Document:

Exhibit 10.1

 

RESTRICTED STOCK AGREEMENT

 

THIS RESTRICTED
STOCK AGREEMENT (this “Agreement”) is made as of the 8th day of April, 2015 (the “Effective Date”),
between Carbon Natural Gas Company, a Delaware corporation (the “Company”), and [______________] (the “Employee”).

 

1.           
Award. Pursuant to the Carbon Natural Gas Company 2011 Stock Incentive Plan, as amended (the “Plan”)
and effective as of the Effective Date, an award of [_________] unvested shares of the Company’s common stock, par value
$0.01 per share (the “Restricted Stock Award”) has been made to the Employee. The Restricted Stock Award is
subject to the terms and conditions of this Agreement. The Restricted Stock Award (and upon lapse of the Forfeiture Restrictions
(as defined hereinafter), the issuance of the shares underlying the Restricted Stock Award (the “Shares”)) is
made in consideration of services that the Employee has performed for the Company and services to be provided to the Company in
the future. The Restricted Stock Award is being made subject to acceptance of this Agreement by the Employee and satisfaction of
the conditions of this Agreement. This Restricted Stock Award is subject to all of the terms and provisions of the Plan, including
future amendments thereto, if any. For paper copies of the Plan please contact Carbon Natural Gas Company, 1700 Broadway, Suite
1170, Denver, CO 80290, or call 720-407-7043.

 

2.           Restricted Stock. The Employee hereby accepts the Restricted Stock Award (and upon lapse of the Forfeiture Restrictions,
the Shares) and agrees as follows:

 

(a)         Forfeiture Restrictions. Prior to the lapse of the Forfeiture Restrictions, neither the Restricted Stock Award nor the Shares
may be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of, and in the event of
termination of the Employee’s employment with the Company for any reason other than death, Disability, or Involuntary Termination
(as such terms are hereinafter defined), the Employee shall, for no consideration, forfeit to the Company all of his or her rights
in and to the Restricted Stock Award and the Shares to the extent then subject to the Forfeiture Restrictions. The prohibition
against transfer and the obligation to forfeit and surrender such rights in and to the Restricted Stock Award and the Shares to
the Company upon termination of employment are herein referred to as the “Forfeiture Restrictions.” The Forfeiture
Restrictions shall be binding upon and enforceable against any transferee of the Employee’s rights in and to the Restricted
Stock Award. For purposes of this Agreement, the following capitalized words and terms shall have the meanings indicated below:

 

(i)           “Change in Control” means the occurrence of:

 

(A)        the acquisition within any 12-month period by any “Person” (as the term person is used for purposes of Section 13(d)
or 14(d) of the Exchange Act), immediately after which such Person has “Beneficial Ownership” (within the meaning of
Rule 13d-3 promulgated under the Exchange Act) of thirty percent (30%) or more of the total voting power of the then outstanding
stock of the Company entitled to vote generally in the election of directors, but excluding the following transactions (the “Excluded
Acquisitions”):

 

(1)         
any acquisition directly from the Company (other than an acquisition by virtue of the exercise of a conversion privilege of a security
that was not acquired directly from the Company),

 

(2)         
any acquisition by the Company, and

 

(3)         
any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company;

 

(B)        
a change in the composition of the Board such that at any time during a period of 12 months or less, individuals who at the beginning
of such period constitute the Board (and any new directors whose election by the Board or nomination for election by the Company’s
stockholders was approved by a vote of at least a majority of the directors then still in office who either were directors at the
beginning of the period or whose election or nomination for election was so approved) cease for any reason to constitute a majority
thereof;

 

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(C)        
an acquisition (other than an Excluded Acquisition) by any Person of fifty percent (50%) or more of the voting power or value
of the Company’s stock;

 

(D)        
the consummation of a merger, consolidation, reorganization or similar corporate transaction, whether or not the Company is the
surviving company in such transaction, other than a merger, consolidation, or reorganization that would result in the Persons who
are Beneficial Owners of the Company’s stock outstanding immediately prior thereto continuing to Beneficially Own, directly
or indirectly, in substantially the same proportions, at least fifty percent (50%) of the combined voting power or value of
the Company’s stock (or the stock of the surviving entity) outstanding immediately after such merger, consolidation or reorganization;
or

 

(E)        
the sale or other disposition during any 12 month period of all or substantially all of the assets of the Company, provided that
such sale is of assets having a total gross fair market value equal to or greater than forty percent (40%) of the total gross fair
market value of the assets of the Company immediately prior to such sale or disposition.

