Document:

LICENSING AGREEMENT

Exhibit 10.52
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MERIT MEDICAL NEDERLAND BV
AGREEMENT FOR EMPLOYMENT
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The undersigned:
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	A.	The private company with limited liability according to Dutch law, MERIT MEDICAL NEDERLAND BV, established at and having its offices at Amerikalaan 42, 6199 AE Maastricht Airport,  Netherlands, here represented by Manon van Kregten-Maarschalkerweerd, International Employment Counsel & Compliance Manager (hereinafter referred to as "Employer");

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and
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B. Name:JUSTIN LAMPROPOULOS​ ​
Address:920 Coldwater Way​ ​​ ​
Midway, Utah, 84095 (USA)​ ​
Date of Birth:23 December 1982​ ​​ ​
(hereinafter referred to as "Employee"),
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Hereby declare to have agreed on the following employment terms and conditions ("Employment Agreement"):
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Article 1 - Duration, Position and Obligations
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	1.1	The Employment Agreement is entered for an indefinite period of time starting on 1 December 2020. 

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	1.2	Either party is entitled to terminate the Employment Agreement by giving written  notice at the end of a calendar month with due observance of the statutory notice period (article 7:672 of the Dutch Civil Code). In any case this Employment Agreement will end automatically by operation of law, without notice of termination or any announcement being required on the day that the Employee becomes eligible for state pension benefits (AOW).

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	1.3	Employee will fulfil the position of President, EMEA. The job description for this position is more fully set forth in Exhibit A attached hereto and incorporated herein as an integral part of the Employment Agreement. Exhibit A may be amended from time to time if the Employer deems this to be necessary. Employee will report directly to Joe Wright, President, International. At its sole discretion Employer can revise Employee’s reporting lines and therefore change who Employee directly reports to.
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	1.4	Employer’s offices are located at Amerikalaan 42, 6199 AE Maastricht Airport, Netherlands.  Employee’s normal place of work will be Amerikalaan 42, Maastricht Airport, or such other place within a reasonable area as Employer may reasonably determine, taking into account the needs of the Employer’s business and Employee’s personal circumstances.  Employer may, with the Employee’s approval, change the Employee’s work location with 60 days’ notice to Employee.  
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	1.5	The Employee is obliged to behave and act as a good Employee. This means that she will carry out her tasks and duties to the best of her ability and that she will do everything and anything which a good employee under equal circumstances is obliged to do or not do. This entails, among other things, that Employee will co-operate with all reasonable measures which the Employer deems desirable or necessary, including but not limited to those:

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Exhibit 10.52
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	-	for the increase of knowledge, skills or productivity of the Employee;

	-	in the interest of the health of the Employee, other employees of the Employer and third parties;

	-	from the point of view of insurance, taxes or other financial benefits of Employer.

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1.6In carrying out her tasks and duties, the Employee is obliged to abide by the guidelines and instructions given by the Employer, including the guidelines and instructions within the framework of the Dutch Working Conditions Act ("Arbeidsomstandighedenwet"). 
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1.7The Employee is furthermore obliged to carry out other tasks assigned to her, including those which differ from the activities mentioned in the job description set forth in Exhibit A, as may be agreed upon between the Employer and the Employee, and to fulfil another position in so far as this can reasonably be expected of the Employee and to the extent that the activities relate to the business of the Employer.  
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1.8The Employee is obliged to inform the Employer in a timely manner of any changes in her personal data that may reasonably be of importance to the Employer. The consequences of not informing the Employer in a timely manner are accountable to the Employee.
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1.9The Employee declares that she is not hindered in the performance of her duties by a non-competition clause of any former employers.
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1.10The Merit Medical EMEA Employee Manual (hereinafter: "Employee Manual") forms an integral part of this Employment Agreement. By signing this Employment Agreement Employee declares that she has received a copy of said Employee Manual and that she agrees with its contents.
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Article 2 - Salary
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	2.1	The salary of the Employee shall amount to Five Hundred Eleven Thousand Four Hundred Forty Euros (€ 511,440) gross per year, of which 1/12th part in the amount of Forty Two Thousand Six Hundred Twenty Euros (€ 42,620) gross is payable to the Employee at the end of each month with due observance of the statutory deductions. 

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2.2The Employee is entitled to a holiday allowance of 8% of the gross salary paid to her under this Employment Agreement. The holiday allowance is calculated over a period from 1 June until 31 May and is paid, on a yearly basis, in the month of May. In the event that the employment commences or terminates during this period, the holiday allowance will be calculated proportionate to time. 
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	2.3	Reimbursement for working overtime is explicitly agreed upon to be included in the aforementioned salary. 

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	2.4	The Employer may withhold from any amounts payable under this Employment Agreement such income taxes, any other applicable taxes and employee social security contributions as may be required to be withheld pursuant to any applicable law or regulation in the Netherlands. Notwithstanding the foregoing, it is the intent of the parties hereto that the Employer shall equalize the Employee's income tax and any other applicable tax and social security contributions obligation as if the Employee's compensation and other benefits provided under this Employment Agreement were earned in the Employee's home country (United States of America) and subject only to local income tax, any other applicable tax and national insurance contributions in the Employee's home country. As such, the parties hereto expressly acknowledge and agree that (i) the Employer or its affiliates shall pay all of the Employee's non-Dutch income tax and social security obligations  

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Exhibit 10.52
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		associated with the Employee's compensation and other benefits provided under this Employment Agreement, in such amounts and at such times as required by applicable non-Dutch income tax and social security law, and any other applicable law (whether directly to the non-Dutch taxing authority, or through reimbursement to the Employee on finalization of the non-Dutch total liabilities), plus provide such additional amounts as are required to gross up the Employee's compensation and benefits provided under this Employment Agreement for any non-Dutch income taxes or other local income taxes and any other applicable taxes and social security contributions of the Employee's home country associated with the payments and reimbursements required by this paragraph 2.4, notwithstanding any change in applicable tax or national insurance contribution law after the date hereof.

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	2.5	In addition to the amount set forth in Article 2.1, Employee is entitled to participate in a bonus scheme, payable at the discretion of the Employer. Details of such sales a bonus scheme are set forth in Exhibit B attached to this Employment Agreement.  

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2.6Employee and Employer will attempt to meet annually to review job performance and compensation issues on a formal basis. On an informal basis, the parties may meet frequently to discuss and record performance and progress.
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Article 3 - Working Hours
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Employee will work at least 40 hours per week. The normal working hours are Monday to Friday between 8:00 until 18:00.
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Article 4 - Vacation
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4.1The Employee is entitled to 26 days' vacation per year on the basis of a full working week of 40 hours. Of this 26 day total, 20 days are the legal minimum as stipulated by law. 6 days are extra-legal days. If the employment term lasts less than a year, and/or the employment time is not a full working week, then the number of vacation days is reduced proportionally. 
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4.2Vacation days will be taken in mutual agreement between Employer and Employee. Applications for vacation days or days off should be made at least 14 days in advance.
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4.3If during sick leave Employee wants to go on vacation, this must be reported to the Employer. The Employer will seek the advice from the company doctor on whether the vacation could be detrimental to the Employee's recovery and reintegration. If the company doctor advises that there are no reasons not to go on vacation, the Employer will grant the Employee's request. The extra-legal days as indicated in article 4.1 will be considered to be vacations days instead of sick days. In addition, in the event of a vacation request by the Employee during illness, article 4.2 will be applicable. In that event, the legal minimum vacation days will be registered as vacation days instead of sick days as well.
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Article 5 - Illness / Incapacity For Work
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	5.1	If the Employee is unable to carry out her tasks and duties because of illness or incapacity for work, she will notify the Employer thereof on the first day of her incapacity for work before 9:30 in the morning. Employee must report her illness to her direct manager.
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	5.2	During sick leave the Employee may be subject to an examination by the company doctor/insurance medical officer appointed by the Employer. Furthermore, the Employee is obliged to observe the instructions regarding check-ups and co-operation determined by the Employer and/or company 

