Document:

Filed by Bowne Pure Compliance

 

Exhibit 10.3

Option No.: _______

MAKO SURGICAL CORP.

2008 OMNIBUS INCENTIVE
PLAN

NON-QUALIFIED STOCK OPTION AGREEMENT

MAKO Surgical Corp., a Delaware corporation (the “Company”), hereby grants an option to purchase
shares of its common stock, $.001 par value, (the “Stock”) to the optionee named below. The terms
and conditions of the option are set forth in this cover sheet, in the attachment, and in the
Company’s 2008 Omnibus Incentive Plan (the “Plan”).

Grant
Date:                                         , 200_____ 

Name of Optionee:                                                             

Optionee’s
Employee Identification Number:
                    -                    -                    

Number of Shares Covered by Option:                                         

Option Price per Share: $
 _____.
_____

(At least 100% of Fair Market Value)

Vesting Start Date:                                         ,
 200_____ 

(If different from Grant Date)

Vesting Schedule

In the event that the Schedule set forth below would result in vesting of a fractional number
of options, the number of options that will vest will be rounded down to the nearest whole share,
and the last scheduled vesting tranche will be rounded up, to the extent necessary, so that the
full number of options will have vested.

	 	 	 	 	 
	 	 	Number of options that
vest, as a	 
	 	 	percentage of the number of	 
	Vesting Date	 	options
 granted	 
	 
	 	 	 	 
	[MAKO TO INSERT VESTING SCHEDULE, such as:
	 	 	 	 
	 
	 	 	 	 
	One year anniversary of Vesting Start Date
	 	 	___	%
	 
	 	 	 	 
	Two year anniversary of Vesting Start Date
	 	 	___	%
	 
	 	 	 	 
	Etc.]
	 	 	 	 

 

 

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.

	 	 	 	 	 	 
	Optionee:
	 	 	 	 	 
	 	 	 	 
	 	 	(Signature)
	 
	 
	 	 	 	 
	Company:
	 	 	 	 
	 	 	 	 
	 	 	(Signature)

	 
	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

Attachment

This is not a stock certificate or a negotiable instrument.

 

2

 

MAKO SURGICAL CORP.

2008 OMNIBUS INCENTIVE PLAN

NON-QUALIFIED STOCK OPTION AGREEMENT

	 	 	 
	Non-Qualified Stock Option

	 	This option is not intended to be an
incentive stock option under Section
422 of the Internal Revenue Code and
will be interpreted accordingly.
	 
	 	 
	Vesting

	 	This option is only exercisable
before it expires and then only with
respect to the vested portion of the
option. Subject to the preceding
sentence, you may exercise this
option, in whole or in part, to
purchase a whole number of vested
shares by following the procedures
set forth in the Plan and below in
this Agreement.
	 
	 	 
	 

	 	No additional shares of Stock will
vest after your Service has
terminated for any reason.
	 
	 	 
	Term

	 	Your option will expire in any event
at the close of business at Company
headquarters on the day before the
10th anniversary of the Grant Date,
as shown on the cover sheet. Your
option will expire earlier if your
Service terminates, as described
below.
	 
	 	 
	Regular Termination

	 	If your Service terminates for any
reason, other than death, Disability
or Cause, then your option will
expire at the close of business at
Company headquarters on the 90th day
after your termination date.
	 
	 	 
	Termination for
Cause

	 	If your Service is terminated for
Cause, then you shall immediately
forfeit all rights to your option
and the option shall immediately
expire.
	 
	 	 
	Death

	 	If your Service terminates because
of your death, then your option will
expire at the close of business at
Company headquarters on the date
twelve (12) months after the date of
death. During that twelve month
period, your estate or heirs may
exercise the vested portion of your
option.
	 
	 	 
	 

	 	In addition, if you die during the
90-day period described in
connection with a regular
termination (i.e., a termination of
your Service not on account of your
death, Disability or Cause), and a
vested portion of your option has
not yet been exercised, then your
option will instead expire on the
date twelve (12) months after your
termination date. In such a case,
during the period following your
death up to the date twelve (12)
months after your termination date,
your estate or heirs may exercise
the vested portion of your option.

