Document:

Exhibit 10.15.1

 

CAPEX NOTE

 

		$2,500,000	Minneapolis, Minnesota

December 15, 2017

 

FOR VALUE RECEIVED,
the undersigned, INTRICON CORPORATION, a Pennsylvania corporation, INTRICON, INC., a Minnesota corporation, I-MANAGEMENT, LLC,
a Minnesota limited liability company, and HEARING HELP EXPRESS, INC., an Illinois corporation (each, a “Borrower”;
collectively, the “Borrowers”), hereby JOINTLY AND SEVERALLY promise to pay to the order of CIBC BANK USA (formerly
known as The PrivateBank and Trust Company), the principal sum of TWO MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($2,500,000),
or if less, the then aggregate unpaid principal amount of the CapEx Loan as may be borrowed by the Borrowers (or any of them) under
the Loan Agreement (as hereinafter defined). The actual amount due and owing from time to time hereunder shall be evidenced by
Bank’s records of receipts and disbursements with respect to the CapEx Loan, which shall, absent manifest error, be conclusive
evidence of such amount.

 

Each Borrower further
promises to pay interest on the aggregate unpaid principal amount hereof at the rates provided in the Loan Agreement from the date
hereof until payment in full hereof. Accrued interest shall be payable on the dates specified in the Loan Agreement.

 

All payments of principal
and interest under this CapEx Note (the “Note”) shall be made in lawful money of the United States of America
in immediately available funds at the Bank’s office at 50 South 6th Street, Suite 1415, Minneapolis, MN 55402, or at such
other place as may be designated by the Bank to the Borrowers in writing.

 

This Note is the CapEx
Note referred to in, and evidences indebtedness incurred under, a Loan and Security Agreement dated as of August 13, 2009 (as previously
amended, as further amended on or about the date hereof and as the same may be hereafter further amended, modified or supplemented
from time to time, the “Loan Agreement”), among the Borrowers and the Bank, to which Loan Agreement reference
is made for a statement of the terms and provisions thereof, including those under which the Borrowers are permitted and required
to make prepayments and repayments of principal of such indebtedness and under which such indebtedness may be declared to be immediately
due and payable. Capitalized terms used here and not otherwise defined herein have the meanings ascribed to them in the Loan Agreement.

 

All parties hereto,
whether as makers, endorsers or otherwise, severally waive presentment, demand, protest and notice of dishonor in connection with
this Note.

 

This Note is made under
and governed by the internal laws of the State of Minnesota.

 

[REMAINDER OF PAGE LEFT
INTENTIONALLY BLANK]

 

     

     

    

 

Exhibit 10.15.1

 

IN WITNESS WHEREOF,
the undersigned have caused this Note to be executed as of the date first set forth above.

 

	 	INTRICON CORPORATION, 
	 	a Pennsylvania corporation
	 	 	 
	 	By: 	/s/ Scott Longval
	 	Name: Scott Longval
	 	Title: Chief Financial Officer
	 	 	 
	 	INTRICON, INC., 
	 	a Minnesota corporation 
	 	 	 
	 	By: 	/s/ Scott Longval
	 	Name: Scott Longval
	 	Title: Chief Financial Officer
	 	 	 
	 	I-MANAGEMENT, LLC, 
	 	a Minnesota limited liability company
	 	 	 
	 	By: 	/s/ Scott Longval
	 	Name: 	 
	 	Title: 	 
	 	 	 
	 	HEARING HELP EXPRESS, INC., 
	 	an Illinois corporation
	 	 	 
	 	By: 	/s/ Scott Longval
	 	Name: 	 
	 	Title: 	 

 

[CapEx Note]Exhibit 10.22

 

 

«Date»

 

«Full_Name»

IntriCon Corporation

1260 Red Fox Road

Arden Hills, MN 55112

 

Dear «M_1st_Name»:

 

I am pleased to inform you that
on «Grant_Date» the Compensation Committee of the Board of Directors of IntriCon Corporation granted you options to
purchase «Shares» Common Shares of the Company under the Company’s 2015 Equity Incentive Plan (the “Plan”)
at an exercise price of $«Price» per share.

 

Under the Plan, the Company may
grant either incentive stock options or non-qualified stock options. The options granted to you are intended to be incentive stock
options.