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Exhibit 10.52
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		doctor/insurance medical officer, in default of which the Employer may suspend payment of the Employee's salary. Moreover, the Employee is obliged to inform the Employer and company doctor/insurance medical officer of her nursing address, if this is different from her home address as registered with the Employer.
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	5.3	The company doctor/insurance medical officer appointed by the Employer may examine the Employee in order to ascertain:

	a.	whether the Employee is impeded from carrying out her work because of her illness;

	b.	whether the Employee has deliberately caused her impediment to carry out her work;

	c.	whether the Employee is deliberately slowing down her recovery process;

	d.	whether the Employee wrongfully allows herself to be treated insufficiently or not at all;

	e.	whether other measures or provisions are necessary for the recovery or improvement of the Employee's health;

	f.	at what moment in time the Employee is ready to resume her activities, and to what degree.

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	5.4	The Employee is obliged to be at home between 9:00 and 11:00 in the morning for possible visits by the examining doctor. In addition, the Employer must be able to contact the Employee by phone at all times during working hours.

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	5.5	In case of illness of the Employee, the Employer will continue to pay the Employee's salary as stated in Article 2.1 of this Employment Agreement in conformity with article 7:629 of the Dutch Civil Code.  

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	5.6	During sick leave the employee is not entitled to any reimbursement of travel allowance for home-work travel, nor is employee entitled to any (structural) reimbursement for work related expenses.

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Article 6 - Reintegration after dismissal or termination
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6.1If, within four (4) weeks after the termination of her employment agreement, the Employee becomes ill or disabled, and at that moment in time she is not working for another employer or receiving unemployment benefits, she is obliged to immediately call in sick with the Employer in accordance with the rules and regulations that apply within the Employer's company (Employee Manual and this Employment Agreement) regarding sickness and sick leave.  
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6.2If the employee is already ill or disabled at the moment her employment agreement terminates and she meets the criteria set forth in subsection 6.1 above, then she is obliged to:
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	abide by instructions from the company doctor and/or occupational health officer appointed by the Employer to visit said company doctor or occupational health officer for a consultation;

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	provide the Employer with all the information that she is obliged to provide to the Employer as a Risk Carrier (Eigen Risicodrager) or the UWV in accordance with the Sickness Benefits Act (Ziektewet) or Disability Benefits Act (Wet Werk en Inkomen naar Arbeidsvermogen, Wet WIA). If the Employee does not give her permission to the Employer to consult or receive medical information regarding the Employee, then the Employee is obliged to provide such medical information to the company doctor or an authorized physician;

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	abide by all the obligations set forth in the Sickness Benefits Act (Ziektewet) and the Disability Benefits Act (Wet WIA);

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	cooperate with and take part in a reintegration program or trial placement (in another job or function or with another employer) offered to the Employee by or on behalf of the Employer;

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Exhibit 10.52
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	apply for (early) Full Disability Benefits (IVA-uitkering) as soon as the company doctor deems this possible.

The obligations above will remain in full force and effect for as long as the Employee is sick and/or disabled and receives Sickness Benefits (Ziektewetuitkering). Once the Employee has fully recovered said obligations will end, unless the Employee falls ill or becomes disabled again within four (4) weeks of recovery. 
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6.3 If the Employee does not abide by the obligations and instructions set forth in the subsections above, then the Employer will be required to inform the UWV of this fact. The consequences of such an announcement to the UWV for the Employee and at her own risk.  
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Article 7 - Pension Scheme
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There is currently a pension scheme connected to this Employment Agreement whereby the Employer may contribute towards old-age pension and surviving relatives’ pension.  The Employer does not contribute toward invalidity pension. 
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Article 8 - Confidentiality
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8.1The Employee will observe strict confidentiality with regard to all details relating to the Employer's company and any companies affiliated with or connected to it.
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8.2The Employee is prohibited from making any statements to third parties, either directly or indirectly, and in any form or manner, with regard to any information related to Employer's company and any companies affiliated with or connected to it, either during or after the term of employment.
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8.3The Employee is prohibited from taking any notes, drawings or other documents, letters, receipts, copies of such documents, tools, models, samples, manufactured products, automated files or other information containing data or other content, or having such matters taken, sent, copied, inspected and/or disposed of or using such matters in any way, unless such has been explicitly approved of in writing by the Employer. In addition, the Employee is prohibited from allowing inspection of machines, plants or workshops or any other items under the control of the Employer, as well as making use of the Employer's know-how and activities without informing the Employer thereof.
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8.4The Employee is obliged to request and obtain the prior written approval of the Employer for publications that may affect the interests of the Employer in any way.
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8.5Corporate property, including all correspondence, notes, drawings, models, samples, automated files and other data that relate to corporate affairs must be immediately returned to the Employer upon Employer’s request, but no later than upon termination of employment.
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8.6The obligations in this Article 8 also pertain, and are without prejudice, to any information, documents, machines or plants etc. or any other affairs by any name, of clients or other business relations or companies affiliated with the Employer.
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8.7Violation of the stipulations contained in paragraphs 1 through 6 of this Article 8 will constitute an urgent legal cause for termination of employment.
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Exhibit 10.52
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Article 9 - Intellectual Property Rights
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9.1     The Employer is entitled to the exclusive (property) rights, both nationally and internationally, of the patents, models, drawings and/or any other intellectual property right arising from the activities that the Employee has carried out during the term of the Employment Agreement, or during a year after termination of this Employment Agreement.
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9.2The Employee is obliged to inform the Employer of all activities carried out during employment or after termination of employment that can lead, in The Netherlands or elsewhere, to the existence of intellectual property rights, including, but not limited to, inventions, computer programs, working methods, achievements in the field of industrial design and the like.
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9.3The Employee is obliged to transfer any rights relating to the aforementioned activities to the Employer in the shortest possible term, both in The Netherlands and elsewhere, if and in so far as these rights do not accrue to the Employer by virtue of the law and/or this Employment Agreement.
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9.4Even after the Employment Agreement has been terminated, the Employee is still obliged to co-operate in every way with the Employer with regard to the establishment, disposal, and enforcement of any rights belonging to and/or transferred within the meaning of this Article 9.
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9.5The Employer is not obliged to apply for legal protection of the rights belonging to it or transferred to it. In case of a patent application, the Employer shall promote to the fullest extent possible that the Employee is named as an inventor.
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9.6The Employee acknowledges that her salary set forth in Article 2 of this Employment Agreement constitutes payment for the fact that intellectual property rights do not accrue to her, and that she transfers the intellectual rights to the Employer to the extent this is necessary.
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Article 10 - Additional Functions
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10.1During the term of employment the Employee will not fulfil any additional positions outside the performance of his employment with Employer or carry out any additional tasks or duties elsewhere, either for a fee or not, without the prior written approval of the Employer, and at the discretion of the Employer. Failure to comply with the obligations of this Article 10 can be regarded as immediate grounds for dismissal by the Employer, and Employer may, in its discretion, employ the penalty set forth in Article 13 of this Employment Agreement.
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10.2At the written and substantiated request of the Employee, the Employer may grant general or specific approval to deviate from the stipulations of this Article 10. The Employer may attach certain conditions to the approval in its discretion.
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Article 11 - Business Relation, Non-competition, and Crimping Clause
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11.2Business Relation Clause: For twelve (12) months after termination of this Employment Agreement the Employee is obliged to refrain from establishing contacts, or have contacts established and/or to maintain contacts, or have contacts maintained, both directly and indirectly, both for herself and for any third parties, with clients, suppliers or other business relations of the Employer and of any companies affiliated with the Employer. Within this framework, clients are taken to be those companies, businesses and/or institutions by whose order, either directly or indirectly, the Employee has carried out work during the last two (2) years of the employment relationship with the Employer, as well as those clients to whom the Employee has submitted quotations and/or received a request 

