Exhibit 10.18


 


TRANSENTERIX, INC.

RESTRICTED STOCK UNIT AWARD AGREEMENT


 


This RESTRICTED STOCK UNIT AWARD AGREEMENT
(this “Agreement”) dated as of [ ] (the “Date of Grant”),
is made by TransEnterix, Inc., a Delaware corporation, formerly known as SafeStitch Medical, Inc. (the “Company”),
to [ ] (the “Participant”).


 


RECITALS


 


The Amended and Restated 2007 Incentive
Compensation Plan of the Company (the “Plan”) provides for the issuance of equity awards to “Eligible Employees”
of the Company, and the Participant is an Eligible Employee under the Plan.


 


The Board of Directors has determined that
it is in the best interests of the Company and its stockholders to grant the restricted stock unit award provided for herein to
the Participant pursuant to the terms set forth herein as an incentive for the Participant to contribute to the Company’s
future success and prosperity.


 


NOW THEREFORE, in consideration of
the mutual covenants hereinafter set forth, the parties hereto agree as follows:


 


		1.	Award of the Restricted Stock Units.



 


(a)               
The Company hereby grants to the Participant [      ] restricted stock units (“Restricted Stock Units”), representing
the right to receive an equal number of shares of common stock of the Company (the “Shares”), upon the lapse of forfeiture
restrictions (“vesting”) of some or all of such Restricted Stock Units, subject to the terms and conditions set forth
in this Agreement.


 


(b)              
The Restricted Stock Units are awarded to the Participant as a Deferred Stock Award under the Plan, and are subject to the
terms and conditions set forth in the Plan, including the discretion of the Committee under the Plan, subject to any specific provisions
set forth in this Agreement. A copy of the Plan is attached to this Agreement and made a part hereof. Capitalized terms not defined
in this Agreement shall have the meanings set forth in the Plan.


 


(c)               
Upon vesting of the Restricted Stock Units, the Restricted Stock Units will be settled by a delivery of Shares. No dividend
equivalents are authorized as part of the award of these Restricted Stock Units.


 


(d)              
Prior to vesting of the Restricted Stock Units pursuant to Sections 2 or 3 of this Agreement: (i) the Participant shall
not be treated as a stockholder as to Shares issuable to the Participant with respect to such Restricted Stock Units, and shall
only have a contractual right to receive such Shares following such vesting, unsecured by any assets of the Company or its Subsidiaries;
(ii) the Participant shall not be permitted to vote the Restricted Stock Units or the Shares issuable with respect to such
Restricted Stock Units; and (iii) the Participant’s right to receive such Shares following vesting of the Restricted Stock
Units shall be subject to the adjustment provisions set forth in Section 10(c) of the Plan. The Restricted Stock Units shall be
subject to all of the restrictions hereinafter set forth.


 






    	 



    	 



    

  


		2.	Vesting.



 


(a)               
Except as otherwise provided in this Section 2 and in Section 3 hereof, the Restricted Stock Units shall vest in accordance
with the following schedule: [ ]


 


(b)              
Notwithstanding any other provision of the Plan or this Agreement to the contrary, until the restrictions set forth in this
Section 2 have lapsed, the Restricted Stock Units may not be transferred, assigned or otherwise encumbered other than in accordance
with the applicable provisions of Section 6 hereof.


 


3.             Change in Control. The provisions of Article 9 of the Plan shall apply to the Restricted Stock Units under this Agreement.


 


4.             Issuance of Certificates. Following the applicable vesting date with respect to the Restricted Stock Units, and subject
to the terms and conditions of the Plan, the Company will issue a stock certificate for the Shares issuable with respect to such
vested Restricted Stock Units. Such issuance shall take place as soon as practicable following the applicable vesting date (but
in no event later than two and one-half months following the end of the calendar year in which the vesting date occurs). The certificates
representing the Shares issued in respect of the Restricted Stock Units shall be subject to such stop transfer orders and other
restrictions as the Committee may determine is required by the rules, regulations, and other requirements of the Securities and
Exchange Commission, any stock exchange upon which such Shares are listed, any applicable federal or state laws and the Company’s
Certificate of Incorporation and Bylaws, and the Committee may cause a legend or legends to be put on any such certificates to
make appropriate reference to such restrictions.