 

3

 

	 	 	 
	Disability

	 	If your Service terminates because
of your Disability, then your option
will expire at the close of business
at Company headquarters on the date
twelve (12) months after your
termination date.
	 
	 	 
	Leaves of Absence

	 	For purposes of this option, your
Service does not terminate when you
go on a bona fide employee leave of
absence that was approved by the
Company in writing, if the terms of
the leave provide for continued
Service crediting, or when continued
Service crediting is required by
applicable law. However, your
Service will be treated as
terminating 90 days after you went
on employee leave, unless your right
to return to active work is
guaranteed by law or by a contract.
Your Service terminates in any event
when the approved leave ends unless
you immediately return to active
employee work.
	 
	 	 
	 

	 	The Company determines, in its sole
discretion, which leaves count for
this purpose, and when your Service
terminates for all purposes under
the Plan.
	 
	 	 
	Notice of Exercise

	 	When you wish to exercise this
option, you must notify the Company
by filing the proper “Notice of
Exercise” form at the address given
on the form. Your notice must
specify how many shares you wish to
purchase. Your notice must also
specify how your shares of Stock
should be registered (in your name
only or in your and your spouse’s
names as joint tenants with right of
survivorship). The notice will be
effective when it is received by the
Company.
	 
	 	 
	 

	 	If someone else wants to exercise
this option after your death, that
person must prove to the Company’s
satisfaction that he or she is
entitled to do so.
	 
	 	 
	Form of Payment

	 	When you submit your notice of
exercise, you must include payment
of the option price for the shares
you are purchasing. Payment may be
made in one (or a combination) of
the following forms:
	 
	 	 
	 

	 	•   Cash, your personal check, a
cashier’s check, a money order or
another cash equivalent acceptable
to the Company.

	 
	 	 
	 

	 	•   Shares of Stock withheld by
the Company from the shares of Stock
otherwise to be received, with such
withheld shares having an aggregate
Fair Market Value on the date of
exercise equal to the aggregate
option price.

	 
	 	 
	 

	 	•   Shares of Stock which have
already been owned by you and which
are surrendered to the Company. The
Fair Market Value of the shares,
determined as of the effective date
of the option exercise, will be
applied to the option price.

 

4

 

	 	 	 
	 

	 	•   By delivery (on a form
prescribed by the Company) of an
irrevocable direction to a licensed
securities broker acceptable to the
Company to sell Stock and to deliver
all or part of the sale proceeds to
the Company in payment of the
aggregate option price and any
withholding taxes.

	 
	 	 
	Withholding Taxes

	 	You will not be allowed to exercise
this option unless you make
acceptable arrangements to pay any
withholding or other taxes that may
be due as a result of the option
exercise or sale of Stock acquired
under this option. In the event
that the Company determines that any
federal, state, local or foreign tax
or withholding payment is required
relating to the exercise or sale 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.
	 
	 	 
	Transfer of Option

	 	During your lifetime, only you (or,
in the event of your legal
incapacity or incompetency, your
guardian or legal representative)
may exercise the option. You cannot
transfer or assign this option. For
instance, you may not sell this
option or use it as security for a
loan. If you attempt to do any of
these things, this option will
immediately become invalid. You
may, however, dispose of this option
in your will or it may be
transferred upon your death by the
laws of descent and distribution. 

Regardless of any marital property
settlement agreement, the Company is
not obligated to honor a notice of
exercise from your spouse, nor is
the Company obligated to recognize
your spouse’s interest in your
option in any other way.
	 
	 	 
	Retention Rights

	 	Neither your option nor this
Agreement give you the right to be
retained by the Company (or any
Parent, Subsidiaries or Affiliates)
in any capacity. The Company (and
any Parent, Subsidiaries or
Affiliates) reserve the right to
terminate your Service at any time
and for any reason.
	 
