Document:

EX-10.13

 Exhibit 10.13 

 
 

 
 SI-BONE, INC. 

3055 OLIN AVENUE, SUITE 2200 

SAN JOSE, CA 95128 

February 7, 2012 
 Dr. W. Carlton Reckling 

[Address intentionally omitted.] 
 Dear Dr. Reckling: 

SI-BONE, Inc. (the “Company”) is pleased to offer you employment effective March 5,
2012 on the following terms: 
 1.    Position. Your initial title will be Vice President of Medical Affairs, and you will
initially report to me, Jeff Dunn, President and CEO. This is a full time position. While you render services to the Company you will not engage in any other employment, consulting or other business activity that would create a conflict of interest
with the Company. The only exceptions to this are 1) as specified in Exhibit D regarding the transition from your current medical practice, and 2) for any general orthopedic activities consulting or business activities that you participate in that
do not relate directly to lower back and/or SI joint conditions. By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for
the Company. 
 2.    Cash Compensation. The Company will pay you a base salary at the rate of $225,000 per year, payable
in accordance with the Company’s standard payroll schedule. This salary will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time. Reasonable and customary business expenses,
including the IRS mandated rate for business automobile mileage, will be reimbursed to you by the Company. You will also be reimbursed by the Company for all reasonable subscriptions, dues and Continuing Medical Education in order to maintain your
current medical certifications. As well the Company will reimburse you for your attainment of an MBA that is mutually agreed upon. In addition, the Company will reimburse you for a insurance “tail” coverage for your past medical practice,
upon mutual agreement of the arrangement between you and the Company. The estimate of these non-salary costs are summarized in the attached Exhibit E and reimbursement will be within these 10% of these
estimates or the excess must be approved by the Company’s Compensation Committee of the Board of Directors. 

3.    Employee Benefits. As a regular employee of the Company, you will be eligible to participate in a number of
Company-sponsored benefits. You will be then be eligible for SI¬Bone, Inc. Medical and Dental Benefits on April 1, 2012. In addition, you will be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect
from time to time. 

 4.    Proprietary Information and Inventions Agreement. Like all Company
employees, you will be required, as a condition of your employment with the Company, to sign the Company’s standard Proprietary Information and Inventions Agreement, a copy of which is attached hereto as Exhibit A. 

5.    Employment Relationship. Employment with the Company is for no specific period of time. Your employment with the
Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this
letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to
time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you). 

6.    Non-Competition. During the term of your employment, and for a period of
twelve (12) months after termination of your employment, you shall not (i) endorse, promote, sell, distribute, solicit orders for or otherwise dispose of, directly or indirectly, any products which are similar to or competitive with the
products of the Company, (ii) consult with, advise or assist in any way, whether or not for consideration, any person or entity to endorse, promote, sell, distribute, solicit orders for or otherwise dispose of, directly or indirectly, any
products which are similar to or competitive with the products of the Company, (iii) induce or attempt to induce any customer or supplier of the Company to reduce the business done by such customer or supplier with the Company and/or
(iv) engage in any practice the purpose or result of which is to circumvent the provisions of this covenant not to compete. 

7.    Taxes. All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable
withholding and payroll taxes and other deductions required by law. You agree that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the
Company or its Board of Directors related to tax liabilities arising from your compensation. 
 8.    Indemnification.

 a)    Indemnification of Expenses. Subject to the provisions of Section 8(b) below, the Company shall indemnify You
for Expenses to the fullest extent permitted by law if You were or are or become a party to or witness or other participant in, or are threatened to be made a party to or witness or other participant in, any Claim (whether by reason of or arising in
part out of a Covered Event), including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses. 

b)    Exceptions. Notwithstanding any other provision of this Agreement, the Company shall not be obligated pursuant to
the terms of this Agreement: 
 1)    Excluded Action or Omissions. To indemnify You for Expenses resulting from acts,
omissions or transactions for which You are prohibited from receiving indemnification under this letter agreement or applicable law. 

