Document:

EXHIBIT 10.17

 

 

TRANSENTERIX, INC.

 

NON-QUALIFIED STOCK OPTION AGREEMENT

(NON-EMPLOYEE)

 

Agreement

 

1.Grant of Option. TRANSENTERIX,
INC. (the "Company") hereby grants, as of [ ] (the "Date of Grant"), to [ ] (the "Optionee")
an option (the "Option") to purchase up to [          ] shares
of the Company's common stock, par value $0.001 per share (the "Shares"), at an exercise price per share equal
to $[ ] (the "Exercise Price"). The Option shall be subject to the terms and conditions set forth in this option
agreement (this "Option Agreement"). The Option is issued pursuant to the TransEnterix, Inc. 2007 Incentive Compensation
Plan (the "Plan"), which is incorporated by reference herein for all purposes. The Option is a Non-Qualified Stock
Option, and not an Incentive Stock Option. The Optionee hereby acknowledges receipt of a copy of the Plan and agrees to be bound
by all of the terms and conditions hereof and thereof and all applicable laws and regulations.

 

2.Definitions. Capitalized
terms used herein and not otherwise defined shall have the respective meanings ascribed thereto in the Plan.

 

3.Exercise Schedule.
Except as otherwise provided in Sections 6 or 9 of this Option Agreement, or in the Plan, the Option is exercisable in accordance
with the vesting schedule below. To the extent that the Option has become exercisable as provided below, the Option may thereafter
be exercised by the Optionee, in whole or in part, at any time or from time to time prior to the expiration of the Option as provided
herein. [ ] (the "Vesting Dates"), subject to Optionee's Continuous Service through each such Vesting Date.

 

Except as otherwise
specifically provided herein, there shall be no proportionate or partial vesting in the periods prior to each Vesting Date, and
all vesting shall occur only on the appropriate Vesting Date. Upon the termination of the Optionee's Continuous Service, any unvested
portion of the Option shall terminate and be null and void.

 

4.Method of Exercise.
The vested portion of this Option shall be exercisable in whole or in part in accordance with the exercise schedule set forth in
Section 3 hereof by written notice, which shall state the election to exercise the Option, the number of Shares in respect of which
the Option is being exercised, and such other representations and agreements as to the holder's investment intent with respect
to such Shares as may be required by the Company pursuant to the provisions of the Plan. Such written notice shall be signed by
the Optionee and shall be delivered in person or by certified mail to the Secretary of the Company. The written notice shall be
accompanied by payment of the Exercise Price. This Option shall be deemed to be exercised after both (a) receipt by the Company
of such written notice accompanied by the Exercise Price and (b) arrangements that are satisfactory to the Committee in its sole
discretion have been made for Optionee's payment to the Company of the amount, if any, that is necessary to be withheld in accordance
with applicable Federal or state withholding requirements. No Shares shall be issued pursuant to the Option unless and until such
issuance and such exercise complies with all relevant provisions of applicable law, including the requirements of any stock exchange
upon which the Shares may then be traded.

 

    	 

    	 

    

  

5.Method of Payment.
Payment of the Exercise Price shall be by any of the following, or a combination thereof, at the election of the Optionee: (a)
cash; (b) check; (c) to the extent permitted by the Committee, with Shares owned by the Optionee, or the withholding of Shares
that otherwise would be delivered to the Optionee as a result of the exercise of the Option; (d) pursuant to a "cashless
exercise" procedure, by delivery of a properly executed exercise notice together with such other documentation, and subject
to such guidelines, as the Committee shall require to effect an exercise of the Option and delivery to the Company by a licensed
broker acceptable to the Company of proceeds from the sale of Shares or a margin loan (to the extent available to the Optionee)
sufficient to pay the Exercise Price and any applicable income or employment taxes; or (e) such other consideration or in such
other manner as may be determined by the Committee in its absolute discretion.

 

6.Termination of Option.

