Document:

EX-10.30

 Exhibit 10.30 

SI-BONE, INC. 

RESTRICTED STOCK UNIT GRANT NOTICE 

SI-BONE, Inc. (the “Company”) hereby awards to Participant (as of the date indicated below) a
Restricted Stock Unit Award for the number of shares of the Company’s Common Stock (the “Common Stock”) set forth below (the “Award”). The Award is subject to all of the terms and conditions as
set forth herein and the Restricted Stock Unit Award Agreement (the “Award Agreement”) which is attached hereto and incorporated herein in its entirety. Capitalized terms not otherwise defined herein will have the meanings
set forth in the Award Agreement. 
  

					
	Participant:	 	  
	 	
	Date of Grant:	 	  
	 	
	Vesting Commencement Date:	 	  
	 	
	Number of Units (“RSUs”) Subject to Award:	 	  
	 	

  

	Vesting Schedule:	 The shares subject to the Award shall vest following the completion of an IPO as follows:
[        ]% of the total number of Restricted Stock Units will vest on the first day of the first open trading window (as determined under the Company’s insider trading policy) that occurs after the
expiration of the Lock-Up Period (the “First Vesting Date”) and [        ]% of the total number of Restricted Stock Units will vest on the first
day of each quarterly open trading window (as determined under the Company’s insider trading policy) following the First Vesting Date, subject to Participant’s Continuous Service on each such applicable Vesting Date. Notwithstanding the
foregoing, [Option 1: In the event of a Change of Control following an IPO and before Participant’s Continuous Service terminates, then 100% of the total number of Restricted Stock Units will vest in full as of immediately prior to the
effective date of the Change of Control, provided that Participant agrees to provide service as a full-time employee or consultant for the acquirer or the surviving entity for a period not to exceed 6 months (unless otherwise agreed to by
Participant, the Company and the acquirer or surviving entity), in order to facilitate an integration of the Company into the acquirer or surviving entity.] [Option 2: In the event of (i) a Change of Control following an IPO and
(ii) within three months prior to or 12 months following such Change of Control, the Company terminates Participant’s Continuous Service other than for Cause, or Participant terminates her Continuous Service for Good Reason, then 100% of
the total number of Restricted Stock Units will vest as of Participant’s termination date]. For the avoidance of doubt, in the event that the Company does not complete an IPO, none of the shares subject to the Award will vest.

  

	Settlement:	 Subject to any change on a Capitalization Adjustment, one share of Common Stock will be issued for each
Restricted Stock Unit that vests at the time set forth in Section 6 of the Award Agreement. 

 Additional Terms/Acknowledgements:
Participant acknowledges receipt of, and understands and agrees to, this Restricted Stock Unit Grant Notice and the Restricted Stock Unit Award Agreement. Participant further acknowledges that as of the Date of Grant, this Restricted Stock Unit
Grant Notice and the Restricted Stock Unit Award Agreement set forth the entire understanding between Participant and the Company regarding this Award and supersede all prior oral and written agreements, offer letters, promises and/or

  

 
representations on that subject with the exception of (i) equity awards previously granted and delivered to Participant, [and] (ii) any compensation recovery policy that is adopted by
the Company or is otherwise required by applicable law [and (iii) any written employment or severance arrangement that would provide for vesting acceleration of this Award upon the terms and conditions set forth therein]. 

By accepting the Award, Participant acknowledges having received and read the Restricted Stock Unit Grant Notice and the Restricted Stock Unit Award Agreement
(the “Grant Documents”) and agrees to all of the terms and conditions set forth in these documents. Furthermore, by accepting the Award, Participant consents to receive such documents by electronic delivery or through on-line or electronic system established and maintained by the Company or a third party designated by the Company. 
  

