Document:

srdx-ex1032_512.htm

Exhibit 10.32

SURMODICS, INC.

2019 EQUITY INCENTIVE PLAN

 

Restricted Stock Unit Award Agreement
(Non-Employee Director)

 

Surmodics, Inc. (the “Company”), pursuant to its 2019 Equity Incentive Plan (the “Plan”), hereby grants an award of Restricted Stock Units to you, the Participant named below. The terms and conditions of this Award are set forth in this Restricted Stock Unit Award Agreement (the “Agreement”), consisting of this cover page and the Terms and Conditions on the following pages, and in the Plan document, a copy of which has been provided to you. Any capitalized term that is used but not defined in this Agreement shall have the meaning assigned to it in the Plan as it currently exists or as it is amended in the future.

 

		
	
Name of Participant:[_______________________]

	
Number of Restricted Stock Units:  [_______]
	
Grant Date:__________, 20__

 

By signing below or otherwise evidencing your acceptance of this Agreement in a manner approved by the Company, you agree to all of the terms and conditions contained in this Agreement and in the Plan document. You acknowledge that you have received and reviewed these documents and that they set forth the entire agreement between you and the Company regarding this Award of Restricted Stock Units. 

 

PARTICIPANT:SURMODICS, INC.

 

 

By:

Title:

 
 

 

Surmodics, Inc.

2019 Equity Incentive Plan

Restricted Stock Unit Award Agreement

 

Terms and Conditions

 

	
1.
	
Grant of Restricted Stock Units.  The Company hereby confirms the grant to you, as of the Grant Date and subject to the terms and conditions in this Agreement and the Plan, of the number of Restricted Stock Units specified on the cover page of this Agreement (the “Units”). Each Unit represents the right to receive one Share of the Company’s common stock. Prior to their settlement or forfeiture in accordance with the terms of this Agreement, the Units granted to you will be credited to an account in your name maintained by the Company. This account shall be unfunded and maintained for book-keeping purposes only, with the Units simply representing an unfunded and unsecured contingent obligation of the Company. 

	
2.
	
Restrictions Applicable to Units.  Neither this Award nor the Units subject to this Award may be sold, assigned, transferred, exchanged or encumbered, voluntarily or involuntarily, other than a transfer upon your death in accordance with your will or by the laws of descent and distribution. Following any such transfer, this Award shall continue to be subject to the same terms and conditions that were applicable to this Award immediately prior to its transfer, including the forfeiture provisions of Section 5, which apply to the original Participant and not any transferee. Any attempted transfer in violation of this Section 2 shall be void and without effect. The Units and your right to receive Shares in settlement of the Units under this Agreement shall be subject to forfeiture as provided in Section 5 until satisfaction of the vesting conditions set forth in Section 4.

	
3.
	
No Shareholder Rights.  The Units subject to this Award do not entitle you to any rights of a holder of the Company’s common stock. You will not have any of the rights of a shareholder of the Company in connection with the grant of Units subject to this Agreement unless and until Shares are issued to you upon settlement of the Units as provided in Section 6.  

	
4.
	
Vesting of Units.  

	
 
	
(a)
	
Scheduled Vesting.  If you remain a Service Provider continuously from the Grant Date specified on the cover page of this Agreement, then the Units will vest ratably on a monthly basis and will become fully vested upon the earlier of (i) the 12-month anniversary of the Grant Date, or (ii) the date of the next annual meeting of shareholders of the Company held after the Grant Date.

	
 
	
(b)
	
Accelerated or Continued Vesting.  All unvested Units shall vest in full upon the occurrence of a Change in Control that occurs while you continue to be a Service Provider.  

	
5.
	
Effect of Termination of Service.  Except as otherwise provided in accordance with Section 4(b) above, if you cease to be a Service Provider, you will forfeit all unvested Units.  

	
6.
	
Settlement of Units.  The Company shall cause to be issued and delivered to you (or to your personal representative or your designated beneficiary or estate in the event of your death, as applicable) one Share in payment and settlement of each vested Unit upon a termination of your Service that constitutes a “separation from service” as such term is defined for purposes of Code 

 

Restricted Stock Unit Award Agreement (2019 Equity Incentive Plan)Page 2

 
 

 

		
Section 409A. Delivery of the Shares shall be effected by the issuance of a stock certificate to you, by an appropriate entry in the stock register maintained by the Company’s transfer agent with a notice of issuance provided to you, or by the electronic delivery of the Shares to a brokerage account you designate, and shall be subject to compliance with all applicable legal requirements as provided in Section 16(c) of the Plan, and shall be in complete satisfaction and settlement of such vested Units.

