Document:

Exhibit 10.15

 

TACTILE SYSTEMS TECHNOLOGY, INC.

2016 EQUITY INCENTIVE PLAN

 

Restricted Stock Unit Award Agreement

 

Tactile Systems Technology, Inc. (the “Company”), pursuant to its 2016 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 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, a copy of which has been provided to you.  Any capitalized term that is not defined in this Agreement shall have the meaning set forth in the Plan as it currently exists or as it is amended in the future.

 

	
Name   of Participant:  **[                         ]
    	
 
    	
 
    
	
Number   of Restricted Stock Units:  **[         ]
    	
 
    	
Grant   Date:
    	
              , 20    
    
	
Vesting   Schedule:
    	
 
    	
 
    	
 
    

 

	
Vesting Dates
    	
 
    	
Number of Restricted Stock Units that Vest
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    

 

By signing below or otherwise evidencing your acceptance of this Agreement in a manner approved by the Company, you agree to all of the terms and conditions contained in this Agreement and in the Plan document.  You acknowledge that you have received and 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:
    	
TACTILE   SYSTEMS TECHNOLOGY, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
Title:
    	
 
    
				

 

 

Tactile Systems Technology, Inc.

2016 Equity Incentive Plan

Restricted Stock Unit Award Agreement

 

Terms and Conditions

 

1.                                      Grant of Restricted Stock Units.  The Company hereby confirms the grant to you, as of the Grant Date and subject to the terms and conditions in this Agreement and the Plan, of the number of Restricted Stock Units specified on the cover page of this Agreement (the “Units”).  Each Unit represents 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 Applicable to Units.  Neither this Award nor the Units subject to this Award may 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 and shall result in the forfeiture of all Units.  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 continuously from the Grant Date specified on the cover page of this Agreement, then the Units will vest in the numbers and on the dates specified in the Vesting Schedule on the cover page of this Agreement.

 

(b)                                 Accelerated Vesting.  Notwithstanding Section 3(a):

 

(1)                                 Death or Disability.  If your Service terminates prior to the final scheduled vesting date due to your death or Disability, all of the unvested Units shall vest as of such termination date.

 

(2)                                 Change in Control.  If and to the extent this Award is continued, assumed or replaced in connection with a Change in Control, and if within one year after the Change in Control you experience an involuntary termination of Service for reasons other than Cause, [or you terminate your Service for Good Reason (as defined below),] then all of the unvested Units shall vest as of such termination date.  In addition, vesting of the Units may be accelerated during the term of the Award under the circumstances described in Sections 12(b) and 12(c) of the Plan.

 

[(3)                             Definition of “Good Reason.”  “Good Reason” shall, if you have an employment agreement with the Company, have the meaning set forth in your employment agreement.  If you do not have an employment agreement with the Company, “Good Reason” means the existence of one or more of the following conditions without your written consent, so long as you provided written notice to the Company of the existence of the condition not later than 90 days after the initial 

 

2

 

existence of the condition, the condition has not been remedied by the Company within  30 days after its receipt of such notice and your Service terminates no later than 130 days after the condition’s initial occurrence: (i) any material, adverse change in your duties, responsibilities, or authority; (ii) a material reduction in your base salary or bonus opportunity that is not part of a general reduction applicable to employees in the same classification or grade as you; or (iii) a geographical relocation of your principal office location by more than 50 miles.]

 

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

 

5.                                      Settlement of Units.  After any Units vest pursuant to Section 3, the Company shall, as soon as practicable (but no later than March 15 of the year following the calendar year in which such Units vest), 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.  Delivery of the Shares shall be effected by the issuance of a stock certificate to you, 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 the tax withholding provisions of Section 6 and compliance with all applicable legal requirements as provided in Section 17(c) of the Plan, and shall be in complete satisfaction and settlement of such vested Units.

 

6.                                      Tax Consequences and Withholding.  No Shares will be delivered to you in settlement of vested Units unless you have made arrangements acceptable to the Company for payment of any federal, state, local or foreign withholding taxes that may be due as a result of the delivery of the Shares.  You hereby authorize the Company (or any Affiliate) to withhold from payroll or other amounts payable to you any sums required to satisfy such withholding tax obligations, and otherwise agree to satisfy such obligations in accordance with the provisions of Section 14 of the Plan.  If you wish to satisfy some or all of such withholding tax obligations by delivering Shares you already own or by having the Company retain a number of Shares upon settlement of the Units, you must make such a request which shall be subject to approval by the Company.

