EX-10.15





 Exhibit 10.15 

TERMS AND CONDITIONS GOVERNING DIRECTOR RESTRICTED STOCK UNITS 2016/2020 IN SPOTIFY TECHNOLOGY S.A. 

 

	1.	RESTRICTED STOCK UNIT ISSUER AND RECIPIENT 

  

	1.1	Spotify Technology S.A., a Luxembourg société anonyme, with registered offices at 42-44, avenue de la Gare,
L-1610 Luxembourg, registered with the Luxembourg Trade and Companies Register under number B 123.052 (the “Company”). 


 

	1.2	Selected members of the Company’s board of directors (the “Board”) in accordance with an individual notice of grant (the “Directors”) (the “Notice”).


  

	2.	BACKGROUND 

  

	2.1	At the annual meeting of the Company’s shareholders held on April 21, 2016, the Company’s shareholders voted in favor of a resolution to approve a remuneration plan in the form of cash bonuses,
warrants, restricted stock units or any other form to the members of the Board. In this context, the Board has decided to implement such resolution by granting Restricted Stock Units (as defined below) to the Directors in accordance with these Terms
and Conditions.     

  

	2.2	Neither the granting of a Restricted Stock Unit under this director restricted stock unit program 2016/2020 (the “Director Restricted Stock Unit Program”) nor a Director’s appointment
as director of the Company shall give the Director any right or expectation to be granted additional Restricted Stock Units at any time. 

  

	3.	RESTRICTED STOCK UNIT 

  

	 	Subject to the terms and conditions set out herein, the Director is entitled to delivery of one share in the Company (a “Share”) per restricted stock unit (a “Restricted Stock Unit”).


  

	4.	IMPLEMENTATION AND GRANT 

  

	 	The Director Restricted Stock Unit Program shall be effective as per September 30, 2016 (the “Date of Grant”). 


 

	5.	VESTING 

  

	5.1	Vesting general 

  

	5.1.1	Except as set forth in clause 7.1 below, vesting of the Director’s granted Restricted Stock Units shall occur on the dates set out in the Notice (each, a “Vesting Date”), subject to the
Director’s continued assignment with the Company. 

  

	5.1.2	Notwithstanding the aforesaid, the Board shall be entitled, in its sole discretion, to grant Restricted Stock Units that are subject to a different vesting schedule. 














 
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	5.2	Termination of assignment 

  

	5.2.1	If (i) the Director resigns for any reason, including by reason of Director retiring pursuant to the terms of his/her assignment or regulatory requirements or (ii) the Company’s shareholders terminate the
Director’s assignment with the Company for any reason (including, for the avoidance of doubt, as a result of the decision to not re-elect the Director as a member of the Board), all unvested Restricted
Stock Units shall cease vesting as of the date of termination of the Director’s assignment in accordance with clause 5.2.2 and shall immediately lapse. 

  

	5.2.2	If the Director resigns, termination of his/her assignment for purposes of the Restricted Stock Units shall be deemed to occur immediately on the Company’s receipt of Director’s written notice of resignation.
If the Company’s shareholders terminate the Director’s assignment with the Company (including, for the avoidance of doubt, as a result of the decision to not re-elect the Director as a member of the
Board), termination of his/her assignment for purposes of the Restricted Stock Units shall be deemed to occur immediately after the resolution to not re-elect or to discharge, as applicable, the Director is
adopted at a general meeting of shareholders. If the Director retires pursuant to the terms of his/her assignment or regulatory requirements, termination of his/her assignment for purposes of the Restricted Stock Units shall be deemed to occur
immediately after the end of the last day of his/her assignment. Notwithstanding the foregoing in this clause 5.2.2 or in clause 5.2.1, the Board shall be entitled, in its sole discretion, to resolve that termination of the Director’s
assignment shall be deemed to occur at a later point in time. 

  

	5.2.3	If a Director ceases to serve as a member of the Board, but is appointed as director of any company controlled by the Company (the “Group”), such change will not be deemed a termination of the assignment for
purposes of his/her Restricted Stock Units, provided that there is no other interruption or termination between the termination of assignment as Director and the provision of such services, unless the Board, in its sole discretion, determines that
the entity to which the Director transfers is not a qualified affiliate of the Group. 

