Document:

Exhibit

	
					
	 
	 
	 
	 
	Exhibit 10.52

MEDTRONIC plc

RESTRICTED STOCK AWARD AGREEMENT 
AMENDED AND RESTATED 2013 STOCK AWARD AND INCENTIVE PLAN

		
	1.
	Restricted Stock Units Award. Medtronic plc, an Irish public limited company (the “Company”), hereby awards to the individual named above Restricted Stock Units, in the number and on the Grant Date as each is set forth above. The Restricted Stock Units represent the right to receive ordinary shares of the Company, par value $0.0001 per share (the “Shares”), subject to the restrictions, limitations, and conditions contained in this Restricted Stock Unit Award Agreement (the “Agreement”) and in the Medtronic plc Amended and Restated 2013 Stock Award and Incentive Plan (the “Plan”). Unless otherwise defined in the Agreement, a capitalized term in the Agreement will have the same meaning as in the Plan. In the event of any inconsistency between the terms of the Agreement and the Plan, the terms of the Plan will govern.

		
	2.
	Vesting & Distribution. The Restricted Stock Units will vest 100% on the third anniversary of the Grant Date if the Company’s cumulative diluted earnings per share growth during the 36 month period ending on the last day of the Company’s fiscal year immediately preceding the third anniversary of the Grant Date equals or exceeds a 3% compound annual growth rate, as determined by the Compensation Committee.  The Company will issue to you a number of Shares equal to the number of your vested Restricted Stock Units (including any dividend equivalents described in Section 5, below) within six weeks following any vesting date, provided that you have not incurred a Termination of Employment during the period beginning on the Grant Date and ending on the vesting date (the “Restricted Period”).  Notwithstanding the preceding sentence, if you incur a Termination of Employment during the Restricted Period as a result of your death, Disability or Retirement, and all other conditions and restrictions are met during the Restricted Period, all restrictions on such Restricted Stock Units shall lapse 100% on the third anniversary of the grant date if the Company’s cumulative diluted earnings per share growth during the 36 month period ending on the last day of the Company’s fiscal year immediately preceding the third anniversary of the Grant Date equals or exceeds a 3% compound annual growth rate, as determined by the Compensation Committee, and the Company will issue you a number of Shares equal to the number of your vested Restricted Stock Units (including any dividend equivalents described in Section 5, below) on the third anniversary of the Grant Date.  Upon your Termination of Employment during the Restricted Period for any reason other than death, Disability or Retirement, the Restricted Stock Units will automatically be forfeited in full and canceled by the Company as of 11:00 p.m. CT (midnight ET) on the date of such Termination of Employment.  For purposes of this Agreement, the terms “Disability” and “Retirement” shall have the meanings ascribed to those terms, as of the date of this Agreement, under any retirement plan of the Company which is qualified under Section 401 of the Code (which currently provides for retirement on or after age 55, provided you have been employed by the Company and/or one or more Affiliates for at least ten years, or retirement on or after age 62), or under any disability or retirement plan of the Company or any Affiliate applicable to you due to employment by a non-U.S. Affiliate or employment in a non-U.S. location.  Notwithstanding the foregoing, if you incur a Termination of Employment during the Restricted Period as a result of your death, Disability, or Retirement, no Shares shall be delivered to you pursuant to this Agreement until the earlier of (i) the date on which you incur a “separation from service” (within the meaning of Section 409A of the Code), or, if you are a “specified employee” (within the meaning of Section 409A(a)(2)(B)(i) of the Code) at the time of such “separation from service,” on the date that is six months following the date of your “separation from service”; (ii) the originally scheduled vesting date for the applicable Restricted Stock Units; (iii) the date of your death; and (iv) the date on which you become “disabled” (within the meaning of Section 409A(a)(2)(C) of the Code).

		
	3.
	Forfeiture. If you have received or are entitled to receive delivery of Shares as a result of this Agreement within the period beginning six months prior to the date of your Termination of Employment and ending twelve months following the date of your Termination of Employment, the Company, in its sole discretion, may require you to return or forfeit the cash and/or Shares received or receivable with respect to this Restricted Stock Units award, in the event that you engage in any of the following activities:

		
	a.
	performing services for or on behalf of any competitor of, or competing with, the Company or any Affiliate, within six months of the date of your Termination of Employment;

		
	b.
	unauthorized disclosure of material proprietary information of the Company or any Affiliate;

		
	c.
	a violation of applicable business ethics policies or business policies of the Company or any Affiliate; or

		
	d.
	any other occurrence determined by the Committee.

