Document:

EX-10.4

 Exhibit 10.4 

SurModics, Inc. 
 2009
Equity Incentive Plan 
 Deferred Stock Unit Master Agreement 

(Quarterly Awards) 
 This
is a Deferred Stock Unit Master Agreement (the “Agreement”) between SurModics, Inc., a Minnesota corporation (the “Company”), and you,. Any capitalized term used but not defined in this Agreement shall have the
meaning set forth in the Company’s 2009 Equity Incentive Plan as it currently exists or as it is amended in the future (the “Plan”). 

Background 
 A. Under the
Plan, the Board has the authority to determine Awards and administer the Plan with respect to Awards involving Non-Employee Directors. 
 B.
The Board has determined that Non-Employee Directors may elect to receive all or a portion of their annual cash retainers for service as a member of the Board and its committees in the form of restricted stock units, the payment of which is to be
deferred in the normal course until the termination of the recipient’s service on the Board. Such restricted stock units are referred to in this Agreement as “Deferred Stock Units” or “DSUs”. 

C. In accordance with the Company’s Board Compensation Policy (the “Policy”), such annual cash retainers to Non-Employee
Directors are payable in quarterly installments, in arrears, on the last trading day of each calendar quarter. To the extent a Non-Employee Director has elected to receive payment of such retainer installments
for a calendar year in the form of Deferred Stock Units, the resulting DSUs will be granted as of the last trading day of each calendar quarter. 

D. You have elected to receive % of each quarterly cash retainer installment to which you would otherwise be entitled for service as a
Non-Employee Director during calendar year (the “Grant Year”) in the form of DSUs (the “DSU Portion”), each of which represents the right to receive one share of the Company’s common stock. The number of DSUs that will be
subject to each of these quarterly DSU grants during the Grant Year (the “DSU Grants”) will be determined by dividing the dollar amount of the DSU Portion by the Fair Market Value of a share of the Company’s common stock on the
applicable Grant Date. 
 E. Each quarterly DSU Grant will be evidenced by a Grant Notification in the form attached hereto as Exhibit
A, and each such Grant Notification when issued by the Company will be incorporated into and made a part of this Agreement. The terms and conditions of each quarterly DSU grant are set forth in this Agreement, including the applicable Grant
Notification, and in the attached Plan document. 
 Terms and Conditions of Quarterly DSU Grants 

1. Grant. Subject to Sections 7 and 8 below, on the last trading day of each calendar quarter during the Grant Year, you will be granted the
number of DSUs specified in the applicable Grant Notification that reflects a Grant Date corresponding to the last trading day of that calendar quarter. Each DSU will represent the right to receive one Share of the Company’s common stock. The
DSUs granted to you will be credited to an account in your name maintained by the Company. This account shall be unfunded and maintained for book-keeping purposes only, with the DSUs simply representing an unfunded and unsecured obligation of the

 
Company. You acknowledge that in accordance with the Policy, the annual cash retainer amount otherwise payable to you during the Grant Year shall be reduced by 25% if you do not attend at least
75% of the total meetings of the Board and the Board committee(s) on which you serve during the Company’s fiscal year that ends during the Grant Year. Any such reduction will affect the cash retainer installment for the fourth quarter of the
Grant Year, and will correspondingly reduce the amount of the DSU Portion and the size of the DSU Grant for that quarter. 
 2. Restrictions on
DSUs. Prior to settlement of the DSUs in accordance with Section 5, the DSUs subject to this Agreement may not be sold, assigned, transferred, exchanged or encumbered other than by will or the laws of descent and distribution. Any
attempted transfer in violation of this Section 2 shall be of no effect. 
 3. No Stockholder Rights. The DSUs subject to this Agreement
do not entitle you to any rights of a stockholder of the Company’s common stock. You will not have any of the rights of a stockholder of the Company in connection with the grant of DSUs subject to this Agreement unless and until Shares are
issued to you upon settlement of the Units as provided in Section 5. 
 4. Vesting of DSUs. The DSUs subject to this Agreement are 100%
vested as of their respective Grant Dates. 
 5. Settlement of Units. The Company shall cause to be issued and delivered to you, or to your
designated beneficiary or estate in the event of your death, one Share in payment and settlement of each DSU subject to this Agreement upon a termination of your Service to the Company and its Affiliates that constitutes a “separation from
service” as such term is defined for purposes of Code Section 409A. Delivery of Shares in settlement of a DSU Grant subject to this Agreement shall be effected by an appropriate entry in the stock register maintained by the Company’s
transfer agent with a notice of issuance provided to you, or by the electronic delivery of the Shares to a brokerage account you designate, and shall be subject to compliance with all applicable legal requirements, including compliance with the
requirements of applicable federal and state securities laws. 
 6. [Reserved]. 

