APPLIED FILMS CORP
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<FILENAME>afc8k-ex103_102004.htm
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<TITLE>Applied Films Corporation Form 8-K Exhibit 10.3</TITLE>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 10.3  </FONT></H1>


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<TD ALIGN=left WIDTH=50%> <IMG SRC="appliedlogo.gif">  </TD>
<TD ALIGN=left WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9586 I-25 Frontage Road, Suite 200
<BR>Longmont,  Colorado 80504<BR>USA</FONT></TD>
<TD ALIGN=right WIDTH=25%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>T: 303.774.3200<BR>F: 303.678.9275
<BR>www.appliedfilms.com</FONT></TD>
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<TD colspan=3><hr size=1 color=black></TD></TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&laquo;Date&raquo; </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&laquo;Name of
Director&raquo;<BR>&laquo;Address&raquo;<BR>&laquo;City&raquo;, &laquo;State&raquo;
&laquo;Zip&raquo; </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:&nbsp;&nbsp;&nbsp;&nbsp;
Applied Films Corporation &#151; Nonqualified Stock Option</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors (the &#147;Board&#148;) of Applied Films Corporation (the
&#147;Company&#148;), or the committee (the &#147;Administrator&#148;) designated by the
Board for the purpose of administering the Applied Films Corporation Long-Term Incentive
Plan dated as of October 22, 2003, as amended (the &#147;Plan&#148;), hereby grants to
you, as Grantee, a stock option (the &#147;Option&#148;), pursuant to the Plan. A copy of
the Plan is available on requests from the Company. Each capitalized term used in this
Agreement, which is not defined herein, has the meaning indicated for such term in the
Plan. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>Stock Option</U></B><U></U>. The Option entitles you (or other person as
          permitted under Section 3 of this Agreement) to purchase up to
          &laquo;ShareNumberWritten&raquo; (&laquo;ShareNumber&raquo;) shares of the
          Company&#146;s Common Stock, no par value (the &#147;Option Shares&#148;),
          subject to the terms and conditions of the Plan and this Agreement, at an option
          price per share of &laquo;OptionPrice&raquo; (the &#147;Option Price&#148;), as
          a voluntary benefit in respect of which no legal claim exists in the future. The
          Option is intended to be a nonqualified stock option. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>Additional Terms</U></B><U></U>. The Option is also subject to the
          following provisions: </FONT></P>