 

(a)General. Any unexercised
portion of the Option shall automatically and without notice terminate and become null and voidat the time of the earliest of the
following to occur:

 

(i)unless the Committee otherwise
determines in writing in its sole discretion, three months after the date on which the Optionee's Continuous Service terminates
other than by reason of (A) by the Company or a Related Entity for Cause, (B) a Disability of the Optionee as determined by a medical
doctor satisfactory to the Committee, or (C) the death of the Optionee;

 

(ii)immediately upon the termination
of the Optionee's Continuous Service by the Company or a Related Entity for Cause;

 

(iii)twelve months after the date
on which the Optionee's Continuous Service is terminated by reason of a Disability as determined by a medical doctor satisfactory
to the Committee;

 

(iv)(A) twelve months after the
date of termination of the Optionee's Continuous Service by reason of the death of the Optionee, or, if later, (B) three months
after the date on which the Optionee shall die if such death shall occur during the one year period specified in Section 6(a)(iii)
hereof; or

 

(v)the tenth (10th)
anniversary of the date as of which the Option is granted.

 

(b)Cancellation.
To the extent not previously exercised, (i) the Option shall terminate immediately in the event of (A) the liquidation or dissolution
of the Company, or (B) any reorganization, merger, consolidation or other form of corporate transaction in which the Company does
not survive or the Shares are exchanged for or converted into securities issued by another entity, or an affiliate of such successor
or acquiring entity, unless the successor or acquiring entity, or an affiliate thereof, assumes the Option or substitutes an equivalent
option or right pursuant to Section 10(c) of the Plan, and (ii) the Committee in its sole discretion may by written notice ("cancellation
notice") cancel, effective upon the consummation of any transaction that constitutes a Change in Control, the Option (or
portion thereof) that remains unexercised on such date. The Committee shall give written notice of any proposed transaction referred
to in this Section 6(b) a reasonable period of time prior to the closing date for such transaction (which notice may be given either
before or after approval of such transaction), in order that the Optionee may have a reasonable period of time prior to the closing
date of such transaction within which to exercise the Option if and to the extent that it then is exercisable (including any portion
of the Option that may become exercisable upon the closing date of such transaction). The Optionee may condition his exercise of
the Option upon the consummation of a transaction referred to in this Section 6(b).

 

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7.Transferability. Unless
otherwise determined by the Committee, the Option is not transferable [otherwise than by will or under the applicable laws of descent
and distribution, and, during the lifetime of the Optionee, the Option shall be exercisable only by the Optionee, or the Optionee's
guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way
(whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon
any attempt to transfer, assign, negotiate, pledge or hypothecate the Option, or in the event of any levy upon the Option by reason
of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and
void. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee.

 

8. No Stockholder Rights.
Neither the Optionee nor any personal representative (or beneficiary) shall be, or shall have any of the rights and privileges
of, a stockholder of the Company with respect to any Shares issuable upon the exercise of the Option, in whole or in part, prior
to the date on which the Shares are issued.

 

9.Acceleration of Exercisability
of Option.

 

(a)Acceleration upon Certain
Terminations or Cancellations of Option. This Option shall become immediately fully exercisable prior to the termination
of the Option pursuant to Section 6 hereof, in the event that, (i) the Option will be terminated pursuant to Section 6(b)(i) hereof,
or (ii) the Company exercises its discretion to provide a cancellation notice with respect to the Option pursuant to Section 6(b)(ii)
hereof.

 

(b)Acceleration upon Change
in Control. This Option shall become immediately fully exercisable in the event that, prior to the termination of the Option
pursuant to Section 6 hereof, and during the Optionee's Continuous Service, there is a "Change in Control," as defined
in Section 9(b) of the Plan.

