifying Termination. In the event your employment terminates as a result of your (i) death, (ii) Disability, (iii) retirement upon or following the expiration of the initial term of your Employment Agreement or (iv) Qualifying Termination, your option may thereafter be exercised in whole or in part at any time before the expiration of the option term. All other cases. If your employment terminates for any reason other than those provided in the preceding paragraph, your option may be exercised to the extent provided by the Fairchild Semiconductor Stock Plan. - ------------------------------------------------------------------------------------------------------------------------------------ Your option is not transferable except by will or the laws of decent and distribution. During your lifetime NON-TRANSFERABILITY only you can exercise your option. This option shall not be subject to attachment or similar process. Any attempted sale, pledge, assignment, transfer or other disposition of your option contrary to the provisions of this agreement, or the levy of any attachment or similar process upon your option, shall be null and void without effect. - ------------------------------------------------------------------------------------------------------------------------------------ Nothing in this agreement gives you the right to remain employed by the Company or any subsidiary. This MISCELLANEOUS agreement shall be governed by the laws of the State of Maine, without regard to conflicts of laws principles. The section and paragraph headings in this agreement are for convenience of reference only and shall not affect the construction or interpretation of this agreement. - ------------------------------------------------------------------------------------------------------------------------------------ Your signature and the signature of an authorized officer of the Company below indicate your and the SIGNATURES Company's agreement to the terms of this Non-Qualified Stock Option Agreement as of the Grant Date. OPTIONEE: FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC. /s/ Kirk P. Pond /s/ Kirk P. Pond ------------------------- ------------------------- KIRK POND Kirk P. Pond SSN/GLOBAL ID: Chairman, President and CEO - ------------------------------------------------------------------------------------------------------------------------------------