	
7.
	
Governing Plan Document.  This Agreement and the Award are subject to all the provisions of the Plan, and to all interpretations, rules and regulations which may, from time to time, be adopted and promulgated by the Committee pursuant to the Plan. If there is any conflict between the provisions of this Agreement and the Plan, the provisions of the Plan will govern.

	
8.
	
No Right to Continued Service.  This Agreement does not give you a right to continued Service with the Company or any Affiliate, and the Company or any such Affiliate may terminate your Service at any time and otherwise deal with you without regard to the effect it may have upon you under this Agreement.

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

	
10.
	
Binding Effect.  This Agreement will be binding in all respects on your heirs, representatives, successors and assigns, and on the successors and assigns of the Company.

	
11.
	
Section 409A of the Code.  This Agreement shall be interpreted and construed in a manner intended to comply with Section 409A of the Code, and shall specifically be subject to Section 16(g) of the Plan.

	
12.
	
Electronic Delivery and Acceptance.  The Company may deliver any documents related to this Restricted Stock Unit Award by electronic means and request your acceptance of this Agreement by electronic means. You hereby consent to receive all applicable documentation by electronic delivery and to participate in the Plan through an on-line (and/or voice activated) system established and maintained by the Company or the Company’s third-party stock plan administrator.

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

 

Restricted Stock Unit Award Agreement (2019 Equity Incentive Plan)Page 3Exhibit 10.1 

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (the “Agreement”)
is made and entered into as of December 1, 2020 (the “Effective Date”), by and between Future FinTech Group
Inc., a Florida corporation (the “Company”), and Ming Yi (the “Executive”).

 

WITNESSETH:

 

WHEREAS, the
parties desire to enter into this Agreement setting forth the terms and conditions of the employment relationship between the Executive
and the Company.

 

NOW, THEREFORE,
in consideration of the foregoing premises and the mutual covenants and agreements contained herein, the parties hereto agree as
follows:

 

1. EMPLOYMENT.

 

1.1 Agreement
to Employ. The Company hereby agrees to employ Executive, and Executive hereby agrees to serve, subject to the provisions of
this Agreement, as an officer and employee of the Company.

 

1.2 Duties
and Schedule. Executive shall serve as the Company’s Chief Financial Officer and be the Principal Financial Officer and
Principal Accounting Officer of the Company and responsible for all financial matters and management of the Company. The Executive
shall report directly to the Company’s Chief Executive Officer and Board of Directors of the Company (the “Board”)
and shall have such responsibilities as designated by the Chief Executive Officer or Board to the extent that such responsibilities
are not inconsistent with all applicable laws, regulations and rules. Executive shall devote his best efforts and all of his business
time to his position with the Company and shall have no other employment with a third party during the Term.

 

2. TERM OF
EMPLOYMENT. Unless Executive’s employment shall sooner terminate pursuant to Section 4, the Company shall employ Executive
for a one year term commencing on the Effective Date (the “Term”), which Term shall be renewable upon mutual
agreement of the Company and the Executive.

 

3. COMPENSATION.

 

3.1 Salary.
Executive’s salary during the Term shall be US$ 4,000 per month before tax (the “Salary”), payable monthly.

 

3.2 Vacation.
Executive shall be entitled to 8 days of paid vacation per year.

 

3.3 Business
Expenses. Executive shall be reimbursed by the Company for all ordinary and necessary expenses incurred by Executive; provided
that they are incurred and approved in writing in accordance with the Company’s expense policy.

 

3.4 Benefits.
During the Term, Executive shall be allowed to participate, on the same basis generally as other employees of the Company, in all
general employee benefit plans and programs, including improvements or modifications of the same, which may exist as of the Effective
Date or thereafter and which are made available by the Company to all or substantially all of its employees. Except as specifically
provided herein, nothing in this Agreement is to be construed or interpreted to increase or alter in any way the rights, participation,
coverage, or benefits under such benefit plans or programs to other than those provided to other employees pursuant to the terms
and conditions of such benefit plans and programs.