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Exhibit 10.52
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to submit a quotation during the last two (2) years of the employment relationship with the Employer.
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The definition of “Business Relation” in this Employment Agreement applies to all persons, institutions, companies, businesses, etc. with which the Employer maintains or has maintained contacts, regardless of whether those persons, institutions, companies, businesses etc. were employed by or were part of the group of companies to which the company of Employer belongs; Business Relations are also the so-called ‘prospects’ or ‘leads’, which can be persons, companies, businesses, etc. that the Employer has not yet done any business, but with which it has been in contact, and such contact with persons, companies, businesses can be seen as actual/recent.
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11.3Non-competition Clause: During this Employment Agreement, as well as during a period of twelve (12) months after termination of this Employment Agreement, the Employee may not carry out any activities within The Netherlands in any way and in any form, either on the basis of an employment agreement, or in her own name, or by means of a collaboration with other natural persons or legal persons, which activities are equal, similar or related to the activities of the Employer or any affiliated companies. This includes (financial) participation interest in and/or (in)direct control of companies that are equal, similar, or related to the competitive activities of the Employer or any affiliated companies. The stipulations set forth in this Article will remain valid even in the event that Employee's job description has changed.
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11.4Crimping Clause:  The Employee is not permitted to approach any of the Employer’s employees, either directly or indirectly, either for herself or for any third parties, in order to persuade them to terminate their employment with the Employer or the companies affiliated with it.
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Article 12 - Benefits
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The Employee is prohibited from accepting any payment, gifts or other such benefits from a third party for his own benefit, either directly or indirectly, in connection with his activities in the employment of his Employer.
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Article 13 - Penalty Clause
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Contrary to article 7:650 paragraph 6 of the Dutch Civil Code, the Employee will, in the event of any violation of the stipulations in Articles 5.2, 6, 8, 9, 10, 11 and 12 of this Employment Agreement be accountable for an immediately payable penalty to the benefit of the Employer of Five Thousand Euros (€ 5.000) in one payment per violation, increased by an amount of One Thousand Euros 
(€ 1.000) for every day that the violation continues, without prejudice to the other rights of the Employer by virtue of the law or this Employment Agreement, such as the right to fulfilment of a violated stipulation or to demand an injunction or, instead of this penalty, compensation, as well as to terminate this Employment Agreement, if it is still in existence.
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Article 14 - Applicable Law
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Dutch law is applicable to this Employment Agreement. The legally competent Dutch court is exclusively authorised to take cognisance of any disputes between the parties which result from the interpretation or execution of this Employment Agreement.    
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Article 15 - Replacement In Case Of Nullity
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If this Employment Agreement contains any invalid stipulations, then this will not lead to the nullity of any of the other stipulations of the Agreement. The invalid stipulations will then be replaced by 

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Exhibit 10.52
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valid stipulations which correspond as much as possible with the intentions the parties had with the invalid stipulation. The stipulations that are not changed remain in full force and effect.
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Article 16 - Concluding Stipulations
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	16.1
	This Employment Agreement replaces all previous oral or written agreements between the parties. Any translation of this Employment Agreement into other languages will be for reference only and will not be binding.

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	16.2
	The Employer has the right to change the terms and conditions of employment as set forth in this Employment Agreement pursuant to, without limitation, article 7:613 of the Dutch Civil Code.

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	16.3
	This Employment Agreement consists of eleven (11) numbered pages.

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Agreed upon, made in triplicate, and signed on 19 November 2020, 
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Merit Medical Nederland BVEmployee
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/s/ Manon van Kregten-Maarschalkerweerd/s/ Justin Lampropoulos
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Name:Manon van Kregten-MaarschalkerweerdJustin Lampropoulos
	Title:
	International Employment Counsel & 
Compliance Manager

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Exhibit 10.52
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Exhibit A
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JOB DESCRIPTION
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PRESIDENT, EMEA
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SUMMARY OF DUTIES
Responsible for providing direction, leadership and making key decisions.
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ESSENTIAL FUNCTIONS PERFORMED
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	Provides leadership and vision to department heads and employees.

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	Accountable for the development and communication of key strategies and objectives.

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	Works closely with management team members from other departments to ensure that customer needs are understood and met.

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	Handles and directs all Good Manufacturing Practices issues and compliance with ISO requirements while ensuring that the highest degree of integrity is present in all processes and procedures.

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	Attends meetings and evaluates the performance of managed areas in general and accepts feedback from department heads to make key organizational decisions.

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	Prepares departmental budgets and performs tasks involved in capital expenditure planning.

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	Manages employees by interviewing, hiring, training, evaluating performance, terminating, etc.

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	Provides leadership in determining and implementing best operational practices.

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	Performs a variety of related management tasks, as required.

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ESSENTIAL PHYSICAL/ENVIRONMENTAL DEMANDS
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	Lifting -- Not to exceed 50 lbs. -- local practice may apply.

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	Writing

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	Sitting

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	Standing

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	Bending

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	Visual acuity

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	Color perception

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	Depth perception

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	Reading

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	Field of vision/peripheral

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SUMMARY OF MINIMUM QUALIFICATIONS
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	Education and/or experience equivalent to a Bachelor's Degree in Business Administration or related area.

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	A minimum of ten years of related management/leadership experience, to include budget planning.

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	Ability to work as part of a top management team.

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	Demonstrated ability to meet organizational goals and schedules while making key decisions for areas managed.

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	Ability to make key decisions and set goals and objectives consistent with Merit's vision for production and product development.

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	Ability to act as a resource in solving problems and improving the effectiveness of large numbers of employees in an organization.

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	Excellent interpersonal, verbal, and written communication skills.

	●	Demonstrated computer skills preferably spreadsheets, word processing, database and other applicable software programs.

