Document:

EX-10.15

 Exhibit 10.15 

 
 

 
 SI-BONE, INC. 

3055 OLIN AVENUE, SUITE 2200 

SAN JOSE, CA 95128 
 January 18, 2017

 Dr. W. Carlton Reckling 
 [Address intentionally
omitted.] 
 Dear Carlton: 
 On behalf of SI-BONE, Inc. (the company) it is our pleasure to offer you a promotion effective February 1, 2017 on the following terms: 

Position: Your title will be Chief Medical Officer and VP of Medical Affairs and you will continually report to me. 

Cash Compensation: The Company will pay you a base semi-monthly salary of $12,500 equivalent to a yearly amount of $300,000 subject to applicable
withholdings. SI-BONE paydays are semi-monthly. 
 Employment Relationship. The remainder of the terms and
conditions of your employment with the Company, including without limitation to the at-will nature of your employment, will remain as set forth in the offer letter between you and the Company dated
February 7, 2012. 
 Carlton, we hope that you will accept this offer of promotion to assume this position within the Company. Please indicate your
acceptance by signing this document below and retuning a signed copy at your earliest convenience. 
 If you have any questions, please call me at 408-207-0700. 
  

			
	Very truly yours,
	
	SI-BONE, INC.
		
	By:	 	     /s/ Jeffrey W. Dunn

	Jeffrey W. Dunn
	President, CEO and Chairman

  

	
	I have read and accept this employment offer:
	
	 /s/ W. Dr. W. Carlton Reckling

	Signature of Dr. W. Carlton Reckling
	
	Dated: 2/22/2017

  
 1EX-10.16

 Exhibit 10.16 

 
 

 
 SI-BONE, INC. 

550 SOUTH WINCHESTER BLVD., SUITE 620 

SAN JOSE, CA 95128 

December 16, 2010 
 Mr. Scott Yerby 

[Address intentionally omitted.] 
 Dear Scott: 

SI-BONE, Inc. (the “Company”) is pleased to offer you employment effective January 17,
2011 on the following terms: 
 1.    Position. Your initial title will be Vice President and Chief Technology
Officer, and you will initially report to Jeffrey Dunn, President and CEO. This is a full-time position. While you render services to the Company, you will not engage in any other employment, consulting or other business activity (whether fall-time
or part-time) that would create a conflict of interest with the Company. By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your
duties for the Company. 
 2.    Cash Compensation. The Company will pay you a starting salary at the rate of
$180,000 per year, payable in accordance with the Company’s standard payroll schedule. This salary will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time. 

3.    Employee Benefits. As a regular employee of the Company, you will be eligible to participate in a number of
Company-sponsored benefits. You will be eligible for Medical and Dental Benefits on February 1, 2011. In addition, you will be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect from time to time. 

4.    Stock Options. Subject to the approval of the Company’s Board of Directors or its Compensation
Committee, you will be granted an option to purchase 1,166,556 shares of the Company’s Common Stock, which currently represents 1.015% of fully diluted shares outstanding. The exercise price per share will be determined by the Board of
Directors or the Compensation Committee when the option is granted. The option will be subject to the terms and conditions applicable to options granted under the Company’s 2008 Stock Plan (the “Plan”), as described in the Plan and
the applicable Stock Option Agreement. You will vest in 25% of the option shares after 12 months of continuous service, and the balance will vest in equal monthly installments over the next 36 months of continuous service, as described in the
applicable Stock Option Agreement. In addition, if the Company is subject to a Change in Control (as defined below), before your service with the Company terminates, the Option will vest an additional 50% of the unvested shares at that time. 

  
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 “Change in Control” means (a) the consummation of a merger or consolidation
of the Company with or into another entity or (b) the dissolution, liquidation or winding up of the Company. The foregoing notwithstanding, a merger or consolidation of the Company does not constitute a “Change in Control” if
immediately after the merger or consolidation a majority of the voting power of the capital stock of the continuing or surviving entity, or any direct or indirect parent corporation of the continuing or surviving entity, will be owned by the persons
who were the Company’s stockholders immediately prior to such merger or consolidation in substantially the same proportions as their ownership of the voting power of the Company’s capital stock immediately prior to the merger or
consolidation. 
 5.    Proprietary Information and Inventions Agreement. Like all Company employees, you will be
required, as a condition of your employment with the Company, to sign the Company’s standard Proprietary Information and Inventions Agreement, a copy of which is attached hereto as Exhibit A. 

