Document:

Exhibit
10.62

 

RESTRICTED
STOCK UNIT AWARD AGREEMENT

 

INSPIREMD,
INC.

2021
EQUITY COMPENSATION PLAN

 

1.
Award of Restricted Stock Units. Pursuant to the InspireMD, Inc. 2021 EQUITY COMPENSATION PLAN (the “Plan”)
for key Employees, key Contractors, and Outside Directors of InspireMD, Inc., a Delaware corporation (the “Company”)
and its Subsidiaries (collectively, the “Group”),

 

[*]

(the
“Participant”)

 

has
been granted an Award, in accordance with Section 8.1(k) of the Plan for [*] Restricted Stock Units (the “Awarded
Units”) which may be converted into the number of shares of Common Stock of the Company equal to the number of Restricted
Stock Units, subject to the terms and conditions of the Plan and this Restricted Stock Unit Award Agreement (this “Agreement”).
The “Date of Grant” of this Award is [*]. To receive this Award, the Participant must sign this Agreement and
return it to the Company by [*]. By signing this Agreement, the Participant agrees to be bound by the terms and conditions herein, the
Plan and any and all conditions established by the Company in connection with Awards issued under the Plan, and the Participant further
acknowledges and agrees that this Award does not confer any legal or equitable right (other than those rights constituting the Award
itself) against the Company directly or indirectly, or give rise to any cause of action at law or in equity against the Company. Each
Awarded Unit shall be a notional share of Common Stock, with the value of each Awarded Unit being equal to the Fair Market Value of a
share of Common Stock at any time.

 

2.
Subject to Plan. This Agreement is subject to the terms and conditions of the Plan, and the terms of the Plan shall control to
the extent not otherwise inconsistent with the provisions of this Agreement. To the extent the terms of the Plan are inconsistent with
the provisions of this Agreement, this Agreement shall control. The capitalized terms used herein that are defined in the Plan shall
have the same meanings assigned to them in the Plan. This Agreement is subject to any rules promulgated pursuant to the Plan by the Board
or the Committee and communicated to the Participant in writing.

 

3.
Vesting; Time of Delivery of Shares.

 

a.
Awarded Units which have become vested pursuant to the terms of this Section 3 are collectively referred to herein as “Vested
RSUs.” All other Awarded Units are collectively referred to herein as “Unvested RSUs.”

 

i.
One-third (1/3) of the total Awarded Units (rounded down to the nearest whole unit) shall vest on the first anniversary of the Date of
Grant and become Vested RSUs, provided that the Participant has continuously provided services to the Group as an Employee, Contractor,
or Outside Director through that date.

 

ii.
An additional one-third (1/3) of the total Awarded Units (rounded down to the nearest whole unit) shall vest on the second anniversary
of the Date of Grant and become Vested RSUs, provided that the Participant has continuously provided services to the Group as an Employee,
Contractor, or Outside Director through that date.

 

iii.
The remaining one-third (1/3) of the total Awarded Units shall vest on the third anniversary of the Date of Grant and become Vested RSUs,
provided that the Participant has continuously provided services to the Group as an Employee, Contractor, or Outside Director through
that date.

 

    	 

    	 

    

 

Notwithstanding
the foregoing, if the Participant’s Termination of Service is due to death, Total and Permanent Disability, Retirement or by action
of the Company without Cause (as defined in Section 3.b. below) at any time during the two year period beginning on a Change in
Control, the total Awarded Units not previously vested shall thereupon immediately become fully vested as of the Termination Date.

