Document:

EX-10.4

			
	

	  	Exhibit 10.4

 SURMODICS, INC. 

2019 EQUITY INCENTIVE PLAN 

Performance Stock Unit Award Agreement 

SurModics, Inc. (the “Company”), pursuant to its 2019 Equity Incentive Plan (the “Plan”), hereby grants an award of
Performance Stock Units to you, the Participant named below. The terms and conditions of this Award are set forth in this Performance Stock Unit Agreement (the “Agreement”), consisting of this cover page, the Terms and Conditions on the
following pages and the attached Exhibit A, 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:
	  	
[                  
                            ]

		
	 Target Number of Performance Stock Units:
	  	
[                  
                            ]

		
	 Maximum Number of Performance Stock Units:
	  	
[                  
                            ]

		
	 Grant Date:
	  	
[                  
                            ]

		
	 Performance Period:
	  	
[                  
          ] –
[                            ]

		
	 Vesting Schedule:
	  	The number of Units determined in accordance with Exhibit A to have been earned as of the end of the Performance Period will vest* on the date the Company’s Organization and Compensation Committee certifies such
performance results, which shall be no later than [                            ].
		
	 Performance Goals:
	  	 See Exhibit A

  

	*	 Assumes your Service has been continuous from the Grant Date to the vesting date. 

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 Performance
Stock Units. 
  

					
	PARTICIPANT:	  	SURMODICS, INC.
			
	                                      
                                         
         	  	By:	 	                                      
                                         
         
		  	Title:	 	                                      
                                         
         

  

 SurModics, Inc. 

2019 Equity Incentive Plan 

Performance Stock Unit Award Agreement 

Terms and Conditions 
  

	1.	 Award of Performance Stock Units. The Company hereby confirms the grant to you, as of the
Grant Date and subject to the terms and conditions of this Agreement and the Plan, of an award of Performance Stock Units (the “Units”) in an amount initially equal to the Target Number of Performance Stock Units specified on the cover
page of this Agreement. The number of Units that may actually be earned and become eligible to vest pursuant to this Award can be between 0% and [    ]% of the Target Number of Units, but may not exceed the Maximum Number
of Performance Stock Units specified on the cover page of this Agreement. Each Unit that is earned as a result of the performance goals specified in Exhibit A to this Agreement having been satisfied and which thereafter vests 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 a performance stock unit account in your name
maintained by the Company. This account will 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 (i) a transfer upon your death in accordance with your will or by the laws of descent and distribution, or (ii) pursuant to a domestic
relations order. Following any such transfer, this Award shall continue to be subject to the same terms and conditions that were applicable to the Award immediately prior to its transfer. 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 any Units under this Agreement shall be subject to forfeiture except to extent the Units have been earned and thereafter vest as provided in Sections 4 and
5. 

  

	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 any Units granted or earned pursuant to this Agreement unless and until Shares are issued to you in settlement of
earned and vested Units as provided in Section 5. 

  

	4.	 Vesting and Forfeiture of Units. 

(a)    Scheduled Vesting. The number of Units that have been earned during the Performance Period, as determined by
the Committee in accordance with Exhibit A, will vest on the Scheduled Vesting Date, so long as your Service has been continuous from the Grant Date to the Scheduled Vesting Date. For these purposes, the “Scheduled Vesting Date”
means the date the Committee certifies (i) the degree to which the applicable performance goals for the Performance Period have been satisfied, and (ii) the number of Units that have been earned during the Performance Period as determined
in accordance Exhibit A, which certification shall occur no later than [                    ]. 

  

			
	Performance Stock Unit Master Agreement (2019 Equity Incentive Plan)	 	Page 2

 (b)    Forfeiture of Unvested Units. Any Units that do not vest
on the Scheduled Vesting Date as provided in Section 4(a) shall immediately be forfeited. If your employment terminates prior to the Scheduled Vesting Date, all unvested Units shall immediately be forfeited. 

 

	5.	 Settlement of Units. As soon as practicable after any date on which Units vest (but no
later than the 15th day of the third calendar month following the vesting date), 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. Delivery of the Shares shall be effected by the issuance of a stock certificate to you, by an appropriate entry in the stock
register maintained by the Company’s transfer agent with a notice of issuance provided to you, or by the electronic delivery of the Shares to a brokerage account you designate, and shall be subject to the tax withholding provisions of
Section 6 and compliance with all applicable legal requirements as provided in Section 16(c) of the Plan, and shall be in complete satisfaction and settlement of such vested Units. The Company will pay any original issue or transfer taxes
with respect to the issue and transfer of Shares to you pursuant to this Agreement, and all fees and expenses incurred by it in connection therewith. If the Units that vest include a fractional Unit, the Company shall round the number of vested
Units to the nearest whole Unit prior to issuance of Shares as provided herein. 

  

	6.	 Tax Consequences and Withholding. No Shares will be delivered to you in settlement of vested
Units unless you have made arrangements acceptable to the Company for payment of any federal, state, local or foreign withholding taxes that may be due as a result of the delivery of the Shares. You hereby authorize the Company (or any Affiliate) to
withhold from payroll or other amounts payable to you any sums required to satisfy such withholding tax obligations, and otherwise agree to satisfy such obligations in accordance with the provisions of Section 14 of the Plan. You may elect to
satisfy such withholding tax obligations by having the Company withhold a number of Shares that would otherwise be issued to you in settlement of the Units and that have a fair market value equal to the amount of such withholding tax obligations by
notifying the Company of such election prior to the Scheduled Vesting Date. 

  

	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. 

  

			
	Performance Stock Unit Master Agreement (2019 Equity Incentive Plan)	 	Page 3

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

  

	12.	 Electronic Delivery and Acceptance. The Company may deliver any documents related to this
Performance 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. 

  

			
	Performance Stock Unit Master Agreement (2019 Equity Incentive Plan)	 	Page 4EX-10.5

			
	

	  	Exhibit 10.5

 SURMODICS, INC. 

2019 EQUITY INCENTIVE PLAN 

Restricted Stock Unit Award Agreement 

(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    
	
	 Vesting Schedule:

		
	Scheduled Vesting Dates	  	Number of Restricted Stock Units that Vest

 By signing below or otherwise evidencing your acceptance of this Agreement in a manner approved by the
Company, you agree to all of the terms and conditions contained in this Agreement and in the Plan document. You acknowledge that you have received and reviewed these documents and that they set forth the entire agreement between you and the Company
regarding 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. 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. For purposes of this Agreement, “Vesting Date” means any date,
including the Scheduled Vesting Dates specified in the Vesting Schedule on the cover page of this Agreement, on which Units subject to this Agreement vest as provided in this Section 4. 

 

	 	(a)	 Scheduled Vesting. If you remain a Service Provider continuously from the Grant Date specified on the
cover page of this Agreement, then the Units will vest in the amounts and on the Scheduled Vesting Dates specified in the Vesting Schedule. 

  

	 	(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. After any Units vest pursuant to Section 4, the Company shall, as soon
as practicable (but no later than the 15th day of the third calendar month following the Vesting Date), 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. Delivery of the Shares shall be effected by the issuance of a

  

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

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

  

	12.	 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 3

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