					
	SI-BONE, INC.	  		  	PARTICIPANT:
			
	By:                                     
                                         
          	  		  	                                      
                                      
	Signature	  		  	Signature                            
			
	Name & Title:                                 
                                     	  		  	Date:                                     
                               
			
	Date:                                     
                                         
       	  		  	

 ATTACHMENTS: Restricted Stock Unit Award Agreement 

  
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 ATTACHMENT I 

SI-BONE, INC. 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

Pursuant to the Restricted Stock Unit Grant Notice (the “Grant Notice”) and this Restricted Stock Unit Award Agreement
(the “Award Agreement”) and in consideration of your services, SI-BONE, Inc. (the “Company”) has awarded you a Restricted Stock Unit Award (the
“Award”). The Award is granted to you effective as of the Date of Grant set forth in the Grant Notice for this Award. Capitalized terms not explicitly defined in this Award Agreement will have the same meanings given to them
in Grant Notice and on Appendix A to this Award Agreement. The details of the Award, in addition to those set forth in the Grant Notice, are as follows. 

1. GRANT OF THE AWARD. This Award represents the right to be issued
on a future date one (1) share of Common Stock for each Restricted Stock Unit that vests on the applicable vesting date(s) (subject to any adjustment under Section 3 below) as indicated in the Grant Notice. As of the Date of Grant, the
Company will credit to a bookkeeping account maintained by the Company for your benefit (the “Account”) the number of Restricted Stock Units/shares of Common Stock subject to the Award. This Award was granted in consideration
of your services to the Company. Except as otherwise provided herein, you will not be required to make any payment to the Company or an Affiliate (other than services to the Company or an Affiliate) with respect to your receipt of the Award, the
vesting of the Restricted Stock Units or the delivery of the Company’s Common Stock to be issued in respect of the Award. Notwithstanding the foregoing, the Company reserves the right to issue you the cash equivalent of Common Stock, in part or
in full satisfaction of the delivery of Common Stock upon vesting of your Restricted Stock Units, and, to the extent applicable, references in this Award Agreement and the Grant Notice to Common Stock issuable in connection with your Restricted
Stock Units will include the potential issuance of its cash equivalent pursuant to such right. 
 2.
VESTING. Subject to the limitations contained herein, the Award will vest in accordance with the vesting schedule provided in the Grant Notice, provided that vesting will cease upon the termination
of your Continuous Service. Upon such termination of your Continuous Service, the Restricted Stock Units/shares of Common Stock credited to the Account that were not vested on the date of such termination will be forfeited at no cost to the Company
and you will have no further right, title or interest in or to such underlying shares of Common Stock. 
 3. NUMBER
OF SHARES. The number of Restricted Stock Units/shares subject to your Award may be adjusted from time to time for Capitalization Adjustments. Any additional Restricted Stock Units,
shares, cash or other property that becomes subject to the Award pursuant to this Section 3, if any, will be subject, in a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner
of delivery as applicable to the other Restricted Stock Units and shares covered by your Award. Notwithstanding the provisions of this Section 3, no fractional shares or rights for fractional shares of Common Stock will be created pursuant to
this Section 3. Any fraction of a share will be rounded down to the nearest whole share. 

  
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 4. SECURITIES LAW
COMPLIANCE. You may not be issued any Common Stock under your Award unless the shares of Common Stock underlying the Restricted Stock Units are either (i) then registered under the Securities Act,
or (ii) the Company has determined that such issuance would be exempt from the registration requirements of the Securities Act. Your Award must also comply with other applicable laws and regulations governing the Award, and you will not receive
such Common Stock if the Company determines that such receipt would not be in material compliance with such laws and regulations. 

5. TRANSFER RESTRICTIONS. Prior to the time that shares of Common Stock have been
delivered to you, you may not transfer, pledge, sell or otherwise dispose of this Award or the shares issuable in respect of your Award, except as expressly provided in this Section 5. For example, you may not use shares that may be issued in
respect of your Restricted Stock Units as security for a loan. The restrictions on transfer set forth herein will lapse upon delivery to you of shares in respect of your vested Restricted Stock Units. Notwithstanding the foregoing, by delivering
written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, will thereafter be entitled to receive any distribution of Common Stock to which you were entitled at the time of
your death pursuant to this Award Agreement. In the absence of such a designation, your legal representative will be entitled to receive, on behalf of your estate, such Common Stock or other consideration. 

(a) Death. Your Award is transferable by will and by the laws of descent and distribution. At your death, vesting of your Award
will cease and your executor or administrator of your estate will be entitled to receive, on behalf of your estate, any Common Stock or other consideration that vested but was not issued before your death. 