  

	6.	SETTLEMENT 

  

	 	Settlement will occur through an electronic platform and with no paper documentation to be executed by the Director. To this effect, the Director will receive an individual username and an individual password from the
Company, giving her/him access to a personal account on the electronic platform. Once the Director will have logged-in and accepted the terms and conditions of the Director Restricted Stock Unit Program
applicable to her/him, she/he will have the possibility to upload money on the electronic platform (the “Funds”). Provided that the Director had sufficient Funds available to pay an amount equal to the par value per Share of the
number of Shares underlying the Restricted Stock Units, on or as soon as reasonably practicable (but no later than 30 days) following any Vesting Date, the Company shall issue the number of Shares subject to the Restricted Stock Units that become
vested in the name of the Director (or if deceased, the Director’s legal representative), which will be issued as fully paid and nonassessable Shares (a “Settlement Date”). If the Director does not have sufficient Funds
on the electronic platform to pay the applicable par value within 30 days of any Vesting Date, then such Restricted Stock Units may, as determined by the Board in its sole discretion, be cancelled with respect to those Shares that would otherwise
have become issuable therefor. 














 
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	7.	AMENDMENT OF THE RESTRICTED STOCK UNITS; ADJUSTMENT 

  

	7.1	Change in Control 

  

	7.1.1	Notwithstanding clause 5, if there is a Change in Control, all unvested Restricted Stock Units shall, contingent upon closing of such Change in Control actually taking place and subject to the Director’s continued
assignment as director of the Company immediately prior to closing of such Change in Control (“Closing”), vest immediately prior to the Closing provided, however, that the Director shall have delivered to the Company payment in cash
in a form acceptable to the Company in an amount equal to the par value per Share of the number of Shares underlying the Restricted Stock Units that become vested immediately prior to Closing and all other documentation for the issuance of Shares
reasonably required by the Board. If such cash payment is not made and such documentation is not delivered by the Director within a reasonable time prior to Closing in accordance with the Board’s instructions then such Restricted Stock Units
may, as determined by the Board in its sole discretion, be cancelled with respect to those Shares that would otherwise have become issuable therefor. If no Closing takes place Shares underlying Restricted Stock Units will not be issued, any cash
payment made by the Director will be returned and these terms and conditions will remain unaffected. 

  

	7.1.2	If permitted by applicable law, the Board may, instead of allowing the Director to acquire Shares in accordance with clause 7.1.1, in its sole discretion, cause the cancellation of any vested Restricted Stock Unit
outstanding immediately prior to Closing, in whole or in part, in exchange for a payment to the Director, in such form as determined by the Board, provided that the Board shall ensure that the tax treatment and economic returns of the Director is
not affected adversely compared to the procedure described in clause 7.1.1 and may provide that any such payment to the Director shall be subject to the same conditions as are imposed on holders of the Shares in the Change in Control (e.g., an earn
out or escrow) as well as to applicable tax withholdings. 

  

	7.1.2.1	“Change in Control” shall mean and include each of the following: 

 (i) a
transaction or series of transactions (other than an offering of Shares to the general public through a registration statement filed with the Securities and Exchange Commission) whereby any “person” or related “group” of
“persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended from time to time (the “Exchange Act”)) directly or indirectly acquires beneficial ownership (within the
meaning of Rules 13d-3 and 13d-5 under the Exchange Act) of securities of the Company possessing more than 50 % of the total combined voting power of the
Company’s securities outstanding immediately after such acquisition; provided, however, that the following acquisitions shall not constitute a Change in Control: (w) any acquisition by the Company; (x) any acquisition by an employee
benefit plan maintained by the Company, (y) any acquisition which complies with clauses 7.1.2.1(iii)(I)-(III); or (z) in respect of an Restricted Stock Unit held by a particular Director, any acquisition by the Director or any group of
persons including the Director (or any entity controlled by the Director or any group of persons including the Director); 
 (ii) the
Incumbent Directors cease for any reason to constitute a majority of the Board; 
 (iii) the consummation by the Company (whether directly
involving the Company or indirectly involving the Company through one or more intermediaries) of (x) a merger, consolidation, reorganization, or business combination, (y) a sale or other disposition of all or substantially all of the
Company’s assets in any single transaction or series of related transactions or (z) the acquisition of assets or stock of another entity, in each case other than a transaction: (I) which results in the Company’s voting securities
outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly,
the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the 