 

Provided you do not experience
a Status Change (as defined in the Plan, generally a termination of employment) prior to each applicable vesting date and subject
to earlier vesting as provided in the Plan, the options will become vested and exercisable as follows: (i) if the 2017 minimum
net income from continuing operations target is achieved and the applicable percentage (up to 100%) of your respective strategic
objectives are met, all as set forth on Exhibit A (the “Performance Conditions”); AND (ii) thereafter in three equal
annual installments beginning with the first installment becoming vested and exercisable on the first anniversary of the date
that the Performance Conditions described in clause (i) are satisfied. If and to the extent that the Performance Conditions described
in clause (i) are satisfied, the Company will provide to you an acknowledgement in the form attached as Exhibit B setting forth
the number of shares subject to this option that will be subject to the time-based vesting and exercisability conditions described
in clause (ii) and the applicable dates of exercisability. If and to the extent that the Performance Conditions described in clause
(i) are not satisfied, this option will terminate as set forth in the acknowledgement.

 

The exercise price for your options
shall be payable in cash, by the “net exercise” method without the payment of cash or as otherwise permitted under
the Plan.

 

Once options become exercisable,
they will remain exercisable until they are exercised or until they terminate. Unless earlier terminated pursuant to the terms
of the Plan, all options granted hereby shall terminate on «Terminate»1
(the “Scheduled Expiration Date”). While the specific terms of the Plan will govern, generally:

 

		●	If
                                         you experience a Status Change due to your death, Disability or Retirement (as defined
                                         in the Plan), all of your options will become immediately exercisable in full and may
                                         be exercised at any time prior to the Scheduled Expiration Date;

 

 

1
Insert July 25, 2027.

 

     

     

    

 

		●	If
                                         you experience a Status Change due to any other reason, any options that you had that
                                         were not exercisable as of the date of your Status Change will expire. You may exercise
                                         options that were exercisable as of the date of your Status
Change at any time prior to the earlier of (a) 90 days after the date of your Status Change and (b) the Scheduled Expiration Date.

 

Subject to the Plan, this option
shall become exercisable in full upon the occurrence of a Change in Control (as defined in the Plan), [subject to the satisfaction
of the Performance Conditions.]

 

This option is subject to cancellation
in the event that your employment is terminated for Cause (as defined in the Plan) and under other circumstances described in
the Plan.

 

Further terms governing the options
granted to you are set forth in the Plan, which is incorporated herein by reference. A copy of the Plan is available from the
Human Resources Department.

 

If you wish to accept the grant
of the options as provided above and in the Plan, please so indicate by signing and returning the enclosed copy of this letter,
whereupon you and the Company shall be legally bound hereby under Pennsylvania law.

 

	 	 	Very truly yours,
	 	 	 	 
	 	 	INTRICON CORPORATION 
	 	 	 	 
	 	 	By: 	 
	 	 	 	«From»
	 	 	 	«Title»
	 	 	 	«M_2nd_line»
	 	 	 	 
	Accepted and Agreed:	 	 	 
	 	 	 	 
	«Full_Name»	 	 	 

 

1260
Red Fox Road ● Arden Hills, MN 55112 ● Tel: 651-636-9770 ● Fax: 651-357-1097 ● www.IntriCon.com

 

     

     

    

 

Exhibit
A

Performance
Conditions

 

Financial
Component

 

Strategic
Component

 

	Strategic
    Objective	Percentage
    of Options
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	100%

 

1260
Red Fox Road ● Arden Hills, MN 55112 ● Tel: 651-636-9770 ● Fax: 651-357-1097 ● www.IntriCon.com

 

     

     

    

 

Exhibit
B

 

 

 

Form of
Acknowledgement

 

[insert A
or B]

 

[A]

 

[The Compensation
Committee of the Board of Directors of IntriCon Corporation has determined that with respect to the stock option granted to you
as of «Grant_Date» (the “Option Award”), the Performance Conditions applicable to such Option Award have
been satisfied with respect to [       ] shares of common stock subject to the Option Award. [Add if applicable: The balance of the
Option Award has terminated].

 

Provided you do not experience
a Status Change (as defined in the Plan) prior to each applicable vesting date and subject to earlier vesting as provided in the
Plan, these options will become exercisable as follows:

 

	Date First Exercisable	Number of Shares
	«M_1st_Exercise»	«M__shares»
	«M_2nd_Ex»	«M__shares1»
	«M_3rd_Ex»	«M__shares2»]

 

[B]

 

[The Compensation
Committee of the Board of Directors of IntriCon Corporation has determined that with respect to the stock option granted to you
as of «Grant_Date» (the “Option Award”), none of the Performance Conditions applicable to such Option
Award have been satisfied and such Option Award has fully terminated].

