Document:

EX-10.2

 Exhibit 10.2 

SurModics, Inc. 
 2009
Equity Incentive Plan 
 Restricted Stock Unit Award Agreement 

(Non-Employee Director) 

SurModics, Inc. (the “Company”), pursuant to Section 8 of its 2009 Equity Incentive Plan (the “Plan”), hereby grants
an award of Restricted Stock Units to you, the Participant named below. The terms and conditions of this restricted stock unit Award are set forth in this Restricted Stock Unit Award Agreement (the “Agreement”), consisting of this cover
page and the Terms and Conditions on the following pages, and in the Plan document which has been provided to you. To the extent any capitalized term used in this Agreement is not defined, it shall have the meaning assigned to it in the Plan as it
currently exists or as it is amended in the future. 
  

			
	Name of Participant: «Award_Recipient»
		
	 Number of Restricted Stock Units: «No_Shares»
	  	Grant Date: «Grant_Date»

 By signing below, you agree to all of the terms and conditions contained in this Agreement and in the Plan
document. You acknowledge that you have reviewed these documents and that they set forth the entire agreement between you and the Company regarding the grant to you of the number of Restricted Stock Units specified in the table above. 

 

									
	PARTICIPANT:	 		 	SURMODICS, INC
					
		 	  
	 		 	By	 	  

		 	«Award_Recipient»	 		 		 	Name: Bryan K. Phillips
		 		 		 		 	Title: Senior Vice President, General Counsel and Secretary

  

 SurModics, Inc. 

2009 Equity Incentive Plan 

Non-Employee Director Restricted Stock Unit Award Agreement 

Terms and Conditions 
  

	1.	Grant of Restricted Stock Units. The Company hereby grants to you, subject to the terms and conditions in this Agreement and the Plan, an Award of the number of Restricted Stock Units (“Units”)
specified on the cover page of this Agreement, each representing the right to receive one Share of the Company’s common stock. The Units 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 Units simply representing an unfunded and unsecured obligation of the Company. 

  

	2.	Restrictions on Units. Prior to settlement of the Units in accordance with Section 5, the Units 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. The Units and your right to receive Shares in settlement of the Units under this Agreement shall be subject to forfeiture as provided in
Section 4 until satisfaction of the vesting conditions set forth in Section 3. 

  

	3.	Vesting of Units. 

 (a) Scheduled Vesting. If you remain a Service Provider
to the Company or any of its Affiliates continuously from the Grant Date specified on the cover page of this Agreement, then the Units will vest ratably on a monthly basis over the one-year period following the Grant Date. The Units shall become
fully vested on the first anniversary of the Grant Date. 
 (b) Accelerated Vesting. Any unvested Units shall vest in full upon the
occurrence of a Change in Control (as defined in Section 2(f) of the Plan, after giving effect to the last paragraph of such definition) that occurs while you continue to be a Service Provider to the Company or any of its Affiliates. 

 

	4.	Effect of Termination of Service. Except as otherwise provided in accordance with Section 3(b), if you cease to be a Service Provider prior to the first anniversary of the Grant Date, you will forfeit
all then unvested Units. 

  

	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 vested
Unit 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 vested Units 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.	 Dividend Equivalents. If cash dividends are declared and paid by the Company with respect to its common stock, then the Company will
credit to your account, as of each dividend payment date, a number of additional Units (the “Dividend Units”). The number of Dividend 

  
 2 

	 	
Units so credited as of any dividend payment date will be equal to (i) the total cash dividends you would have received on that dividend payment date if your outstanding Units as of the
record date for such dividend payment (including any previously credited Dividend Units) had been actual Shares, divided by (ii) the Fair Market Value of a Share on the dividend payment date (with the quotient rounded down to the nearest whole
number). Once credited to your account, Dividend Units will be considered Units for all purposes of this Agreement. 

  

	7.	No Stockholder Rights. The Units subject to this Award 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 Units subject to this Agreement unless and until Shares are issued to you upon settlement of the Units as provided in Section 5. 

 

	8.	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 Units 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 Units 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. 

 

	9.	Interpretation of This Agreement. All decisions and interpretations made by the Board or Committee with regard to any question arising hereunder or under the Plan shall be binding and conclusive upon you
and the Company. 

  

	10.	Governing Plan Document. The Award evidenced by this Agreement is granted pursuant to the Plan, the terms of which are hereby made a part of this Agreement. This Agreement shall in all respects be
interpreted in accordance with the terms of the Plan, and if any terms of this Agreement conflict with the terms of the Plan, the terms of the Plan shall control, except as the Plan may specifically provide otherwise. This Agreement and the Plan
constitute the entire agreement of the parties with respect to the Award and supersede all prior oral or written negotiations, commitments, representations and agreements with respect thereto. 

 

	11.	Discontinuance of Service. Neither this Agreement nor the Award evidenced by 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. 

 

	12.	Binding Effect. This Agreement will be binding in all respects on your heirs, representatives, successors and assigns, and on the successors and assigns of the Company. 

 

	13.	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). 

By signing the cover page of this Agreement, you agree to all the terms and conditions described above and in the Plan document. 

