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Exhibit 10.1
 

 
 
INDEPENDENT CONTRACTOR SERVICES AGREEMENT
 
For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the parties enter into this agreement (the “Agreement”) as of the 31st day of January, 2011 by and between The Spectranetics Corporation, a Delaware corporation, having a place of business at 9965 Federal Dr., Colorado Springs, Colorado 80921, and its successors or assignees (hereinafter “Client”) and Emile J. Geisenheimer, an individual (hereinafter “Contractor”) 
 
1.ENGAGEMENT OF SERVICES.  During the Term (as defined below), at the request of the Board of Directors of Client (the “Board”), Contractor shall provide consulting services to Client during the search for a new Chief Executive Officer of Client and the transition of such new Chief Executive Officer into such position, to the extent that such transition occurs during the Term (the “Services”).   Subject to the terms of this Agreement, Contractor will, to the best of its ability, render the Services during the Term.  Contractor agrees to exercise the highest degree of professionalism, and to utilize its expertise and creative talents in performing the Services.  In performing the Services, Contractor agrees to provide its own equipment, tools and other materials at its own expense.  Contractor shall perform the Services in a timely and professional manner consistent with industry standards, and at a location, place and time which the Contractor deems appropriate.  Contractor may not subcontract or otherwise delegate its obligations under this Agreement without Client's prior written consent.  The parties hereby acknowledge and agree that Client does not commit to retain Contractor's services for any minimum number of hours or days.  
 
2.TERM.  The Agreement shall be for a term (the “Term”) commencing upon the effectiveness of Contractor's resignation from the Board on January 31, 2011 and ending on June 30, 2011 (the “Expiration Date”).
 
3.COMPENSATION.  (i)  To the extent not previously paid, not later than 30 days following the date hereof, Client shall pay Contractor a fee equal to $2,500  for his services as a member of the Board for the period from January 1, 2011 through January 31, 2011 and fee equal to $6,500 for the Services during the period from February 1, 2011 through March 31, 2011, and (ii) for  Services performed during the period from April 1, 2011 through June 30, 2011, Client shall pay Contractor a fee of $9,000 within 15 days after April 1, 2011.  Contractor shall be responsible for all expenses incurred in performing services under this Agreement, provided, however, that Contractor shall not be obligated to incur expenses unless expressly requested to do so in writing  by the Client, in which case, Client shall reimburse Contractor for such reasonably incurred expenses.
 
4.INDEPENDENT CONTRACTOR RELATIONSHIP.  Contractor's relationship with Client will be that of an independent contractor and nothing in this Agreement shall be construed to create a partnership, joint venture, or employer-employee relationship.  Contractor is not the 

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agent of Client and is not authorized to make any representation, contract, or commitment on behalf of Client.  Contractor will not be entitled to any of the benefits which Client may make available to its employees, such as group insurance, profit-sharing or retirement benefits.  Contractor will be solely responsible for all tax returns and payments required to be filed with or made to any federal, state or local tax authority with respect to Contractor's performance of services and receipt of fees under this Agreement.  Client will regularly report amounts paid to Contractor by filing Form 1099-MISC with the Internal Revenue Service as required by law.  Because Contractor is an independent contractor, Client will not withhold or make payments for social security; make unemployment insurance or disability insurance contributions; or obtain worker's compensation on Contractor's behalf.  Contractor agrees to accept exclusive liability for complying with all applicable state and federal laws governing self-employed individuals, including obligations such as payment of taxes, social security, disability and other contributions based on fees paid to Contractor under this Agreement.  Contractor hereby agrees to indemnify and defend Client against any and all such taxes or contributions, including penalties and interest.
 
5.ASSIGNMENT.  Client may assign its interest in this Agreement to any entity directly or indirectly controlled by Client or to any successor by merger or sale of substantially all of its assets.  The provisions of this Agreement shall inure to the benefit of the permitted assigns and successors in interest of Client.  Contractor may not assign or transfer this Agreement, it being deemed personal to him only.
 
6.TERMINATION.  
 
6.1        This Agreement shall terminate on the Expiration Date.
 
7.GENERAL PROVISIONS.
 
7.1Governing Law.  This Agreement will be governed and construed in accordance with the laws of the State of Colorado.  Contractor hereby expressly consents to the personal jurisdiction of the state and federal courts located in El Paso County, Colorado for any lawsuit filed there related to this Agreement.
 
7.2Severability.  In case any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein.  If, moreover, any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear.
 
7.3Survival.  The following provision shall survive termination of this Agreement:  Section 5.
 
7.4Waiver.  No waiver by Client of any breach of this Agreement shall be a waiver of any preceding or succeeding breach.  No waiver by Client of any right under this Agreement 

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shall be construed as a waiver of any other right.  Client shall not be required to give notice to enforce strict adherence to all terms of this Agreement.
 