 

b.
For purposes hereof, “Cause” shall mean, unless otherwise defined in an employment agreement with respect to
the termination of the Participant’s employment with the Company (in which case such cause definition and process shall apply in
lieu of this paragraph), the occurrence of one or more of the following events, as determined by the Committee in its good faith: (i)
misconduct or material failure or refusal to perform (other than by reason of disability or an approved leave of absence), or substantial
negligence in the performance of, his or her duties and responsibilities to the Company or any member of the Group; (ii) the Participant’s
material breach of any restrictive covenant agreement between the Participant and any member of the Group; (iii) the Participant’s
commission of an act or acts constituting a felony or any crime involving moral turpitude or that has or reasonably could be expected
to have an adverse effect on any member of the Group, including economically or reputationally; (iv) the Participant’s commission
of fraud, embezzlement, theft or other act involving dishonesty; (v) other conduct by the Participant that is or could be reasonably
expected to be materially harmful to the business interests or reputation of any member of the Group; (vi) the Participant’s breach
of a fiduciary duty owed to the Company or a member of the Group, including acting in conflict with the business interests of any member
of the Group; or (vii) the Participant’s material breach of this Agreement or an employment policy or code of conduct of member
of the Group. If, within six months following the Participant’s Termination of Service for any reason other than for Cause, it
is discovered that the Participant’s employment or service could have been terminated for Cause, such Participant’s employment
or service shall, at the discretion of the Committee, be deemed to have been terminated for Cause for all purposes under the Plan, and
the Participant shall be required to repay to the Company all amounts received by the Participant and his or her permitted transferees
in connection with Awarded Units following such Termination that would have been forfeited under the Plan had such Termination been for
Cause.

 

c.
Subject to the provisions of the Plan and this Agreement, including Section 24 below (regarding Section 409A of the Code), the
Company shall convert the Vested RSUs into the number of whole shares of Common Stock equal to the number of Vested RSUs and shall deliver
them to the Participant (or the Participant’s personal representative) on the earlier of a Change in Control or the Participant’s
Termination of Services for any reason other than by the Company for Cause.

 

4.
Forfeiture of Awarded Units. Except as otherwise provided in Section 3 above, upon the Participant’s Termination
of Service for any reason (the “Termination Date”), the Participant shall be deemed to have forfeited all of
the Participant’s Unvested RSUs. Upon forfeiture, all of the Participant’s rights with respect to the forfeited Unvested
RSUs shall cease and terminate, without any further obligations on the part of the Company. Upon forfeiture, all of the Participant’s
rights with respect to the forfeited Awarded Units shall cease and terminate, without any further obligations on the part of the Company.

 

5.
Who May Receive Converted Awarded Units. During the lifetime of the Participant, the Common Stock received upon conversion of
Awarded Units may only be received by the Participant or his legal representative. If the Participant dies prior to the date his Awarded
Units are converted into shares of Common Stock as described in Section 3 above, the Common Stock relating to such converted Awarded
Units may be received by any individual who is entitled to receive the property of the Participant pursuant to the applicable laws of
descent and distribution.

 

    	2

    	 

    

 

6.
No Fractional Shares. Awarded Units may be converted only with respect to full shares, and no fractional share of Common Stock
shall be issued.

 

7.
Nonassignability. The Awarded Units are not assignable or transferable by the Participant except by will or by the laws of descent
and distribution.

 

8.
Clawback. Notwithstanding Section 3, if the Participant is an executive officer (as defined under U.S. Securities and Exchange
Commission rules) of the Company at any time after the Date of Grant and the Company is required to restate its financial statements,
then the Committee may, in its sole and absolute discretion, at any time within two years following such restatement, require the Participant
to, and the Participant shall immediately upon notice of such Committee determination, return to the Company any shares of Common Stock
received under the Awarded Units and pay to the Company in cash the amount of any proceeds received by the Participant from the disposition
or transfer of, and any dividends or other distributions of cash or property received by the Participant with respect to, any such shares,
in each case during the period commencing two years before the beginning of the restated financial period and ending on the date of such
Committee determination. In addition, any portion of the Awarded Units that is not vested or has not been exercised by the Participant
on the date that the Committee makes such determination shall be immediately and irrevocably forfeited. The Committee shall have the
authority and discretion to make any determination regarding the specific implementation of this Section 8 with respect to the
Participant. In addition to this Section 8, this Agreement, the Awarded Shares shall be fully subject to the terms and conditions
of any “clawback” or compensation recovery policy that may later be adopted by the Company in its discretion or imposed under
Applicable Laws, each as may be amended and in effect from time to time.