 

(c)Exception to Acceleration
upon Change in Control. Notwithstanding the foregoing, if in the event of a Change in Control the successor company assumes
or substitutes for the Option, the vesting of the Option shall not be accelerated as described in Section 9(b). For the purposes
of this paragraph, the Option shall be considered assumed or substituted for if following the Change in Control the Option or substituted
option confers the right to purchase, for each Share subject to the Option immediately prior to the Change in Control, the consideration
(whether stock, cash or other securities or property) received in the transaction constituting a Change in Control by holders of
Shares for each Share held on the effective date of such transaction (and if holders were offered a choice of consideration, the
type of consideration chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration
received in the transaction constituting a Change in Control is not solely common stock of the successor company or its parent
or subsidiary, the Committee may, with the consent of the successor company, or its parent or subsidiary, provide that the consideration
to be received upon the exercise or vesting of the Option will be solely common stock of the successor company or its parent or
subsidiary substantially equal in Fair Market Value to the per share consideration received by holders of Shares in the transaction
constituting a Change in Control. The determination of such substantial equality of value of consideration shall be made by the
Committee in its sole discretion and its determination shall be conclusive and binding. Notwithstanding the foregoing, on such
terms and conditions as may be set forth in an Award Agreement, in the event of a termination of the Optionee's employment in such
successor company (other than for Cause) within 24 months following such Change in Control, the option held by the Optionee at
the time of the Change in Control shall be accelerated as described in paragraph (b) of this Section 9.

 

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10.No Right to Continued Employment.
Neither the Option nor this Option Agreement shall confer upon the Optionee any right to continued employment or service with the
Company.

 

11.Governing Law. This
Option Agreement shall be governed in accordance with and by the internal laws of the State of Delaware.

 

12.Interpretation / Provisions
of Plan Control. This Option Agreement is subject to all the terms, conditions and provisions of the Plan, including, without
limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan adopted by
the Committee as may be in effect from time to time. If and to the extent that this Option Agreement conflicts or is inconsistent
with the terms, conditions and provisions of the Plan, the Plan shall control, and this Option Agreement shall be deemed to be
modified accordingly. The Optionee accepts the Option subject to all of the terms and provisions of the Plan and this Option Agreement.
The undersigned Optionee hereby accepts as binding, conclusive and final all decisions or interpretations of the Committee upon
any questions arising under the Plan and this Option Agreement, unless shown to have been made in an arbitrary and capricious manner.

 

13.Notices. Any notice
under this Option Agreement shall be in writing and shall be deemed to have been duly given when delivered personally or when deposited
in the United States mail, registered, postage prepaid, and addressed, in the case of the Company, to the Company's Secretary at
635 Davis Drive, Suite 300, Morrisville, NC 27560, or if the Company should move its principal office, to such principal office,
and, in the case of the Optionee, to the Optionee's last permanent address as shown on the Company's records, subject to the right
of either party to designate some other address at any time hereafter in a notice satisfying the requirements of this Section.

 

Signatures Follow
on Next Page

 

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Option
Grant No.:            

 

IN WITNESS WHEREOF,
the undersigned have executed this Option Agreement as of the date first set forth above.

 

	 	COMPANY:
	 	TRANSENTERIX, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	Name: Joseph P. Slattery
	 	Title: EVP and Chief Financial Officer

  

The Optionee acknowledges
receipt of a copy of the Plan and represents that he or she has reviewed the provisions of the Plan and this Option Agreement in
their entirety, is familiar with and understands their terms and provisions, and hereby accepts this Option subject to all of the
terms and provisions of the Plan and this Option Agreement. The Optionee further represents that he or she has had an opportunity
to obtain the advice of counsel prior to executing this Option Agreement.

 

	 	OPTIONEE:	 
	 	 	 
	 	 	 
	 	 	 
	Name:	 	 

 

 

	GRANT SUMMARY	 	 	 
	Grant Date:	 	Expiration Date:	 
	Grant Type:	 	Optionee Class:	 
	Number of Shares:	 	Exercise Price:	 
	1st Vesting Date:	 	Number or % Vesting:	 
	Additional Vesting:Exhibit 10.18

 

TRANSENTERIX, INC.

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

This RESTRICTED STOCK UNIT AWARD AGREEMENT
(this “Agreement”) dated as of [ ] (the “Date of Grant”),
is made by TransEnterix, Inc., a Delaware corporation, formerly known as SafeStitch Medical, Inc. (the “Company”),
to [ ] (the “Participant”).

