EXHIBIT 10.22


 


TENTH AMENDMENT


TO THE FIRST RESTATEMENT OF THE


MERIT MEDICAL SYSTEMS, INC. 401(k) PROFIT SHARING
PLAN


 


                                                This Tenth
Amendment to the First Restatement of the Merit Medical Systems, Inc. 401(k) Profit
Sharing Plan (the “Plan”) is adopted effective as of August 1, 2007 by
Merit Medical Systems, Inc. (the “Employer”) as principal sponsor of the
Plan.


 


                                                WHEREAS, the
Employer maintains the Plan for the benefit of its eligible employees and the
eligible employees of its participating subsidiaries; and


 


WHEREAS,
the Employer currently makes a discretionary matching contribution under the
Plan on behalf of Plan participants equal to: (i) 75% of their salary
reduction contributions not in excess of 2% of compensation (i.e., a matching
contribution of up to 1.5% of compensation); plus (ii) 25% of their salary
reduction contributions between 2% and 5% of compensation (i.e., an additional
matching contribution of up to 0.75% of compensation);


 


                                                WHEREAS, it is
necessary and desirable to amend the Plan to clarify the method of allocating
Employer matching contributions, suspend Employer matching contributions
commencing with payroll periods ending after August 12, 2007, and make
certain other conforming changes to the Plan.


 


                                                NOW, THEREFORE,
the Employer hereby amends the Plan as follows:


 


1.             Article III B 1 (b) of
the Plan is amended to add the following sentence at the end thereof:


 


“Any
provision herein to the contrary notwithstanding, a Participant may not
increase his rate of Salary Reduction Contributions during the payroll period
ending August 12, 2007.”


 


2.             Article III B 2 of the Plan to
read as follows:


 


“2.           (a)           In its sole discretion, the Employer
may make Non-Qualified Matching Contributions to the Plan for a Plan Year on
behalf of those Participants who make Salary Reduction Contributions during the
Plan Year.  Alternatively, the Employer
may decline to make any Non-Qualified Matching Contributions for a Plan Year or
limit the portion of a Plan Year for which such Matching Contributions will be
made.


 


(b)           If
the Employer elects to make a discretionary Non-Qualified Matching Contribution
for all or any portion of a Plan Year, the Non-Qualified Matching Contribution
to be contributed and allocated on behalf of each Participant who made Salary
Reduction Contributions during the Plan Year will equal:


 


(i) 75% of the
Participant’s Salary Reduction Contributions for the applicable “Matching
Period,” calculated by taking into account only those Salary Reduction
Contributions for the Matching Period not in excess of 2% of the Participant’s
Compensation for the Matching Period (i.e., a Non-Qualified Matching
Contribution of up to 1.5% of the Participant’s Compensation for the Matching
Period); plus


 


 

















 


(ii) 25% of the
Participant’s Salary Reduction Contributions for the “Matching Period,
calculated taking into account only those Salary Reduction Contributions for
the Matching Period that are more than 2% but not more than 5% of the
Participant’s Compensation for the Matching Period (i.e., an additional
Non-Qualified Matching Contribution of up to 0.75% of Compensation for the
Matching Period).


 


(c)           For
purposes of the Article III B 2, the “Matching Period” means the entire
Plan Year in question, excluding:


 


(i)  in the case of
the 2007 Plan Year only, any payroll period which ends after August 12,
2007; and


 


(ii) any other
Employer-designated calendar quarter, month or other portion of the Plan Year
with respect to which the Employer elects in its sole discretion, and upon not
less than 15 days advance written notice sent to a majority of the active
Participants, to discontinue or otherwise not provide a Matching Contribution.


 


(d)           The
amount of any discretionary Non-Qualified Matching Contribution allocable to a
Participant for a Plan Year shall be trued-up and finally computed based on the
Salary Reduction Contributions and Compensation of the Participant for the
applicable Matching Period within 60 days after the end of the Plan Year.  For avoidance of doubt, Salary Reduction
Contributions made and Compensation earned outside the Matching Period
applicable for the Plan Year shall be disregarded in determining and allocating
Non-Qualified Matching Contributions for the Plan Year.  The applicable percentage rate of Non-Qualified
Matching Contributions for any Matching Period shall apply uniformly to all
Participants who elect to make Salary Reduction Contributions during that
period.”


 


IN
WITNESS WHEREOF, the Employer has caused this Tenth Amendment to be executed
this 1st day of August, 2007.


 


	
   

  	
   

  	
   

  	
  MERIT
  MEDICAL SYSTEMS, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:
  

  	
  /s/
  Fred P. Lampropoulos

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Fred
  P. Lampropoulos

  
	
   

  	
   

  	
   

  	
  Its:

  	
  President
  and CEO

  
								



 


 


 


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