	 	 
	Shareholder Rights

	 	You, or your estate or heirs, have
no rights as a shareholder of the
Company until a certificate for your
option’s shares has been issued (or
an appropriate book entry has been
made). No adjustments are made for
dividends or other rights if the
applicable record date occurs before
your stock certificate is issued (or
an appropriate book entry has been
made), except as described in the
Plan.

 

5

 

	 	 	 
	Forfeiture of Rights

	 	If you should take actions in
competition with the Company, the
Company shall have the right to
cause a forfeiture of your rights,
including, but not limited to, the
right to cause: (i) a forfeiture of
any outstanding option, and
(ii) with respect to the period
commencing twelve (12) months prior
to your termination of Service with
the Company and ending twelve (12)
months following such termination of
Service (A) a forfeiture of any gain
recognized by you upon the exercise
of an option or (B) a forfeiture of
any Stock acquired by you upon the
exercise of an option (but the
Company will pay you the option
price without interest). Unless
otherwise specified in an employment
or other agreement between the
Company and you, you take actions in
competition with the Company if you
directly or indirectly, own, manage,
operate, join or control, or
participate in the ownership,
management, operation or control of,
or are a proprietor, director,
officer, stockholder, member,
partner or an employee or agent of,
or a consultant to any business,
firm, corporation, partnership or
other entity which competes with any
business in which the Company or any
of its Affiliates is engaged during
your employment or other
relationship with the Company or its
Affiliates or at the time of your
termination of Service. Under the
prior sentence, ownership of less
than 1% of the securities of a
public company shall not be treated
as an action in competition with the
Company.
	 
	 	 
	Adjustments

	 	In the event of a stock split, a
stock dividend or a similar change
in the Stock, the number of shares
covered by this option and the
option price per share shall be
adjusted (and rounded down to the
nearest whole number) if required
pursuant to the Plan. Your option
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.
	 
	 	 
	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 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 option. Any prior
agreements, commitments or
negotiations concerning this option
are superseded.

 

6

 

	 	 	 
	Data Privacy

	 	In order to administer the Plan, the
Company may process personal data
about you. Such data includes but
is not limited to the information
provided in this Agreement and any
changes thereto, other appropriate
personal and financial data about
you such as home address and
business addresses and other contact
information, payroll information and
any other information that might be
deemed appropriate by the Company to
facilitate the administration of the
Plan.
	 
	 	 
	 

	 	By accepting this option, you give
explicit consent to the Company to
process any such personal data. You
also give explicit consent to the
Company to transfer any such
personal data outside the country in
which you work or are employed,
including, with respect to non-U.S.
resident Optionees, to the United
States, to transferees who shall
include the Company and other
persons who are designated by the
Company to administer the Plan.
	 
	 	 
	Consent to Electronic Delivery

	 	The Company may choose to deliver
certain statutory materials relating
to the Plan in electronic form. By
accepting this option grant you
agree that the Company may deliver
the Plan prospectus and the
Company’s annual report to you in an
electronic format. If at any time
you would prefer to receive paper
copies of these documents, as you
are entitled to, the Company would
be pleased to provide copies.
Please contact [       ] at [      ] to request paper copies
of these documents.

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

 

7Filed by Bowne Pure Compliance

 

Exhibit 10.4

MAKO SURGICAL CORP.

2008 OMNIBUS INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

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

Grant Date:                           , 200_

Name of Grantee:                                                             

Grantee’s Employee Identification Number:                                         

Number of Restricted Stock Units (RSUs) Covered by Grant:                     

Purchase Price per Share of Stock: $.001

Vesting Start Date:                               

Vesting Schedule:

In the event that the Schedule set forth below would result in vesting of a fractional number
of RSUs, the number of RSUs that will vest will be rounded down to the nearest whole share, and the
last scheduled vesting tranche will be rounded up, to the extent necessary, so that the full number
of RSUs will have vested.