 

RECITALS

 

The Amended and Restated 2007 Incentive
Compensation Plan of the Company (the “Plan”) provides for the issuance of equity awards to “Eligible Employees”
of the Company, and the Participant is an Eligible Employee under the Plan.

 

The Board of Directors has determined that
it is in the best interests of the Company and its stockholders to grant the restricted stock unit award provided for herein to
the Participant pursuant to the terms set forth herein as an incentive for the Participant to contribute to the Company’s
future success and prosperity.

 

NOW THEREFORE, in consideration of
the mutual covenants hereinafter set forth, the parties hereto agree as follows:

 

		1.	Award of the Restricted Stock Units.

 

(a)               
The Company hereby grants to the Participant [      ] restricted stock units (“Restricted Stock Units”), representing
the right to receive an equal number of shares of common stock of the Company (the “Shares”), upon the lapse of forfeiture
restrictions (“vesting”) of some or all of such Restricted Stock Units, subject to the terms and conditions set forth
in this Agreement.

 

(b)              
The Restricted Stock Units are awarded to the Participant as a Deferred Stock Award under the Plan, and are subject to the
terms and conditions set forth in the Plan, including the discretion of the Committee under the Plan, subject to any specific provisions
set forth in this Agreement. A copy of the Plan is attached to this Agreement and made a part hereof. Capitalized terms not defined
in this Agreement shall have the meanings set forth in the Plan.

 

(c)               
Upon vesting of the Restricted Stock Units, the Restricted Stock Units will be settled by a delivery of Shares. No dividend
equivalents are authorized as part of the award of these Restricted Stock Units.

 

(d)              
Prior to vesting of the Restricted Stock Units pursuant to Sections 2 or 3 of this Agreement: (i) the Participant shall
not be treated as a stockholder as to Shares issuable to the Participant with respect to such Restricted Stock Units, and shall
only have a contractual right to receive such Shares following such vesting, unsecured by any assets of the Company or its Subsidiaries;
(ii) the Participant shall not be permitted to vote the Restricted Stock Units or the Shares issuable with respect to such
Restricted Stock Units; and (iii) the Participant’s right to receive such Shares following vesting of the Restricted Stock
Units shall be subject to the adjustment provisions set forth in Section 10(c) of the Plan. The Restricted Stock Units shall be
subject to all of the restrictions hereinafter set forth.

 

    	 

    	 

    

  

		2.	Vesting.

 

(a)               
Except as otherwise provided in this Section 2 and in Section 3 hereof, the Restricted Stock Units shall vest in accordance
with the following schedule: [ ]

 

(b)              
Notwithstanding any other provision of the Plan or this Agreement to the contrary, until the restrictions set forth in this
Section 2 have lapsed, the Restricted Stock Units may not be transferred, assigned or otherwise encumbered other than in accordance
with the applicable provisions of Section 6 hereof.

 

3.             Change in Control. The provisions of Article 9 of the Plan shall apply to the Restricted Stock Units under this Agreement.

 

4.             Issuance of Certificates. Following the applicable vesting date with respect to the Restricted Stock Units, and subject
to the terms and conditions of the Plan, the Company will issue a stock certificate for the Shares issuable with respect to such
vested Restricted Stock Units. Such issuance shall take place as soon as practicable following the applicable vesting date (but
in no event later than two and one-half months following the end of the calendar year in which the vesting date occurs). The certificates
representing the Shares issued in respect of the Restricted Stock Units shall be subject to such stop transfer orders and other
restrictions as the Committee may determine is required by the rules, regulations, and other requirements of the Securities and
Exchange Commission, any stock exchange upon which such Shares are listed, any applicable federal or state laws and the Company’s
Certificate of Incorporation and Bylaws, and the Committee may cause a legend or legends to be put on any such certificates to
make appropriate reference to such restrictions.