The Company’s right to require forfeiture must be exercised not later than 90 days after the Company acquires actual knowledge of such an activity but in no event later than twelve months after your Termination of Employment. Such right shall be deemed to be exercised upon the Company’s mailing written notice of such exercise to your most recent home address as shown on the personnel records of the Company. In addition to requiring forfeiture as described herein, the Company may exercise its rights under this Section 3 by terminating the Restricted Stock Units awarded under this Agreement.
If you fail or refuse to forfeit the cash and/or shares of Common Stock demanded by the Company (the number of such shares of Common Stock as may be adjusted for any events described in Section 3.4 of the Plan), you shall be liable to the Company for damages equal to the number of Shares demanded times the highest closing price per share of the Common Stock during the period between the date of your Termination of Employment and the date of any judgment or award to the Company, together with all costs and attorneys’ fees incurred by the Company to enforce this provision.
For purposes of this Section 3, forfeiture of Common Stock shall be effected by the redemption of such Common Stock in accordance with the Articles of Association of the Company and to the extent permissible under applicable law.
Notwithstanding the foregoing, this Section 3 shall have no application following a Change of Control, nor shall the Company’s Incentive Compensation Forfeiture Policy apply following a Change of Control to the Restricted Stock Units awarded pursuant to this Agreement or to any proceeds in respect of such award.
		
	4.
	Change of Control. Notwithstanding anything in Section 2 of this Agreement to the contrary, if a Change of Control of the Company occurs during the Restricted Period, then the Restricted Stock Units will become 100% vested upon such Change of Control, and the Company will issue to you a number of Shares equal to the number of Restricted Stock Units (including any dividend equivalents described in Section 5, below) within six weeks following the Change of Control (unless such Change of Control is not an event described in Section 409A(a)(2)(A)(v) of the Code and the regulations thereunder (a “Section 409A Change of Control”), in which case such settlement shall be delayed until the Delayed Payment Date (as defined below)), provided that no such vesting or issuance shall occur if the Restricted Stock Units are replaced or continued by a Replacement Award that satisfies the requirements of Section 10.1(b) of the Plan. In the event that the Restricted Stock Units are replaced by a Replacement Award and you incur a Termination of Employment during the two years following a Change of Control by the Company without Cause or by you for Good Reason, such Replacement Award shall vest in full and be settled on the Delayed Payment Date. For purposes of this Agreement, the Delayed Payment Date means the first to occur of: (i) the date on which you incur a “separation from service” (within the meaning of Section 409A of the Code), or, if you are a “specified employee” (within the meaning of Section 409A(a)(2)(B)(i) of the Code) at the time of such “separation from service,” on the date that is six months following the date of your “separation from service”; (ii) the originally scheduled vesting date for the applicable Restricted Stock Units; (iii) the date of your death; and (iv) the date of a Section 409A Change of Control.

		
	5.
	Dividend Equivalents. You are entitled to receive dividend equivalents on the Restricted Stock Units generally in the same manner and at the same time as if each Restricted Stock Unit were a Share. These dividend equivalents will be credited to you in the form of additional Restricted Stock Units. The additional Restricted Stock Units will be subject to the terms of this Agreement.

		
	6.
	Withhold Taxes. You are responsible to promptly pay any Social Security and Medicare taxes (together, “FICA”) due upon vesting of the Restricted Stock Units, and any Federal, State, and local taxes due upon distribution of the Shares. The Company and its Subsidiaries are authorized to deduct from any payment to you any such taxes required to be withheld. As described in Section 15.4 of the Plan and to the extent permissible under applicable law, you may elect to have the Company withhold a portion of the Shares issued upon settlement of the Restricted Stock Units to satisfy all or part of the withholding tax requirements. You may also elect, at the time you vest in the Restricted Stock Units, to pay your FICA liability due with respect to those Restricted Stock Units out of those units. If you choose to do so, the Company will reduce the number of your vested Restricted Stock Units accordingly. The amount that is applied to pay FICA will be subject to Federal, State, and local taxes.

		
	7.
	Limitation of Rights. Except as set forth in the Agreement, until the Shares are issued to you in settlement of your Restricted Stock Units, you do not have any right in, or with respect to, any Shares (including any voting rights) by reason of this Agreement. Further, you may not transfer or assign your rights under the Agreement and you do not have any rights in the Company’s assets that are superior to a general, unsecured creditor of the Company by reason of this Agreement.

		
	8.
	No Employment Contract. Nothing contained in the Plan or Agreement creates any right to your continued employment or otherwise affects your status as an employee at will. You hereby acknowledge that the Company and you each have the right to terminate your employment at any time for any reason or for no reason at all.

		
	9.
	Amendment to Agreement Under Section 409A of the Code. You acknowledge that the Agreement and the Plan, or portions thereof, may be subject to Section 409A of the Code, and that changes may need to be made to the Agreement to avoid adverse tax consequences under Section 409A of the Code. You agree that following the issuance of such rules, the Company may amend this Agreement as it deems necessary or desirable to avoid such adverse tax consequences; provided, however, that the Company shall accomplish such amendments in a manner that preserves your intended benefits under the Agreement to the greatest extent possible.