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Exhibit 10.52
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COMPETENCIES
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	Leadership/vision

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	Budget

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	Decision making

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	Objective/strategy planning

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	Special projects

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	Problem solving

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COMMENTS
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Infectious Control Risk Category II:
The risk category explains whether or not employees are likely to come into contact with blood or body fluids while performing their jobs. Risk category II states employment and procedures that may require exposure.
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Merit Medical Nederland BVEmployee
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/s/ Manon van Kregten-Maarschalkerweerd/s/ Justin Lampropoulos
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Name:Manon van Kregten-MaarschalkerweerdJustin Lampropoulos
	Title:
	International Employment Counsel & 
Compliance Manager

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Exhibit 10.52
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Exhibit B
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BONUS 
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The Company may in its absolute discretion pay Employee a bonus of such amount as the Company deems appropriate in relation to the Employee's overall performance and his achievement of set targets and/or deliverables as well as the Company's and the relevant department's (financial) performance.  
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The bonus may be determined by the Company in respect of each complete financial year of the Company during which the Employee's employment subsists, subject to the rules of the bonus plan in place from time to time.  
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Receipt by Employee of a bonus in relation to any financial year is not to be regarded as establishing an entitlement on Employee's part to receive a bonus in relation to subsequent financial years or as to the amount of any such further bonus.
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Lapse of rights to bonus
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If the Employee is absent for any reason for a period of time longer than ninety (90) days, then the Employee's claim and rights to a bonus will lapse to the extent that the Employee was not directly engaged in or actively promoting efforts at the Employer’s office toward the underlying bonus objectives.  
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Merit Medical Nederland BVEmployee
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/s/ Manon van Kregten-Maarschalkerweerd/s/ Justin Lampropoulos
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Name:Manon van Kregten-MaarschalkerweerdJustin Lampropoulos
	Title:
	International Employment Counsel & 
Compliance Manager

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​Exhibit 10.53

EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into by and between Merit Medical Systems, Inc., a Utah corporation (the “Company”) and Michel J. Voigt (the “Executive”), as of December 11, 2020.
 
RECITALS:
WHEREAS, the Executive currently serves as an executive employee of the Company; and
 
WHEREAS, the Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued dedication of the Executive, notwithstanding the possibility, threat or occurrence of a Change in Control (as defined below) of the Company; and
 
WHEREAS, the Company and the Executive desire to enter into the Employment Agreement as follows:
 
AGREEMENT:
 NOW, THEREFORE, the above recitals are incorporated herein and the parties agree as follows:
 
1.             Certain Definitions.  For purposes of this Agreement, the following terms shall have the following meanings:
 
(a)        “Affiliated Companies” shall mean any corporation, partnership, limited liability company or other business entity controlled by, controlling or under common control with the Company.  One entity shall be presumed to control another if it owns directly, or indirectly through other Affiliated Companies, a majority of the outstanding voting equity interests of the other entity.
 
(b)           “Change in Control” shall mean:
 
(i)            The acquisition during any 12-month period in one or more integrated transactions by any individual, entity or “group” (within the meaning of Section 13(d) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”))(a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 30% of the combined voting power of the then outstanding common stock and other voting securities of the Company entitled to vote generally in the election of directors of the Company (the “Outstanding Company Voting Securities”);provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change in Control: (A) any acquisition by the Company, an employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or any corporation or other entity pursuant to a transaction which complies with clauses (A) and (B) of subsection (iii) of this Section 1(b); and (B) any acquisition which does also not constitute a “change in effective control” of the Company within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(vi)(A)(1);
 
(ii)           The replacement during any 12-month period of a majority of the directors serving on the Board by directors whose appointment or election is not endorsed by at least a majority of the Board immediately before the date of any such appointment or election; provided that this subsection (ii) shall only apply to a change in the Board that constitutes a “change in effective control” of the Company within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(vi)(A)(2); and

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Employment Agreement
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Exhibit 10.53

 
(iii)          The sale or other disposition of all or substantially all of the assets of the Company (an “Asset Sale”), including a disposition by merger or consolidation, in a transaction that also constitutes a “change in ownership of a substantial portion” of the Company’s assets within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(vii); provided, however, that a transaction will not constitute a Change in Control under this subsection (iii) if: (A) the beneficial owners of the Outstanding Company Voting Securities immediately prior to such Asset Sale beneficially own, directly or indirectly, 50% or more of the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities of the acquiror or resulting corporation in such Asset Sale in substantially the same proportions as their ownership, immediately prior to such Asset Sale of the Outstanding Company Voting Securities; and (B) no Person beneficially owns, directly or indirectly, more than 30% of the combined voting power of the then outstanding voting securities of the acquiror or resulting corporation except to the extent that such ownership existed prior to the Asset Sale. For avoidance of doubt, no transaction or event will constitute a “Change in Control” under this Agreement unless it also constitutes a “change in effective control” of the Company within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(vi) or a “change in ownership of a substantial portion” of the Company’s assets within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(vii).
 
(c)           “Code” means the Internal Revenue Code of 1986, as amended.
 
(d)           “Company” shall mean Merit Medical Systems, Inc.
 
(e)           “Employment Period” shall mean the period commencing on the date hereof and continuing through the effective date of termination of Executive’s employment as provided below.
 
(f)            “Executive” shall mean the executive employee of the Company named in the first introductory paragraph of this Agreement.
 
(g)           “Separation from Service” means “separation from service” (as defined in Treasury Regulation Section 1.409A-1(h) from the Company.
 
(h)           “Treasury Regulation” means the regulations promulgated under the Code.  Any reference in this Agreement to a Treasury Regulation shall include such regulation as amended from time to time and shall be deemed to incorporate herein the full text of such regulation.
 
2.             Employment.  Subject to termination as provided below, the Company hereby agrees to continue the Executive in its employ “at will”, and the Executive hereby agrees to remain in the employ of the Company “at will”, subject to the terms and conditions of this Agreement.  As an “at will” employee, the Company may terminate the Executive’s employment, and the Executive may resign his/her employment with the Company, at any time and for any or no reason.
 
3.             Terms of Employment.
 
(a)           Position and Duties.
 
(i)            During the Employment Period, the Executive’s position and title shall be Chief Human Resources Officer.  Notwithstanding the foregoing, upon a Change in Control: (A) the Executive’s position (including offices, titles and reporting requirements), authority, duties and 

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Employment Agreement
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Exhibit 10.53

responsibilities shall be at least commensurate in all material respects with the most significant of those held, exercised and assigned at any time during the 120-day period immediately preceding the effective date of a Change in Control; and (B) the Executive’s services shall be performed at the location where the Executive was employed immediately preceding the Effective Date or any office or location less than 35 miles from such location.
 
(ii)           During the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive agrees to devote reasonable attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge the responsibilities assigned to the Executive hereunder, to use the Executive’s reasonable best efforts to perform faithfully and efficiently such responsibilities.  During the Employment Period it shall not be a violation of this Agreement for the Executive to: (A) serve on corporate, civic or charitable boards or committees, provided that the Executive obtains the Company’s prior, written consent, which will not be unreasonably withheld; (B) deliver lectures, fulfill speaking engagements or teach at educational institutions; and (C) manage personal investments, so long as such activities do not significantly interfere with the performance of the Executive’s responsibilities as an employee of the Company in accordance with this Agreement.  It is expressly understood and agreed that to the extent that any such activities have been conducted by the Executive prior to the effective date of a Change in Control, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the effective date shall not thereafter be deemed to interfere with the performance of the Executive’s responsibilities to the Company.
 
(b)           Compensation.
 