7. Termination of Service and Future Awards. Upon termination of your Service with the Company and all Affiliates, you will no longer be
entitled to receive any additional quarterly DSU Grants pursuant to this Agreement. 
 8. Change in Control. Upon a Change in Control within
the meaning of Section 2(f)(3) of the Plan, you will no longer be entitled to receive any additional quarterly DSU Grants pursuant to this Agreement. 

9. Changes in Capitalization. If an “equity restructuring” (as defined in Section 17 of the Plan) occurs that causes the per
share value of the Shares to change, the Board shall make such equitable adjustments to any DSUs subject to this Agreement as are contemplated by Section 17 of the Plan in order to avoid dilution or enlargement of your rights hereunder. The
Board may make such equitable adjustments to any DSUs subject to this Agreement as and to the extent provided in Section 17 of the Plan in connection with other changes in the Company’s capitalization contemplated by Section 17 of the
Plan. 
 10. Interpretation of This Agreement. All decisions and interpretations made by the Board with regard to any question arising
hereunder or under the Plan shall be binding and conclusive upon you and the Company. 

 11. Governing Plan Document. The DSU Grants evidenced by this Agreement (including any Grant
Notifications issued hereunder) are granted pursuant to the Plan, the terms of which are hereby made a part of this Agreement. This Agreement (including any Grant Notifications issued hereunder) shall in all respects be interpreted in accordance
with the terms of the Plan. If any terms of this Agreement or any Grant Notification issued hereunder conflict with the terms of the Plan, the terms of the Plan shall control, except as the Plan may specifically provide otherwise. This Agreement
(including any Grant Notifications issued hereunder) and the Plan constitute the entire agreement of the parties with respect to the quarterly DSU Grants and supersede all prior oral or written negotiations, commitments, representations and
agreements with respect thereto. 
 12. Discontinuance of Service. Neither this Agreement nor any DSU Grant subject to this Agreement shall
confer on you any right with respect to continued Service with the Company or any of its Affiliates, nor limit or interfere in any way with the right of the Company or any Affiliate to terminate such Service or otherwise deal with you without regard
to the effect it may have upon you under this Agreement. 
 13. Binding Effect. This Agreement shall be binding in all respects on your heirs,
representatives, successors and assigns, and on the successors and assigns of the Company. 
 14. Choice of Law. This Agreement will be
interpreted and enforced under the laws of the state of Minnesota (without regard to its conflicts or choice of law principles). 
 You and
the Company have executed this Agreement as of the day of. 
  

									
	PARTICIPANT	 		 	SURMODICS, INC.
				
	  
	 		 	By	 	  

		 		 		 	Name:	 	Bryan K. Phillips
		 		 		 	Its:	 	Sr. Vice President, General Counsel & Secretary

 Exhibit A 

SurModics, Inc. 
 2009
Equity Incentive Plan 
 Deferred Stock Unit Master Agreement 

Grant Notification 

SurModics, Inc. (the “Company”), pursuant to its 2009 Equity Incentive Plan (the “Plan”) and a Deferred Stock Unit Master
Agreement (Quarterly Awards) dated             , 20     (the “Master Agreement”) between the Company and you, the Participant named below, hereby grants to you
an award of Deferred Stock Units (“Units”), each such Unit representing the right to receive one share of the Company’s common stock. The terms and conditions of this Unit Award are set forth in this Grant Notification, the Master
Agreement, and the Plan document, and these documents set forth the entire agreement between you and the Company regarding the grant to you of the number of Units shown in the table below. 

 

			
	Name of Participant:	  	
		
	Number of Units:	  	Grant Date:

 Vesting Schedule: 
  

					
	 Vesting Date
	  	Percentage of Units That Vest	 
		
	 [Grant Date]
	  	 	100	% 

  

					
	SURMODICS, INC.
		
	By	 	  

		 	ItsEX-10.5

 Exhibit 10.5 
  

 
 SURMODICS, INC. 

2009 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK AGREEMENT* 

 

			
	Full Name of Participant:
		
	Number of Shares Covered:	  	Grant Date:

 Vesting Schedule: 
  

			
	 Vesting Date(s)
	  	Number of Share(s) Which
Become Vested
		  	
		  	
		  	

 This is a Restricted Stock Agreement (“Agreement”) between SurModics, Inc., a Minnesota corporation (the
“Company”), and the Participant identified in the table above. 
 RECITALS 

WHEREAS, the Company maintains the SurModics, Inc. 2009 Equity Incentive Plan (the “Plan”); 

WHEREAS, the Board of Directors of the Company has appointed the Organization and Compensation Committee (the “Committee”) to
administer the Plan and determine the Awards to be granted under the Plan; and 
 WHEREAS, the Committee or its designee has determined that
the Participant is eligible to receive an Award under the Plan in the form of Restricted Stock; 
  

	*	Any capitalized term used in this Agreement will have the meaning set forth in this Agreement (including the table at the beginning of this Agreement) or, if not defined in this Agreement, set forth in the Plan as it
currently exists or as it is amended in the future. 