	 	 	 	 	 
	 	 	Number of RSUs that vest, as	 
	 	 	a fraction of the number of	 
	Vesting Date	 	RSUs granted	 
	 
	 	 	 	 
	[MAKO TO INSERT VESTING SCHEDULE, such as:
	 	 	 	 
	 
	 	 	 	 
	One year anniversary of Vesting Start Date
	 	 	___	%
	 
	 	 	 	 
	Two year anniversary of Vesting Start Date
	 	 	___	%
	 
	 	 	 	 
	Etc.]
	 	 	 	 

 

 

 

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:
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	(Signature)
	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Attachment

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	This is not a stock certificate or a negotiable instrument.

 

- 2 -

 

MAKO SURGICAL CORP.

2008 OMNIBUS INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

	 	 	 
	Restricted Stock Unit Transferability

	 	This grant is an award of stock
units in the number of units set
forth on the first page of this
Agreement, subject to the
vesting conditions described in
this Agreement (“Restricted
Stock Units”). Your Restricted
Stock Units may not be
transferred, assigned, pledged
or hypothecated, whether by
operation of law or otherwise,
nor may the Restricted Stock
Units be made subject to
execution, attachment or similar
process.
	 
	 	 
	Definitions

	 	Capitalized terms not defined in
this Agreement are defined in
the Plan, and have the meaning
set forth in the Plan.
	 
	 	 
	Vesting

	 	Your Restricted Stock Unit grant
vests as to the number of Stock
Units indicated in the vesting
schedule and on the Vesting
Dates shown on the first page of
this Agreement, provided you are
in Service on the Vesting Date
and meet the applicable vesting
requirements set forth in this
Agreement. Except as
specifically provided in this
Agreement or as may be provided
in other agreements between you
and the Company, no additional
Stock Units will vest after your
Service has terminated for any
reason.
	 
	 	 
	Share Delivery Pursuant to Vested Units

	 	Shares underlying the vested
shares of Stock represented by
the Restricted Stock Units will
be delivered to you by the
Company as soon as practicable
following the applicable
anniversary of the Vesting Date,
but in no event beyond 21/2 months
after the end of the calendar
year in which the shares would
have been otherwise delivered.
The purchase price for the
vested Shares of Stock is deemed
paid by your prior services to
the Company.
	 
	 	 
	Forfeiture of Unvested Units

	 	In the event that your Service
terminates for any reason, you
will forfeit to the Company all
of the Restricted Stock Units
that have not yet vested or with
respect to which all applicable
restrictions and conditions have
not lapsed.
	 
	 	 
	Termination For Cause

	 	If your Service is terminated
for Cause, then you shall
immediately forfeit all your
rights to your Restricted Stock
Units.

 

- 3 -

 

	 	 	 
	Leaves of Absence

	 	For purposes of this grant, your
Service does not terminate when
you go on a bona fide employee
leave of absence that was
approved by the Company in
writing, if the terms of the
leave provide for continued
Service crediting, or when
continued Service crediting is
required by applicable law.
However, your Service will be
treated as terminating 90 days
after you went on employee
leave, unless your right to
return to active work is
guaranteed by law or by a
contract. Your Service
terminates in any event when the
approved leave ends unless you
immediately return to active
employee work.
	 
	 	 
	 

	 	The Company determines, in its
sole discretion, which leaves
count for this purpose, and when
your Service terminates for all
purposes under the Plan.
	 