(i)            Base Salary.  During the Employment Period the Executive shall receive an annual base salary (“Annual Base Salary”), which shall be paid in equal monthly installments, at least equal to the Executive’s then current salary or such other amount as is authorized by the Compensation Committee of the Board; provided, however that following a Change in Control, the Executive’s rate of Annual Base Salary for any fiscal year of the Company following the Change in Control shall not be less than 12 times the highest monthly base salary paid or payable (including any base salary which has been earned but deferred) to the Executive by the Company and its Affiliated Companies in respect of the 12-month period immediately preceding the month in which the Change in Control occurs.  During the Employment Period, the Annual Base Salary shall be reviewed no more than 12 months after the last salary increase or decrease applicable to the Executive and thereafter at least annually.  Any increase or decrease in Annual Base Salary shall not serve to limit or reduce any other obligation to the Executive under this Agreement.
 
(ii)           Annual Bonus.  In addition to Annual Base Salary, for each fiscal year of the Company that ends during the Employment Period (a “Bonus Award Year”) the Executive shall be awarded an annual bonus (the “Annual Bonus”) in cash in such amount as the Board determines in its sole discretion; provided that (A) no Annual Bonus shall be payable for a particular Bonus Award Year unless the Executive is still employed by the Company on the last day of the Bonus Award Year in question (or such earlier dater as the Annual Bonus is paid); and (B) for any Company fiscal year ending on or after the effective date of a Change in Control, the Annual Bonus shall be at least equal to the Executive’s average annual cash bonus for the last three full 12-month fiscal years ending prior to the Change in Control (or such lesser number of full fiscal years as the Executive has completed with the Company, and annualized in the event that the Executive was not employed by the Company for the whole of any such full 12-month Company fiscal year) (the “Average Annual Bonus”).  Each such Annual 

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Employment Agreement
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Exhibit 10.53

Bonus shall be paid to the Executive not later than the 15th day of the third month following the calendar year in which the Annual Bonus is earned, unless the Executive shall elect to defer the receipt of such Annual Bonus pursuant to a non-qualified deferred compensation plan maintained by the Company that complies with the requirements of Code Section 409A.  The Executive shall not be entitled to any Annual Bonus for a Bonus Award Year unless the Executive remains employed by the Company through the earlier of the date the Annual Bonus is paid or the last day of the Bonus Award Year in question.
 
(iii)       Commissions.  In addition to the Annual Base Salary and Annual Bonus, the Executive may, at the Board’s discretion, be awarded monthly or quarterly commissions (the “Commissions”), at least equal to the Executive’s then current commissions or such other amount as is authorized by the Board; provided, however that for any company fiscal year ending on or after the effective date of a Change in Control, the Executive’s Commissions shall not be less than the Executive’s average annual commissions for the last three full 12-month fiscal years ending prior to the Change of Control (or such lesser number of full fiscal years as the Executive has completed with the company, and annualized in the event the Executive was not employed by the Company for the whole of any such full 12-month Company fiscal year (the “Average Annual Commissions”).  During the Employment Period, the Commissions shall be reviewed no more than 12 months after the last commission increase or decrease applicable to the Executive and thereafter at least annually.  Any increase or decrease in Commissions shall not serve to limit or reduce any other obligation to the Executive under this Agreement.
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(iv)Stock Incentive and Retirement Plans.  During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its Affiliated Companies.  In no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, materially less favorable, in the aggregate following the effective date of a Change in Control, than the those provided by the Company and its Affiliated Companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Change in Control or if more favorable to the Executive, those provided generally at any time after the Change in Control to other peer executives of the Company and its Affiliated Companies.
 
(v)          Welfare Benefit Plans.  During the Employment Period, the Executive shall be eligible for participation in and shall receive all benefits under welfare benefit plans, practices, policies and programs provided by the Company and its Affiliated Companies (including, without limitation, medical, prescription, dental, disability, employee life, group life, accidental death and travel accident insurance plans and programs for the Executive, the Executive’s spouse and the Executive’s qualifying dependent children ) to the extent applicable generally to other peer executives of the Company and its Affiliated Companies, but in no event shall such plans, practices, policies and programs provide the Executive with benefits following a Change in Control which are materially less favorable, in the aggregate, than the plans, practices, policies and programs in effect for the Executive at any time during the 120-day period immediately preceding the Change in Control or, if more favorable to the Executive, those provided generally at any time after the Change in Control to other peer executives of the Company and its Affiliated Companies.
 

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Employment Agreement
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Exhibit 10.53

(vi)           Expenses.  During the Employment Period, the Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive in accordance with the most favorable policies, practices and procedures of the Company and its Affiliated Companies.  In no event shall such policies, practices and procedures be materially less favorable, in the aggregate, following a Change in Control than the policies, practices and procedures in effect for the Executive at any time during the 120-day period immediately preceding the Change in Control or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its Affiliated Companies.  All such expense reimbursements shall be paid promptly following submission for the applicable expense reimbursement requests and appropriate substitution but in no event later than the end of the calendar year following the calendar year in which the expense in question is incurred by the Executive.  No reimbursement shall be exchanged or liquidated for another benefit and the amount of expenses eligible for reimbursement in a particular calendar year shall not affect the expense eligible for reimbursement in another taxable year.
 
(vii)          Fringe Benefits.  During the Employment Period, the Executive shall be entitled to fringe benefits, including, without limitation, tax and financial planning services, payment of club dues, and, if applicable, use of an automobile and payment of related expenses, in accordance with the generally applicable plans, practices and programs of the Company for its executive employees.  In no event shall such policies and programs be materially less favorable following a Change in control than the most favorable plans, practices, programs and policies of the Company and its Affiliated Companies in effect for the Executive at any time during the 120-day period immediately preceding the Change in Control or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its Affiliated Companies.
 
(viii)         Office and Support Staff.  During the Employment Period, the Executive shall be entitled to an office or offices of a size and with furnishings and other appointments, and to exclusive personal secretarial and other assistance, generally provided to other executive officers of the Company and its Affiliated Companies.
 
(ix)        Vacation.  During the Employment Period, the Executive shall be entitled to paid vacation in accordance with the generally applicable plans, practices and programs of the Company for its executive employees.  In no event shall such policies and programs be materially less favorable following a Change in Control than the most favorable plans, policies, programs and practices of the Company and its Affiliated Companies as in effect for the Executive at any time during the 120-day period immediately preceding the Change in Control or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its Affiliated Companies.
 
4.             Termination of Employment.
 
(a)           Death or Disability.  The Executive’s employment shall terminate automatically upon the Executive’s death during the Employment Period.  If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Executive written notice in accordance with Section 10(b) of this Agreement of its intention to terminate the Executive’s employment.  In such event, the Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive’s 

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Employment Agreement
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Exhibit 10.53

duties.  For purposes of this Agreement, “Disability” shall mean the absence of the Executive from the Executive’s duties with the Company on a full-time basis for 180 consecutive business days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive’s legal representative.
 
(b)           By the Company for Cause.  The Company may terminate the Executive’s employment at any time during the Employment Period for Cause to be effective on the applicable Date of Terminations set forth in Section 4(g).  For purposes of this Agreement, “Cause” shall mean:
 
(i)            the willful and continued failure of the Executive to perform substantially all of the Executive’s duties with the Company or one of its Affiliates (other than any such failure results from incapacity due to physical mental illness), after a written demand for substantial performance is delivered to the Executive by the Board or the Chief Executive Officer of the Company which specifically identifies the manner in which the Board or Chief Executive Officer believes that the Executive has not substantially performed the Executive’s duties,
 
(ii)           the Executive willfully engaging in illegal conduct, intentional misconduct or gross negligence which is materially and demonstrably injurious to the Company, or
 
(iii)         the Executive’s violation of written Company policies prohibiting workplace discrimination, sexual harassment and alcohol or substance abuse.
 
