Document:

EX-10.9

 Exhibit 10.9 
  

 
 SI-BONE, INC. 

3055 OLIN AVENUE, SUITE 2200 

SAN JOSE, CA 95128 

June 20, 2016 
 Michael Pisetsky 

[Address intentionally omitted.] 
 RE: Change of Terms and
Conditions of Employment 
 Dear Mike: 
 We are pleased to
offer you the position of Vice President of Legal, Corporate Secretary and General Counsel with SI-BONE, Inc. (“SI-BONE” or “the Company”) starting
August 1, 2016. In this role, you will report directly to Laura Francis, Chief Financial Officer. As of August 1, 2016, the Company will pay you a semi-monthly base salary of $9,375.00, equivalent to a yearly base of $225,000, subject to
applicable withholdings. You will also be eligible to receive up to an additional 30% of your base salary under the Company’s 2016 Bonus Plan (“the Bonus Plan”) based upon the achievement of certain corporate and individual goals in
accordance with the terms and conditions of the Bonus Plan. 
 Subject to the approval of the Company’s Board of Directors at its next meeting, you
will be granted an option to purchase an additional 635,030 shares1 of the Company’s Common Stock with an exercise price equal to the fair market value of our Common Stock on the date of
grant as determined by the Board of Directors. The shares will vest in equal monthly installments over the 48 months following the date of grant. The option will be subject to the terms and conditions set forth in our 2008 Stock Option Plan and the
applicable Stock Option Agreement. In addition, we will recommend to the Company’s Board of Directors that all shares subject to options held by you will include provisions permitting early exercise, including amendment of prior option grants
to the extent necessary. 
 Your employment with SI-BONE remains at-will.
This means that you are free to terminate your employment with SI-BONE at any time, with or without cause or advance notice. Likewise, SI-BONE has the right to terminate
your employment, or otherwise discipline, transfer or demote you at any time, with or without cause, and with or without notice. No one other than the Company’s CEO can alter this at-will arrangement and
any such agreement must be in writing and must be signed by you and the CEO. 
 Notwithstanding the foregoing, and without any impact upon the at-will nature of your employment, you will be eligible to receive the severance benefits outlined on Exhibit A to this letter. 

Except as is expressly set forth in this letter, the remainder of the terms and conditions of your employment, including those outlined in the offer letter
between you and the Company dated February 19, 2015 and the mutual covenants set forth in the Proprietary Information and Inventions Agreement between you and the Company that you signed on February 19, 2015 will remain in full force and
effect. To acknowledge receipt and acceptance of this letter and Exhibit A, please sign and date both documents and return them to me on or before June 22, 2016. 

We look forward having you undertake this role, which we hope you will find enjoyable and professionally rewarding. 

 

1 This number of option shares includes the option shares you would have otherwise been eligible to
receive in connection with the Series 7 employee refresh grants. 

  
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 If you have any questions, please let me know. 

 

			
	 Very truly yours,
 SI-BONE, Inc.

 
			
		
	By: 	 	/s/ Laura Francis
	 Laura Francis
 Title: Chief
Financial Officer

  
  

	
	I have read and accept the terms set forth above:
	
	Michael Andrew Pisetsky
	Printed Name of Employee
	
	/s/ Michael Andrew Pisetsky
	Signature of Employee
	
	 June 20, 2016

 Date 
 Attachment: 

Exhibit A 

  
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 Exhibit A 

This exhibit 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 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 $1,900.00. 

 

	 	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 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 equal to six (6) months of your then-current base
salary; 

  

	 	b.	 A lump-sum payment in the amount of $3,700.00; 

 

	 	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 following definitions apply to this Exhibit A: 

 

	 	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. 

 

	 	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. 

  
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	 	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 Exhibit 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. 

  

	 	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 Exhibit A 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. This Exhibit A 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 Exhibit A 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 Exhibit A 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 Exhibit A to me on or before June 22, 2016. 
 Signed: 
  

 
 Agape Eleftheriadis 

Director, Human Resources 

SI-BONE, Inc. 
  