 

The foregoing definition of
“Change in Control” is intended to comply with the requirements of Section 409A of the Code and the guidance issued
thereunder and shall be interpreted and applied by the Committee in a manner consistent therewith.

 

(ii)        “Disability” means disability as determined by the Committee in accordance with Section 22(e)(3) of the Code.

 

(iii)       “Fair Market Value” has the meaning provided in the Plan.

 

(iv)       “Involuntary Termination” means any termination of the Employee’s employment with the Company (including,
if the Employee is party to a written employment agreement with the Company, a good reason termination in accordance with the terms
and conditions of such written employment agreement) which does not result from a resignation by the Employee; provided, however,
that the term “Involuntary Termination” shall not include a termination as a result of death, Disability, or a termination
of the Employee’s employment by the Company (or its subsidiaries) by reason of the Employee’s unsatisfactory performance
of his duties, to be determined by the Company in its sole discretion, or final conviction of (A) a misdemeanor involving
money or property of the Company or which detrimentally affects the Company or its business or (B) a felony.

 

(v)        “Section 16 Person” shall mean an officer, director or affiliate of the Company or a former officer, director
or affiliate of the Company who is subject to section 16 of the Securities Exchange Act of 1934, as amended.

 

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(b)         
Lapse of Forfeiture Restrictions. The Forfeiture Restrictions shall lapse as to the Restricted Stock Award and the
Shares shall vest in accordance with the following schedule provided that the Employee has been continuously employed by the Company
from the date of this Agreement through the lapse date:

 

	 	Lapse Date	 	Portion of Total Number of

Restricted Stock Shares as to

Which Forfeiture Restrictions Lapse
	 	
        First
Anniversary of the Award
	 	One-third of the Restricted Stock Shares
	 	
        Second
Anniversary of the Award
	 	One-third of the Restricted Stock Shares
	 	
        Third
Anniversary of the Award
	 	One-third of the Restricted Stock Shares

 

Notwithstanding the foregoing, the Forfeiture
Restrictions shall lapse as to all of the Restricted Stock Award then subject to the Forfeiture Restrictions on the first to occur
of (i) the date of a Change in Control provided that the Employee has been continuously employed by the Company from the date
of this Agreement to the date of such Change in Control or (ii) the date the Employee’s employment with the Company
is terminated by reason of death, Disability, or Involuntary Termination.

 

(c)         
Certificates. As soon as practicable following the lapse of the Forfeiture Restrictions, the Company shall either
(i) cause a certificate or certificates evidencing the number of Shares from which the Forfeiture Restrictions have lapsed
to be issued without legend (except for any legend required pursuant to applicable securities laws or any other agreement to which
the Employee is a party) in the name of the Employee or, (ii) issue appropriate instructions to the transfer agent if the
electronic, book-entry method is utilized. In any event, the Company, in its discretion, may elect to deliver the Shares in certificate
form or electronically to a brokerage account established for the Employee’s benefit at a brokerage financial institution
selected by the Company.

 

(d)         
Corporate Acts. The existence of this Restricted Stock Award shall not affect in any way the right or power of the
Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change
in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of debt or equity
securities, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part
of its assets or business or any other corporate act or proceeding. The prohibitions of Section 2(a) hereof shall not apply
to the transfer of the Restricted Stock Award pursuant to a plan of reorganization of the Company, but the stock, securities or
other property received in exchange therefor shall also become subject to the Forfeiture Restrictions and provisions governing
the lapsing of such Forfeiture Restrictions applicable to the original Restricted Stock Award for all purposes of this Agreement.