 

7.                                      No Shareholder Rights.  The Units subject to this Award do not entitle you to any rights of a shareholder of the Company’s common stock.  You will not have any of the rights of a shareholder 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.                                      Governing Plan Document.  This Agreement and the Award are subject to all the provisions of the Plan, and to all interpretations, rules and regulations which may, from time to time, be adopted and promulgated by the Committee pursuant to the Plan.  If there is any conflict between the provisions of this Agreement and the Plan, the provisions of the Plan will govern.

 

9.                                      Choice of Law.  This Agreement will be interpreted and enforced under the laws of the state of Delaware (without regard to its conflicts or choice of law principles).

 

10.                               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.

 

3

 

11.                               Section 409A of the Code.  The award of Units as provided in this Agreement and any issuance of Shares or payment pursuant to this Agreement are intended to be exempt from Section 409A of the Code under the short-term deferral exception specified in Treas. Reg. § 1.409A-l(b)(4).

 

12.                               Compensation Recovery Policy.  To the extent that any compensation paid or payable pursuant to this Agreement is considered “incentive-based compensation” within the meaning and subject to the requirements of Section 10D of the Exchange Act, such compensation shall be subject to potential forfeiture or recovery by the Company in accordance with any compensation recovery policy adopted by the Board or any committee thereof in response to the requirements of Section 10D of the Exchange Act and any implementing rules and regulations thereunder adopted by the Securities and Exchange Commission or any national securities exchange on which the Company’s common stock is then listed.  This Agreement may be unilaterally amended by the Company to comply with any such compensation recovery policy.

 

13.                               Other Agreements.  You agree that in connection with the settlement of vested Units, you will execute such documents as may be necessary to become a party to any stockholder, voting or similar agreements as the Company may require.

 

14.                               Restrictive Legends.  The Company may place a legend or legends on any certificate representing Shares issued in settlement of vested Units summarizing transfer and other restrictions to which the Shares may be subject under applicable securities laws, other provisions of this Agreement, or other agreements contemplated by Section 13 of this Agreement.  You agree that in order to ensure compliance with the restrictions referred to in this Agreement, the Company may issue appropriate “stop transfer” instructions to its transfer agent.

 

15.                               Electronic Delivery and Acceptance.  The Company may deliver any documents related to this Restricted Stock Unit Award by electronic means and request your acceptance of this Agreement by electronic means.  You hereby consent to receive all applicable documentation by electronic delivery and to participate in the Plan through an on-line (and/or voice activated) system established and maintained by the Company or the Company’s third-party stock plan administrator.

 

By signing the cover page of this Agreement or otherwise accepting this Agreement in a manner approved by the Company, you agree to all the terms and conditions described above and in the Plan document.

 

4Exhibit 10.16

 

Tactile Systems Technology, Inc.

2016 Equity Incentive Plan

 

Restricted Stock Unit Agreement

(Quarterly Awards)

 

This Restricted Stock Unit Agreement (the “Agreement”), effective as of               , 20  , is between Tactile Systems Technology, Inc., a Delaware corporation (the “Company”), and you,                         .  Any capitalized term used but not defined in this Agreement shall have the meaning set forth in the Company’s 2016 Equity Incentive Plan as it currently exists or as it is amended in the future (the “Plan”).

 

Background

 

A.  Under the Plan, the Board has the authority to determine Awards and administer the Plan with respect to Awards involving Non-Employee Directors.

 

B.  The Board has determined that Non-Employee Directors may elect to receive their annual cash retainers for service as a member of the Board in the form of restricted stock units (“RSUs”).  Settlement and payment of RSUs will be effected in Shares as provided in Section 5 hereof.

 

C.  In accordance with the Company’s Non-Employee Director Compensation Policy (the “Policy”), such annual cash retainers to Non-Employee Directors are payable in quarterly installments, in arrears, on the last business day of each calendar quarter.  If a Non-Employee Director has elected to receive payment of such retainer amounts in the form of RSUs, the resulting RSUs will be granted as of the last business day of each calendar quarter with respect to the annual cash retainer installment that would otherwise have been payable on such date.

 

D.  You have elected to receive the annual cash retainer quarterly installments to which you would otherwise be entitled for service as a Non-Employee Director in the form of RSUs, each of which represents the right to receive one share of the Company’s common stock.

 

E.  Each quarterly RSU grant hereunder will be evidenced by a Grant Notification in the form attached hereto as Exhibit A, and each such Grant Notification when issued by the Company will be incorporated into and made a part of this Agreement.  The terms and conditions of each quarterly RSU grant are set forth in this Agreement, including the applicable Grant Notification, and in the Plan document.