	
	ACCEPTED AND AGREED TO:
	
	/s/ Michael Pisetsky
	Michael Pisetsky

  

			
	
		
	Date Signed:	 	June 20, 2016EX-10.10

 Exhibit 10.10 

 
 

 
 SI-BONE, INC. 

3055 OLIN AVENUE, SUITE 2200 

SAN JOSE, CA 95128 

April 27, 2015 
 Laura A. Francis 

[Address intentionally omitted.] 
 RE: Employment Offer 

Dear Laura: 
 We are pleased to offer you the position of Chief
Financial Officer effective May 26, 2015. We believe that you will bring great value to SI-BONE Inc., and that your knowledge, skills and experience will be an asset to the Company and will offer a
mutually beneficial opportunity. We are excited about you joining our team and hope that you will accept our offer. 
 Position. Your title will be
Chief Financial Officer. This is a full time, exempt position. You will report directly to Jeff Dunn, President and CEO. 
 Cash Compensation. The
Company will pay you a base semi-monthly salary of $12,083.34, equivalent to a yearly amount of $290,000, subject to applicable withholdings. This salary will be subject to adjustment pursuant to the Company’s employee compensation policies in
effect from time to time. SI-BONE paydays are semi-monthly. Based on your level, you will be also be eligible under the 2015 Bonus Plan to receive up to an additional 35% of your base salary based on the
achievement of certain corporate and individual goals. This Bonus Plan is available to you in your first full quarter with the Company and beyond. 

Stock Options. You are also eligible to participate in the Company’s Stock Option Plan. Subject to the approval of the Company’s Board of
Directors, you will be granted an option to purchase a number of shares of the Company’s Common Stock equal to 1.25% of the Company’s fully diluted capitalization as of your first day of employment. The Board will determine the per-share exercise price when the option is granted. The option will be subject to the terms and conditions set forth in the Company’s 2008 Stock Plan and in the applicable Stock Option Agreement. You will vest
in 25% of the option shares after 12 months of continuous service, and the balance will vest in equal monthly installments over the next 36 months of continuous service, as described in the Stock Option Agreement. You will vest in 50% of the
remaining unvested option shares if (a) the Company is subject to a Change in Control before your service with the Company terminates and (b) you are subject to an Involuntary Termination within 12 months after that Change in Control. 

For the purposes of this letter, Change in Control is defined as (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. 

For purposes of this letter, Involuntary Termination is defined as the termination of your service by reason of: (i) your involuntary discharge by the
Company (or the parent or subsidiary employing you) for reasons other than Cause (as defined under “Severance Benefits” below); or (ii) your voluntary resignation for Good Reason. 

For purposes of this letter, Good Reason is defined as your resignation within 12 months after one of the following conditions has come into existence without
your consent: (i) a reduction in your base salary by more than 10%; (ii) a material diminution of your authority, duties or responsibilities; or (iii) a relocation of your 