		
	10.
	Governing Law, Venue and Personal Jurisdiction.  Notwithstanding anything contrary in the Plan, the validity, enforceability, construction and interpretation of the Plan or Agreement shall be governed by the laws of the State of Minnesota.  You irrevocably waive any right to have the laws of any state or nation or other legal jurisdiction other than the State of Minnesota apply to the Plan or Agreement. Any dispute regarding the Plan or Agreement shall be exclusively decided by a state court in the State of Minnesota, and you irrevocably waive any right to have any such disputes decided in any jurisdiction or venue other than a state court in the State of Minnesota.  You irrevocably consent to the personal jurisdiction of the state courts in the State of Minnesota for the purposes of any action arising out of or related to the Plan or Agreement, and irrevocably waive any right to remove any case commenced by Medtronic from a state court in the State of Minnesota to any federal court.

		
	11.
	Agreement. You agree to be bound by the terms and conditions of this Agreement and the Plan. Your signature is not required in order to make this Agreement effective.

Medtronic Stock Administration
Medtronic plc
c/o Medtronic, Inc.
800 53rd Ave NE #SLK32
Minneapolis, MN 55432
askhr@medtronic.com
888-422-1500Exhibit

        
	
					
	 
	 
	 
	 
	Exhibit 10.53

MEDTRONIC plc

LONG TERM PERFORMANCE AWARD AGREEMENT 
AMENDED AND RESTATED 2013 STOCK AWARD AND INCENTIVE PLAN

Performance Period:  FY2019 to FY2021

		
	1.
	Performance Award.   Medtronic plc, an Irish public limited company (“Medtronic” or the “Company”), hereby grants to the individual named above (“you”) a Long-Term Performance Award (the “Award”) based on the target award specified above (“Target Award”), under the terms and conditions set forth in this agreement (the “Agreement”) and in the Medtronic plc Amended and Restated 2013 Stock Award and Incentive Plan (the “Plan”).  In the event of any inconsistency between the terms of the Agreement and the Plan, the terms of the Plan shall govern.  Capitalized terms used but not defined shall have the meaning ascribed thereto in the Plan.

		
	2.
	Performance Targets.  The payout under this Award will be based on the following pre-established performance targets:

		
	a)
	Company performance will be measured using three criteria:  Revenue Growth rate (“Revenue Growth”), 3-year Return on Invested Capital (“ROIC”), and Relative Total Shareholder Return (“Relative TSR”) as shown in the grids below.  The performance measures will be weighted as follows:  Revenue Growth weighted 33.34%, ROIC weighted 33.33% and Relative TSR weighted 33.33%.  The award constituting the payout may be greater than, equal to, or less than the original amount based upon actual performance relative to these targets.

	
												
	Revenue Growth 
Performance Range
	0%
	1%
	2%
	3%
	4%
	5%
	6%
	7%
	8%
	9%
	10%

	Payout Range
	50%
	60%
	70%
	80%
	90%
	100%
	120%
	140%
	160%
	180%
	200%

	
												
	ROIC
Performance Range
	10%
	10.6%
	11.2%
	11.8%
	12.4%
	13%
	14%
	15%
	16%
	17%
	18%

	Payout Range
	50%
	60%
	70%
	80%
	90%
	100%
	120%
	140%
	160%
	180%
	200%

	
												
	Relative TSR
Performance Range
	25%
	30%
	35%
	40%
	45%
	50%
	55%
	60%
	65%
	70%
	75%

	Payout Range
	50%
	60%
	70%
	80%
	90%
	100%
	120%
	140%
	160%
	180%
	200%

The tables above show the percentage of the Target Award to be earned based on the actual Company performance against these three criteria for the three years of the award cycle.  
		
	b)
	To determine payout, the percentage across the top of the grid is earned based on achievement of performance targets within the grid for each of the three performance measures, multiplied by the weight.  To illustrate, if Company performance results in Revenue Growth of 5%, ROIC of 15% and Relative TSR of 55%, the payout would be calculated as follows:

	
				
	Performance Measure
	% Award Earned
	Weight
	 

	Revenue Growth
	100%  x
	33.34%
	= 33.34%

	ROIC
	140%  x
	33.33%
	= 46.66%

	Relative TSR
	120%  x
	33.33%
	= 40.00%

	% Payout of Target Award
	 
	 
	= 120.00%

		
	3.
	Calculation of Revenue Growth, ROIC and Relative TSR

“Revenue Growth” is defined as Medtronic’s 3-year cumulative compounded annual revenue growth measured at constant currency, but otherwise including all other GAAP components (acquisitions, divestitures, etc.).  Actual achievement of this performance measure is interpolated based on the matrix above.