 

(e)         
No Rights as a Stockholder. Until the lapse of the Forfeiture Restrictions, neither the Employee nor any legal representative,
legatee or heir shall have any rights or privileges of a stockholder of the Company with respect to any unvested Shares and upon
the lapse of the Forfeiture Restrictions, the Employee shall have rights as a stockholder of the Company only with respect to the
Shares from which the Forfeiture Restrictions have lapsed.

 

3.           Withholding
of Tax. To the extent that the Restricted Stock Award or the lapse of any Forfeiture Restrictions results in compensation
income or wages to the Employee for federal or state income tax purposes, the Employee shall deliver to the Company at the time
of such receipt or lapse, as the case may be, such amount of money as the Company may require to meet its obligation under applicable
tax laws or regulations. The Employee may elect with respect to this Agreement to surrender or authorize the Company to withhold
shares of stock of the Company (valued at their Fair Market Value on the date of surrender or withholding of such shares) to satisfy
any tax required to be withheld by reason of compensation income or wages resulting under this Agreement. An election pursuant
to the preceding sentence shall be referred to herein as a “Stock Withholding Election” and the Company retains
the right to impose conditions on the Employee’s rights regarding any Stock Withholding Election. All Stock Withholding
Elections shall be made by written notice to the Company at its principal executive office addressed to the attention of the Secretary.
If the Employee is not a Section 16 Person, the Employee may revoke such election by delivering to the Secretary written
notice of such revocation prior to the date such election is implemented through actual surrender or withholding of shares of
stock of the Company (the “Withholding Date”). If the Employee is a Section 16 Person, the Stock Withholding
Election must:

 

(a)         
be irrevocable and made six months prior to the Withholding Date, or

 

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(b)         
(i) be approved by the Committee, either before or after such election is made, (ii) be made, and the Withholding Date occur,
during a period beginning on the third business day following the date of release by the Company for publication of quarterly and
annual summary statements of sales and earnings and ending on the twelfth business day following such date, and (iii) be made
more than six months after the effective date of this Agreement.

 

If the Employee fails to pay the required
amount to the Company or fails to make a Stock Withholding Election, the Company is authorized to withhold from any cash remuneration
(or, if the Employee is not a Section 16 Person, stock remuneration, including withholding any Shares distributable to the
Employee under this Agreement) then or thereafter payable to the Employee any tax required to be withheld by reason of compensation
income or wages resulting under this Agreement or the disposition of Shares acquired under this Agreement.

 

4.           Tax
Consequences. The Employee has reviewed with the Employee’s own tax advisors the federal, state, local and foreign
tax consequences of the grant of Restricted Stock Award and the transactions contemplated by this Restricted Stock Agreement.
The Employee is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.
The Employee understands that the Employee (and not the Company) shall be responsible for any tax liability that may arise as
a result of the transactions contemplated by this Restricted Stock Agreement. The Employee understands that Section 83 of the
Code, taxes as ordinary income the difference between the purchase price for any restricted property (such as the Restricted Stock
Award granted hereunder) and the fair market value of the Shares as of the date the Forfeiture Restrictions applicable to the
Shares lapse. The Employee understands that the Employee may elect to be taxed at the time the Restricted Stock Award is granted
rather than when and as the Forfeiture Restrictions lapse by filing an election under Code Section 83(b) with the Internal Revenue
Service within 30 days from the date of grant of the Restricted Stock Award. The Employee acknowledges that it is the Employee’s
sole responsibility, and not the Company’s, to file a timely election under Code Section 83(b), even if the Employee requests
the Company or its representatives to make this filing on his or her behalf.