 2)    Claims Initiated by You. To indemnify or make Expense advances
to You with respect to Claims initiated or brought voluntarily by You and not by way of defense., counterclaim or cross claim, except (i) with respect to actions or proceedings brought to establish or enforce a right to
indemnification under this letter agreement or any other agreement or insurance policy or under the Company’s charter documents relating to Claims for Covered Events, (ii) in specific cases if the Board of Directors has
approved the initiation or bringing of such Claim, (iii) as otherwise required under Section 145 of the Delaware General Corporation Law (relating to indemnification of officers, directors, employees and
agents); and (iv) with respect to actions or proceedings under any insurance policies maintained by the Company to enforce any of the terms thereof, regardless of whether You ultimately are determined to be entitled to such
indemnification or insurance recovery, as the case may be. 
 3)    Lack of Good Faith. To indemnify You for any
Expenses incurred by You with respect to any action instituted (i) by You to enforce or interpret this letter agreement, if a court having jurisdiction over such action determines that each of the material assertions made by You
as a basis for such action was not made in good faith or was frivolous, or (ii) by or in the name of the Company to enforce or interpret this letter agreement, if a court having jurisdiction over such action determines that each
of the material defenses asserted by You in such action was made in bad faith or was frivolous. 

c)    Definitions. 

1)    “Claim” shall mean with respect to a Covered Event (as defined below): any threatened, pending or completed
action, suit, proceeding or alternative dispute resolution mechanism, or any hearing, inquiry or investigation that You in good faith believes might lead to the institution of any such action, suit, proceeding or alternative dispute resolution
mechanism, whether civil, criminal, administrative, investigative or other. 
 2)    “Covered Event” shall
mean any event or occurrence related to the fact that You are or were an, officer, employee, agent and/or fiduciary of the Company, or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer,
employee, agent and/or fiduciary of another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action or inaction on Your part while serving in such capacity. 

3)    “Expenses” shall mean any and all expenses (including attorneys’ fees and all other costs, expenses
and obligations incurred in connection with investigating, defending, being a party to or witness in or participating in (including on appeal), or preparing to defend, to be a party to or witness in or to participate in, any action, suit,
proceeding, alternative dispute resolution mechanism, hearing, inquiry or investigation), judgments, fines, penalties and amounts paid in settlement (if such settlement is approved in advance by the Company, which approval shall not be unreasonably
withheld, conditioned or delayed), actually and reasonably incurred, of any Claim and any federal, state, local or foreign taxes imposed on You as a result of the actual or deemed receipt of any payments under this letter agreement. 

9.    Interpretation, Amendment and Enforcement. This letter agreement and Exhibit A constitute the complete agreement
between you and the Company, contain all of the terms of 

 
your employment with the Company and supersede any prior agreements, representations or understandings (whether written, oral or implied) between you and the Company. This letter agreement may
not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company. The terms of this letter agreement and the resolution of any disputes OS to the meaning, effect, performance or
validity of this letter agreement or arising out of related to or in any way connected with. this letter agreement, your employment with the Company or any other relationship between you and the Company (the -Disputes”) will be governed by
California law, excluding laws relating to conflicts or choice of law_ You and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in California in connection with any Dispute or any claim related to any
Dispute. 
 ***** 
 We hope that you will
accept our offer to join the Company. You may indicate your agreement with these terms and accept this oiler by signing and dating both the enclosed duplicate original of this letter agreement and the enclosed Proprietary information and Inventions
Agreement and returning them to me. This offer, if not accepted, will expire at the close of business on 1; February 13, 2012, As required by law, your employment with the Company is contingent upon your providing legal proof of your identity and
authorisation to work in the United States, as well as the satisfactory completion of background checks, which you approve of through the acceptance of this offer. Your employment is also contingent upon your starting work with the Company on
March 5, 2012. 
 If you have any questions, please call me at
408-207-0700. 
  