7.5Amendments. This agreement may be modified or amended only by a written instrument signed by the party sought to be bound.
 
7.6Entire Agreement.  This Agreement is the final, complete and exclusive agreement of the parties with respect to the subject matter hereof and supersedes and merges all prior discussions between us with respect thereto.  No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing and signed by the party to be charged.  The terms of this Agreement will govern all Services undertaken by Contractor for Client.  
 
IN WITNESS WHEREOF, the parties have caused this Independent Contractor Services Agreement to be executed by their duly authorized representative.
THE SPECTRANETICS CORPORATION
 
By: /s/ Roger Wertheimer                    
Roger Wertheimer
Vice President
 
 
/s/ Emile J. Geisenheimer                
Emile J. Geisenheimer 
 
 
 

3mako110553_ex10-1.htm - Generated by SEC Publisher for SEC Filing

 

Exhibit 10.1

 

 

Grant No.: 8

MAKO SURGICAL CORP.

2008 OMNIBUS INCENTIVE PLAN

 

RESTRICTED STOCK AGREEMENT

 

MAKO Surgical Corp., a Delaware corporation (the “Company”), effective as of the Grant Date below, grants shares of its common stock, $.001 par value, (the “Stock”) to the Grantee named below, subject to the vesting conditions set forth in the attachment.  Additional terms and conditions of the grant are set forth in this cover sheet, in the attachment and in the Company’s 2008 Omnibus Incentive Plan (the “Plan”).

 

Grant Date: February 3, 2011

 

Name of Grantee: Maurice R. Ferré

 

Grantee’s Employee Identification Number:  

 

Number of Shares of Stock Covered by Grant:  300,000

 

Purchase Price per Share of Stock:  $0.00 

 

By signing this cover sheet, you agree to all of the terms and conditions described in the attached Agreement and in the Plan, a copy of which is also attached.  You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this Agreement should appear to be inconsistent.

 

	
Grantee:

	
 

	
 

	
 

	
 

	
(Signature)

	
 

	
 

	
 

	
Company:

	
 

	
 

	
 

	
 

	
Fritz L. LaPorte, SVP of Finance and Administration, Chief Financial Officer and Treasurer

	
 

	
 

	
 

	
Attachment

	
 

	
 

	
 

	
 

	
This is not a stock certificate or a negotiable instrument.

 

 

 

MAKO SURGICAL CORP.

2008 OMNIBUS INCENTIVE PLAN

 

RESTRICTED STOCK AGREEMENT

 

	
Restricted Stock/Nontransferability

	
This grant is an award of Stock in the number of shares set forth on the cover sheet, at the purchase price set forth on the cover sheet, and subject to the vesting conditions described below (“Restricted Stock”).  To the extent not yet vested, your Restricted Stock may not be sold, transferred, assigned, pledged or otherwise encumbered or disposed of, whether by operation of law or otherwise, nor may the Restricted Stock be made subject to execution, attachment or similar process.  

	
 

	
 

	
 

	
Performance Criteria and Vesting

	
The Company will issue the Restricted Stock in your name as of the Grant Date.  

	
 

	
 

	
 

	
 

	
The Restricted Stock will be earned on the last day of the Performance Period (as defined below), provided you have remained in continuous Service through such date, as follows:

	
 

	
 

	
 

	
 

	
Ÿ

	
If the Average Stock Price (as defined below) is $26.40 or higher, you will earn 300,000 shares of Restricted Stock.

	
 

	
 

	
 

	
 

	
Ÿ

	
If the Average Stock Price is $23.50, you will earn 200,000 shares of Restricted Stock.

	
 

	
 

	
 

	
 

	
Ÿ

	
If the Average Stock Price is $20.80, you will earn 100,000 shares of Restricted Stock.

	
 

	
 

	
 

	
 

	
Ÿ

	
If the Average Stock Price is less than $20.80, you will earn zero shares of Restricted Stock.

	
 

	
 

	
 

	
 

	
If the Average Stock Price is greater than $20.80 and less than $26.40, the number of earned shares of Restricted Stock will be interpolated (and rounded down to the next whole number).  

	
 

	
 

	
 

	
 

	
“Performance Period” means the period ending March 31, 2013.

	
 

	
 

	
 

	
 

	
“Average Stock Price” means the average of the Fair Market Value of a Share of Stock as determined on each trading day during the 90-consecutive-calendar-day period ending with the last day of the Performance Period.

	
 

	
 

	
 

	
 

	
Fifty percent (50%) of the earned shares of Restricted Stock will become vested on March 31, 2013.  The remaining fifty percent (50%) of the earned shares of Restricted Stock will become vested on March 31, 2014, provided you remain in Service through such date.

 

	
 

 

 

 

	
 

	
 

	
 

	
 

	
Any shares of Restricted Stock not earned as of the last day of the Performance Period will be forfeited on such date.