  
 3EX-10.3

 Exhibit 10.3 
  

 
 SURMODICS, INC. 

2009 EQUITY INCENTIVE PLAN 

NON-STATUTORY STOCK OPTION AGREEMENT* 
 (Non-Employee
Director) 
  

					
	Full Name of Participant: «Recipient_FN» «Recipient_MI» «Recipient_LN»	  	
			
	Number of Shares Covered: «Total_No_Shares»	  	Grant Date: «Grant_Date»	  	
			
	Exercise Price Per Share: «Strike_Price»	  	Expiration Date: «Exp_Date»	  	

 This is a Non-Statutory Stock Option Agreement (this “Agreement”), effective as of the Grant Date specified
in the table above, 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 a Non-Statutory Stock Option (the “Option”); 

NOW, THEREFORE, the Company hereby grants this Option to the Participant subject to the following terms and conditions: 

TERMS AND CONDITIONS 

 

	1.	Grant. Subject to the terms of the Plan, the Participant is granted an Option to purchase the number of Shares specified in the table at the beginning of this Agreement. 

 

	* 	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. 

	2.	Exercise Amount. The purchase price to the Participant for each Share subject to this Option will be the Exercise Price Per Share specified in the table at the beginning of this Agreement. The aggregate of
the Exercise Price Per Share multiplied by the number of Shares exercised, plus the amount of any tax withholding as provided in Section 15 of the Plan, will be the “Exercise Amount.” 

 

	3.	Not an Incentive Stock Option. This Option is not intended to be an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the
“Code”). 

  

	4.	Exercise Schedule. Subject to the terms of the Plan, the Option will vest and become exercisable ratably on a monthly basis over the one-year period following the Grant Date. The number of shares as to
which the Option is exercisable is cumulative, meaning that to the extent the Option has not already been exercised and has not expired, terminated, or been cancelled, the Participant (or that Participant’s Successor or Transferee) may exercise
the Option and purchase all or any portion of the Shares then exercisable. The Option shall become fully vested and exercisable on the first anniversary of the Grant Date. 

 

	5.	Expiration. This Option will expire at 4:00 p.m. Central Time on the earliest of: 

  

	 	(a)	the Expiration Date specified in the table at the beginning of this Agreement (which date will not be later than seven years after the Grant Date); 

 

	 	(b)	the last day of the period after the termination of Participant’s Service during which the Option can be exercised (as specified in Section 7 of this Agreement); or 

 

	 	(c)	the date the Participant’s Service is terminated for Cause. 

 No one may exercise this
Option after it has expired, notwithstanding any other provision of this Agreement. 
  

	6.	Procedure to Exercise Option. 

  

	 	(a)	Notice of Exercise. This Option may be exercised by delivering written notice of exercise to the Company at its headquarters in the form attached to this Agreement or a similar form containing substantially the
same information and addressed or delivered to the Corporate Controller of the Company, or to the Company’s outside Plan administrator if one has been appointed (the “Notice of Exercise”). The Notice of Exercise will state the
election to exercise the Option, the number of Shares to be purchased, and will be signed by the person exercising this Option. If the person exercising this Option is a Successor or Transferee of the Participant, he or she must also submit
appropriate proof of his or her right to exercise this Option. 

  

	 	(b)	Tender of Payment. Upon submitting a Notice of Exercise to the Company, the Participant will provide for payment of the Exercise Amount through one or a combination of the following methods: 

 

	 	(1)	cash (including check, bank draft, or money order payable to the Company); 

  

	 	(2)	to the extent permitted by law, a broker-assisted cashless exercise in which the Participant irrevocably instructs a broker to deliver to the Company proceeds of a sale of all or
a portion of the Shares to be issued pursuant to the exercise (or a loan secured by such Shares) in payment of the Exercise Amount; 

  

			
	Non-Statutory Stock Option Agreement	  	Page 2 of 5

	 	(3)	by delivery to the Company of unencumbered Shares having an aggregate Fair Market Value on the date of exercise equal to the Exercise Amount; or 

 

	 	(4)	by authorizing the Company to retain, from the total number of Shares as to which the Option is exercised, that number of Shares having an aggregate Fair Market Value on the date of exercise equal to the Exercise
Amount. 

 Notwithstanding the other terms of this subparagraph, the Participant will not be permitted to pay any portion of
the Exercise Amount with Shares (either delivered to the Company or withheld by the Company), if the Committee, in its sole discretion, determines that payment in such manner is undesirable. 

 

	 	(c)	Delivery of Shares. As soon as practicable after the Company receives a Notice of Exercise and the Exercise Amount provided for above, the Company will deliver to the person exercising the Option, in the name of
such person, the Shares being purchased (net of the number of Shares sold or withheld, if any, to pay the Exercise Amount), as evidenced by issuance of a stock certificate or certificates, electronic delivery of such Shares to a brokerage account
designated by such person, or book-entry registration of such Shares with the Company’s transfer agent. The Company will pay any original issue or transfer taxes with respect to the issue or transfer of the Shares and all fees and expenses
incurred by it in connection therewith. All Shares so issued will be fully paid and nonassessable. 