 

5.           Status of Stock. The Employee agrees that upon lapse of the Forfeiture Restrictions, Shares issued under this Agreement
will not be sold or otherwise disposed of in any manner which would constitute a violation of any applicable federal or state securities
laws. The Employee also agrees that certificates, if any, representing the Shares shall bear the following restrictive legend in
order to assure compliance with applicable securities laws,

 

THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER UNITED STATES FEDERAL OR STATE SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE,
SOLD OR OTHERWISE TRANSFERRED OR ASSIGNED FOR VALUE, DIRECTLY OR INDIRECTLY, NOR MAY THE SECURITIES BE TRANSFERRED ON THE BOOKS
OF THE COMPANY, WITHOUT REGISTRATION OF SUCH SECURITIES UNDER ALL APPLICABLE UNITED STATES FEDERAL AND STATE SECURITIES LAWS OR
COMPLIANCE WITH AN APPLICABLE EXEMPTION THEREFROM, SUCH COMPLIANCE, AT THE OPTION OF THE COMPANY, TO BE EVIDENCED BY AN OPINION
OF STOCKHOLDER’S COUNSEL, IN A FORM ACCEPTABLE TO THE COMPANY, THAT NO VIOLATION OF SUCH REGISTRATION PROVISIONS WOULD RESULT
FROM ANY PROPOSED TRANSFER OR ASSIGNMENT.

 

The Employee further agrees that (i) the
Company may refuse to register the transfer of the Shares on the stock transfer records of the Company if such proposed transfer
would, in the opinion of counsel satisfactory to the Company, constitute a violation of any applicable securities law, and (ii) the
Company may give related instructions to its transfer agent, if any, to stop registration of the transfer of the Shares.

 

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6.          Employment Relationship. For purposes of this Agreement, the Employee shall be considered to be in the employment
of the Company as long as the Employee remains an employee of either the Company or a Subsidiary (as such term is defined in the
Plan). Without limiting the scope of the preceding sentence, it is expressly provided that the Employee shall be considered to
have terminated employment with the Company at the time of the termination of the “Subsidiary” status under the Plan
of the entity or other organization that employs the Employee. Nothing in this Agreement, the Plan or the Restricted Stock Award,
shall confer upon the Employee the right to continued employment by the Company or affect in any way the right of the Company to
terminate such employment at any time. Unless otherwise provided in a written employment agreement or by applicable law, the Employee’s
employment by the Company shall be on an at-will basis, and the employment relationship may be terminated at any time by either
the Employee or the Company for any reason (or no reason at all), with or without cause. Any question as to whether and when there
has been a termination of such employment, and the cause of such termination, shall be determined by the Committee, and its determination
shall be final.

 

7.          Notices.
Any notices or other communications provided for in this Agreement shall be sufficient if in writing. In the case of the
Employee, such notices or communications shall be effectively delivered if hand delivered to the Employee at his principal place
of employment or if sent by registered or certified mail to the Employee at the last address the Employee has filed with the Company.
In the case of the Company, such notices or communications shall be effectively delivered if sent by registered or certified mail
to the Company at its principal executive offices.

 

8.          Entire
Agreement; Amendment. This Agreement replaces and merges all previous agreements and discussions relating to the same
or similar subject matters between the Employee and the Company and constitutes the entire agreement between the Employee and
the Company with respect to the subject matter of this Agreement. This Agreement may not be modified in any respect by any verbal
statement, representation or agreement made by any employee, officer, or representative of the Company or by any written agreement
unless signed by an officer of the Company authorized to execute such document. Except as provided below, any modification of
this Agreement shall be effective only if it is in writing and signed by both the Employee and an authorized officer of the Company.

 

9.          Binding
Effect. This Agreement shall be binding upon and inure to the benefit of any successors to the Company and all persons
lawfully claiming under the Employee.

 

10.        Controlling
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware.

 

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IN WITNESS WHEREOF,
the Company has caused this Agreement to be duly executed by an officer thereunto duly authorized, and the Employee has executed
this Agreement, all as of the date first above written.