 

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4. TERMINATION.

 

4.1 Death.
This Agreement shall terminate immediately upon the death of Executive, and Executive’s estate or Executive’s legal
representative, as the case may be, shall be entitled to Executive’s accrued and unpaid Salary as of the date of Executive’s
death, plus all other compensation and benefits that were vested through the date of Executive’s death.

 

4.2 Disability.
In the event of Executive’s Disability, this Agreement shall terminate and Executive shall be entitled to (a) accrued and
unpaid Salary and vacation through the first date that a Disability is determined; and (b) all other compensation and benefits
that were vested through the first date that a Disability has been determined. “Disability” means the good faith determination
of the Board that Executive has become so physically or mentally incapacitated or disabled as to be unable to satisfactorily perform
his duties hereunder for a period of ninety (90) consecutive calendar days or for one- hundred twenty (120) days in any three-hundred
sixty (360) day period, such determination based upon a certificate as to such physical or mental disability issued by a licensed
physician and/or psychiatrist (as the case may be) mutually agreed upon by Executive and the Company.

 

4.3 Termination by Company for
Cause.  The Company may terminate the Executive for Cause and such termination shall take effect upon the receipt
by Executive of the Notice of Termination. Upon the effective date of the termination for Cause, Executive shall be solely entitled
to accrued and unpaid Salary through such effective date. “Cause” means: (i) engaging in any act, omission
or misconduct that is injurious to the Company or an affiliate; (ii) gross negligence or willful misconduct in connection with
the performance of duties; (iii) conviction of a criminal offense (other than minor traffic offenses); (iv) fraud, embezzlement
or misappropriation of funds or property of the Company or an affiliate; (v) material breach of any term of any employment or other
services, confidentiality, intellectual property or non-competition agreements, if any, between the Executive and the Company or
an affiliate; (vi) the entry of an order duly issued by any regulatory agency (including federal, state and local regulatory agencies
and self-regulatory bodies) having jurisdiction over the Company or an affiliate requiring the removal of the Executive from any
office held with the Company or prohibiting the Executive from participating in the business or affairs of the Company or any affiliate;
or (vii) the revocation or threatened revocation of any of the Company’s or an affiliate’s government licenses, permits
or approvals, which is primarily due to the Executive’s action or inaction and such revocation or threatened revocation would
be alleviated or mitigated in any material respect by the termination of the Executive’s employment or services with the
Company or an affiliate.

 

4.4 Voluntary Termination by Executive.
The Executive may voluntarily terminate his employment for any reason and such termination shall take effect 30 days after the
receipt by Company of the Notice of Termination. Upon the effective date of such termination, Executive shall be entitled to (a)
accrued and unpaid Salary and vacation through such termination date; and (b) all other compensation and benefits that were vested
through such termination date.  In the event Executive is terminated without notice, it shall be deemed a termination
by the Company for Cause.

 

4.5 Notice
of Termination. Any termination of the employment by the Company or the Executive shall be communicated by a notice in accordance
with Section 8.4 of this Agreement (the “Notice of Termination”).   Such notice shall (a) indicate
the specific termination provision in this Agreement relied upon and (b) if the termination is for Cause, the date on which the
Executive’s employment is to be terminated.

 

4.6 Severance.
The Executive shall not be entitled to severance payments upon any termination provided in Section 4 herein. 

 

5. EMPLOYEE’S REPRESENTATION.
The Executive represents and warrants to the Company that: (a) he is subject to no contractual, fiduciary or other obligation which
may affect the performance of his duties under this Agreement; (b) he has terminated, in accordance with their terms, any contractual
obligation which may affect his performance under this Agreement; and (c) his employment with the Company will not require him
to use or disclose proprietary or confidential information of any other person or entity.