 

	 	 	Very truly yours,
	 	 	 	 
	 	 	INTRICON CORPORATION 
	 	 	 	 
	 	 	By: 	 
	 	 	 	«From»
	 	 	 	«Title»
	 	 	 	«M_2nd_line»

 

1260
Red Fox Road ● Arden Hills, MN 55112 ● Tel: 651-636-9770 ● Fax: 651-357-1097 ● www.IntriCon.comExhibit
10.23

 

 

 

«Date»

 

«Full_Name» 

IntriCon Corporation

1260 Red Fox
Road

Arden Hills,
MN 55112

 

Dear «M_1st_Name»:

 

I am pleased
to inform you that on «Grant_Date» the Compensation Committee of the Board of Directors of IntriCon Corporation granted
you Restricted Stock Units for «Shares» of Common Stock of the Company (“RSUs”) under the Company’s
2015 Equity Incentive Plan (the “Plan”).

 

The RSUs will
vest on the following dates (each a “Vesting Date”):

 

	Vesting Date	 	Number of Shares
	«M_1st_Exercise»	 	«M__shares»  
	«M_2nd_Ex»	 	«M__shares1»
	«M_3rd_Ex»	 	«M__shares2»

 

In addition,
while the specific terms of the Plan will govern, generally:

 

		●	If
                                         your employment is terminated due to your death or Disability (as defined in the Plan),
                                         all of your RSUs will immediately vest in full;

 

		●	If
                                         your employment is terminated due to your Retirement (as defined in the Plan), all of
                                         your RSUs will immediately vest in full;

 

		●	If
                                         your employment is terminated due to any other reason, any RSUs that you had that were
                                         not vested as of the date of the termination of your employment will expire.

 

Subject to
the Plan, all of your RSUs will immediately vest in full upon the occurrence of a Change in Control (as defined in the Plan).

 

Within ten
(10) business days following each Vesting Date (including any accelerated vesting date provided in the Plan), the Company shall
issue to you, either by book-entry registration or issuance of a stock certificate or certificates, a number of shares of Common
Stock equal to the number of RSUs granted hereunder that have vested as of such date. Any shares of Common Stock issued to you
hereunder shall be fully paid and non-assessable.

 

At the time
of vesting, the Company shall withhold from any shares of Common Stock deliverable in payment of the RSUs a number of shares of
Common Stock having a value equal to the minimum amount of income and employment taxes required to be withheld under applicable
laws and regulations, and pay the amount of such withholding taxes in cash to the appropriate taxing authorities. Any fractional
shares resulting from the payment of the withholding amounts shall be liquidated and paid in

 

     

     

    

 

«Full_Name» 

Page 2 

 

cash to the U.S. Treasury as additional
federal income tax withholding for you. You shall be responsible for any withholding taxes not satisfied by means of such mandatory
withholding and for all taxes in excess of such withholding taxes that may be due upon vesting of the RSUs. Notwithstanding the
foregoing, prior to the date that such withholding taxes are due to the appropriate taxing authorities as a result of the vesting
of the RSUs, you may pay to the Company in cash or cash equivalents the amount of such withholding taxes, in which case such withholding
taxes will not be withheld from the Shares deliverable in payment of the RSUs.

 

You shall not
have any rights as a shareholder, including voting or dividend rights, with respect to shares of Common Stock covered by the RSUs
until you become the holder of record with respect to such Shares in accordance with this award and the Plan. No adjustment shall
be made for dividends or other rights for which the record date is prior to such date, except as provided in the Plan.

 

This award
is subject to cancellation in the event that your employment is terminated for Cause (as defined in the Plan) and under other
circumstances described in the Plan.

 

Further terms
governing the RSUs granted to you are set forth in the Plan, which is incorporated herein by reference. A copy of the Plan is
available from the Human Resources Department.

 

If you wish
to accept the grant of the RSUs as provided above and in the Plan, please so indicate by signing and returning the enclosed copy
of this letter, whereupon you and the Company shall be legally bound hereby under Pennsylvania law.

 

	 	Very truly yours,
	 	 	 
	 	INTRICON CORPORATION
	 	 	 
	 	By:	 
	 	 	«From»
	 	 	«Title»
	 	 	«M_2nd_line»
	 	 	 

Accepted and
Agreed:

 

 

«Full_Name»

 

1260
Red Fox Road ● Arden Hills, MN 55112 ● Tel: 651-636-9770 ● Fax: 651-357-1097 ● www.IntriCon.com

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