(b) Domestic Relations Orders. Upon receiving written permission from the Board or its duly authorized designee, and provided
that you and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your right to receive the distribution of Common Stock or other consideration hereunder, pursuant to a domestic relations
order, official marital settlement agreement or other divorce or separation instrument that contains the information required by the Company to effectuate the transfer. You are encouraged to discuss the proposed terms of any division of this Award
with the Company’s General Counsel prior to finalizing the domestic relations order or marital settlement agreement to verify that you may make such transfer, and if so, to help ensure the required information is contained within the domestic
relations order or marital settlement agreement. 
 6. DATE OF ISSUANCE. 

(a) The issuance of shares in respect of the Restricted Stock Units is intended to comply with Treasury Regulations Section 1.409A-1(b)(4) and will be construed and administered in such a manner. Subject to the satisfaction of the withholding obligations set forth in this Award Agreement, in the event one or more Restricted
Stock Units vests, the Company will issue to you one (1) share of Common Stock for each Restricted Stock Unit that vests on the applicable vesting date(s) (subject to any adjustment under Section 3 above, and subject to any different
provisions in the Grant Notice). The issuance date determined by this paragraph is referred to as the “Original Issuance Date”. If the Original Issuance Date falls on a date that is not a business day, delivery will instead
occur on the next following business day. 

  
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 (b) The form of delivery of the shares of Common Stock in respect of your Award
(e.g., a stock certificate or electronic entry evidencing such shares) will be determined by the Company. 
 7.
DIVIDENDS. You will receive no benefit or adjustment to your Restricted Stock Units with respect to any cash dividend, stock dividend or other distribution except as provided in Section 3 with respect to a Capitalization
Adjustment, provided, however, that this sentence will not apply with respect to any shares of Common Stock that are delivered to you in connection with your Award after such shares have been delivered to you. 

8. AWARD NOT A SERVICE CONTRACT. 

(a) Your Continuous Service with the Company or an Affiliate is not for any specified term and may be terminated by you or by the
Company or an Affiliate at any time, for any reason, with or without cause and with or without notice. Nothing in this Award Agreement (including, but not limited to, the vesting of your Award or the issuance of the shares subject to your Award), or
any covenant of good faith and fair dealing that may be found implicit in this Award Agreement will: (i) confer upon you any right to continue in the employ of, or affiliation with, the Company or an Affiliate; (ii) constitute any promise
or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future work assignments, future compensation or any other term or condition of employment or affiliation; (iii) confer any right or benefit under
this Award Agreement unless such right or benefit has specifically accrued under the terms of this Award Agreement; or (iv) deprive the Company of the right to terminate you at will and without regard to any future vesting opportunity that you
may have. 
 (b) By accepting this Award, you acknowledge and agree that the right to continue vesting in the Award is earned only by
continuing as an employee, director or consultant at the will of the Company or an Affiliate and that the Company has the right to reorganize, sell, spin-out or otherwise restructure one or more of its
businesses or Affiliates at any time or from time to time, as it deems appropriate (a “reorganization”). You further acknowledge and agree that such a reorganization could result in the termination of your Continuous Service,
or the termination of Affiliate status of your employer and the loss of benefits available to you under this Award Agreement, including but not limited to, the termination of the right to continue vesting in the Award. You further acknowledge and
agree that this Award Agreement, the transactions contemplated hereunder and the vesting schedule set forth herein or any covenant of good faith and fair dealing that may be found implicit in any of them do not constitute an express or implied
promise of continued engagement as an employee or consultant for the term of this Award Agreement, for any period, or at all, and will not interfere in any way with your right or the right of the Company or an Affiliate to terminate your Continuous
Service at any time, with or without cause and with or without notice, and will not interfere in any way with the Company’s right to conduct a reorganization. 

  
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 9. TAX WITHHOLDING OBLIGATIONS.  