 
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business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least a majority of the combined voting power of the Successor
Entity’s outstanding voting securities immediately after the transaction, and (II) after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity; provided,
however, that no person or group shall be treated for purposes of this clause (II) as beneficially owning 50% or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the
consummation of the transaction; and (III) after which at least a majority of the members of the board of directors (or the analogous governing body) of the Successor Entity were Board members at the time of the Board’s approval of the
execution of the initial agreement providing for such transaction; or 
 (iv) the date which is 10 business days prior to the completion of a
liquidation or dissolution of the Company. 
  

	7.1.2.2	“Incumbent Directors’ shall mean for any period of 12 consecutive months, individuals who, at the beginning of such period, constitute the Board together with any new director(s) (other than a
director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in clause 7.1.2.1, (i) or 7.1.2.1, (iii)) whose election or nomination for election to the Board was approved by a vote of at
least a majority (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director without objection to such nomination) of the directors then still in office who either were
directors at the beginning of the 12-month period or whose election or nomination for election was previously so approved. No individual initially elected or nominated as a director of the Company as a result
of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be an Incumbent Director. 


  

	7.2	Distribution, reclassification etc. 

 If any share split, reverse share split,
recapitalization, combination, reclassification or other distribution of the Company’s Shares without the receipt of consideration by the Company occurs, the Board will adjust the number and class of Shares that may be delivered under each
outstanding Restricted Stock Unit and in a manner that complies with all applicable laws to prevent diminution or enlargement of the benefits or potential benefits intended to be made available with respect to any grant of any Restricted Stock Unit.

  

	7.3	Share for share exchange etc. 

  

	7.3.1	If the Company’s shareholders perform a share for share exchange for the purpose of creating a new holding company to the Company, or if a new company otherwise replaces the Company as the holding company in the
Group, and such transaction is not a Change in Control, the Board shall use reasonable efforts to either: (a) ensure that the Director receives substantially equivalent rights with respect to securities in the new holding company as the
Director had in the Company immediately before such transaction, provided that the Director in writing waives any rights under the Restricted Stock Units, which shall lapse and be cancelled as a consequence thereof; or (b) amend these terms and
conditions to the effect that the new holding company assumes the Company’s rights and obligations hereunder and that the Director’s vested and unsettled Restricted Stock Units and unvested Restricted Stock Units shall relate to shares in
such new company. 














 
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	7.3.2	In the event of a transaction as described in clause 7.3.1, the Director shall always be obliged upon the Board’s request to, in case of (a) in clause 7.3.1, waive any rights under the Restricted Stock Units
provided that the Director receives substantially equivalent rights in the new holding company as the Director had in the Company immediately before such transaction or, in case of (b) in clause 7.3.1, approve any such amendment to these terms
and conditions. No waiver shall be requested or required, and the Company may act unilaterally in accordance with this clause 7.3, provided that the Restricted Stock Units preserves the material terms and conditions of the underlying rights,
including the vesting schedule and the intrinsic value of the Restricted Stock Unit as of immediately prior to such transaction. 

  

	7.3.3	If the Company effects a change of the classes of outstanding Company securities, the Board shall, appropriately and proportionately adjust the class of securities subject to the Restricted Stock Units. The Board will
make such adjustments, and its determination will be final, binding and conclusive. 

  

	8.	CANCELLATION OF RESTRICTED STOCK UNITS IN CASE OF A MATERIAL BREACH 

  

	8.1	If the Director commits a material breach of any of its obligations under these terms and conditions and the breach has not been rectified within 15 calendar days from the date the Director receives a written
demand for rectification, the Company shall be entitled to cancel the Director’s unvested Restricted Stock Units, which as a consequence thereof shall lapse. 