	
 

	
 

	
 

	
Effect of Termination of Employment

	
If your Service terminates prior to March 31, 2013:

	
 

	
 

	
 

	
 

	
Ÿ

	
As a result of your death or Disability (as defined below), then (1) the date of your termination will be treated as the end of the Performance Period for purposes of determining the number of earned shares pursuant to the “Performance Criteria and Vesting” provisions above, and (2) your earned shares will vest immediately on the date of such termination in an amount equal to the number of earned shares multiplied by a fraction, the numerator of which is the number of days of Service you performed from the Grant Date to the date of your termination of Service and the denominator of which is 1,117.

	
 

	
 

	
 

	
 

	
Ÿ

	
As a result of your termination of Service by the Company for other than Cause (as defined below), death or Disability, then (1) the date of your termination will be treated as the end of the Performance Period for purposes of determining the number of earned shares pursuant to the “Performance Criteria and Vesting” provisions above, (2) the Average Stock Price will be determined as the highest average for any 90-consecutive-calendar-day period occurring from the Grant Date through the date of your termination for Service; provided that if your termination occurs on or following a Transaction Change in Control, then the Average Stock Price will be the price per share of Stock paid in the Transaction Change in Control and (3) your total number of earned shares will vest immediately on the date of such termination

	
 

	
 

	
 

	
 

	
Ÿ

	
For any other reason not described above, your shares of Restricted Stock will be forfeited on the date of such termination.

	
 

	
 

	
 

	
 

	
If your Service terminates on or after March 31, 2013 and prior to April 1, 2014:

	
 

	
 

	
 

	
 

	
Ÿ

	
As a result of your death, Disability, by the Company without Cause or by you for Good Reason (as defined below), then all unvested, earned shares of Restricted Stock will vest in full on the date of such termination of Service.

 

	
 

 

 

 

	
 

	
 

	
 

	
 

	
Ÿ

	
For any other reason not described above, then all shares of Restricted Stock that are not vested will be forfeited on the date of such termination of Service.

	
 

	
 

	
 

	
 

	
The terms “Disability”, “Cause,” and “Good Reason” have the meanings given in your Amended Employment Agreement with the Company dated November 12, 2007, as such agreement may be amended from time to time (the “Employment Agreement”).  The term “Transaction Change in Control” has the meaning given in Section 6.2(i) and (iii)(x) of the Employment Agreement.

	
 

	
 

	
 

	
Escrow

	
If the Company chooses to issue share certificates representing your Restricted Stock in lieu of using the book-entry method of share recordation, the certificates for the Restricted Stock shall be deposited in escrow with the Secretary of the Company to be held in accordance with the provisions of this paragraph.  Each deposited certificate shall be accompanied by a duly executed Assignment Separate from Certificate in the form approved by the Company.  The deposited certificates shall remain in escrow until such time or times as the certificates are to be released upon vesting, or otherwise forfeited as described above, in which case they shall be surrendered for cancellation.  Upon delivery of the certificates to the Company, you shall be issued an instrument of deposit acknowledging the number of shares of Stock delivered in escrow to the Secretary of the Company.

	
 

	
 

	
 

	
 

	
All regular cash dividends paid on the Restricted Stock (or other securities at the time held in escrow) shall be converted into additional shares of Stock (by dividing the amount of cash dividends paid by the Fair Market Value of a share of Stock on the date the cash dividends are paid and then rounding down to the next whole share), which additional shares shall be subject to the same terms and conditions described herein as the Restricted Stock to which they relate.

	
 

	
 

	
 

	
 

	
In the event of any stock dividend, stock split, recapitalization or other change affecting the Company’s outstanding common stock as a class effected without receipt of consideration or in the event of a stock split, a stock dividend or a similar change in the Company Stock, any new, substituted or additional securities or other property which is by reason of such transaction distributed with respect to the Stock shall be immediately delivered to the Secretary of the Company to be held in escrow hereunder, but only to the extent the Stock is at the time subject to the escrow requirements hereof.

 

	
 

 

 

 

	
 

	
 

	
 

	
 

	
Upon the vesting of shares of Restricted Stock, such escrowed shares shall be promptly released to you from escrow.

	
 

	
 

	
 

	
 

	
Notwithstanding the foregoing, in lieu of the issuance of certificates under this Agreement and the use of an escrow arrangement, the Company may instead use the book-entry method of recording share issuance.

	
 

	
 

	
 

	
Withholding Taxes

	
You agree, as a condition of this grant, that you will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the vesting of Stock acquired under this grant.  In the event that the Company determines that any federal, state, local or foreign tax or withholding payment is required relating to the vesting of shares arising from this grant, the Company shall have the right to require such payments from you, or withhold such amounts from other payments due to you from the Company or any Affiliate.