 

	 	CARBON NATURAL GAS COMPANY
	 	 	 
	 	By:	 
	 	 	Patrick R. McDonald
	 	 	Chief Executive Officer
	 	 	 
	 	EMPLOYEE
	 	 	 
	 	 	 
	 	[INSERT NAME]

 

  

6EX-10.1

 Exhibit 10.1 
  

 
 4040 Campbell Avenue, Suite 210, Menlo Park CA 94025 

March 30, 2015 
 Dear Doug, 

On behalf of Nevro Corp (the “Company” or “NEVRO”), we are very pleased to offer you the position of VP, Quality and
Operations. This position reports to the Chairman and Chief Executive Officer. Your targeted start date with NEVRO will be April 1, 2015 or sooner. During the month of April, we are aware that you have an outside obligation of three days of
which these days will be paid by Nevro. 
 This is an exempt position and your base salary is $24,250.00 per month (annualized at $291,000.00), payable in
accordance with the Company’s standard payroll schedule for exempt employees. You will also be eligible for a performance based discretionary cash bonus up to 40%. The Company will recommend to the Board of Directors that they grant you a Stock
Option grant of 36,500 shares. These stock options and the strike price are subject to approval by the Board of Directors. The Company’s Stock Incentive Plan (the “SIP”) provides for a four year vesting schedule under
which, subject to your continuous service with the Company, your grant would vest 12/48th on the first anniversary of your employment and
1/48th of the total shares beginning in month 13 of your employment until fully vested on the fourth anniversary of your employment with NEVRO. In addition, Nevro will provide you with a one time
sign-on bonus in the amount of $20,000, less applicable withholdings. 
 During the term of your employment, you will be eligible to participate in the
Company’s standard benefits to include group life, group disability, medical, dental, and vision. All benefits and employee co-pay amounts are described in Nevro’s Benefits Overview/Employee Handbook, and are subject to change from
time-to-time. 
 As a condition of employment with NEVRO, you will be required to sign a Proprietary Information and Inventions Agreement, which
includes confidentiality and nondisclosure agreements and assignment to NEVRO of your inventions during employment involving products, procedures or processes with which you will be involved at NEVRO. You will also be required to sign an
acknowledgement that you have read, understand, and will comply with our Code of Business Conduct and Ethics and its related Policies and Procedures. 

Although we hope that your employment with NEVRO is mutually satisfactory, please note that your employment at NEVRO is “at will.” This means that
you may resign from NEVRO at any time with or without cause, and NEVRO has the right to terminate your employment relationship with or without cause at any time. Neither this letter nor any other communication, either written or oral, should be
construed as a contract of employment for any particular duration. 
 Our offer is contingent on (a) a satisfactory background investigation including
drug screening and satisfactory credit check investigation (if applicable), (b) your being able to deliver to NEVRO satisfactory evidence of identity and employment eligibility as required by Federal law on your

 Page 2 
  

 
start date and (c) your providing NEVRO with evidence satisfactory to NEVRO that you have no conflicting obligations to or agreements with any third parties that could (i) have an
adverse impact on your ability to properly discharge your responsibilities to NEVRO or (ii) give rise to a third party claim to any intellectual property developed by NEVRO or by you on behalf of NEVRO during your employment with the Company.

 We are very excited about the prospect of you joining NEVRO as a key member of our team. Your active involvement will be critical in ensuring that
we are successful in building the company to the level of achievement which we know is possible. 
 We request that you indicate acceptance of our offer no
later than Wednesday, April 1, 2015, by 12:00 pm at which time this offer will expire if not accepted. To accept our offer, please sign and date this letter below, retain one copy for your records and return the other copy. 

Please feel free to call me at 650-433-3230 with any questions you may have.

Sincerely,
 /s/ Michael DeMane 

Michael DeMane 
 Chairman and Chief Executive Officer 

Agreed to and Accepted: 
  

	
	 /s/ Doug Alleavitch

	Doug Alleavitch
	
	Date:
	
	April 2, 2015

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