 

9.
Dividend Equivalent Rights. Subject to the restrictions, limitations and conditions described in the Plan, Dividend Equivalent
Rights will accrue with respect to the Awarded Units at the same time and in the same amount as cash dividends are paid to owners of
shares of Common Stock. Interest shall not be credited on accrued dividend equivalents. Dividend Equivalent Rights will (i) vest on the
same vesting dates, as provided in Section 3, as the associated Awarded Units, (b) be distributed in cash or shares, as determined
by the Company, within 30 days thereafter except as otherwise provided in this Agreement and in the Plan and (iii) be subject to the
clawback provisions in Section 8 above in the same manner as dividends.

 

10.
Rights of a Stockholder. The Participant will have no rights as a stockholder with respect to any shares covered by this Agreement
until the issuance of a certificate or certificates to the Participant or the registration of such shares in the Participant’s
name for the shares of Common Stock. The Awarded Units shall be subject to the terms and conditions of this Agreement. Except as otherwise
provided in Section 9 hereof, no adjustment shall be made for dividends or other rights for which the record date is prior to
the issuance of such certificate or certificates. The Participant, by his execution of this Agreement, agrees to execute any documents
requested by the Company in connection with the conversion of the Awarded Units into shares of Common Stock pursuant to this Agreement.

 

11.
Adjustment of Number of Awarded Units and Related Matters. The number of shares of Common Stock covered by the Awarded Units shall
be subject to adjustment in accordance with Section 8.1(o) of the Plan.

 

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12.
Participant’s Representations. Notwithstanding any of the provisions hereof, the Participant hereby agrees that the Company
will not be obligated to issue any shares of Common Stock to the Participant hereunder, if the issuance of such shares shall constitute
a violation by the Participant or the Company of any provision of any law or regulation of any governmental authority. Any determination
in this connection by the Company shall be final, binding, and conclusive. The rights and obligations of the Company and the rights and
obligations of the Participant are subject to all Applicable Laws.

 

13.
Participant’s Acknowledgments. The Participant acknowledges that a copy of the Plan has been made available for his review
by the Company, and represents that he is familiar with the terms and provisions thereof, and hereby accepts this Award subject to all
the terms and provisions thereof. The Participant hereby agrees to accept as binding, conclusive, and final all decisions or interpretations
of the Committee or the Board, as appropriate, upon any questions arising under the Plan or this Agreement.

 

14.
Law Governing. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Delaware
(excluding any conflict of laws rule or principle of Delaware law that might refer the governance, construction, or interpretation of
this Agreement to the laws of another state).

 

15.
No Right to Continue Service or Employment. Nothing herein shall be construed to confer upon the Participant the right to continue
in the employ or to provide services to the Company or the Group, whether as an Employee, Contractor, or Outside Director, or interfere
with or restrict in any way the right of the Company or the Group to discharge the Participant as an Employee, Contractor or Outside
Director at any time.

 

16.
Legal Construction. In the event that any one or more of the terms, provisions, or agreements that are contained in this Agreement
shall be held by a court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect for any reason, the invalid,
illegal, or unenforceable term, provision, or agreement shall not affect any other term, provision, or agreement that is contained in
this Agreement and this Agreement shall be construed in all respects as if the invalid, illegal, or unenforceable term, provision, or
agreement had never been contained herein.

 

17.
Covenants and Agreements as Independent Agreements. Each of the covenants and agreements that is set forth in this Agreement shall
be construed as a covenant and agreement independent of any other provision of this Agreement. The existence of any claim or cause of
action of the Participant against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the
enforcement by the Company of the covenants and agreements that are set forth in this Agreement.