 

	8.2	A material breach for purposes of clause 8 and 9 shall mean a breach by the Director of the provisions in clauses 7.3, 10, or 11 or any other breach by the Director of these terms and conditions that is
reasonably likely to have a material adverse effect on the Company. 

  

	9.	LIQUIDATED DAMAGES IN CASE OF A MATERIAL BREACH 

  

	9.1	If the Director commits a material breach in accordance with clause 8.2 and the breach has not been rectified within 15 calendar days from the date the Director receives a written demand for rectification, the
Director shall upon written request by the Company pay liquidated damages in an amount corresponding to 50 percent of the aggregate then-current fair market value of the Shares represented by the vested portion of the Restricted Stock Units.
The Company shall not be entitled to demand liquidated damages if the Company has cancelled the Director’s Restricted Stock Units pursuant to clause 8.1. 

  

	9.2	If the Director commits a material breach of any of its obligations under these terms and conditions, the Company is entitled, in addition to any liquidated damages in accordance with the provisions of clause
9.1, to claim damages in an amount corresponding to the difference between the actual damage suffered and the liquidated damages (if any), if such damage exceeds the amount of the liquidated damages (if any). 


 

	9.3	The payment by the Director of any liquidated damages shall not affect the Company’s right to pursue other remedies that the Company may have against the Director as a result of a breach. 


 

	10.	APPOINTMENT OF AGENT ETC. 

  

	10.1	 The Director hereby irrevocably authorises the Board, with full power of substitution, to endorse such
documents on behalf of the Director and to take any other action reasonably necessary to effect any of the Director’s obligations under these terms and conditions, 















 
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including but not limited to, execution of a transfer of Shares owned by the Director. The Board shall hold any payment received for the benefit of the Director under this clause on behalf of the
Director and separated from any other funds. A withdrawal of the authorisation as provided for in this clause 10 constitutes a material breach of these terms and conditions for purposes of clause 8 and 9. 


 

	10.2	The Director hereby undertakes to sign, execute and deliver such documents (including without limitation any subscription form), and to take any other actions, as reasonably required by the Board in order to
ensure compliance with or observation of the Director’s obligations under these terms and conditions. 

  

	11.	PAYMENT OF CERTAIN TAXES 

  

	11.1	The Company will perform withholding of taxes in relation to the Restricted Stock Units and the Shares delivered upon settlement if and to the extent required by law or decisions by governmental authorities or if
the Board in its reasonable opinion considers it appropriate for the Company to perform such withholding of taxes. For the avoidance of doubt, this clause 11.1 shall not affect the Director’s liabilities and undertakings pursuant to clause 11.2
and 11.3. 

  

	11.2	The Director is liable for and undertakes to pay any taxes (including but not limited to income taxes, capital taxes, employment taxes, self-employment taxes, social security contributions as well as any tax
penalties thereon) for which he/she may be liable in relation to the Restricted Stock Units and any Shares issued at settlement (“Director’s Tax Liability”). For the avoidance of doubt, withholding tax (whether preliminary or
deducted at source) on employment income, dividends and capital gains will always be considered as Director’s Tax Liability. 

  

	11.3	As a condition to the issuance of Shares in respect of the vested Restricted Stock Units, the Director shall make such arrangements as the Board may require for the satisfaction of any Director’s Tax
Liability that may arise in relation to the Restricted Stock Units. The Director shall also make such arrangements as the Board may require for the satisfaction of any Director’s Tax Liability that may arise in relation to Shares issued at
settlement. For the avoidance of doubt, the Director shall upon the Company’s request at issuance pay any Directors’ Tax Liability. Without limiting the foregoing, the Company may, without the Director’s additional consent, satisfy
Director’s Tax Liability and payment referred to in clause 6 in respect of the vested Restricted Stock Units via a “cashless” withholding program with terms set forth by the Company in its discretion. 


