Exhibit 10.22


 





 


«Date»


 


«Full_Name»





IntriCon Corporation





1260 Red Fox Road





Arden Hills, MN 55112


 


Dear «M_1st_Name»:


 


I am pleased to inform you that
on «Grant_Date» the Compensation Committee of the Board of Directors of IntriCon Corporation granted you options to
purchase «Shares» Common Shares of the Company under the Company’s 2015 Equity Incentive Plan (the “Plan”)
at an exercise price of $«Price» per share.


 


Under the Plan, the Company may
grant either incentive stock options or non-qualified stock options. The options granted to you are intended to be incentive stock
options.


 


Provided you do not experience
a Status Change (as defined in the Plan, generally a termination of employment) prior to each applicable vesting date and subject
to earlier vesting as provided in the Plan, the options will become vested and exercisable as follows: (i) if the 2017 minimum
net income from continuing operations target is achieved and the applicable percentage (up to 100%) of your respective strategic
objectives are met, all as set forth on Exhibit A (the “Performance Conditions”); AND (ii) thereafter in three equal
annual installments beginning with the first installment becoming vested and exercisable on the first anniversary of the date
that the Performance Conditions described in clause (i) are satisfied. If and to the extent that the Performance Conditions described
in clause (i) are satisfied, the Company will provide to you an acknowledgement in the form attached as Exhibit B setting forth
the number of shares subject to this option that will be subject to the time-based vesting and exercisability conditions described
in clause (ii) and the applicable dates of exercisability. If and to the extent that the Performance Conditions described in clause
(i) are not satisfied, this option will terminate as set forth in the acknowledgement.


 


The exercise price for your options
shall be payable in cash, by the “net exercise” method without the payment of cash or as otherwise permitted under
the Plan.


 


Once options become exercisable,
they will remain exercisable until they are exercised or until they terminate. Unless earlier terminated pursuant to the terms
of the Plan, all options granted hereby shall terminate on «Terminate»1
(the “Scheduled Expiration Date”). While the specific terms of the Plan will govern, generally:


 


		●	If
                                         you experience a Status Change due to your death, Disability or Retirement (as defined
                                         in the Plan), all of your options will become immediately exercisable in full and may
                                         be exercised at any time prior to the Scheduled Expiration Date;



 


 






1
Insert July 25, 2027.


 



     


     


    

 


		●	If
                                         you experience a Status Change due to any other reason, any options that you had that
                                         were not exercisable as of the date of your Status Change will expire. You may exercise
                                         options that were exercisable as of the date of your Status
Change at any time prior to the earlier of (a) 90 days after the date of your Status Change and (b) the Scheduled Expiration Date.



 


Subject to the Plan, this option
shall become exercisable in full upon the occurrence of a Change in Control (as defined in the Plan), [subject to the satisfaction
of the Performance Conditions.]


 


This option is subject to cancellation
in the event that your employment is terminated for Cause (as defined in the Plan) and under other circumstances described in
the Plan.


 


Further terms governing the options
granted to you are set forth in the Plan, which is incorporated herein by reference. A copy of the Plan is available from the
Human Resources Department.


 


If you wish to accept the grant
of the options as provided above and in the Plan, please so indicate by signing and returning the enclosed copy of this letter,
whereupon you and the Company shall be legally bound hereby under Pennsylvania law.


 





	 	 	Very truly yours,
	 	 	 	 
	 	 	INTRICON CORPORATION 
	 	 	 	 
	 	 	By: 	 
	 	 	 	«From»
	 	 	 	«Title»
	 	 	 	«M_2nd_line»
	 	 	 	 
	Accepted and Agreed:	 	 	 
	 	 	 	 
	«Full_Name»	 	 	 




 





1260
Red Fox Road ● Arden Hills, MN 55112 ● Tel: 651-636-9770 ● Fax: 651-357-1097 ● www.IntriCon.com


 






     


     


    

 


Exhibit
A


Performance
Conditions


 


Financial
Component


 


Strategic
Component


 


	Strategic
    Objective	Percentage
    of Options
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	100%


 





1260
Red Fox Road ● Arden Hills, MN 55112 ● Tel: 651-636-9770 ● Fax: 651-357-1097 ● www.IntriCon.com




 



     


     


    

 


Exhibit
B


 


 


 


Form of
Acknowledgement


 


[insert A
or B]


 


[A]


 


[The Compensation
Committee of the Board of Directors of IntriCon Corporation has determined that with respect to the stock option granted to you
as of «Grant_Date» (the “Option Award”), the Performance Conditions applicable to such Option Award have
been satisfied with respect to [       ] shares of common stock subject to the Option Award. [Add if applicable: The balance of the
Option Award has terminated].


 


Provided you do not experience
a Status Change (as defined in the Plan) prior to each applicable vesting date and subject to earlier vesting as provided in the
Plan, these options will become exercisable as follows:


 


	Date First Exercisable	Number of Shares
	«M_1st_Exercise»	«M__shares»
	«M_2nd_Ex»	«M__shares1»
	«M_3rd_Ex»	«M__shares2»]




 


[B]


 


[The Compensation
Committee of the Board of Directors of IntriCon Corporation has determined that with respect to the stock option granted to you
as of «Grant_Date» (the “Option Award”), none of the Performance Conditions applicable to such Option
Award have been satisfied and such Option Award has fully terminated].


 





	 	 	Very truly yours,
	 	 	 	 
	 	 	INTRICON CORPORATION 
	 	 	 	 
	 	 	By: 	 
	 	 	 	«From»
	 	 	 	«Title»
	 	 	 	«M_2nd_line»



 





1260
Red Fox Road ● Arden Hills, MN 55112 ● Tel: 651-636-9770 ● Fax: 651-357-1097 ● www.IntriCon.com