For purposes of this provision, no act or failure to act, on the part of the Executive, shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company.  Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the instructions of the Chief Executive Officer or a senior officer  
of the Company or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company.  Following a Change in Control, the cessation of employment of the Executive shall not be deemed to be for Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice is provided to the Executive and the Executive is given an opportunity, together with counsel, to be heard before the Board), finding that, in the good faith opinion of the Board, the Executive is guilty of the conduct described in subparagraph (i) or (ii) above, and specifying the particulars thereof in detail.
 
(c)           By the Company without Cause.  The Company, acting through the Board, may terminate the Executive’s employment with the Company at any time “at will” without Cause for any or no reason upon written notice of termination to the Executive to be effective on the applicable Date of Termination set forth in Section 4(g).
 
(d)           By the Executive for Good Reason.  The Executive may terminate and resign the Executive’s employment for Good Reason effective on or after the date of a Change in Control upon not less than thirty (30) advance written notice of termination to the Company; provided the Executive delivers such notice of termination to the Company within ninety (90) days after the occurrence of the event constituting Good Reason.  For purposes of this Agreement, “Good Reason” shall mean:

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Employment Agreement
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Exhibit 10.53

 
(i)            the Company’s assignment to the Executive upon or within two (2) years after a Change in Control of any duties inconsistent in any respect with the Executive’s position (including offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 3(a) of this Agreement, or any other action by the Company upon or within two (2) years after a Change in Control which results in a diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive;
 
(ii)           the Company’s failure upon or within two (2) years following a Change in Control to comply with any of the provisions of Section 3(b) of this Agreement, other than an isolated, insubstantial and inadvertent failure not occurring in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive;
 
(iii)          upon or within two (2) years following a Change in Control, the Company’s requiring the Executive to be based at any office or location other than as provided in Section 3(a)(i)(B) hereof or the Company’s requiring the Executive to travel on Company business to a substantially greater extent than required immediately prior to the Effective Date; and
 
(iv)          any failure by the Company to comply with and satisfy Section 9(c) of this Agreement.  
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(e)           By Executive without Good Reason.  The Executive may resign and terminate the Executive’s employment with the Company without Good Reason at any time “at will” upon written notice of termination to the Company to be effective on the applicable Date of Termination set forth in Section 4(g).
 
(f)            Notice of Termination.  Any termination by the Company for Cause, by the Executive for Good Reason, or by either party without Cause or Good Reason shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 10(b) of this Agreement.  For purposes of this Agreement, a “Notice of Termination” means a written notice which
 
(i)            indicates the specific termination provision in this Agreement relied upon,
 
(ii)           to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated, and
 
(iii)          if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (which date shall be as set forth Section 4(g)).  The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder.

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Employment Agreement
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Exhibit 10.53

 
(g)           Date of Termination.  For purposes of this Agreement the term “Date of Termination” means:
 
(i)            if the Executive’s employment is terminated by the Company for Cause, or upon or following a Change in Control by the Executive for Good Reason: (A) the date of the receipt of the Notice of Termination in the case of termination by the Company for Cause, or (B) the date set forth in the Notice of Termination in the case of termination by the Executive for Good Reason, which  shall be not less than thirty (30) days after the delivery of the Notice of Termination.
 
(ii)           if the Executive’s employment is terminated by the Company other than for Cause, death or Disability; the Date of Termination shall be the tenth (10th) day after the Company notifies the Executive of such termination, provided that the Notice of Termination may specify a later effective Date of Termination (which date shall not be more than 30 days after the giving of such notice);
 
(iii)          if the Executive voluntarily resigns his/her employment (other than for Good Reason upon or following a Change in Control), the Date of Termination shall be the tenth (10th) day after the Executive notifies the Company of such resignation, provided that the Notice of Termination may specify a later Date of Termination (which date shall not be more than 30 days after the giving of such notice); and
 
(iv)          if the Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability Effective Date, as the case may be.
 
5.             Obligations of the Company upon Termination of Executive’s Employment.
 
(a)           General.  Upon termination of the Executive’s employment with the Company the Company shall provide the Executive with the payments and benefits set forth in the applicable subsection of this Section 5.  The amounts payable under this Section 5 are in addition to the Company’s obligations to the Executive under the Company’s various retirement, deferred compensation, stock option and long-term incentive, employee stock purchase and welfare benefit plans.  The Company’s obligations under this Section 5 vary depending upon whether or not the Executive’s termination of employment is in “Connection with a Change in Control.”  For purposes of this Agreement, termination of the Executive’s employment shall be deemed to be in “Connection with a Change in Control” if and only if:
 
(i)            the Executive’s Date of Termination is on or within two (2) years after the effective date of a Change in Control; or
 
(ii)           the Company terminates the Executive’s employment without Cause within six (6) months prior to the date on which a Change in Control occurs and the Executive reasonably demonstrates that such termination of employment (A) was at the request of a third party who has taken steps reasonably calculated to effect a Change in Control; or (B) otherwise arose in connection with or anticipation of a Change in Control.
 

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Employment Agreement
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Exhibit 10.53

(b)           Termination Other Than in Connection with a Change in Control.  If the Executive’s employment shall terminate for any reason, voluntarily or involuntarily with or without Cause, other than in Connection with a Change in Control, the Company shall pay to the Executive (or if deceased to the Executive’s estate) the following amounts:
 
(i)            a lump sum cash payment equal to the Executive’s Annual Base Salary earned through the Date of Termination to the extent not theretofore paid and any accrued vacation pay through the Date of Termination, which lump sum shall be paid ten (10) days after the Date of Termination;
 
(ii)           a lump sum cash payment equal to the Executive’s accrued Annual Bonus earned for the last Company fiscal year ending immediately prior to the Date of Termination to the extent not theretofore paid, which lump sum shall be paid within the time period set forth in Section 3(b)(ii); 
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(iii)if applicable to Executive, a lump sum Commissions payment earned through the Date of Termination to the extent not theretofore paid, which lump sum shall be paid ten (10) days after the date the applicable Commissions would have been calculated by the Company had the Executive’s employment not been terminated; and
 
(iii)          such additional severance benefits, if any, as the Board approves in its sole and absolute discretion without reference to the amount of severance benefits, if any, paid to any other executive officer or employee of the Company; provided, however, that no such discretionary severance benefits shall be paid in a manner or amount that renders such payments non-qualified deferred compensation subject to additional tax or interest under Section 409A(a)(1)(B) of the Code.
 