 

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6. CONFIDENTIAL
INFORMATION Except as permitted or directed by the Board of Directors of the Company in writing, during the time the Executive
is employed by the Company or at any time thereafter, the Executive shall not use for his personal purposes nor divulge, furnish,
or make accessible to anyone or use in any way (other than in the ordinary course of the business of the Company) any confidential
or secret information or knowledge of the Company, whether developed by himself or by others. Such confidential and/or secret information
encompassed by this Section 6 includes, but is not limited to, the Company’s customer and supplier lists, trade secrets,
ideas, concepts, designs, software, coding, configurations, specifications, drawings, blueprints, diagrams, models, prototypes,
samples, flow charts processes, techniques, formulas, improvements, inventions, domain names, data, know-how, discoveries, copyrightable
materials, marketing plans and strategies, sales and financial reports and forecasts, studies, reports, records, books, contracts,
instruments, surveys, computer disks, diskettes, tapes, computer programs and business plans, prospects and opportunities (such
as possible acquisitions or dispositions of businesses or facilities). The Executive agrees to refrain from any acts or omissions
that would reduce the value of any confidential or secret knowledge or information to the Company, both during his employment hereunder
and at any time after the termination of his employment. The Executive’s obligations of confidentiality under this Section 6
shall not apply to any knowledge or information that is now published publicly or that subsequently becomes generally publicly
known, other than as a direct or indirect result of a breach of this Agreement by the Executive.

 

7. NON-COMPETITION:
NON-SOLICITATION; INVENTIONS.

 

7.1 Non-Competition.
 During the employment of the Executive under this Agreement and for a period of six (6) months after termination of
such employment, the Executive shall not at any time compete on his own behalf, or on behalf of any other person or entity,
with the Company or any of its affiliates within all territories in which the Company does business with respect to the business
of the Company or any of its affiliates as such business shall be conducted on the date hereof or during the employment of the
Executive under this Agreement. The ownership by the Executive of not more than 5% of a corporation, partnership or other enterprise
shall not constitute a violation hereof.

 

7.2 Non-Solicitation.  During
the employment of the Executive under this Agreement and thereafter Executive shall not at any time (i) solicit or induce,
on his own behalf or on behalf of any other person or entity, any employee of the Company or any of its affiliates to leave the
employ of the Company or any of its affiliates; or (ii) solicit or induce, on his own behalf or on behalf of any other person
or entity, any customer or Prospective Customer of the Company or any of their respective affiliates to reduce its business with
the Company or any of its affiliates. For the purposes of this Agreement, “Prospective Customer” shall mean
any individual, corporation, trust or other business entity which has either (a) entered into a nondisclosure agreement with the
Company or any Company subsidiary or affiliate or (b) has within the preceding 12 months received a currently pending and not rejected
written proposal in reasonable detail from the Company or any of the Company’s subsidiary or affiliate.

 

7.3 Inventions
and Patents. The Company shall be entitled to the sole benefit and exclusive ownership of any intellectual property including
but not limited to copy rights, designs and patents, inventions or improvements in products, processes, or other things that may
be made or discovered by Executive while he is in the service of the Company, and all patents for the same. During the Term, Executive
shall do all acts necessary or required by the Company to give effect to this section and, following the Term, Executive shall
do all acts reasonably necessary or required by the Company to give effect to this section.  In all cases, the Company
shall pay all reasonable costs and fees associated with such acts by Executive.

 

7.4 Return
of Property.  The Executive agrees that all property in the Executive’s possession that he obtains or is assigned
in the course of his employment with the Company, including, without limitation, all documents, reports, manuals, memoranda, customer
lists, credit cards, keys, access cards, and all other property relating in any way to the business of the Company, is the exclusive
property of the Company, even if the Executive authored, created, or assisted in authoring or creating such property. The Executive
shall return to the Company all such property immediately upon termination of employment or at such earlier time as the Company
may request.

 

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7.5 Court
Ordered Revisions. If any portion of this Section 7 is found by a court of competent jurisdiction to be invalid
or unenforceable, but would be valid and enforceable if modified, this Section 7 shall apply with such modifications necessary
to make this Section 7 valid and enforceable.  Any portion of this Section 7 not required to be so modified shall
remain in full force and effect and not be affected thereby.

 

7.6 Specific
Performance. The Executive acknowledges that the remedy at law for any breach of any of the provisions of Section 7 will be
inadequate, and that the Company shall be entitled, in addition to any remedy at law or in equity, to preliminary and permanent
injunctive relief and specific performance.