 


5.             No Right to Continued Employment. Neither the Plan nor this Agreement shall confer on the Participant any right to
be retained, in any position, as an employee, consultant or director of the Company.


 


		6.	Transferability.



 


(a)                    
The Restricted Stock Units are not transferable and may not be sold, assigned, transferred, disposed of, pledged or otherwise
encumbered by the Participant, other than by will or the laws of descent and distribution. Upon such transfer (by will or the laws
of descent and distribution), such transferee in interest shall take the rights granted herein subject to all the terms and conditions
hereof.


 


(b)                    
Subject to Section 6(a) hereof, in order to comply with any applicable securities laws, the Participant agrees that the
Shares issued to the Participant with respect to vested Restricted Stock Units shall only be sold by the Participant following
registration of such Shares under the Securities Act of 1933, as amended, or pursuant to an exemption therefrom.


 






    	2



    	 



    

  


7.                 
Withholding. The Participant shall pay to the Company promptly upon request, and in any event at the time the Participant
recognizes taxable income in respect of the Restricted Stock Units, an amount equal to the federal, state or local taxes the Company
determines it is required to withhold with respect to the Restricted Stock Units.


 


8.                 
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
without regard to the conflicts of law provisions thereof.


 


9.                 
Amendments. This Agreement may be amended or modified at any time by an instrument in writing signed by the parties
hereto, except as otherwise provided in Section 12 of this Agreement regarding permitted unilateral action by the Committee or
in Section 10(e) of the Plan related to amendments or alterations that do not adversely affect the rights of the Participant in
this Award.


 


10.             
Administration. This Agreement shall at all times be interpreted in accordance with the terms and conditions of the
Plan as if set forth herein. The Committee shall have sole and complete discretion under this Agreement with respect to all matters
reserved to it by the Plan and decisions of the Committee with respect thereto and this Agreement shall be final and binding upon
the Participant and the Company. In the event of any conflict between the terms and conditions of this Agreement and the Plan,
the provisions of this Agreement shall control. The Committee has the authority and discretion to determine any questions which
arise in connection with the award of the Restricted Share Units hereunder.


 


11.             
Compliance with Code Section 409A. It is the intention of the Company and Participant that this Agreement not result
in an unfavorable tax consequences to Participant under Code Section 409A. Accordingly, Participant consents to any amendment of
this Agreement as the Company may reasonably make in furtherance of such intention, and the Company shall make available to the
Participant a copy of such amendment. Any such amendments shall be made in a manner that preserves to the maximum extent possible
the intended benefits to Participant. This paragraph does not create an obligation on the part of Company to modify this Agreement
and does not guarantee that the amounts or benefits owed under the Agreement will not be subject to interest and penalties under
Code Section 409A.


 


12.             
Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Restricted Stock
Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to
comply with local law or facilitate the administration of the Award, and to require the Participant to sign any additional agreements
or undertakings that may be necessary to accomplish the foregoing. The Participant agrees, upon demand of the Company or the Committee,
to do all acts and execute, deliver and perform all additional documents, instruments and agreements which may be reasonably required
by the Company or the Committee, as the case may be, to implement the provisions and purposes of this Agreement.


 






    	3



    	 



    

  


13.             
Notices. Any notice, request, instruction or other document given under this Agreement shall be in writing and may
be delivered by such method as may be permitted by the Company, and shall be addressed and delivered, in the case of the Company,
to the Secretary of the Company at the principal office of the Company and, in the case of the Participant, to the Participant’s
address as shown in the records of the Company or to such other address as may be designated in writing (or by such other method
approved by the Company) by either party.


 


14.             
Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity
or enforceability of any other provision of this Agreement, and each other provision of the Agreement shall be severable and enforceable
to the extent permitted by law.


 


 


 


[Signatures on the following page.]


 






    	4



    	 



    

  


IN WITNESS WHEREOF, the Company and the
Participant hereby execute this Agreement.


 





	 	TRANSENTERIX, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	Date:	 
	 	 	 
	 	 	 
	 	Accepted:
	 	 	 
	 	PARTICIPANT
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Date:	 



 






    	5