(c)           Resignation for Good Reason or Termination without Cause in Connection with a Change in Control.  If the Executive resigns for Good Reason in Connection with a Change in Control (i.e., on or within two (2) years after the date of a Change in Control) or the Company terminates the Executive without Cause in Connection with a Change in Control, the Company shall:
 
(i)            Pay to the Executive the following amounts:
 
(A)          a lump sum cash payment equal to the Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid and any accrued unpaid vacation pay through the Date of Termination, which lump sum shall be paid ten (10) days after the Date of Termination (on a date within that 10 day period designated by the Company); 
 
(B)           a lump sum cash payment equal to the Executive’s accrued Annual Bonus, if any, for the last Company fiscal year ending immediately prior to the Date of Termination to the extent not theretofore paid, which lump sum shall be paid within the time period set forth in Section 3(b)(ii).  The sum of the amounts described in clauses (A) and (B) shall be hereinafter referred to as the “Accrued Obligations;” and
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(C)if applicable to Executive, a lump sum Commissions payment earned through the Date of Termination to the extent not theretofore paid, which lump sum shall be paid ten (10) days after the date the applicable Commissions would have been calculated by the Company had the Executive’s employment not been terminated; and

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Employment Agreement
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Exhibit 10.53

 
(ii)           Pay to the Executive a cash severance benefit (the “Severance Benefit”) in an amount equal to two (2) times the sum of: (A) the Executive’s Annual Base Salary (computed at the highest rate in effect at any time during the 12-month period immediately preceding the Change in Control); (B) the Executive’s Average Annual Bonus as defined in Section 3(b)(ii); and (C) if applicable to Executive, the Executive’s Average Annual Commissions as defined in Section 3(b)(iii).  The Severance Benefit payable under this Section 5(c)(ii) shall be paid:
 
(A)          In a cash lump sum within 30 days after the later of the date of the Executive’s Separation from Service with the Company or the date of the Change in Control to the limited extent the amount so paid constitutes “separation pay” due to an “involuntary separation from service” within the meaning and dollar limitations of Treasury Regulation Section 1.409A-1(b)(9)(iii), or is otherwise exempt from Code Section 409A under Treasury Regulation Section 1.409A-1(b); and
 
(B)           the balance, in a separate cash lump sum on the date that is six months and one day after the date of the Executive’s Separation from Service with the Company.  The balance of the Severance Benefit payable under this clause (B) shall bear interest from the Executive’s Date of Termination at an annual rate equal to the “prime rate” of Wells Fargo Bank, NA in effect on the Date of Termination plus four (4) percentage points, which interest the Company shall pay to the Executive contemporaneously with payment of the Severance Benefit under this clause (B).
 
This Section 5(c)(ii) shall be interpreted and applied to permit the payment of the Change in Control Severance Benefit prior to the date that is six months and one day after Executive’s Separation from Service with the Company only to the extent such payments would not thereby constitute a deferral of compensation subject to Code Section 409A.  Neither the Company nor the Executive shall have the right to accelerate or defer such payments except as permitted or required by Code Section 409A.
 
(iii)          To the extent permitted by law and the Company’s applicable insurance policies, for two (2) after the Executive’s Date of Termination, continue benefits to the Executive and/or the Executive’s eligible spouse and dependent children at least equal to those which would have been provided to them in accordance with the welfare plans, programs, practices and policies described in Section 3 of this Agreement if the Executive’s employment had not been terminated or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its Affiliated Companies and their families, provided, however, that if the Executive becomes reemployed with another employer and is eligible to receive medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility.
 
(iv)          Provide at the Company’s sole expense for a period not to exceed twelve (12) months the Executive with reasonable outplacement services the scope and provider of which shall be selected by the Executive in his/her reasonable discretion; and
 
(v)           To the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or which the Executive is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its Affiliated Companies (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”) in accordance with the terms of such other plans, programs, policies or practices.

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Employment Agreement
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Exhibit 10.53

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(d)           Death on or after Change in Control.  If the Executive’s employment is terminated by reason of the Executive’s death on or after the date of a Change in Control, this Agreement shall terminate without further obligations to the Executive’s legal representatives under this Agreement, other than for payment of Accrued Obligations and the timely payment or provision of Other Benefits.  Accrued Obligations shall be paid to the Executive’s estate or beneficiary, as applicable, in cash in the manner and within the time frames set forth in Section 5(b)(i) and (ii), as applicable.  With respect to the provision of Other Benefits, the term Other Benefits as utilized in this Section 5(d) shall include, without limitation, and the Executive’s estate and/or beneficiaries shall be entitled to receive, benefits at least equal to the most favorable benefits provided by the Company and Affiliated Companies to the estates and beneficiaries of peer executives of the Company and such Affiliated Companies under such plans, programs, practices and policies relating to death benefits, if any, as in effect with respect to other peer executives and their beneficiaries at any time during the 120-day period immediately preceding the Effective Date of a Change in Control, or, if more favorable to the Executive’s estate and/or the Executive’s beneficiaries, as in effect on the date of the Executive’s death with respect to other peer executives of the Company and its Affiliated Companies and their beneficiaries.
 
(e)           Disability on or after Change in Control.  If the Executive’s employment is terminated by reason of the Executive’s Disability on or after the date of a Change in Control, this Agreement shall terminate without further obligations to the Executive, other than for payment of Accrued Obligations and the timely payment or provision of Other Benefits.  Accrued Obligations shall be paid to the Executive in cash in the manner and within the time frames set forth in Section 5(b)(i) and (ii), as applicable.  With respect to the provision of Other Benefits, the term Other Benefits as utilized in this Section 5(e) shall include, and the Executive shall be entitled after the Disability Effective Date to receive, disability and other benefits at least equal to the most favorable of those generally provided by the Company and its Affiliated Companies to disabled executives and/or their families in accordance with such plans, programs, practices and policies relating to disability, if any, as in effect generally with respect to other peer executives and their families at any time during the 120-day period immediately preceding the Effective Date of a Change in Control, or, if more favorable to the Executive and/or the Executive’s family, as in effect at any time thereafter generally with respect to other peer executives of the Company and its Affiliated Companies and their families.
 
(f)            Termination for Cause or Resignation Other than for Good Reason on or after a Change in Control.  If the Company terminates the Executive’s for Cause on or after the date of a Change in Control, this Agreement shall terminate without further obligations to the Executive hereunder other than the obligation to pay to the Executive (i) his/her Annual Base Salary, Commissions, if applicable, and accrued vacation through the Date of Termination, and (ii) Other Benefits, in each case to the extent theretofore unpaid.  If the Executive voluntarily terminates employment upon or following a Change in Control (excluding a resignation for Good Reason in Connection with a Change in Control) this Agreement shall terminate without further obligations to the Executive under, other than for Accrued Obligations and timely payment or provision of Other Benefits.  In such case, all Accrued Obligations shall be paid to the Executive in cash in the manner and within the time frames set forth in Section 5(b)(i) and (ii), as applicable.
 