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               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <B><U>Exercisability</U></B><U></U>. The Option may be exercised and Option
               Shares may be purchased at any time and from time to time after the first
               anniversary of the date of execution of this Agreement, subject to the terms of
               the Plan. The Option Price for the respective Option Shares shall be paid in
               full at the time of exercise. Payment in full or in part may be made in cash, by
               check or in the form of Common Stock owned by you (and for which you have good
               title free and clear of any liens and encumbrances and, with respect to any
               shares of Common Stock acquired upon the exercise of any stock option from the
               Company, has been held by you for a period of at least six (6) consecutive
               months), or by reduction in the number of shares issuable upon which exercise,
               based in each case on the Fair Market Value of the Common Stock on the last
               trading day preceding payment, as determined by the Administrator. The Option
               Shares acquired under this Agreement are hereinafter referred to as the
               &#147;Exercise Shares.&#148; </FONT></P></TD>
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               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <B><U>Vesting Schedule</U></B><U></U>. One Hundred percent (100%) of the shares
               subject to this Option shall vest and be exercisable on the first anniversary of
               this Agreement, provided Grantee continues to serve as a director of the
               Company. Notwithstanding the foregoing vesting schedule, the Option shall be
               fully vested and exercisable with respect to all of the Option Shares upon the
               death or permanent disability of the Grantee or the Administrator&#146;s
               determination that a successor entity or its parent or subsidiary has refused to
               assume or substitute an equivalent option in the event of a Change in Control of
               the Company. </FONT></P></TD>
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               <TD WIDTH=95%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               <B><U>Procedure for Exercise</U></B><U></U>. Subject to the terms and conditions
               of this Agreement, the Option may be exercised with respect to vested Option
               Shares at any time and from time to time after the first anniversary of the date
               of execution of this Agreement and prior to its termination by delivering
               written notice to the Chief Financial Officer of the Company at its corporate
               headquarters at the address above, specifying the number of shares to be
               purchased and including payment of the respective Option Price multiplied by the
               number of Option Shares purchased. </FONT></P></TD>
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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>Transferability of Option</U></B><U></U>. Except for transfers to
          Permitted Transferees which comply with Section 6.4(e) of the Plan, this Option
          shall not be transferable by Grantee other than by will or the laws of descent
          and distribution and may be exercised during the lifetime of Grantee only by
          Grantee. Except as provided above, this Option shall not be transferred,
          assigned, pledged, or hypothecated in any way, shall not be assignable by
          operation of law, and shall not be subject to execution, levy, attachment, or
          similar process. Any attempted transfer, assignment, pledge, hypothecation or
          other disposition of this Option contrary to the terms hereof, and any
          execution, levy, attachment or similar process upon the Option, shall be null
          and void and without effect. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>Transferability of Exercise Shares</U>.</B> No Exercise Shares may be
          transferred except in full compliance with applicable federal and state
          securities laws. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>Conformity with Plan</U></B><U></U>. The Option is intended to conform in
          all respects with, and is subject to all applicable provisions of, the Plan,
          which is incorporated herein by reference. Inconsistencies between this
          Agreement and the Plan shall be resolved in accordance with the terms of the
          Plan. By executing and returning the enclosed copy of this Agreement, Grantee
          acknowledges receipt of the Plan and agrees to be bound by all of the terms of
          the Plan. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>Service as a Director</U>.</B> In consideration for the granting of this
          Option, Grantee agrees to continue to serve as a director of the Company for the
          lesser of twelve (12) months from the date hereof, or for the remainder of his
          current term as a director if he is not reelected. Grantee acknowledges that
          nothing in this Agreement or in the Plan imposes upon the Company, its Board of
          Directors, or its stockholders any obligation to retain or elect Grantee as a
          director for any period. </FONT></P>


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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>Adjustment</U></B><U></U>. The Administrator shall make appropriate and
          proportionate adjustments to the terms of the Option to reflect any stock
          dividend, stock split, combination or exchange of shares, merger, consolidation
          or other change in the capitalization of the Company which the Administrator
          determines to be similar, in its substantive effect upon the Plan or the Option,
          to any of the changes expressly indicated in this sentence, as provided in
          Section 13.1 of the Plan. In the event of any such adjustments, any and all new,
          substituted or additional securities or other property to which Grantee is
          entitled by reason of the Option shall be immediately subject to the Option and
          be included in the word &#147;Option Shares&#148; for all purposes of the Option
          with the same force and effect as the Option Shares presently subject to the
          Option. After each such event, the number of Option Shares and/or the respective
          Option Price shall be appropriately adjusted. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>Expiration</U></B><U></U>. Subject to the terms of the Plan, the Option
          shall expire at 5:00 p.m., United States eastern time, on the tenth anniversary
          of the date hereof. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>Tax Withholding</U></B><U></U>. The exercise of this Option may be subject
          to the satisfaction of withholding tax or other withholding liabilities, if any,
          under applicable law in connection with such exercise or the delivery or
          purchase of Exercise Shares. The exercise of this Option shall not be effective
          unless applicable withholding, if required, shall have been effected or obtained
          in a manner acceptable to the Administrator in accordance with the Plan. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>Postponement of Delivery of Shares and Representations</U></B><U></U>. The
          Company, in its discretion, may postpone the issuance and/or delivery of Option
          Shares upon any exercise of this Option until completion of any stock exchange
          listing, or registration, or other qualification of such shares under any
          applicable law, rule or regulation as the Company may consider appropriate, and
          may require any person exercising this Option to make such representations and
          furnish such information as it may consider appropriate. In such event, no
          Option Shares shall be issued to such holder unless and until the Company is
          satisfied with the accuracy of any such representations. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>Rights as Stockholder</U>.</B> Grantee shall have no rights as a
          stockholder with respect to any Option Shares until Grantee becomes the holder
          of record of such shares. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>Further Actions</U></B><U></U>. The parties agree to execute such further
          instruments and to take such further actions as may reasonably be required to
          carry out the intent of this Agreement. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>Notice</U></B><U></U>. Any notice required or permitted hereunder shall be
          given in writing and shall be deemed effectively given upon personal delivery or
          upon deposit in the United States Post Office, by registered or certified mail
          with postage and fees prepaid, addressed to the other party hereto at the
          address set forth in this Agreement or at such other address as the receiving
          party may designate by 10 days advance written notice to the sending party.
          Grantees who are employed by a Company business unit or Subsidiary located
          outside the United States will be considered to have met the advance notice
          requirement by depositing such written notice in the legal postal system of
          their home country or an established international package delivery service,
          registered or certified with postage/shipping fees prepaid, in time to meet the
          10 day advance notice requirement. </FONT></P>