“Return on Invested Capital (with cash)” or “ROIC” is defined as Non-GAAP Earnings as reported to Investors plus Interest Expense net of Tax, divided by Invested Capital for each year, averaged over the 3 year period.  “Invested Capital” is defined as Total Equity plus Interest Bearing Liabilities less Cash and Cash Equivalents.

“Relative TSR” is defined as (end average share price x re-investment factor) -1 x 100 divided by the start average share price.  The re-investment factor equals the cumulative number of dividend shares divided by one share.

		
	4.
	Payment of Award.  Your Award will be paid in cash as soon as practicable following the end of the performance period.

		
	5.
	Withholding Taxes.  Your Award will be subject to taxes and withholding in accordance with applicable law.

		
	6.
	Termination.  In the event of your death, Disability or Retirement (as each such term is defined below) and provided you have completed a minimum of six months participation in the cycle, you will be eligible to receive a pro-rata portion of the Award based on the length of time you were employed during the performance period.  Any such pro-rata portion will be paid in cash as soon as practicable following the end of the performance period based on achievement of the performance targets.   If you terminate for a reason other than death, Disability or Retirement prior to the end of performance cycle, you will not be eligible to receive any Award payment.  For purposes of this Agreement, the terms “Disability”  and  “Retirement” shall have the meanings ascribed to those terms under any retirement plan of the Company which is qualified under Section 401 of the Code  (which currently provides for retirement on or after age 55, provided you have been employed by the Company and/or one or more Affiliates for at least ten years, or retirement on or after age 62), or under any disability or retirement plan of the Company or any Affiliate applicable to you due to employment by a non-U.S. Affiliate or employment in a non-U.S. location, or as otherwise determined by the Committee.  

		
	7.
	Change of Control.  If a Change of Control of the Company occurs during the performance period, then this Award will accelerate and vest immediately to the full extent, and the Company will pay you the Target Award within six weeks following the Change of Control (unless such Change of Control is not an event described in Section 409A(a)(2)(A)(v) of the Code and the regulations thereunder (a “Section 409A Change of Control”), in which case such Award payment shall be delayed until the Delayed Payment Date (as defined below)), provided that no such vesting or payment shall occur if the Award is replaced or continued by a Replacement Award that satisfies the requirements of Section 10.1(b) of the Plan.  In the event that the Award is replaced by a Replacement Award and you incur a Termination of Employment during the two years following a Change of Control by the Company without Cause or by you for Good Reason, such Replacement Award shall vest in full and be paid on the Delayed Payment Date.  For purposes of this Agreement, the Delayed Payment Date means the first to occur of:  (i) the date on which you incur a “separation from service” (within the meaning of Section 409A of the Code), or, if you are a “specified employee” (within the meaning of Section 409A(a)(2)(B)(i) of the Code) at the time of such “separation from service,” on the date that is six months following the date of your “separation from service”; (ii) the originally scheduled vesting date for the applicable Award; (iii) the date of your death; and (iv) the date of a Section 409A Change of Control.

		
	8.
	Beneficiary Designation.  If a participant dies before completion of the Award cycle, a portion of the Award may be payable in accordance with the terms herein.  The Plan permits each participant to designate a beneficiary to receive payments that may be due in the event of death.

		
	9.
	Forfeiture of Award.  If you have received or been entitled to receive payment in cash as a result of this Award within the period beginning six months prior to termination of your employment with the Company or any Affiliate and ending when the Award terminates or is canceled, the Company, in its sole discretion, may require you to return or forfeit the cash received or receivable with respect to this Award, in the event you engage in any of the following activities:

		
	a)
	performing services for or on behalf of any competitor of, or competing with, the Company or any Affiliate within six months of the date of your termination of employment with the Company or any Affiliate; 

b)unauthorized disclosure of material proprietary information of the Company or any Affiliate; 

c)a violation of applicable business ethics policies or business policies of the Company or any Affiliate; or

		
	d)
	any other occurrence determined by the Committee.

The Company’s right to require forfeiture must be exercised not later than 90 days after the Company acquires actual knowledge of such an activity but in no event later than 12 months after your termination of employment with the Company or any Affiliate. Such right shall be deemed to be exercised upon the Company’s mailing written notice of such exercise to your most recent home address as shown on the personnel records of the Company.  In addition to requiring forfeiture as described herein, the Company may exercise its rights under this Section 9 by terminating this Award.
If you fail or refuse to forfeit the cash demanded by the Company (adjusted for any events described in Section 3.4 of the Plan), you shall be liable to the Company for damages, including interest accrued from the date of written notice, together with all costs and attorneys’ fees incurred by the Company to enforce this provision.
		
	10.
	Acknowledgment.  Your receipt of the Performance Award and this Agreement constitutes your agreement to be bound by the terms and conditions of this Agreement and the Plan.  Your signature is not required in order to make this Agreement effective.

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