			
	Very truly yours,
	
	SI-BONE
		
	By:	 	 /s/ Jeffrey W. Dunn

	Jeffrey W. Dunn
	Title:	 	   President and Chief Executive Officer

  

			
	I have read and accept this employment offer
	
	 /s/ W. Carlton Reckling

		 	Signature of Employee
		
	Dated:	 	February 14, 2012

 Attachments 

Exhibit A: Proprietary Information and Inventions Agreement 

Exhibit B: California Labor Code Section 2870 
 Exhibit C:
Prior Matter 
 EXHIBIT D — Transition Plan 

It is known and understood by both parties that Dr. Reckling will transition to the Position at SI-BONE from his
current medical practice as follows and be paid his base salary at the percentage applicable: 
  

	 	a.	 Month One: 12 business days out of 20 (60 % of the time for
SI-BONE). 

  

	 	b.	 Month Two: 12 business days out of 20 (60 % of the time for
SI-BONE). 

  

	 	c.	 Month Three and Forward; Full-time with SI-BONE.EX-10.14

 Exhibit 10.14 

 

			
	 Confidential and Proprietary
	 	 

 March 15, 2016 

Mr. W. Carlton Reckling, M.D. 
 [Address intentionally
omitted.] 
  

	Re:	 Severance 

Dear Carlton: 
 This letter contains terms and conditions
pertaining to separation payments and benefits that SI-BONE, Inc. (“the Company”) is offering to you. 
  

	 	1.	 Benefits upon Separation from Employment - No Change in Control.    In the event
that the Company terminates your employment for any reason other than for Cause (as defined below), the Company will tender to you the following benefits (collectively, the “Severance Benefits”) within sixty (60) calendar days of the
termination date: 

  

	 	a.	 A lump-sum payment equal to three (3) months of your then-current
base salary; and 

  

	 	b.	 A lump-sum payment in the amount of $5,700.00 

 

	 	2.	 Benefits upon Separation from Employment Prior to or Following a Change in
Control.    Notwithstanding the foregoing, in the event the Company terminates your employment for any reason other than for Cause or if you resign your employment for Good Reason either three (3) months prior to or
twelve (12) months following the consummation of a Change in Control, the Company will tender to you the following benefits (collectively, “the Change in Control Severance Benefits”) within sixty (60) calendar days of the
termination date: 

  

	 	a.	 A lump-sum payment equal to six (6) months of your then-current
base salary; 

  

	 	b.	 A lump-sum payment in the amount of $11,300.00; 

 

	 	c.	 Accelerated vesting of any unvested Company stock options such that 100% of your unvested option shares shall
vest as of your termination date; and 

  

	 	d.	 A lump-sum equal to your target annual bonus, prorated for partial
months of service prior to your separation date. 

  

	 	3.	 Definitions. The fallowing definitions apply to this letter agreement: 

 

	 	a.	 Change of Control: (i) the consummation of a merger or consolidation of the Company with or into
another entity; or (ii) the dissolution, liquidation or winding up of the Company. The foregoing notwithstanding, a merger or consolidation of the Company does not constitute a “Change in Control” if immediately after the merger or
consolidation a majority of the voting power of the capital stock of the continuing or surviving entity, or any direct or indirect parent corporation of the continuing or surviving entity, will be owned by the persons who were the Company’s
stockholders immediately prior to such merger or consolidation in substantially the same proportions as their ownership of the voting power of the Company’s capital stock immediately prior to the merger or consolidation. 

  
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	 	b.	 Cause: (i) acts or omissions constituting gross negligence, recklessness or willful misconduct on
your part with respect to your obligations or otherwise relating to Company business; (ii) your material breach of this agreement or the Company’s Proprietary Information and Inventions Agreement; (iii) your conviction of, entry of or
a plea of nolo contendere to fraud, misappropriation or embezzlement, or any felony or crime of moral turpitude; (iv) your willful neglect of duties as determined in the sole and exclusive discretion of the Company’s Chief Executive
Officer or Board of Directors; [v) your failure to perform the essential functions of your position, with or without a reasonable accommodation, due to a mental or physical disability; or (vi) your death. 