(a) On each vesting date, and on or before the time you receive a distribution of the shares underlying your Restricted Stock Units, and
at any other time as reasonably requested by the Company in accordance with applicable tax laws, you hereby authorize any required withholding from the Common Stock issuable to you and otherwise agree to make adequate provision in cash for any sums
required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or any Affiliate that arise in connection with your Award (the “Withholding Taxes”). Additionally, the Company or any
Affiliate may, in its sole discretion, satisfy all or any portion of the Withholding Taxes obligation relating to your Award by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise
payable to you by the Company or an Affiliate; (ii) causing you to tender a cash payment; (iii) permitting or requiring you to enter into a “same day sale” commitment, if applicable, with a broker-dealer that is a member of the
Financial Industry Regulatory Authority (a “FINRA Dealer”) (pursuant to this authorization and without further consent) whereby you irrevocably elect to sell a portion of the shares to be delivered in connection with your
Restricted Stock Units to satisfy the Withholding Taxes and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the Withholding Taxes directly to the Company and its Affiliates; or (iv) withholding shares
of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with the Award with a Fair Market Value (measured as of the date shares of Common Stock are issued to you pursuant to Section 6) equal to the
amount of such Withholding Taxes; provided, however, that the number of such shares of Common Stock so withheld will not exceed the amount necessary to satisfy the Company’s required tax withholding obligations using the minimum
statutory withholding rates for federal, state, local and, if applicable, foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable income; and provided further, that to the extent necessary to qualify for an
exemption from application of Section 16(b) of the Exchange Act, if applicable, such share withholding procedure will be subject to the express prior approval of the Company’s Compensation Committee. However, the Company does not guarantee
that you will be able to satisfy the Withholding Taxes through any of the methods described in the preceding provisions and in all circumstances you remain responsible for timely and fully satisfying the Withholding Taxes. 

(b) Unless the tax withholding obligations of the Company and any Affiliate are satisfied, the Company will have no obligation to
deliver to you any Common Stock or other consideration pursuant to this Award. 
 (c) In the event the Company’s obligation to
withhold arises prior to the delivery to you of Common Stock or it is determined after the delivery of Common Stock to you that the amount of the Company’s withholding obligation was greater than the amount withheld by the Company, you agree to
indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount. 
 10. TAX
CONSEQUENCES. The Company has no duty or obligation to minimize the tax consequences to you of this Award and will not be liable to you for any adverse tax consequences to you arising in connection with this Award. You are hereby
advised to consult with your own personal tax, financial and legal advisors regarding the tax consequences of this Award and by signing the Grant Notice, you have agreed that you have done so or knowingly and voluntarily declined to do so. You
understand that you (and not the Company) will be responsible for your own tax liability that may arise as a result of this investment or the transactions contemplated by this Award Agreement. 

  
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 11. UNSECURED OBLIGATION. Your Award is
unfunded, and as a holder of a vested Award, you will be considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares or other property pursuant to this Award Agreement. You will not have
voting or any other rights as a stockholder of the Company with respect to the shares to be issued pursuant to this Award Agreement until such shares are issued to you pursuant to Section 6 of this Award Agreement. Upon such issuance, you will
obtain full voting and other rights as a stockholder of the Company. Nothing contained in this Award Agreement, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship
between you and the Company or any other person. 
 12. NOTICES. Any notices
provided for in the Grant Notice or this Award Agreement will be given in writing and will be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States
mail, postage prepaid, addressed to you at the last address you provided to the Company. Notwithstanding the foregoing, the Company may, in its sole discretion, decide to deliver any documents related to this Award by electronic means. You hereby
consent to receive such documents by electronic delivery. 
 13. ADDITIONAL
ACKNOWLEDGEMENTS. You hereby consent and acknowledge that: 
 (a) Receipt of the Award
is voluntary and therefore you must accept the terms and conditions of this Award Agreement and Grant Notice as a condition to receipt of this Award. This Award is voluntary and occasional and does not create any contractual or other right to
receive future awards or other benefits in lieu of future awards, even if similar awards have been granted repeatedly in the past. All determinations with respect to any such future awards, including, but not limited to, the time or times when such
awards are made, the size of such awards and performance and other conditions applied to the awards, will be at the sole discretion of the Company. 