  
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principal workplace by more than 30 miles. A condition shall not be considered “Good Reason” unless you give the Company written notice of such condition within 90 days after such
condition comes into existence and the Company fails to remedy such condition within 30 days after receiving your written notice. 
 Severance
Benefits. In the event that you experience a Separation as a result of a termination of your employment by the Company for any reason other than for Cause, and provided that you (i) have returned all Company property in your possession and
(ii) have executed a general release of all claims that you may have against the Company or persons affiliated with the Company, in the form prescribed by the Company then the Company will tender to you a
lump-sum payment equal to three months of your then-current base salary, less tax withholding. Such payment will be made to you within 60 days after your Separation, but only if you have returned the release
on or before the date specified in such release (which will in no event be later than 50 days after your Separation) and the release has become effective; however, if such 60-day period spans two calendar
years, then the payment will be made in the second calendar year. For the purposes of this letter, Cause is defined as: (a) acts or omissions constituting gross negligence, recklessness or willful misconduct on your part with respect to your
obligations or otherwise relating to Company business; (b) your material breach of this Agreement or the Company’s Proprietary Information and Inventions Agreement (c) your conviction of entry of or a plea of nolo contendere to
fraud, misappropriation or embezzlement, or any felony or crime of moral turpitude; (d) your willful neglect of duties as determined in the sale and exclusive discretion of the Company’s CEO or Board of Directors; (e) your failure to
perform the essential functions of your position, with or without a reasonable accommodation, due to a mental or physical disability; or (f) your death. For purposes of this letter, Separation is defined as a “separation from
service,” as defined in the regulations under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). If the Company determines that you are a “specified employee” under Section 409A(a)(2)(B)(i) of the
Code at the time of your Separation, then (i) the severance payment under this paragraph, to the extent that it is subject to Section 409A of the Code, will be paid on the first business day following (A) expiration of the six-month period measured from your Separation or (B) the date of your death. 
 Employee Benefits. As a
regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits. Participation in the Company’s Benefits Program is effective on the first day of the month following your date of hire. Human
Resources will give you detailed benefits information during your New Hire Orientation. 
 Proprietary Information and Inventions Agreement. Your
employment is contingent upon your agreement to the terms and signing the Company’s Proprietary Information and Inventions Agreement (“PIIA”), attached. The PIIA must be signed and returned prior to the effective date of your
employment. 
 Employment Relationship. Please keep in mind that your employment with SI-BONE is at-will. This means that you are free to terminate your employment with SI-BONE at any time, with or without cause or advance notice. Likewise,
SI-BONE has the right to terminate your employment, or otherwise discipline, transfer or demote you at any time, with or without cause, and with or without notice. This is the full and complete agreement
between you and the Company on this term, and any contrary representations that may have been made to you are superseded by this letter. No one other than the Company CEO can alter this at-will arrangement and
any such agreement must be in writing and must be signed by you and the CEO. 
 Tax Matters. All forms of compensation referred to in this letter are
subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law. You are encouraged to obtain your own tax advice regarding your compensation from the Company. 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. 

Miscellaneous. While you render services to the Company, you will not engage in any other employment, consulting or other business activity (whether
full-time or part-time) that would create a conflict of interest with the Company. By signing this letter, 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. This letter and the PIIA supersede and replace any prior agreements, representations or understandings (whether written, oral, 

  
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|implied or otherwise) between you and the Company and constitute the complete agreement between you and the Company regarding the subject matter set forth herein. This letter 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 and the resolution of any disputes as to the meaning, effect, performance or validity of this letter or
arising out of, related to, or in any way connected with, this letter, 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 Santa Clara County, California in connection with any Dispute or any claim related to any Dispute. 

Employment Eligibility Verification. Pursuant to the immigration and Nationality Act, the Company is required to verify the identity and employment
eligibility of all new hires. In order to comply with this legal obligation, we can only hire those individuals who are eligible to work in the United States. As a condition of employment, you will be required to provide documents verifying your
identity and your eligibility to work in the United States; and to complete an Employment Eligibility Verification form I-9 within three (3) business days from your hire date. To verify your identity, we
have enclosed a list of acceptable documents for the I-9 which you will complete at the New Hire Orientation. Please note that you will need to bring either (i) one document from List A or (ii) one
document from List B and one document from List C. If you anticipate having difficulty producing the required documents, please contact the Human Resources department at (408) 207-0700. 

To accept this offer, please sign in the space provided below, and return the signed letter to me by close of business on April 30, 2015. 

This employment offer is also contingent upon your starting work with the Company on May 26, 2015, and the completion of an application for employment,
satisfactory references and background checks. 
 We look forward to you joining the Company and hope that you find your employment with the Company
enjoyable and professionally rewarding. 
 If you have any questions, please call me at
408-207-0700. 
  

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

	Jeff W. Dunn
	
	Title: President and CEO

  

			
	I have read and accept this employment offer:
	
	 /s/ Laura Francis

	Printed Name of Employee
	
	 Laura Francis

	Signature of Employee
	
	4/28/15
	Date

 Attachment 
 Proprietary
Information and Inventions Agreement (PIIA) 

  
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