 

Terms and Conditions of Quarterly RSU Grants

 

1.             Grant.  Subject to Sections 7 and 8 below, on the last business day of each calendar quarter commencing with the [third] calendar quarter of 2016, you will be granted the number of RSUs specified in the applicable Grant Notification.  The number of RSUs that will be subject to each of these quarterly RSU grants (the “RSU Grants”) will be determined by dividing the dollar amount of the annual cash retainer installment otherwise payable for that calendar quarter by the Fair Market Value of a share of the Company’s common stock on the applicable RSU Grant Date.  Each RSU will represent the right to receive one Share of the Company’s common stock.  The RSUs 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 RSUs simply representing an unfunded and unsecured obligation of the Company.

 

 

2.             Restrictions on RSUs.  Prior to settlement of the RSUs in accordance with Section 5, the RSUs subject to this Agreement 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.

 

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

 

4.             Vesting of RSUs.  The RSUs subject to this Agreement are 100% vested as of their respective Grant Dates.

 

5.             Settlement of RSUs.  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 RSU subject to this Agreement upon the earlier of (i) 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, or (ii) a Change in Control within the meaning of Section 2(f)(3) of the Plan.  Delivery of Shares in settlement of a RSU Grant subject to this Agreement 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 RSUs (the “Dividend RSUs”).  The number of Dividend RSUs 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 RSUs as of the record date for such dividend payment (including any previously credited Dividend RSUs) 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 RSUs will be considered RSUs for all purposes of this Agreement.

 

7.             Termination of Future Awards.  You will no longer be entitled to receive any additional quarterly RSU Grants pursuant to this Agreement upon the earliest to occur of (i) the termination of your Service with the Company and all Affiliates, (ii) the beginning of the calendar year immediately following the Company’s receipt of written notice from you that you are terminating your election to receive RSUs in lieu of annual cash retainer installments, or (iii) a Change in Control within the meaning Section 2(f)(3) of the Plan.

 

8.             Changes in Capitalization.  If an “equity restructuring” (as defined in Section 12(a) of the Plan) occurs that causes the per share value of the Shares to change, the Board shall make such equitable adjustments to any RSUs subject to this Agreement as are contemplated by Section 12(a) of the Plan in order to avoid dilution or enlargement of your rights hereunder.  The Board may make such equitable adjustments to any RSUs subject to this Agreement as and to the extent provided in Section 12(a) of the Plan in connection with other changes in the Company’s capitalization contemplated by Section 12(a) of the Plan.

 

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

 

2

 

10.          Governing Plan Document.  The RSU Grants evidenced by this Agreement (including any Grant Notifications issued hereunder) are granted pursuant to the Plan, the terms of which are hereby made a part of this Agreement.  This Agreement (including any Grant Notifications issued hereunder) shall in all respects be interpreted in accordance with the terms of the Plan.  If any terms of this Agreement or any Grant Notification issued hereunder conflict with the terms of the Plan, the terms of the Plan shall control, except as the Plan may specifically provide otherwise.  This Agreement (including any Grant Notifications issued hereunder) and the Plan constitute the entire agreement of the parties with respect to the quarterly RSU Grants and supersede all prior oral or written negotiations, commitments, representations and agreements with respect thereto.

 

11.          Discontinuance of Service.  Neither this Agreement nor any RSU Grant subject to 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 shall 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 Delaware (without regard to its conflicts or choice of law principles).

 

You and the Company have executed this Agreement as of the date specified at the beginning of this Agreement.

 

	
PARTICIPANT
    	
TACTILE SYSTEMS   TECHNOLOGY, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By
    	
 
    
	
 
    	
   Its
    	
 
    
					

 

3

 

Exhibit A

 

Tactile Systems Technology, Inc.

2016 Equity Incentive Plan

Restricted Stock Unit Agreement

(Quarterly Awards)

 

Grant Notification

 

Tactile Systems Technology, Inc. (the “Company”), pursuant to its 2016 Equity Incentive Plan (the “Plan”) and a Restricted Stock Unit Agreement (Quarterly Awards) dated              , 20   (the “Agreement”) between the Company and you, the Participant named below, hereby grants to you an award of Deferred Stock Units (“RSUs”), each such RSU representing the right to receive one share of the Company’s common stock.  The terms and conditions of this RSU Award are set forth in this Grant Notification, the Agreement, and the Plan document, and these documents set forth the entire agreement between you and the Company regarding the grant to you of the number of RSUs shown in the table below.

 

	
Name of Participant:
    	
 
    
	
 
    	
 
    
	
Number of RSUs:
    	
Grant Date:
    
	
 
    	
 
    
	
Vesting Schedule:
    	
 
    

 

	
Vesting Date
    	
 
    	
Percentage of Units That Vest
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
[Grant Date]
    	
 
    	
100
    	
%
    

 

 

	
 
    	
TACTILE SYSTEMS TECHNOLOGY, INC.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00259-of-00352.parquet"}]]