 

8. MISCELLANEOUS.

 

8.1 Indemnification.  The
Company and each of its subsidiaries shall, to the maximum extent provided under applicable law, indemnify and hold Executive harmless
from and against any expenses, including reasonable attorney’s fees, judgments, fines, settlements and other legally permissible
amounts (“Losses”), incurred in connection with any proceeding arising out of, or related to, Executive’s
employment by the Company, other than any such Losses incurred as a result of Executive’s negligence or willful misconduct.  The
Company shall, assume the defense of the action or proceeding against the Executive mentioned above and will employ counsel reasonably
satisfactory to the Executive and will pay the reasonable fees and expenses of such counsel, or advance to Executive any expenses,
including attorney’s fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted
by applicable law.  Such costs and expenses incurred by Executive in defense of any such proceeding shall be paid by
the Company or applicable subsidiary in advance of the final disposition of such proceeding promptly upon receipt by the Company
of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and
expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on behalf of Executive
to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that
Executive is not entitled to be indemnified by the Company or any subsidiary thereof.  If the Company obtains directors
and officers insurance coverage for any period in which Executive was an officer of the Company, Executive shall be a named insured
and shall be entitled to coverage thereunder.

 

8.2 Applicable
Law. Except as may be otherwise provided herein, this Agreement shall be governed by and construed in accordance with the laws
of the State of Florida, applied without reference to principles of conflict of laws. Any legal action or proceeding arising out
of or relating to this Agreement shall be brought in the courts in the State of Florida.

 

8.3 Amendments.
This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective
successors or legal representatives.

 

8.4 Notices.  All
notices and other communications hereunder shall be in writing and shall be given by hand-delivery to the other party, by an international
mail courier, or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

If to the Executive:

 

___________________

 

Attn: Ming Yi

 

If to the Company:

 

Future FinTech Group Inc.

 

Room 2302, South Tower T1, Kaisa Plaza

No. 86 Jianguo Avenue, Chaoyang District

Beijing, China 100025

Attn: the CEO Shanchun Huang

 

    4

     

    

 

Or to such other address as either party
shall have furnished to the other in writing in accordance herewith.  Notices and communications shall be effective when
delivered to the addressee.

 

8.5 Withholding.
The Company may withhold from any amounts payable under the Agreement, such federal, state and local income, unemployment, social
security and similar employment related taxes and similar employment related withholdings as shall be required to be withheld pursuant
to any applicable law or regulation.

 

8.6 Severability.
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement and any such provision which is not valid or enforceable in whole shall be enforced to the maximum
extent permitted by law.

 

8.7 Captions.
The captions of this Agreement are not part of the provisions and shall have no force or effect.

 

8.8 Entire
Agreement. This Agreement contains the entire agreement among the parties concerning the subject matter hereof and supersedes
all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the parties
with respect thereto.

 

8.9 Survival.
The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement or the Executive’s
employment hereunder to the extent necessary to the intended preservation of such rights and obligations.

 

8.10 Waiver.
Either Party's failure to enforce any provision or provisions of this Agreement shall not in any way be construed as a waiver of
any such provision or provisions, or prevent that party thereafter from enforcing each and every other provision of this Agreement.

 

8.11 Successors.  This
Agreement is personal to Executive and, without the prior express written consent of the Company, shall not be assignable by Executive.
This Agreement shall inure to the benefit of and be enforceable by Executive’s estate, heirs, beneficiaries, and/or legal
representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

 

8.12 Joint
Efforts/Counterparts. Preparation of this Agreement shall be deemed to be the joint effort of the parties hereto and shall
not be construed more severely against any party.  This Agreement may be signed in two or more counterparts, each of
which shall be deemed an original and all of which together shall constitute one and the same instrument.

 

8.13 Representation
by Counsel.   Each Party hereby represents that it has had the opportunity to be represented by legal counsel
of its choice in connection with the negotiation and execution of this Agreement.

 

IN WITNESS WHEREOF, the parties
have executed this Agreement as of the day and year first above written.

 

	Executive:	 	FUTURE FINTECH GROUP INC.
	 	 	 	 	 
	By:	/s/Ming Yi	 	By:  	 /s/Shanchun Huang
	Name: 	Ming Yi	 	Name: 	 Shanchun Huang
	 	 	 	 	Chief Executive Officer

 

 

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