Exhibit 4.12
Amendment No. 3 to Check Point Software Technologies Ltd. 2005 United States Equity Incentive Plan, dated August 3, 2020
The Check Point Software Technologies Ltd. 2005 U.S. Equity Incentive Plan, as amended (the Plan), is hereby amended as follows (the Amendment)(effective as of the approval by the shareholders of Check Point Software Technologies Ltd. at the 2020 Annual General Meeting):
| 1. | Section 14 of the Plan shall be deleted in its entirety and replaced with the following: |
| 14. | Automatic Stock Option and RSU Grants to Non-employee Directors. |
| (a) | Procedure for Grants. All grants of Options and RSU to Non-employee Directors under this Section 14 shall be automatic and non-discretionary and shall be made strictly in accordance with the following provisions: |
| (i) | Each Non-employee Director shall be automatically granted
(i) an Option to purchase 25,000 |
| (ii) | At each of the Companys annual shareholder meetings, and commencing in
2020 |
| (iii) | Notwithstanding the provisions of subsections (i) and (ii) hereof, in the event that an
automatic grant hereunder would cause the number of Shares subject to outstanding Awards |
| (iv) | The terms of an |
(A) The term of the Option shall be seven (7) years.
(B) The Option shall be exercisable only while the Non-employee Director remains a Director of the Company, except as set forth in subsection (c) hereof.
(C) The exercise price per Share shall be 100% of the fair market value per Share on the date of grant of the Option.
(D) The First Option shall become exercisable as to 25% of the covered Shares each year on the day prior to each years normally scheduled annual shareholders meeting, so as to become 100% vested on the day prior to the normally scheduled annual shareholders meeting occurring approximately four years following the grant date, subject to the Participant maintaining Continuous Status as a Director on each vesting date.
(E) The First RSU shall vest as to 25% of the covered Shares each year on the day prior to each years normally scheduled annual shareholders meeting, so as to become 100% vested on the day prior to the normally scheduled annual shareholders meeting occurring approximately four years following the grant date, subject to the Participant maintaining Continuous Status as a Director on each vesting date.
(F) The Annual
Subsequent Option shall become exercisable as to 50% of the covered Shares six months following the grant date, and as to an additional 25% of the covered Shares each three months thereafter, so as to be 100% vested on the first
anniversary of the grant date, subject to the Participant maintaining Continuous Status as a Director on each vesting date.
(G) The Annual RSU shall vest as to 50% of the covered Shares six months following the grant date, and as to an additional 25% of the covered Shares each three months thereafter, so as to be 100% vested on the first anniversary of the grant date, subject to the Participant maintaining Continuous Status as a Director on each vesting date.
| (b) | Consideration for Exercising Non-employee Director Stock Options. The consideration to be paid for the Shares to be issued upon exercise of an automatic Non-employee Director Option shall consist of any consideration permitted under Section 8(d) hereof and as set forth in the Award Agreement. |
| (c) | Post-Directorship Exercisability. If a Non-employee Director ceases to serve as a Director, he or she may, but only within one year after the date he or she ceases to be a Director, exercise his or her Option to the extent that he or she was entitled to exercise it at the date of such termination. To the extent that he or she was not entitled to exercise an Option at the date of such termination, or if he or she does not exercise such Option (which he was entitled to exercise) within the time specified herein, the Option shall terminate. |
| (d) | Limitation on Automatic Award |
| 2. | Except as explicitly amended by this Amendment, all other terms of the Plan shall remain in full force and effect. |