(b) The future value of your Award is unknown and cannot be predicted with certainty. You do not have, and will not assert, any claim or
entitlement to compensation, indemnity or damages arising from the termination of this Award or diminution in value of this Award and you irrevocably release the Company, its Affiliates and, if applicable, your employer, if different from the
Company, from any such claim that may arise. 
 (c) The rights and obligations of the Company under your Award will be transferable by
the Company to any one or more persons or entities, and all covenants and agreements hereunder will inure to the benefit of, and be enforceable by, the Company’s successors and assigns. 

(d) You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the
Company to carry out the purposes or intent of your Award. 
 (e) You acknowledge and agree that you have reviewed your Award in its
entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Award and fully understand all provisions of your Award. 

(f) This Award Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental
agencies or national securities exchanges as may be required. 

  
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 (g) All obligations of the Company under this Award Agreement will be binding on any
successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and assets of the Company. 

14. CLAWBACK. Your Award (and any compensation paid or shares issued under your Award) is subject to recoupment
in accordance with The Dodd–Frank Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder, any clawback policy adopted by the Company and any compensation recovery policy otherwise required by applicable law.
No recovery of compensation under such a clawback policy will be an event giving rise to a right to voluntarily terminate employment upon a resignation for “good reason,” or for a “constructive termination” or any similar term
under any plan of or agreement with the Company. 
 15. SEVERABILITY. If all or any part of this Award
Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Award Agreement not declared to be unlawful or invalid. Any Section of this Award
Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful
and valid. 
 16. EFFECT ON OTHER EMPLOYEE BENEFIT
PLANS. The value of the Award subject to this Award Agreement will not be included as compensation, earnings, salaries, or other similar terms used when calculating your benefits under any employee benefit plan sponsored by the
Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans. 

17. CHOICE OF LAW. The interpretation, performance and
enforcement of this Award Agreement will be governed by the law of the State of Delaware without regard to that state’s conflicts of laws rules. 

18. AMENDMENT. This Award Agreement may not be modified, amended or terminated except by an instrument in
writing, signed by you and by a duly authorized representative of the Company. Notwithstanding the foregoing, this Award Agreement may be amended solely by the Board by a writing which specifically states that it is amending this Award Agreement, so
long as a copy of such amendment is delivered to you, and provided that, no such amendment adversely affecting your rights hereunder may be made without your written consent. Without limiting the foregoing, the Board reserves the right to change, by
written notice to you, the provisions of this Award Agreement in any way it may deem necessary or advisable to carry out the purpose of the grant as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or
judicial decision, provided that any such change will be applicable only to rights relating to that portion of the Award which is then subject to restrictions as provided herein. 

  
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 19. COMPLIANCE WITH
SECTION 409A OF THE CODE. This Award is intended to comply with the “short-term deferral” rule set forth
in Treasury Regulation Section 1.409A-1(b)(4). Notwithstanding the foregoing, if it is determined that the Award fails to satisfy the requirements of the short-term deferral rule and is otherwise deferred
compensation subject to Section 409A, and if you are a “Specified Employee” (within the meaning set forth in Section 409A(a)(2)(B)(i) of the Code) as of the date of your “separation from service” (within the meaning of
Treasury Regulation Section 1.409A-1(h) and without regard to any alternative definition thereunder), then the issuance of any shares that would otherwise be made upon the date of the separation from
service or within the first six (6) months thereafter will not be made on the originally scheduled date(s) and will instead be issued in a lump sum on the earlier of: (i) the fifth business day following your death, or (ii) the date
that is six (6) months and one day after the date of the separation from service, with the balance of the shares issued thereafter in accordance with the original vesting and issuance schedule set forth above, but if and only if such delay in
the issuance of the shares is necessary to avoid the imposition of adverse taxation on you in respect of the shares under Section 409A of the Code. Each installment of shares that vests is intended to constitute a “separate payment”
for purposes of Treasury Regulation Section 1.409A-2(b)(2). Notwithstanding any contrary provision of the Notice of Grant or of this Award Agreement, under no circumstances will the Company
reimburse you for any taxes or other costs under Section 409A or any other tax law or rule. All such taxes and costs are solely your responsibility.  

*         *        * 

This Award Agreement will be deemed to be signed by the Company and the Participant upon the signing or electronic acceptance by the
Participant of the Restricted Stock Unit Grant Notice to which it is attached. 