 

	11.4	The Company assumes no responsibility for any Director’s Tax Liability. The Director represents that the Director is not relying on the Company for any tax advice and explicitly agrees not to demand any
compensation from the Company to cover any Director’s Tax Liability. 

  

	12.	DATA PROTECTION 

  

	12.1	 For the purposes of implementing, managing and administering the Director Restricted Stock Unit Program,
and for the Director to participate in the Director Restricted Stock Unit Program, it is necessary for the Company acting as data controller, and other companies in the Group to collect, use, disclose, transfer and otherwise process personal data
regarding the Director, including the Director’s name, home address and telephone number, date of birth, personal identification number, social security number, salary, nationality, job title, any Shares or directorships held in the Company or
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the Group, details of all Restricted Stock Units or other entitlements to Shares awarded, cancelled, exercised, vested, unvested or outstanding in the Director’s favour (the
“Data”). Any such processing will be carried out in accordance with the Company’s legitimate interest in administering the Director Restricted Stock Unit Program only to the extent permitted by and in full compliance with any
applicable data protection laws and regulations. The Director’s Data will be retained by the Company for so long as the Director holds Restricted Stock Units and/or Shares in the Company, and thereafter only for so long as required by
applicable law. 

  

	12.2	The Director further understands that the Company and/or any company in the Group will transfer the Data among themselves, as necessary for the purposes of implementation, management and administration of the
Director’s participation in the Director Restricted Stock Unit Program, and that the Company and/or any company in the Group may each further transfer Data to any third party service provider acting as data processors and assisting the Company
in the implementation, management and administration of the Director Restricted Stock Unit Program (the “Data Recipients”). The Company shall ensure that any Data Recipient shall be contractually required to ensure
appropriate confidentiality and security as well as compliance with applicable data protection laws and regulations. 

  

	12.3	The Director understands that these Data Recipients may be located in the Director’s country of residence or elsewhere. The Director acknowledges that such Data Recipients will be receiving, possessing,
using, retaining, and transferring Data in electronic or other form, for the purposes of implementing, managing and administering the Director’s participation in the Director Restricted Stock Unit Program, including any transfer of such Data to
any third party service provider acting as data processors, as may be required for the administration of the Director Restricted Stock Unit Program and/or the subsequent holding of Shares on the Director’s behalf, to a broker or third party
with whom the Shares settled following vesting of the Restricted Stock Units may be deposited. Where the transfer is to be to a destination outside the European Economic Area (the “EEA”), the Company shall take reasonable steps to ensure
that the Director’s personal data is legally transferred and continues to be adequately protected and securely held. This may for example include that the Company ensures that the Data Recipients located outside of the EEA (i) hold
certifications that are sufficient to receive and process personal data about EU individuals, e.g. the EU-US Privacy Shield program, or (ii) are bound by approved contractual mechanisms for transfers of
personal data outside of the EEA, e.g. standard contractual clauses. 

  

	12.4	Subject to the nature of the Data and the Company’s legal basis for processing that Data, the Director may, at any time, contact the Company at
                 to make any of the following requests in respect of the Data processed by the Company: 


a. request access to the Data;     

b. request that Data which the Director deems to be incorrect is rectified; 

c. request for the Data to be erased by the Company; 

d. request for the Company to restrict processing of his or her Data in certain circumstances including where the accuracy of the Data is
contested, the processing of the Data is unlawful, where the Company no longer needs the Data or where the Director objects to the Company processing his or her Data; 













 
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 e. request for the Company to port the Data to another party; 

f. object to the Company processing the Data; or 

g. request to not be subject to a decision taken by the Company which is based solely on automated processing including profiling where that
decision has a legal impact or similarly significant impact on the Director. 
  

	12.5	The Director understands that, should the Director have any concerns regarding the Company’s processing of the Director’s Data, the Director may contact the Company or ledge a complaint with the data
protection authority in the country where the Director is employed. 

  

	13.	MISCELLANEOUS 

  

	13.1	The Restricted Stock Units may not be transferred, otherwise disposed, pledged, borrowed against or used as any form of security. 