 Notwithstanding anything
to the contrary in this Agreement, the Company will not be required to issue or deliver any Shares before the completion of such registration or other qualification of such Shares under any state law, rule, or regulation as the Company determines to
be necessary or desirable. 
  

	7.	Service Requirement. This Option may be exercised only if the Participant has continuously provided Service to the Company or an Affiliate since the Grant Date and continues to provide Service on the
exercise date. However, the Option may be exercised after termination of the Participant’s Service (but in no event after the expiration of the Option) in the following situations: 

 

	 	(a)	The Option may be exercised within six months of termination of Participant’s Service because of death or Disability, but only to the extent that the Option was exercisable immediately prior to the termination of
Service. 

  

	 	(b)	The Option may be exercised within three months of termination of Participant’s Service for any reason other than death, Disability or Cause, but only to the extent that the Option was exercisable immediately prior
to the termination of Service. 

  

	 	(c)	If the Participant’s Service terminates after a declaration made pursuant to Section13 of the Plan in connection with a Corporate Transaction, the Option may be exercised at any time permitted by such declaration.

  

	 	(d)	For greater certainty, no cash or other compensation will be paid to any person in respect of an Option that the Participant may forfeit, in whole in or in part, or which otherwise ceases to be exercisable, on account
of damages or otherwise relating to the forfeiture or non-exercise of any such Option. 

  

			
	Non-Statutory Stock Option Agreement	  	Page 3 of 5

	8.	Limitation on Transfer. While the Participant is alive, only the Participant (or a Successor or Transferee) may exercise the Option. The Option may not be sold, assigned or transferred other
than by will or the laws of descent and distribution or pursuant to a divorce decree or qualified domestic relations order as defined by the Code, or Title I of ERISA. Any attempt to assign, transfer, pledge, hypothecate, or otherwise
dispose of this Option contrary to the provisions hereof, and the levy of any attachment or similar process upon this Option, will be void. 

  

	9.	No Stockholder Rights Before Exercise. No Participant, Successor, or Transferee will have any rights as a stockholder with respect to any securities covered by an Award unless and until the date the
Participant, Successor, or Transferee becomes the holder of record of the Shares, if any, to which the Award relates. 

  

	10.	Adjustment for 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 Committee
will make such equitable adjustments to the Option as are contemplated by Section 17 of the Plan in order to avoid dilution or enlargement of your rights hereunder. The Committee may make such equitable adjustments to this Option 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. 

  

	11.	Tax Withholding. Delivery of Shares upon exercise of this Option shall be subject to any required withholding taxes. As a condition precedent to receiving Shares upon exercise of this Option, the
Participant may be required to pay to the Company, in accordance with the provisions of the Plan, an amount equal to the amount of any required withholdings. Subject to any rules or limitations the Committee may adopt, the Participant may cover all
or any part of any 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
Shares delivered pursuant to the exercise of this Option or delivery or tender to the Company of Shares held by the Participant, in each case valued in the same manner as used in computing the withholding taxes under applicable laws.

  

	12.	Interpretation of This Agreement. All decisions and interpretations made by the Committee with regard to any question arising under this Agreement or the Plan will be binding and conclusive upon the
Company and the Participant (or that Participant’s Successor or Transferee). If there is any inconsistency between the provisions of this Agreement and the Plan, the provisions of the Plan will govern. 

 

	13.	Discontinuance of Service. Neither this Agreement, the Plan, nor the Option will confer on the Participant any right with respect to continued Service with the Company or any of its Affiliates, nor
interfere in any way with the right of the Company or any Affiliate to terminate such Service. Nothing in this Agreement will be construed as creating an employment contract for any specified term between Participant and the Company or any
Affiliate. Neither any period of notice, if any, nor any payment in lieu thereof, upon termination of Service, wrongful or otherwise, will be considered as extending Participant’s period of Service for the purposes of the Plan or any Option
granted thereunder. 

  

	14.	Obligation to Reserve Sufficient Shares. The Company will at all times during the term of this Option reserve and keep available a sufficient number of Shares to satisfy this Agreement. 

  

			
	Non-Statutory Stock Option Agreement	  	Page 4 of 5

	15.	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). 

  

	16.	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).

  

	17.	Entire Agreement. This Agreement and the Plan set forth the entire agreement and understanding of the parties hereto with respect to the grant and exercise of this Option and the administration of the Plan
and supersede all prior agreements, arrangements, plans, and understandings relating to the grant and exercise of this Option and the administration of the Plan. 

  

	18.	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. 

  

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

IN WITNESS WHEREOF, the Participant and the Company have executed this Agreement as of the dates shown below. 

 

							
	SURMODICS, INC.	  		  	PARTICIPANT
				
	 By
	  	  
	  		  	  

		  	Name: Bryan K. Phillips	  		  	«Recipient_FN» « Recipient_MI» «Recipient_LN»
		  	 Its: Sr. Vice President, General Counsel & Secretary
	  		  	
		  	Date:                                     
                                         
         	  		  	            Date:                         
                                         
                     

  

			
	Non-Statutory Stock Option Agreement	  	Page 5 of 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00230-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00230-of-00352.parquet"}]]