 

18.
Entire Agreement. This Agreement together with the Plan supersede any and all other prior understandings and agreements, either
oral or in writing, between the parties with respect to the subject matter hereof and constitute the sole and only agreements between
the parties with respect to the said subject matter. All prior negotiations and agreements between the parties with respect to the subject
matter hereof are merged into this Agreement. Each party to this Agreement acknowledges that no representations, inducements, promises,
or agreements, orally or otherwise, have been made by any party or by anyone acting on behalf of any party, which are not embodied in
this Agreement or the Plan and that any agreement, statement, or promise that is not contained in this Agreement or the Plan shall not
be valid or binding or of any force or effect.

 

19.
Parties Bound. The terms, provisions, and agreements that are contained in this Agreement shall apply to, be binding upon, and
inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, and permitted successors
and assigns, subject to the limitation on assignment expressly set forth herein.

 

    	4

    	 

    

 

20.
Modification. The Company may amend or modify this Award in any manner to the extent that the Company would have had the authority
under the Plan initially to grant such Award, provided that no such amendment or modification shall materially and adversely impair the
Participant’s rights under this Agreement without the Participant’s written consent. Other than as provided in the preceding
sentence, this Agreement may be amended, modified or supplemented only by an instrument in writing signed by both parties hereto.

 

21.
Headings. The headings that are used in this Agreement are used for reference and convenience purposes only and do not constitute
substantive matters to be considered in construing the terms and provisions of this Agreement.

 

22.
Gender and Number. Words of any gender used in this Agreement shall be held and construed to include any other gender, and words
in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise.

 

23.
Notice. Any notice required or permitted to be delivered hereunder shall be deemed to be delivered only when actually received
by the Company or by the Participant, as the case may be, at the addresses set forth below, or at such other addresses as they have theretofore
specified by written notice delivered in accordance herewith:

 

a.
Notice to the Company shall be addressed and delivered as follows:

 

InspireMD,
Inc.

4
Menorat Hamaor St., 3rd Floor

Tel
Aviv, Israel 6744832

	 	Attn:	Craig Shore
	 	Fax:	+97236917692

 

 b. Notice to the Participant shall be addressed and delivered as set forth on the signature page.

 

24.
Section 409A; Six Month Delay. Notwithstanding anything herein to the contrary, in the case of a distribution of shares of Common
Stock on account of any Termination of Service, other than death, a distribution of the number of such shares, determined after application
of the withholding requirements set forth in Section 25 below, on behalf of the Participant, if the Participant is a “specified
employee” as defined in § 1.409A-1(i) of the Final Regulations under Section 409A of the Code, to the extent otherwise required
under Section 409A of the Code, shall not occur until the date which is six (6) months following the date of the Participant’s
Termination of Service (or, if earlier, the date of death of the Participant).

 

    	5

    	 

    

 

25.
Tax Requirements. The Participant is hereby advised to consult immediately with his own tax advisor regarding the tax consequences
of this Agreement. Unless the Company otherwise consents in writing to an alternative withholding method, the Company, or if applicable,
any Subsidiary (for purposes of this Section 25, the term “Company” shall be deemed to include any applicable
Subsidiary) shall have the right to deduct from all amounts paid in cash or other form in connection with the Plan, any federal, state,
local, or other taxes required by law to be withheld in connection with this Agreement. The Participant may elect to have the Company
withhold an additional amount up to the maximum statutory amount in accordance with Company procedures, provided such withholding does
not trigger liability accounting under applicable accounting rules and does not violate Section 409A of the Code. The Company shall withhold
the number of shares to be delivered upon the conversion of the Awarded Units with an aggregate Fair Market Value that equals the amount
of any federal, state, local, or other taxes required by law to be withheld in connection with this Agreement. However, if the Participant
is a “specified employee” as defined in §1.409A-1(i) of the Final Regulations under Section 409A of the Code who is
subject to the six (6) months delay provided for in Section 25 above, the Company shall withhold the number of shares attributable
to the employment taxes on the date of the Participant’s Termination of Service and withhold the number of shares attributable
to the income taxes on the date which occurs six (6) months following the date of the Participant’s Termination of Service (or,
if earlier, the date of death of the Participant). In no event will the fair market value of the shares of Common Stock to be withheld
and/or delivered pursuant to this Section 25 to satisfy applicable withholding taxes exceed the maximum amount of taxes required
to be withheld.