 NOW, THEREFORE, the Company and the Participant mutually agree as follows: 

TERMS AND CONDITIONS 

 

	1.	Issuance of Restricted Shares. 

 (a) Subject to the terms and conditions of this
Agreement, the Company has granted to the Participant Restricted Stock in the number of Shares specified in the table at the beginning of this Agreement. Such Shares of Restricted Stock are subject to the restrictions provided for in this Agreement,
and in the Plan, and are referred to collectively as the “Restricted Shares” and each as a “Restricted Share.” The term “Restricted Shares” also refers to all securities received by the Participant
in replacement of or in connection with the Restricted Shares acquired hereby pursuant to a recapitalization, reclassification, stock dividend, stock split, stock combination or other relevant event. 

(b) Each Restricted Share will be evidenced by a book-entry in the name of the Participant with the Company’s transfer agent or by one or
more Common Stock certificates issued in the name of the Participant. Any such Common Stock certificate will be deposited with the Company or its designee, together with an assignment separate from the certificate, in blank, signed by the
Participant, and bear an appropriate legend referring to the restricted nature of the Restricted Stock evidenced thereby. Any book-entry will be subject to transfer restrictions and accompanied by a similar legend. Upon the vesting of Shares of
Restricted Stock and the corresponding lapse of the restrictions and forfeiture conditions, the transfer restrictions and restrictive legend applicable to any book-entry evidencing such Shares will be removed, or a certificate for the Shares bearing
no restrictive legend will be delivered to the Participant or a Successor or a Transferee. 
 (c) [reserved]. 

 

	2.	Forfeiture and Transfer Restrictions. 

  

	 	(a)	 Forfeiture. If (i) the Participant’s Service with the Company, or a Parent or Subsidiary thereof, is terminated for any reason,
whether by the Company with or without cause, voluntarily or involuntarily by the Participant or otherwise, or (ii) the Participant attempts to transfer or otherwise dispose of any of the Restricted Shares or the Restricted Shares become
subject to attachment or any similar involuntary process, in violation of this Agreement, then any Restricted Shares that have not previously vested will be forfeited by the Participant to the Company, the Participant will thereafter have no right,
title or interest whatsoever in such Restricted Shares. The Company unilaterally may instruct the Company’s transfer agent to adjust the stock register of the Company to reflect the forfeiture of any Restricted Shares. If the Company does not
have custody of any and all certificates representing Restricted Shares so forfeited, the Participant must immediately return to the Company any and all certificates representing Restricted Shares so forfeited. Additionally, the Participant must
deliver to Company a stock power duly executed in blank relating to any and all certificates representing Restricted Shares forfeited to the Company in 

  

					
		  	Restricted Stock Agreement	  	Page 2 of 6

	 	
accordance with the previous sentence or, if such stock power has previously been tendered to the Company, the Company will be authorized to deem such previously tendered stock power delivered,
and the Company will be authorized to cancel any and all certificates representing Restricted Shares so forfeited and issue and deliver to the Participant a new certificate for any Shares which vested prior to forfeiture. For purposes of this
Agreement, neither the transfer of the Participant between any combination of the Company and its Affiliates, nor a leave of absence granted to the Participant by the Company, will be deemed a termination of employment. 

(b) Limitation on Transfer. Until such time as the Restricted Shares have become vested under Section 3 of this Agreement, the
Participant will not sell, assign, or transfer the Restricted Shares other than (i) to a Successor, (ii) pursuant to a divorce decree or qualified domestic relations order as defined by the Code, or Title I of ERISA, or (iii) if
permitted by law, by a bona fide gift to a Transferee. Any attempt to assign, transfer, pledge, hypothecate, or otherwise dispose of the Restricted Shares contrary to the provisions hereof, and the levy of any attachment or similar process upon the
Restricted Shares, will be void. 
  

	3.	Vesting. Subject to Section 11 of the Plan, the Restricted Shares will cease to be subject to forfeiture under Section 2 hereof in the numbers and on the dates specified in the vesting schedule
in the table at the beginning of this Agreement. Restricted Shares that have so ceased to be subject to forfeiture are sometimes referred to as “vested” or as “Vested Shares” in this Agreement. 

Death or Disability. If the Participant’s Service with the Company or an Affiliate terminates because of death or Disability, the
number of shares that are subject to forfeiture under this Agreement will be prorated for the portion of the term of this Award during which the Participant provided Service to the Company and its Affiliates, and, with respect to such Restricted
Shares, will be Vested Shares. Any Restricted Shares which do not become vested under the preceding sentence will terminate at the date of the Participant’s termination of Service and such Restricted Shares will be forfeited to the Company.