  
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 APPENDIX 

DEFINITIONS 
 As used in
the Grant Notice or the Award Agreement, the following definitions will apply to the capitalized terms indicated below: 
 (a)
“Affiliate” means, at the time of determination, any “parent” or “majority-owned subsidiary” of the Company, as such terms are defined in Rule 405 promulgated under the Securities Act. The Board will
have the authority to determine the time or times at which “parent” or “majority-owned subsidiary” status is determined within the foregoing definition. 

(b) “Board” means the Board of Directors of the Company. 

(c) “Capitalization Adjustment” means any change that is made in, or other events that occur with respect to,
the Common Stock subject to any Award after the date of grant without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash,
large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure, or any similar equity restructuring transaction, as that term is used in Statement of
Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization
Adjustment. 
 (d) “Code” means the Internal Revenue Code of 1986, as amended, including any applicable
regulations and guidance thereunder. 
 (e) “Common Stock” means the common stock of the Company. 

(f) “Consultant” means any person, including an advisor, who is (i) engaged by the Company or an Affiliate
to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services. However, service solely as a Director, or payment of a
fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Award. Notwithstanding the foregoing, a person is treated as a Consultant under this Award only if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the Company’s securities to such person. 

  
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 (g) “Continuous Service” means that the Participant’s
service with the Company or an Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Director or
Consultant or a change in the Entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate a Participant’s
Continuous Service; provided, however, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board, in its sole discretion, such Participant’s Continuous Service
will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director will not constitute an interruption of
Continuous Service. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any
leave of absence approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a
leave of absence will be treated as Continuous Service for purposes of vesting in an Award only to such extent as may be provided in the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy
applicable to the Participant, or as otherwise required by law. In addition, to the extent required for exemption from or compliance with Section 409A of the Code, the determination of whether there has been a termination of Continuous Service
will be made, and such term will be construed, in a manner that is consistent with the definition of “separation from service” as defined under Treasury Regulation Section 1.409A-1(h) (without
regard to any alternative definition thereunder). 
 (h) “Director” means a member of the Board. 

(i) “Employee” means any person employed by the Company or an Affiliate. However, service solely as a Director,
or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Award. 

(j) “Entity” means a corporation, partnership, limited liability company or other entity. 

(k) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(l) “Exchange Act Person” means “Exchange Act Person” means any natural
person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary of the Company, (ii) any employee
benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding
securities pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their Ownership of stock of the Company; or
(v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more
than50% of the combined voting power of the Company’s then outstanding securities. 

  
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 (m) ““Fair Market Value” means, as of any date, the
value of the Common Stock determined as follows: 
 (i) If the Common Stock is listed on any established stock exchange or traded on
any established market, the Fair Market Value of a share of Common Stock will be, unless otherwise determined by the Board, the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest
volume of trading in the Common Stock) on the date of determination, as reported in a source the Board deems reliable. 
 (ii) Unless
otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will be the closing selling price on the last preceding date for which such quotation exists. 

(iii) In the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board in good faith and in a
manner that complies with Sections 409A and 422 of the Code. 
 (n) “IPO” means the consummation of a firm
commitment underwritten public offering pursuant to an effective registration statement under the Securities Act, covering the offer and sale by the Company of its equity securities, following which the shares of Common Stock are publicly held. 

(o) “Lock-Up Period” means a period of 180 days following the effective
date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company request or as necessary to permit compliance with FINRA Rule 2241 and similar or successor regulatory rules and
regulations. 
 (p) “Own,” “Owned,”
“Owner,” “Ownership” A person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired
“Ownership” of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting,
with respect to such securities. 
 (q) “Securities Act” means the Securities Act of 1933, as amended. 

(r) “Subsidiaries” means, with respect to the Company, (i) each corporation of which more than
fifty percent (50%) of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or classes of such
corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, owned by the Company, and (ii) each partnership, limited liability company or other entity in which the
Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%) . 

  
 3ex_124276.htm

Exhibit 10.1

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (the “Amendment”) is made effective as of September 19, 2018 by and between MAM SOFTWARE GROUP, INC., a Delaware corporation (“Borrower”) and UNIVEST BANK AND TRUST CO. (“Lender”).