 

The
Company may, in its sole discretion and prior to the date of conversion, also permit the Participant receiving shares of Common Stock
upon conversion of Awarded Units to pay the Company the amount of any taxes that the Company is required to withhold in connection with
the Participant’s income arising with respect to this Agreement. Such payments shall be required to be made prior to the delivery
of any certificate representing shares of Common Stock. Such payment, if the Company, in its sole discretion, so consents in writing,
may be made by (i) the delivery of cash to the Company in an amount that equals or exceeds (to avoid the issuance of fractional shares
under (iii) below) the required tax withholding obligations of the Company; (ii) the actual delivery by the Participant to the Company
of shares of Common Stock that the Participant has not acquired from the Company within six (6) months prior to the date of conversion,
which shares so delivered have an aggregate Fair Market Value that equals or exceeds (to avoid the issuance of fractional shares under
(iii) below) the required tax withholding payment; (iii) the Company’s withholding of a number of shares to be delivered upon the
conversion of the Awarded Units, which shares so withheld have an aggregate Fair Market Value that equals (but does not exceed) the required
tax withholding payment; or (iv) any combination of (i), (ii), or (iii). The Company may, in its sole discretion, withhold any such taxes
from any other cash remuneration otherwise paid by the Company to the Participant.

 

[Remainder
of Page Intentionally Left Blank

Signature
Page Follows.]

 

    	6

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Participant, to evidence
his consent and approval of all the terms hereof, has duly executed this Agreement, as of the date specified in Section 1 hereof.

 

	 	COMPANY:
	 	 
	 	INSPIREMD,
    INC.

 

	 	By:	
	 	Name:	Craig
    Shore
	 	Title:	Chief
    Financial Officer

 

	 	PARTICIPANT:

 

	 		 
	 	Signature	 
	 	Name:	 
	 	Address:ex_343172.htm

Exhibit 10.9.5

 

AMENDMENT NO. 1 TO

EMPLOYMENT AGREEMENT

 

 

This AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (“Amendment”) is made and dated as of June 14, 2021, between INTRICON CORPORATION, a Pennsylvania corporation (the “Company”), and [NAME] (“Executive”).

 

 

BACKGROUND

 

Company and Executive are parties to an Employment Agreement dated as of October 7, 2007 (the “Employment Agreement”). The parties desire to amend the Employment Agreement to their mutual benefit as set forth herein.

 

NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein and intending to be legally bound hereby, the parties hereto agree as follows:

 

1.         Termination for Cause. Section 4.3 of the Employment Agreement is amended and restated to read as follows:

 

“4.3     Termination for Cause. Executive’s employment shall terminate immediately upon notice that the Board of Directors is terminating Executive for Cause (as defined herein), in which event the Company shall not thereafter be obligated to make any further payments hereunder other than amounts (including salary, expense reimbursement, etc., but excluding bonuses) due and payable to Executive as of the termination. “Cause” means the following, provided that, in the case of circumstances described in clauses (iv) through (vi) below, the Company shall have given written notice thereof to Executive, and Executive shall have failed to remedy the circumstances as determined in the sole discretion of the Board of Directors within 30 days:

 

(i)         fraud or dishonesty in connection with Executive’s employment or theft, misappropriation or embezzlement of the Company’s funds or other property;

 

(ii)         conviction of any felony, crime involving fraud or knowing misrepresentation, or of any other crime (whether or not such felony or crime is connected with his employment) the effect of which in the reasonable judgment of the Board of Directors is likely to adversely affect the Company or its affiliates;