6.    Employment Relationship. Employment with the Company is for no specific period of time. Your employment with
the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this
letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to
time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you). 

7.    Taxes. All forms of compensation referred to in this letter agreement are subject to reduction to reflect
applicable withholding and payroll taxes and other deductions required by law. You agree that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim
against the Company or its Board of Directors related to tax liabilities arising from your compensation. 

8.    Interpretation, Amendment and Enforcement. This letter agreement and Exhibit A constitute the complete
agreement between you and the Company, contain all of the terms of your employment with the Company and supersede any prior agreements, representations or understandings (whether written, oral or implied) between you and the Company. This letter
agreement may not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company. The terms of this letter agreement and the resolution of any disputes as to the meaning, effect,
performance or validity of this letter agreement or arising out of, related to, or in any way connected with, this letter agreement, your employment with the Company or any other relationship between you and the Company (the “Disputes”)
will be governed by California law, excluding laws relating to conflicts or choice of law. You and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in California in connection with any Dispute or any
claim related to any Dispute. 

  
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 * * * * * 

We hope that you will accept our offer to join the Company. You may indicate your agreement with these terms and accept this offer by signing and dating both
the enclosed duplicate original of this letter agreement and the enclosed Proprietary Information and Inventions Agreement and returning them to me. This offer, if not accepted, will expire at the close of business on December 21, 2010. As
required by law, your employment with the Company is contingent upon your providing legal proof of your identity and authorization to work in the United States. Your employment is also contingent upon your starting work with the Company on
January 17, 2011. 
 If you have any questions, please call me at
408-207-0700 x2201. 
  

			
	Very truly yours,
	
	SI-BONE, Inc.
		
	By:	 	 /s/ Jeffrey W. Dunn

	Jeffrey W. Dunn
	Title:	 	President and CEO

  

	
	I have read and accept this employment offer:
	
	 /s/ Scott Yerby

	Signature of Employee
	
	Dated: 12-16-10

 Attachment 
 Exhibit A:
Proprietary Information and Inventions Agreement 
 Exhibit B: California Labor Code Section 2870 

Exhibit C: Prior Matter 

  
 Page 3EX-10.17

 Exhibit 10.17 

 

			
	 Confidential and Proprietary
	  	

 March 15, 2016 

Mr. Scott Yerby 
 [Address intentionally omitted.] 

 

	Re:	 Severance 

Dear Scott: 
 This letter contains terms and conditions
pertaining to separation payments and benefits that SI-BONE, Inc. (“the Company”) is offering to you. 
  

	 	1.	 Benefits upon Separation from Employment - No Change in Control. In the event that the Company
terminates your employment for any reason other than for Cause (as defined below), the Company will tender to you the following benefits (collectively, the “Severance Benefits”) within sixty (60) calendar days of the termination date:

  

	 	a.	 A lump-sum payment equal to three (3) months of your then-current
base salary; and 

  

	 	b.	 A lump-sum payment in the amount of $5,700.00 

 

	 	2.	 Benefits upon Separation from Employment Prior to or Following a Change in Control. Notwithstanding the
foregoing, in the event the Company terminates your employment for any reason other than for Cause or if you resign your employment for Good Reason either three (3) months prior to or twelve (12) months following the consummation of a
Change in Control, the Company will tender to you the following benefits (collectively, “the Change in Control Severance Benefits”) within sixty (60) calendar days of the termination date: 

 

	 	a.	 A lump-sum payment equal to six (6) months of your then-current
base salary; 

  

	 	b.	 A lump-sum payment in the amount of $11,300.00; 

 

	 	c.	 Accelerated vesting of any unvested Company stock options such that 100% of your unvested option shares shall
vest as of your termination date; and 

  

	 	d.	 A lump-sum equal to your target annual bonus, prorated for partial
months of service prior to your separation date. 

  
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	 	3.	 Definitions. The following definitions apply to this letter agreement: 

 

	 	a.	 Change of Control: (i) the consummation of a merger or consolidation of the Company with or into
another entity; or [ii] the dissolution, liquidation or winding up of the Company. The foregoing notwithstanding, a merger or consolidation of the Company does not constitute a “Change in Control” if immediately after the merger or
consolidation a majority of the voting power of the capital stock of the continuing or surviving entity, or any direct or indirect parent corporation of the continuing or surviving entity, will be owned by the persons who were the Company’s
stockholders immediately prior to such merger or consolidation in substantially the same proportions as their ownership of the voting power of the Company’s capital stock immediately prior to the merger or consolidation. 