 

	13.2	The Company shall be entitled to amend these terms and conditions to the extent required by legislation, court decisions, decisions by public authorities or agreements, or if such amendments, in the reasonable
judgment of the Company, are otherwise necessary for practical reasons, and provided in all of the aforementioned cases that the Director’s rights are in no material respects adversely affected. If the Director’s rights would be materially
adversely affected, the Director’s written consent shall be necessary for such amendment. 

  

	13.3	Nothing in these terms and conditions or in any right or Restricted Stock Unit granted under these terms and conditions shall confer upon the Director the right to continue his/her assignment for any period of
specific duration or interfere with or otherwise restrict in any way the rights of the Company or of the Director, which rights are hereby expressly reserved by each, to terminate the Director’s assignment at any time. 


 

	13.4	The Director has no right to compensation or damages for any loss in respect of the Restricted Stock Unit where such loss arises (or is claimed to arise), in whole or in part, from the termination of the
Director’s assignment; or notice to terminate the assignment given by or to the Director. 

  

	13.5	The Director undertakes not to use or disclose the contents of these terms and conditions, or any financial information, trade secrets, customer lists or other information which it may from time to time receive
or obtain (orally or in writing or in disc or electronic form) as a result of entering into or performing its obligations pursuant to these terms and conditions or otherwise, relating to the Group unless: (i) required to do so by law or
pursuant to any order of court or other competent authority or tribunal; or (ii) such disclosure has been consented to by the Company, provided, however, that the Director may disclose the terms and conditions of his or her Restricted Stock
Units to the Director’s spouse, personal attorney and/or tax preparer. If a Director becomes required, in circumstances contemplated by (i) to disclose any information, the disclosing Director shall use its best efforts to consult with the
Company prior to any such disclosure. 

  

	13.6	The Restricted Stock Units (and Shares issued on settlement of a Restricted Stock Unit) will be subject to recoupment in accordance with any clawback policy that the Group adopts pursuant to the listing standards
of any national, foreign or international securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law, or
as the Board otherwise deems necessary or appropriate. The Board may include such other clawback, recovery or recoupment provisions in the Notice of Grant or other written agreement with the Director, as the Board determines necessary or
appropriate. 














 
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	13.7	Shares will not be issued under this Director Restricted Stock Unit Program unless the issuance and delivery of such Shares comply with (or are exempt from) all applicable requirements of law, including (without
limitation) the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange or other securities market on which the Company’s securities
may then be traded. In addition to the terms and conditions provided herein, the Board may require that a Director make such reasonable covenants, agreements and representations as the Board, in its sole discretion, deems advisable in order to
comply with applicable law. 

  

	14.	TERM AND TERMINATION 

 These terms and conditions shall enter into force on the Date of
Grant and remain in force until close of business in Sweden on 31 December 2020. The parties shall, however, after such date continue to be bound by the provisions set out in clause 13.5 and 15. 

 

	15.	GOVERNING LAW AND JURISDICTION 

  

	15.1	These terms and conditions shall be governed by and construed in accordance with the substantive law of Sweden (excluding its rules on conflict of laws). 


 

	15.2	The Company and the Director undertake to use their best efforts to resolve any disagreements or disputes regarding these terms and conditions between them or any two or more of them through discussions and
mutual agreement. 

  

	15.3	Any dispute, controversy or claim arising out of or in connection with these terms and conditions, or the breach, termination or invalidity thereof, shall be finally settled by arbitration in accordance with the
Arbitration Rules of the Arbitration Institute of the Stockholm Chamber of Commerce. Unless otherwise agreed between the parties to such arbitration, the Arbitral Tribunal shall be composed of a sole arbitrator, the seat of arbitration shall be
Stockholm and the language to be used in the arbitral proceedings shall be English. 

  

	15.4	The arbitral proceedings and all information and documentation related thereto shall be confidential, unless a disclosure is required under any applicable law, relevant stock exchange regulations or order of
court, other tribunal or competition authority or as otherwise agreed between the Company and the Director in writing.