 

(iii)         material breach of Executive’s obligations under this Agreement;

 

(iv)         repeated and consistent unauthorized failure of Executive to be available to perform duties during normal business hours;

 

(v)         willful violation of any Company policy or any express lawful direction or requirement established by the Board of Directors, as determined by a majority of Board of Directors;

 

(vi)         insubordination, gross incompetence or misconduct in the performance of, or gross neglect of, Executive’s duties hereunder, as determined by a majority of Board of Directors; or

 

 

 

 

(vii)         use of alcohol or other drugs which interfere with Executive’s performance of his duties, or use of any illegal drugs or narcotics.”

 

2.         Termination without Cause. Section 4.4(a)(i) of the Employment Agreement is amended and restated to read as follows:

 

“(a)         If Executive’s employment is terminated by the Company for any reason other than Cause or Executive’s death or disability:

 

(i)         the Company shall pay Executive amounts (including salary, bonuses, expense reimbursement, etc.) due and payable to Executive as of the termination of his employment and shall pay Executive either (A) an amount equal to Executive's then current Base Salary for a period of one year after Executive’s termination of employment under this Section (“Severance Period”) payable in installments in accordance with the Company’s then current regular payroll practices and dates or (B) if Executive so requests in writing, the present value of Executive’s Base Salary payable in a lump sum using a discount rate of six percent (6%), in either case commencing as soon as administratively practicable after the Release described in Section 4.10 (Release) becomes irrevocable as provided in Section 4.10, provided that if the 60-day period described in Section 4.10 begins in one taxable year and ends in a second taxable year, such payments shall not commence until the second taxable year; and”.

 

3.         Change of Control. Section 4.6(c) of the Employment Agreement is amended and restated to read as follows:

 

“(c)         Except as otherwise provided in this Section, any Change of Control Payment or other sums to be paid to Executive under this Section shall be paid in a lump sum as soon as administratively practicable after the Release described in Section 4.10 (Release) becomes irrevocable as provided in Section 4.10, provided that if the 60-day period described in Section 4.10 begins in one taxable year and ends in a second taxable year, such payment shall not commence until the second taxable year.”

 

4.         Equity Awards. Section 4.9 of the Employment Agreement is amended and restated to read as follows:

 

“4.9     Equity Awards. If during the Term: (a) Executive’s employment is terminated by the Company for any reason other than for Cause or (b) Executive terminates his employment under circumstances that would constitute an Involuntary Termination, then (i) any stock options granted to Executive by the Company which are outstanding and have not been exercised by Executive prior to Executive’s termination (X) if unvested, shall accelerate, vest and be exercisable on the date of termination of employment, and (Y) may be exercised by Executive or his legal representative, estate, personal representative or beneficiary who acquired the right to exercise such options by bequest or inheritance, as the case may be, for a period equal to the unexpired term of the stock option, notwithstanding Executive’s termination, and (ii) any unvested restricted stock units granted to Executive by the Company shall automatically vest and become free of all restrictions and conditions, less applicable withholdings, on the date of termination of employment, notwithstanding Executive’s termination; provided, however, that with respect to any acceleration of stock options or vesting of restricted stock units as a result of the termination of Executive's employment under clause (a) or (b), it shall be a condition precedent to such acceleration that Executive shall have complied with Section 4.10 (Release); and provided, further however, that the vesting of equity awards conditioned on performance shall be governed by the terms of the award agreement evidencing such equity award and not by this Section. For the avoidance of doubt, the treatment of Executive’s equity awards in the event of a Change of Control shall be governed by the terms of the Amended and Restated 2015 Equity Incentive Plan as it may be amended (or any applicable successor plan).”