 

BACKGROUND

 

A.     Lender and Borrower have previously entered into that certain Credit Agreement dated March 1, 2017 (as amended and as it may hereafter be amended, restated, replaced or supplemented from time to time, the “Credit Agreement”).

 

B.     Borrower has requested and Lender has agreed to amend certain terms and conditions of the Credit Agreement on the terms and conditions set forth herein.

 

C.     Capitalized terms not otherwise defined herein shall have the meanings set forth therefor in the Credit Agreement.

 

NOW, THEREFORE, intending to be legally bound hereby, the parties hereto agree as follows:

 

1.     Fixed Charges. The defined term “Fixed Charges” as set forth in Section 1.01 of the Credit Agreement shall be and is hereby amended to read, in its entirety, as follows:

 

“Fixed Charges” means, for any period, without duplication, the sum of current maturities of long term debt, plus cash interest expense, plus cash income taxes, plus Dividends, plus cash expense incurred in connection with a Permitted Stock Repurchase.”

 

2.     Permitted Stock Repurchase Plan. Notwithstanding anything to the contrary contained in the Credit Agreement, including without limitation, any prohibition on Restricted Payments or Dividends, Lender agrees that Borrower may repurchase certain issued and outstanding Equity Interests of Borrower; provided that, (i) Borrower provides to Lender ten (10) days prior written notice of such repurchase or prior to establishing a trading plan pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, the terms and conditions related thereto and such other information as Lender may reasonably require; (ii) Borrower may not repurchase more than $500,000 in the aggregate of such Equity Interests of Borrower in any fiscal quarter; (iii) Borrower may not repurchase more than $2,000,000 in the aggregate of such Equity Interests of Borrower prior to the expiration of the Revolving Credit Maturity Date; and (iv) no Default or Event of Default shall exist or be continuing at the time of or result from such repurchase (each, a “Permitted Stock Repurchase”). Lender further agrees that the proceeds of the Revolving Credit Facility may be used by Borrower in connection a Permitted Stock Repurchase.

 

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3.     Further Agreements and Representations. Borrower hereby:

 

3.1.     ratifies, confirms and acknowledges that the Credit Agreement, as amended hereby, and all other Loan Documents are valid, binding and in full force and effect as of the date of this Amendment, and enforceable in accordance with their terms;

 

3.2.     covenants and agrees to perform all of its obligations under the Credit Agreement, as amended hereby, and all other Loan Documents;

 

3.3.     acknowledges and agrees that as of the date hereof, it has no defense, set-off, counterclaim or challenge against the payment of any sums owing to Lender or the enforcement of any of the terms of the Credit Agreement, as amended hereby, or any of the other Loan Documents;

 

3.4.     ratifies, confirms and continues all liens, security interests, pledges, mortgages, rights and remedies granted to Lender, in the Credit Agreement and the other Loan Documents and agree that such liens, security interests, pledges and mortgages shall secure all of the Obligations under the Credit Agreement and the other Loan Documents as amended by this Amendment.

 

3.5.     represents and warrants that all representations and warranties in the Credit Agreement and the other Loan Documents are true, correct and complete in all material respects as of the date of this Amendment unless such representation and warranty is made as of a specific date;

 

3.6.     represents and warrants that no Event of Default, or event which with the giving of notice or lapse of time or both would constitute an Event of Default, exists;

 

3.7.     acknowledges and agrees that the failure to comply with or perform any of its respective covenants, agreements or obligations contained in this Amendment will constitute an Event of Default under the Credit Agreement;

 

3.8.     ratifies, confirms and restates all the waivers set forth in the Credit Agreement and any other Loan Documents, all of which are hereby incorporated by reference; and

 

3.9.     represents and warrants that the execution and delivery of this Amendment by Borrower and all documents and agreements to be executed and delivered pursuant to this Amendment:

 

(a)     has been duly authorized by all requisite corporate action of Borrower;

 

(b)     will not conflict with or result in a breach of, or constitute a default under, any of the terms, conditions, or provisions of any applicable statute, law, rule, regulation or ordinance or Borrower’s governing documents, or any indenture, mortgage, loan or credit agreement or instrument to which Borrower is a party or by which it may be bound or affected, or any judgment or order of any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign; and

 

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(c)     will not result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any of the property or assets of Borrower under the terms or provisions of any such agreement or instrument, except liens in favor of Lender.