	 	 
	Withholding Taxes

	 	You agree, as a condition of
this grant, that you will make
acceptable arrangements, which
must be consistent with and
permitted by the rules and
regulations established by the
Company and the plan
administrator, to pay any
withholding or other taxes that
may be due as a result of
vesting in Restricted Stock
Units or your acquisition of
Stock 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 this grant, the
Company will have the right to: (i) require that you arrange
such payments to the Company in
the form of cash or cash
equivalents, or (ii) cause an
immediate forfeiture of shares
of Stock subject to the
Restricted Stock Units granted
pursuant to this Agreement in an
amount equal to the minimum
withholding or other tax
obligation, rounding up to the
nearest whole Share of Stock.
In addition, in the Company’s
sole discretion and consistent
with the Company’s rules and
regulations, the Company may
permit you to pay the
withholding or other taxes due
as a result of the vesting of
your Restricted Stock Units by
such other methods as the
Administrator may select,
including by delivery (on a form
acceptable to the Board) of an
irrevocable direction to a
licensed securities broker
selected by the Company to sell
shares of Stock and to deliver
all or part of the sales
proceeds to the Company in
payment of the withholding
taxes.
	 
	 	 
	Retention Rights

	 	Neither your Restricted Stock
Units nor this Agreement give
you the right to be retained by
the Company (or any Parent,
Subsidiaries or Affiliates) in
any capacity. The Company (and
any Parent, Subsidiaries or
Affiliates) reserves the right
to terminate your Service at any
time and for any reason.

 

- 4 -

 

	 	 	 
	Shareholder Rights

	 	You do not have any of the
rights of a shareholder with
respect to the Restricted Stock
Units unless and until the Stock
relating to the Restricted Stock
Units has been delivered to you.
[In the event of a cash
dividend on outstanding Stock,
you will be entitled to receive
a cash payment for each
Restricted Stock Unit. The
Company may in its sole
discretion require that
dividends will be reinvested in
additional stock units at Fair
Market Value on the dividend
payment date, subject to vesting
and delivered at the same time
as the Restricted Stock Unit.]
	 
	 	 
	Forfeiture of Rights

	 	To the extent permitted by
applicable law, you agree that
while you are a Service Provider
and for a period of twelve (12)
months immediately following
your termination of Service, you
shall not, directly or
indirectly, solicit, induce,
recruit or encourage any
employees of the Company to
leave their employment, either
for yourself or any other person
or entity. If you should take
actions in violation of the
foregoing, the Company shall
have the right to cause a
forfeiture of your rights,
including, but not limited to,
the right to cause: (i) a
forfeiture of any outstanding
Restricted Stock Units, and
(ii) with respect to the period
commencing twelve (12) months
prior to your termination of
Service with the Company and
ending twelve (12) months
following such termination of
Service a forfeiture of any
Stock acquired by you upon the
vesting of Restricted Stock
Units.
	 
	 	 
	Adjustments

	 	In the event of a stock split, a
stock dividend or a similar
change in the Stock, the number
of shares covered by this grant
shall be adjusted (and rounded
down to the nearest whole
number) if required pursuant to
the Plan. Your grant 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.
	 
	 	 
	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.

 

- 5 -

 

	 	 	 
	Data Privacy

	 	In order to administer the Plan,
the Company may process personal
data about you. Such data
includes, but is not limited to
the information provided in this
Agreement and any changes
thereto, other appropriate
personal and financial data
about you such as home address
and business addresses and other
contact information, payroll
information and any other
information that might be deemed
appropriate by the Company to
facilitate the administration of
the Plan.
	 
	 	 
	 

	 	By accepting these Restricted
Stock Units, you give explicit
consent to the Company to
process any such personal data.
You also give explicit consent
to the Company to transfer any
such personal data outside the
country in which you are
employed, including, with
respect to non-U.S. resident
grantees, to the United States,
to transferees who shall include
the Company and other persons
who are designated by the
Company to administer the Plan.
	 
	 	 
	Consent to Electronic Delivery

	 	The Company has chosen to
deliver certain statutory
materials relating to the Plan
in electronic form. By
accepting this grant you agree
that the Company may deliver the
Plan prospectus and the
Company’s annual report to you
in an electronic format. The
Plan prospectus is located at                     .
	 
	 	 
	The Plan

	 	The text of the Plan is
incorporated in this Agreement
by reference. 
	 

	 	

	 

	 	

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

	 	If you are a non-U.S. resident,
refer to the attached                      for additional terms and
conditions with respect to your
award.

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

 

- 6 -

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