 

5.             No Right to Continued Employment. Neither the Plan nor this Agreement shall confer on the Participant any right to
be retained, in any position, as an employee, consultant or director of the Company.

 

		6.	Transferability.

 

(a)                    
The Restricted Stock Units are not transferable and may not be sold, assigned, transferred, disposed of, pledged or otherwise
encumbered by the Participant, other than by will or the laws of descent and distribution. Upon such transfer (by will or the laws
of descent and distribution), such transferee in interest shall take the rights granted herein subject to all the terms and conditions
hereof.

 

(b)                    
Subject to Section 6(a) hereof, in order to comply with any applicable securities laws, the Participant agrees that the
Shares issued to the Participant with respect to vested Restricted Stock Units shall only be sold by the Participant following
registration of such Shares under the Securities Act of 1933, as amended, or pursuant to an exemption therefrom.

 

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7.                 
Withholding. The Participant shall pay to the Company promptly upon request, and in any event at the time the Participant
recognizes taxable income in respect of the Restricted Stock Units, an amount equal to the federal, state or local taxes the Company
determines it is required to withhold with respect to the Restricted Stock Units.

 

8.                 
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
without regard to the conflicts of law provisions thereof.

 

9.                 
Amendments. This Agreement may be amended or modified at any time by an instrument in writing signed by the parties
hereto, except as otherwise provided in Section 12 of this Agreement regarding permitted unilateral action by the Committee or
in Section 10(e) of the Plan related to amendments or alterations that do not adversely affect the rights of the Participant in
this Award.

 

10.             
Administration. This Agreement shall at all times be interpreted in accordance with the terms and conditions of the
Plan as if set forth herein. The Committee shall have sole and complete discretion under this Agreement with respect to all matters
reserved to it by the Plan and decisions of the Committee with respect thereto and this Agreement shall be final and binding upon
the Participant and the Company. In the event of any conflict between the terms and conditions of this Agreement and the Plan,
the provisions of this Agreement shall control. The Committee has the authority and discretion to determine any questions which
arise in connection with the award of the Restricted Share Units hereunder.

 

11.             
Compliance with Code Section 409A. It is the intention of the Company and Participant that this Agreement not result
in an unfavorable tax consequences to Participant under Code Section 409A. Accordingly, Participant consents to any amendment of
this Agreement as the Company may reasonably make in furtherance of such intention, and the Company shall make available to the
Participant a copy of such amendment. Any such amendments shall be made in a manner that preserves to the maximum extent possible
the intended benefits to Participant. This paragraph does not create an obligation on the part of Company to modify this Agreement
and does not guarantee that the amounts or benefits owed under the Agreement will not be subject to interest and penalties under
Code Section 409A.

 

12.             
Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Restricted Stock
Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to
comply with local law or facilitate the administration of the Award, and to require the Participant to sign any additional agreements
or undertakings that may be necessary to accomplish the foregoing. The Participant agrees, upon demand of the Company or the Committee,
to do all acts and execute, deliver and perform all additional documents, instruments and agreements which may be reasonably required
by the Company or the Committee, as the case may be, to implement the provisions and purposes of this Agreement.

 

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13.             
Notices. Any notice, request, instruction or other document given under this Agreement shall be in writing and may
be delivered by such method as may be permitted by the Company, and shall be addressed and delivered, in the case of the Company,
to the Secretary of the Company at the principal office of the Company and, in the case of the Participant, to the Participant’s
address as shown in the records of the Company or to such other address as may be designated in writing (or by such other method
approved by the Company) by either party.

 

14.             
Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity
or enforceability of any other provision of this Agreement, and each other provision of the Agreement shall be severable and enforceable
to the extent permitted by law.

 

 

 

[Signatures on the following page.]

 

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IN WITNESS WHEREOF, the Company and the
Participant hereby execute this Agreement.

 

	 	TRANSENTERIX, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	Date:	 
	 	 	 
	 	 	 
	 	Accepted:
	 	 	 
	 	PARTICIPANT
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Date:	 

 

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