 

4.     Other References. All references in the Credit Agreement and all the Loan Documents to the term “Loan Documents” shall mean the Loan Documents as defined therein and this Amendment and any and all other documents executed and delivered by Borrower pursuant to and in connection herewith. All references in the Credit Agreement and all the Loan Documents to the term “Credit Agreement” shall mean the Credit Agreement as amended hereby.

 

5.     Additional Documents; Further Assurances.   Borrower covenants and agrees to execute and deliver to Lender, or to cause to be executed and delivered to Lender contemporaneously herewith, at the sole cost and expense of Borrower, any and all other documents, agreements, statements, resolutions, certificates, consents and information as Lender may require in connection with the matters or actions described herein.  Borrower further covenants and agrees to execute and deliver to Lender, or to cause to be executed and delivered, at the sole cost and expense of Borrower, from time to time, any and all other documents, agreements, statements, certificates and information as Lender shall request to evidence or effect the terms hereof or to enforce or protect Lender’s rights.  All of such documents, agreements, statements, certificates and information shall be in form and content acceptable to Lender in its sole discretion.

 

6.     Costs and Expenses.  Borrower agrees to pay the Lender, upon the closing of this Amendment, and otherwise on demand, all costs and expenses incurred by the Lender in connection with the preparation, negotiation and delivery of this Amendment, and any modifications thereto, or in defending or prosecuting any actions or proceedings arising out of or relating to this Amendment including reasonable fees and expenses of counsel, expenses for auditors, appraisers and environmental consultants, lien searches, recording and filing fees and taxes.

 

7.     No Novation or Waiver.  Nothing contained herein and no actions taken pursuant to the terms hereof are intended to constitute a novation of the Credit Agreement or any of the documents collateral thereto and shall not constitute a release, termination or waiver of any of the liens, security interests, rights or remedies granted to Lender in the Credit Agreement or any of the other Loan Documents, which liens, security interests, rights or remedies are hereby ratified, confirmed, extended and continued as security for all obligations secured by the Credit Agreement.  Nothing contained herein constitutes an agreement or obligation by Lender to grant any further amendments to the Credit Agreement or any of the other Loan Documents.

 

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8.     Inconsistencies.  To the extent of any inconsistency between the terms and conditions of this Amendment and the terms and conditions of the Credit Agreement or the other Loan Documents, the terms and conditions of this Amendment shall prevail.  All terms and conditions of the Credit Agreement and the other Loan Documents not inconsistent herewith, shall remain in full force and effect and are hereby ratified and confirmed by Borrower.

 

9.     No Other Agreements.  All understandings and agreements heretofore had between the parties respecting the transactions contemplated by this Amendment are merged in this Amendment and there are no other agreements, written or oral, and no customs or usages applicable to any provision of this Amendment.

 

10.     Amendments.  No change in or addition to, or waiver of, any provision of this Amendment shall be valid unless in writing and signed on behalf of the party against whom such change, addition or waiver is sought to be enforced.

 

11.     Binding Effect.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

12.     Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without regard to its rules and principles regarding conflicts of law or any rule or canon of construction which interprets agreements against the draftsman.

 

13.     Headings.  The headings of the sections of this Amendment are inserted for convenience only and shall not be deemed to constitute a part of this Amendment.

 

14.     Counterparts; Facsimile Signatures.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original without the production of any other counterpart. Any signature on this Amendment delivered by Borrower by facsimile transmission shall be deemed to be an original signature hereto.

 

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IN WITNESS WHEREOF, intending to be legally bound hereby the parties hereto have caused this Amendment to be executed, as a document under seal, effective as of the day and year first above written.

 

 

	 	BORROWERS:
	 	 
	 	
			MAM SOFTWARE GROUP, INC., a

			Delaware corporation

			
	 	 
	 	 
	 	 
	 	By:	 
	 	
			Name:

			Title: 

			
	 	 
	 	 
	 	LENDER:
	 	 
	 	UNIVEST BANK AND TRUST CO.
	 	 
	 	 
	 	 
	 	By:	 

 

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