 (g)           Limits on Timing of Post-employment Payments.  Notwithstanding any provision in this Agreement to the contrary, payments under Sections 5(b) and 5(c) shall be bifurcated into two portions, the first consisting of the portion that does not constitute “nonqualified deferred 

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Employment Agreement
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Exhibit 10.53

compensation” within the meaning of Section 409A of the Code and the second consisting of the portion of such payments that does constitute such “nonqualified deferred compensation.”  Such payments shall first be made from the portion that does not constitute “nonqualified deferred compensation” until it is exhausted and then from the portion that constitutes “nonqualified deferred compensation.”  Because Executive is a “specified employee” within the meaning of Code Section 409A, the commencement and delivery of any such payments that constitute “nonqualified deferred compensation” shall be delayed to the date that is six months and one day after the date of Executive’s Separation from Service with the Company.  The determination of whether, and the extent to which, payments under Section 5(b) or Section 5(c) are “nonqualified deferred compensation” shall be made after the application of all applicable exclusions under Treasury Regulation Section 1.409A-1(b).  Similarly, continuation coverage under each employee benefit plan pursuant to Section 5.2(c)(iii) and outplacement assistance under Section 5.2(c)(iv) shall be treated as separate plans from each other and from the cash payments under Section 5.2(c)(i) and (ii).  Each type of employee benefit plan continuation coverage specified in Section 5.2(c)(iii) and the outplacement assistance described in Section 5.2(c)(iv) shall also be bifurcated into two portions, one consisting of the maximum portion of such employee benefit plan continuation coverage or outplacement assistance, as applicable, that does not constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code, and the second portion consisting of the element that does constitute “nonqualified deferred compensation” within the meaning of Code Section 409A.” Provision of the portion of any benefit under Section 5(c)(iii) and 5(c)(iv) that constitutes “nonqualified deferred compensation” shall be deferred until six months and one day after the date of Executive’s Separation from Service with the Company.
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With respect to items eligible for reimbursement under the terms of this Agreement or any other plan of the Company, (i) the amount of such expenses eligible for reimbursement in any taxable year shall not affect the expenses eligible for reimbursement in another taxable year, (ii) no such reimbursement may be exchanged or liquidated for another payment or benefit, and (iii) any reimbursements of such expenses shall be made as soon as practicable under the circumstances but in any event no later than the end of the calendar year following the calendar year in which the related expenses were incurred. All payments under Section 5(c) on account of the Executive’s termination for Good Reason shall be treated for purposes of Code Section 409A, to the fullest extent permitted by the Treasury Regulations under Code Section 409A, as payments on account of the Executive’s involuntary termination.
 
6.             Non-exclusivity of Rights.  Nothing in this Agreement shall prevent or limit the Executive’s continuing or future participation in any plan, program, policy or practice provided by the Company or any of its Affiliated Companies and for which the Executive may qualify, nor shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company or any of its Affiliated Companies.  Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of its Affiliated Companies at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement.
 
7.             Full Settlement.  In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts shall not be reduced whether or not the Executive obtains other employment.
 

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Employment Agreement
Page 12 of 16
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Exhibit 10.53

8.             Confidential Information.  Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its Affiliated Companies, and their respective businesses, which shall have been obtained by the Executive during the Executive’s employment by the Company or any of its Affiliated Companies and which shall not be or become public knowledge (other than by acts by the Executive or representatives of the Executive in violation of this Agreement).  After termination of the Executive’s employment with the Company, the Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it, or use such confidential information.  In no event shall an asserted violation of the provisions of this Section 8 constitute a basis for deferring or withholding any amounts otherwise payable to the Executive under this Agreement.
 
9.             Successors.
 
(a)           This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives.
 
(b)           This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.
 
(c)           The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such success had taken place.  As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumed and agrees to perform this Agreement by operation of law, or otherwise.
 
10.           Miscellaneous.
 
(a)           This Agreement shall be governed by and construed in accordance with the laws of the State of Utah, without reference to principles of conflict of laws.  The captions of this Agreement are not part of the provisions hereof and shall have no force or effect.  This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.  No waiver of any party’s rights or benefits under this Agreement shall be effective unless such party signs a written waiver of its rights or benefits.
 
(b)           All notices and other communications hereunder shall be writing and shall be given by hand delivery to the other party by registered or certified mail, return receipt requested, postage prepaid, or in the case of notices to the Executive by electronic mail (email) addressed as follows:
 
If to the Executive:
To the Executive’s most current home address (or email address, as applicable) on file with the Company’s Human Resources Department
 

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Employment Agreement
Page 13 of 16
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Exhibit 10.53

If to the Company:
 Merit Medical Systems, Inc.
1600 West Merit Parkway
South Jordan, Utah 84095
Attention:  Chief Legal Officer
 
or to such other address as either party shall have furnished to the other in writing in accordance herewith.  Notice and communications shall be effective when actually received by the addressee.
 
(c)           The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.
 
(d) The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. The Company makes no representation or warranty to the Executive regarding the tax consequences of any payment or benefit under this Agreement, including any representation as to the application of Code Section 409A to such payments. Neither the Company, any Affiliated Companies of the Company, nor any director, officer, employee or agent of the Company or of any of its Affiliated Companies shall have any obligation or liability to gross-up, reimburse or indemnify the Executive for any taxes (including tax-related interest and penalties) imposed on the Executive.
 
(e)           The Executive’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for Good Reason, shall not be deemed to be a waiver of such provision or right of this Agreement.
 
(f)            This Agreement constitutes the entire agreement between the parties with respect to the Executive’s employment by the Company and supersedes and replaces all other agreements, oral or written, between the parties with respect to the subject matter hereof.
 
(g)           The Company and the Executive irrevocably: (i) agree that any claim, law suit, cause of action or dispute arising under or with respect to this Agreement or the Executive’s employment hereunder (a “Claim”) shall be adjudicated solely in the United States Federal District Court or Utah State Courts situated in Salt Lake City, Utah (collectively the “Utah Courts”); (ii) consent and submit to the personal jurisdiction of the Utah Courts with respect to any Claim; (iii) agree that the Utah Courts shall have exclusive subject matter jurisdiction over any such Claims and that venue with respect to any such Claims is proper and most convenient in the Utah Courts; and (iv) agree and covenant not to assert any objection to personal jurisdiction, subject matter jurisdiction or venue in the Utah Courts with respect to any Claim. TO THE FULLEST EXTENT PERMITTED BY LAW, THE COMPANY AND THE EXECUTIVE IRREVOCABLY WAIVE AND RELEASE ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM ARISING UNDER OR WITH RESPECT TO THIS AGREEMENT OR THE EXECUTIVE’S EMPLOYMENT BY THE COMPANY.
 
(h)           If the Executive or the Company retains legal counsel and/or incurs other costs and expenses in connection with the enforcement of any or all of the provisions of this Agreement, the prevailing party shall be entitled to recover from the other party reasonable attorneys’ fees, costs, and expenses incurred by the prevailing party in connection with the enforcement of this Agreement.  Notwithstanding the foregoing, in the event that following a Change in Control the Executive engages legal counsel to enforce the Executive’s rights or seek a determination under this 

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Employment Agreement
Page 14 of 16
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Exhibit 10.53

Agreement, the Company shall pay the expenses of such legal counsel regardless of the outcome of any legal proceeding resulting therefrom; provided that such claim is not determined by a trier of fact to be frivolous or in bad faith.
 
[Remainder of Page Intentionally Left Blank-Signature Page Follows]

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Employment Agreement
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Exhibit 10.53

IN WITNESS WHEREOF, the Executive and Company have caused this Agreement to be executed as of the date first set forth above.
​
 
	​

	Michael J. Voigt
 Chief Human Resources Officer 
​
​
​

	EXECUTIVE: 
	/s/ Michel J. Voigt​ ​​ ​​ ​​ ​
Name: Michel J. Voigt
Title: Chief Human Resources Officer 
​
​

	COMPANY:
	MERIT MEDICAL SYSTEMS, INC.
​
​
/s/ Fred Lampropoulos​ ​​ ​​ ​​ ​
Name: Fred Lampropoulos
Title: Chairman and Chief Executive Officer

​

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Employment Agreement
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