 

 

 

 

5.         Release. Section 4.10 of the Employment Agreement is amended and restated to read as follows:

 

“4.10   Release. In the event of the termination of Executive’s employment for any reason, the Company shall not be obligated to make any payments or provide continuing benefits under this Agreement (other than payments and benefits earned by Executive and payable prior to the date of termination) unless Executive executes and delivers within 60 days after presentation by the Company, and does not revoke within 15 days after delivery by Executive, an agreement (“Release”) in a form acceptable to the Company, that: (i) releases all claims by Executive against the Company and any of its subsidiaries and affiliates, through date of execution; and (ii) requires Executive to indemnify the Company if he breaches the Release.”

 

6.         Injunctive and Other Relief. A new subsection (e) is added at the end of Section 5.4 to read as follows:

 

“(e)         Nothing in this Agreement prohibits Executive reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, Congress, the Occupational Safety and Health Administration, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal and state law or regulation, including the Defend Trade Secrets Act, which gives Executive immunity from federal and state civil and criminal liability for disclosures of trade secrets. Under the Defend Trade Secrets Act, Executive has the right to (i) disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law, and (ii) disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure. Executive does not need prior authorization from the Company to make any such reports or disclosures and are not required to notify the Company that he has made such reports or disclosures.”

 

7.         Arbitration. Section 6.2 of the Employment Agreement is amended to replace the words “Philadelphia, Pennsylvania” with “Minneapolis, Minnesota”.

 

8.         Governing Law. Section 6.6 of the Employment Agreement is amended to replace the words “Commonwealth of Pennsylvania” with “State of Minnesota”.

 

9.         Section 409A. A new Section 6.10 is added to the Employment Agreement immediately after Section 6.9 of the Employment Agreement to read as follows:

 

 

 

 

“6.10         Section 409A.         

 

(a)    Notwithstanding anything to the contrary in this Agreement, no portion of the benefits or payments to be made under Section 4, Termination of Employment, will be payable until Executive has a “separation from service” from the Company within the meaning of Section 409A of the Internal Revenue Code of 1986 and its governing regulations and guidance (“Section 409A”). In addition, to the extent compliance with the requirements of Treas. Reg. § 1.409A-3(i)(2) (or any successor provision) is necessary to avoid the application of an additional tax under Section 409A to payments due to Executive upon or following his “separation from service”, then notwithstanding any other provision of this Agreement (or any otherwise applicable plan, policy, agreement or arrangement), any such payments that are otherwise due within six months following Executive’s “separation from service” (taking into account the preceding sentence of this paragraph) will be deferred without interest and paid to Executive in a lump sum immediately following the earlier to occur (i) the expiration of such six month period or (ii) the death of Executive. For purposes of the application of Section 409A, each payment in a series of payments will be deemed a separate payment.

 

(b)    Notwithstanding anything herein to the contrary or otherwise, except to the extent any expense, reimbursement or in-kind benefit provided to Executive does not constitute a “deferral of compensation” within the meaning of Section 409A, (i) the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive in any other calendar year, (ii) the reimbursements for expenses for which Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred and (iii) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit.

 

(c)    Anything to the contrary herein notwithstanding, all benefits or payments provided by the Company to Executive that would be deemed to constitute “nonqualified deferred compensation” within the meaning of Section 409A are intended to comply with, and shall be interpreted as complying with, Section 409A and all benefits or payments provided by the Company to Executive that are intended to be exempt from Section 409A shall be interpreted in a manner consistent with such intent.”

 

10.         Miscellaneous.

 

10.1         Except as set forth in this Amendment, the Employment Agreement shall remain in full force and effect in accordance with its terms.

 

10.2         This Amendment may be executed in counterparts, each of which shall be deemed to be an original and all of which, when taken together, shall constitute one and the same instrument.

 

[Signatures appear on the following page.]

 

 

 

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date written above.

 

 

 

 

	
			 

				
			INTRICON CORPORATION 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			 

				
			 

			
	
			 

				
			 

				
			Name: 

				
			 

			
	
			 

				
			 

				
			Title: 

				
			 

			

 

 

	
			 

				
			EXECUTIVE 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By:

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