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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>Successors and Assigns</U></B><U></U>. This Agreement shall be binding
          upon and inure to the benefit of the successors and assigns of the Company and,
          subject to the restrictions on transfer set forth herein, be binding upon
          Grantee&#146;s heirs, executors, administrators, successors and permitted
          assigns and inure to the benefit of Grantee&#146;s heirs, executors,
          administrators, successors and permitted assigns. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>Governing Law; Jurisdiction; Venue</U></B><U></U>. This Agreement and all
          documents contemplated hereby, and all remedies in connection therewith and all
          questions or transactions relating thereto, shall be governed, construed,
          interpreted and enforced in accordance with the domestic laws of the state of
          Colorado, USA, without giving effect to any choice of law or conflict of law
          provision or rule (whether of the State of Colorado or any other jurisdiction)
          that would cause the application of the laws of any other jurisdiction. All
          claims arising from or in connection with any aspect of the Plan or this
          Agreement are subject to the jurisdiction of the laws of the State of Colorado,
          USA, and shall be adjudicated in the proper applicable state or federal court
          located in Colorado, USA. The parties specifically consent and submit to the
          jurisdiction and venue of such state or federal court. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>Entire Agreement</U></B><U></U>. This Agreement constitutes the entire
          understanding between the Grantee and the Company with respect to the Option
          Shares, and supersedes all other agreements, whether written or oral, with
          respect thereto. </FONT></P>

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     <P ALIGN=CENTER>* * *</P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
execute the extra copy of this Agreement in the space below and return it to the Secretary
of the Company to confirm your understanding and acceptance of the agreements contained in
this letter. </FONT></P>


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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Very truly yours,<BR><BR>APPLIED FILMS CORPORATION<BR><BR>
<BR>By:<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Its<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></TD>
</TR>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby acknowledges having read this Agreement and the Plan and hereby agrees
to be bound by all provisions set forth herein and in the Plan. </FONT></P>




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<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GRANTEE:<BR><BR>
<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
(Signature)<BR><BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
(Please print name)<BR><BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
(Address)</FONT></TD>
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<TR VALIGN="BOTTOM">
     <TH colspan=4><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Record of Exercise</U><BR>&nbsp;</FONT></TH></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="25%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Date</U></FONT></TD>
     <TD WIDTH="25%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Number of Shares</U></FONT></TD>
     <TD WIDTH="25%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Price Per Share</U></FONT></TD>
     <TD WIDTH="25%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Shares Subject to<BR>
<U> Option After Exercise</U></FONT></TD></TR>
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