  

	4.	Stockholder Rights. As of the date of issuance specified at the beginning of this Agreement, the Participant will have all of the rights of a stockholder of the Company with respect to the Restricted
Shares, except as otherwise specifically provided in this Agreement. 

  

	5.	 Tax Withholding. The parties hereto recognize that the Company or its Subsidiary may be obligated to withhold federal and state taxes or
other taxes upon the vesting of the Restricted Shares, or, in the event that the Participant elects under Code Section 83(b) to report the receipt of the Restricted Shares as income in the year of receipt, upon the Participant’s receipt of
the Restricted Shares. The Participant agrees that, at such time, if the Company or its Subsidiary is required to withhold such taxes, the Participant will promptly pay, in cash upon demand to the Company or the Subsidiary having such obligation,
such amounts as will be necessary to satisfy such obligation. In lieu of all or any part of a cash payment from a person receiving Restricted Shares under the Plan, the Committee may permit the

  

					
		  	Restricted Stock Agreement	  	Page 3 of 6

	 	
individual to cover all or any part of the required withholdings (up to the Participant’s minimum required tax withholding rate or such other rate that will not trigger a negative accounting
impact to the Company or any Affiliate) through a reduction in the number of Restricted Shares delivered or a delivery or tender to the Company of Shares held by the Participant or other person, in each case valued in the same manner as used in
computing the withholding taxes under applicable laws. 

 The Participant further acknowledges that the Company has directed
the Participant to seek independent advice regarding the applicable provisions of the Code, the income tax laws of any municipality, state or foreign country in which the Participant may reside, and the tax consequences of the Participant’s
death. 
  

	6.	Restrictive Legends and Stop-Transfer Orders. 

 (a) Legends. Any
certificate or certificates representing the Restricted Shares will bear the following legend (as well as any legends required by applicable state and federal corporate and securities laws) noting the existence of the restrictions set forth in this
Agreement: 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF A RESTRICTED STOCK
AGREEMENT BETWEEN THE COMPANY AND THE PARTICIPANT, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.” 
 (b)
Stop-Transfer Notices. The Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if
the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 
 (c) Refusal to
Transfer. The Company will not be required (i) to transfer on its books any Restricted Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of the
Restricted Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom the Restricted Shares will have been so transferred. 
  

	7	Not Part of Employment Contract; Discontinuance of Employment. This Agreement awards Restricted Stock to the Participant, but does not impose any obligation on the Company to make any future grants or
issue any future awards to the Participant or otherwise continue the participation of the Participant under the Plan. This Agreement will not give the Participant a right to continued employment or Service with the Company or any Affiliate, and the
Company or Affiliate employing the Participant may terminate his or her Service and otherwise deal with the Participant without regard to the effect it may have upon him or her under this Agreement 

  

					
			Restricted Stock Agreement		Page 4 of 6

 By executing this Agreement, the Participant expressly acknowledges the above. 

 

	8.	Interpretation of This Agreement. All decisions and interpretations made by the Committee with regard to any question arising hereunder or under the Plan will be binding and conclusive upon the Company and
the Participant. If there is any inconsistency between the provisions of this Agreement and the Plan, the provisions of the Plan will govern. 

  

	9.	Binding Effect. This Agreement will be binding in all respects on the heirs, representatives, successors and assigns of the Participant (and included for the sake of clarification, a Successor or
Transferee of the Participant). 

  

	10.	Choice of Law. This Agreement is entered into under the laws of the State of Minnesota and will be construed and interpreted thereunder (without regard to its conflict-of-law principles).

  

	11.	Entire Agreement. This Agreement and the Plan set forth the entire agreement and understanding of the parties hereto with respect to the issuance and sale of the Restricted Shares and the administration of
the Plan and supersede all prior agreements, arrangements, plans, and understandings relating to the issuance and sale of these Restricted Shares and the administration of the Plan. 

 

	12.	Amendment and Waiver. Except as provided in the Plan, this Agreement may be amended, waived, modified, or canceled only by a written instrument executed by the parties or, in the case of a waiver, by the
party waiving compliance. 

  

	13.	Section 409A. Notwithstanding anything in this Agreement to the contrary, any payments hereunder that would be subject to an additional or accelerated tax under Section 409A of the Code will be
deferred until the earliest date that such payments may be made without the imposition of such tax. 

  

	14.	Acknowledgment of Receipt of Copy. By execution hereof, the Participant acknowledges having received a copy of the Plan. 

  

					
		  	Restricted Stock Agreement	  	Page 5 of 6

 
					
	PARTICIPANT
	
	  

	
	SURMODICS, INC.
		
	By	 	  

		 	Name:	 	Bryan K. Phillips
		 	Its:	 	Sr. Vice President, General Counsel & Secretary

  

					
		  	Restricted Stock Agreement	  	Page 6 of 6

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