	
 

	
 

	
 

	
 

	
Notwithstanding the foregoing, the Company may, at its sole discretion, allow you to surrender to the Company of your vested common stock of the Company in an amount equal to any required minimum statutory withholding (calculated at the Fair Market Value for such shares) and for the Company to make the required cash deposits with the Internal Revenue Service.

	
 

	
 

	
 

	
Section 83(b) 

Election

	
Under Section 83 of the Code, the difference between the purchase price paid for the shares of Stock and their fair market value on the date any forfeiture restrictions applicable to such shares lapse will be reportable as ordinary income at that time.  For this purpose, “forfeiture restrictions” include the forfeiture as to unvested Stock described above.  You may elect to be taxed at the time the shares are acquired, rather than when such shares cease to be subject to such forfeiture restrictions, by filing an election under Section 83(b) of the Code with the Internal Revenue Service within thirty (30) days after the Grant Date.  You will have to make a tax payment to the extent the purchase price is less than the fair market value of the shares on the Grant Date.  No tax payment will have to be made to the extent the purchase price is at least equal to the fair market value of the shares on the Grant Date.  The form for making this election has been provided to you previously.  Failure to make this filing within the thirty (30) day period will result in the recognition of ordinary income by you (in the event the fair market value of the shares as of the vesting date exceeds the purchase price) as the forfeiture restrictions lapse.

 

	
 

 

 

 

	
 

	
 

	
 

	
 

	
YOU ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE A TIMELY ELECTION UNDER CODE SECTION 83(b), EVEN IF YOU REQUEST THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON YOUR BEHALF.  YOU ARE RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER OR NOT TO FILE ANY 83(b) ELECTION.

	
 

	
 

	
 

	
Market Stand-off Agreement

	
In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act of 1933 (the “Securities Act”), you agree not to sell, make any short sale of, loan, hypothecate, pledge, grant any option for the purchase of, or otherwise dispose or transfer for value or agree to engage in any of the foregoing transactions with respect to any shares of vested Stock without the prior written consent of the Company or its underwriters, for such period of time after the effective date of such registration statement as may be requested by the Company or the underwriters (not to exceed 180 days in length).

	
 

	
 

	
 

	
Retention Rights

	
This Agreement does not give you the right to be retained by the Company (or any of its Affiliates) in any capacity.  The Company (and any Affiliates) reserve the right to terminate your Service at any time and for any reason.

	
 

	
 

	
 

	
Shareholder Rights

	
You have the right to vote the Restricted Stock and to receive any dividends declared or paid on such stock.  Any distributions you receive as a result of any stock split, stock dividend, combination of shares or other similar transaction shall be deemed to be a part of the Restricted Stock and subject to the same conditions and restrictions applicable thereto.  Except as described in the Plan, no adjustments are made for dividends or other rights if the applicable record date occurs before your stock certificate is issued.

	
 

	
 

	
 

	
Adjustments

	
In the event of a stock split, a stock dividend or a similar change in the Company stock, the number of shares covered by this grant shall be adjusted (and rounded down to the nearest whole number) pursuant to the Plan and the target stock prices described in “Performance Criteria and Vesting” shall be adjusted by the Compensation Committee to the extent not inconsistent with Code Section 162(m).  Your Restricted Stock shall be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate activity.

 

	
 

 

 

 

	
 

	
 

	
 

	
Legends

	
All certificates representing the Stock issued in connection with this grant shall, where applicable, have endorsed thereon the following legends:

	
 

	
 

	
 

	
 

	
“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.”

	
 

	
 

	
 

	
Superseding Provisions

	
The provisions of Section 17.3 of the Plan, and Sections 3.6 and 5.3(v) of your Employment Agreement, do not apply to this grant.  By signing below, the parties agree that this Agreement shall be considered an amendment to the Employment Agreement and the provisions herein will supersede Sections 3.6 and 5.3(v) of the Employment Agreement with respect to this grant.

	
 

	
 

	
 

	
Applicable Law

	
This Agreement will be interpreted and enforced under the laws of the State of Delaware, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.

	
 

	
 

	
 

	
The Plan

	
The text of the Plan is incorporated in this Agreement by reference.  Certain capitalized terms used in this Agreement and not defined herein are defined in the Plan, and have the meaning set forth in the Plan.

	
 

	
 

	
 

	
 

	
This Agreement and the Plan constitute the entire understanding between you and the Company regarding this grant of Restricted Stock.  Any prior agreements, commitments or negotiations concerning this grant are superseded

	
 

	
 

	
 

	
Other Agreements

	
You agree, as a condition of this grant of Restricted Stock, that you will execute such document(s) as necessary to become a party to any shareholder agreement or voting trust as the Company may require.

 

By signing the cover sheet of this Agreement, you agree to all of the terms and conditions described above and in the Plan.

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