 

	 	c.	 Good Reason: the occurrence of one or more of the following without your express written consent:
(i) a reduction in your base salary by more than 10%; (ii) a material diminution of your authority, duties or responsibilities; or (iii) relocation of your principal workplace by more than thirty (30) miles. A condition shall not be
considered ‘‘Good Reason” unless you give the Company written notice of such condition within ninety (90) days after such condition comes into existence and the Company fails to remedy such condition within thirty (30) days
after receiving your written notice. 

  

	 	4.	 Contingencies for Receipt of Separation Payment(s). Your receipt of the Severance Benefits or the Change
in Control Severance Benefits will be contingent upon the following: (a) your return of all Company property in your possession; (b) if applicable, your resignation from your position as a member of the Company’s Board of Directors
and the Board of Directors of any Company subsidiary; (c) your continued adherence to the terms and conditions of the Proprietary Information and Inventions Agreement between you and the Company, including without limitation the ongoing
obligations following the termination of your employment set forth in that agreement; and (d) your execution and non-revocation of a standard form release of claims against the Company in a form
proscribed by the Company. 

  

	 	5.	 Tax Matters. 

  

	 	a.	 Withholding. All benefits referred to in this letter agreement will be subject to applicable tax
withholding and deductions. 

  

	 	b.	 IRC Section 280G Payments. In the event that the Severance Benefits and/or the Change in Control
Severance Benefits constitute an “excess parachute payment” under the Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), the Severance Benefits and/or Change in Control Severance Benefits shall
be reduced to the maximum amount that does not trigger the excise tax provisions of the Code unless, in the Company’s determination, you would receive greater post-tax payments and benefits in the absence
of such reduction. 

  

	 	c.	 Section 409A. If the Company determines that you are a “specified employee” under Section
409(a)(2)(B)(i) of the Code as such definition shall apply as of your termination date, then, to the extent that any portion of the Severance Benefits and/or Change in Control Severance Benefits are subject to Section 409A of the Code, those
payments shall be tendered to you (or your estate) on the first business day following the earlier of: (i) six (6) months following your separation date; or (ii) the date of your death. 

 

	 	d.	 No Tax Advice. Notwithstanding the foregoing, by your signature below you agree and acknowledge that the
Company does not have a duty to tender to you tax advice and has no duty to design compensation policies to minimize your tax liabilities. 

  
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	 	6.	 At-Will Employment. Your employment with the Company remains at-will, which means that either you or the Company may end your employment at any time, with or without reason, notice, or cause. 

 

	 	7.	 Miscellaneous. This letter agreement expressly supersedes and replaces any prior agreements,
representations or understandings, written or oral or express or implied, between you and the Company as to the subject matter herein, including without limitation the Offer Letter dated February 7, 2012, the Severance Letter dated
June 28, 2013 and the Severance Letter dated November 24, 2015. This agreement will be construed and interpreted in accordance with the laws of the State of California. This letter agreement may only be modified or amended in a writing
signed by both you and a duly-authorized Company officer or member of the Board of Directors. This agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and will inure to the benefit of both you
and the Company, and your/its heirs, successors and assigns. If any provision of this letter agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this agreement and
the provision in question will be modified to be rendered enforceable. 

 To signify your acceptance of these terms and conditions, please
sign and return a copy of this letter agreement to me on or before March 22, 2016. 
  

			
	Sincerely,
	
	SI-BONE, Inc.
	
	/s/ Agape Eleftheriadis
	
	Agape Eleftheriadis
	Director, Human Resources
	
	ACCEPTED AND AGREED TO:
	
	   /s/ W. Carlton Reckling, M.D.

	W. Carlton Reckling, M.D.
	
	Date Signed: 4/8/16

  
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