 

	 	b.	 Cause: (i) acts or omissions constituting gross negligence, recklessness or willful misconduct on
your part with respect to your obligations or otherwise relating to Company business; (ii) your material breach of this agreement or the Company’s Proprietary Information and Inventions Agreement; (iii) your conviction of, entry of or
a plea of nolo contendere to fraud, misappropriation or embezzlement, or any felony or crime of moral turpitude; (iv) your willful neglect of duties as determined in the sole and exclusive discretion of the Company’s Chief Executive
Officer or Board of Directors; [v) your failure to perform the essential functions of your position, with or without a reasonable accommodation, due to a mental or physical disability; or (vi) your death. 

 

	 	c.	 Good Reason: the occurrence of one or more of the following without your express written consent:
(i) a reduction in your base salary by more than 10%; (ii) a material diminution of your authority, duties or responsibilities; or (iii) relocation of your principal workplace by more than thirty (30) miles. A condition shall not be
considered ‘‘Good Reason” unless you give the Company written notice of such condition within ninety (90) days after such condition comes into existence and the Company fails to remedy such condition within thirty (30) days
after receiving your written notice. 

  

	 	4.	 Contingencies for Receipt of Separation Payment(s). Your receipt of the Severance Benefits or the Change
in Control Severance Benefits will be contingent upon the following: (a) your return of all Company property in your possession; (b) if applicable, your resignation from your position as a member of the Company’s Board of Directors
and the Board of Directors of any Company subsidiary; (c) your continued adherence to the terms and conditions of the Proprietary information and Inventions Agreement between you and the Company, including without limitation the ongoing
obligations following the 

  
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termination of your employment set forth in that agreement; and (d) your execution and non-revocation of a standard form release of claims against the
Company in a form proscribed by the Company. 

  

	 	5.	 Tax Matters. 

  

	 	a.	 Withholding. All benefits referred to in this letter agreement will be subject to applicable tax
withholding and deductions. 

  

	 	b.	 IRC Section 280G Payments. In the event that the Severance Benefits and/or the Change in Control
Severance Benefits constitute an “excess parachute payment” under the Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), the Severance Benefits and/or Change in Control Severance Benefits shall
be reduced to the maximum amount that does not trigger the excise tax provisions of the Code unless, in the Company’s determination, you would receive greater post-tax payments and benefits in the absence
of such reduction. 

  

	 	c.	 Section 409A. If the Company determines that you are a “specified employee” under Section
409(a)(2)(B)(i) of the Code as such definition shall apply as of your termination date, then, to the extent that any portion of the Severance Benefits and/or Change in Control Severance Benefits are subject to Section 409A of the Code, those
payments shall be tendered to you (or your estate) on the first business day following the earlier of: (0 six (6) months following your separation date; or (ii) the date of your death. 

 

	 	d.	 No Tax Advice. Notwithstanding the foregoing, by your signature below you agree and acknowledge that the
Company does not have a duty to tender to you tax advice and has no duty to design compensation policies to minimize your tax liabilities. 

  

	 	6.	 At-Will Employment. Your employment with the Company remains at-will, which means that either you or the Company may end your employment at any time, with or without reason, notice, or cause. 

 

	 	7.	 Miscellaneous. This letter agreement expressly supersedes and replaces any prior agreements,
representations or understandings, written or oral or express or implied, between you and the Company as to the subject matter herein, including without limitation the Offer Letter dated December 16, 2010, the Severance Letter dated
June 28, 2013 and the Severance Letter dated November 24, 2015. This agreement will be construed and interpreted in accordance with the laws of the State of California. This letter agreement may only be modified or amended in a writing
signed by both you and a duly-authorized Company officer or member of the Board of Directors. This agreement will bind the heirs, personal 

  
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representatives, successors and assigns of both you and the Company, and will inure to the benefit of both you and the Company, and your/its heirs, successors and assigns. If any provision of
this letter agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this agreement and the provision in question will be modified to be rendered enforceable.

 To signify your acceptance of these terms and conditions, please sign and return a copy of this letter agreement to me on or before
March 22, 2016. 
  

	
	Sincerely,
	
	SI-BONE, Inc.
	
	 /s/ Agape Eleftheriadis

	Agape Eleftheriadis
	Director, Human Resources
	
	ACCEPTED AND AGREED TO:
	
	 /s/ Scott Yerby

	Scott Yerby
	
	Date Signed: March 16, 2016

  
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