Document:

gkos_Ex10_25

		
			Exhibit 10.25
		

		
			GLAUKOS CORPORATION
		

		
			DIRECTORS’ COMPENSATION POLICY
		

		
			(Effective December 13, 2017)
		

		
			Directors of Glaukos Corporation,  a Delaware corporation (the “Company”), who are not employed by the Company or one of its subsidiaries (“Non-Employee  Directors”) are entitled to the compensation set forth below for their service as a member of the Board of Directors (the “Board”) of the Company.  The Board has the right to amend this policy from time to time.
		

			
					
						 

					
					
						 

				
	
					
						Cash Compensation

					
					
						 

				
	
					
						Annual Retainer

					
					
						$45,000

				
	
					
						Annual Committee Member Retainer

					
					
						$10,000

				
	
					
						Annual Chairperson Retainer

					
					
						$45,000

				
	
					
						Annual Committee Chair Retainers

					
					
						 

				
	
					
						Audit Committee Chair

					
					
						$10,000

				
	
					
						Compensation, Nominating and Governance
Committee Chair

					
					
						$10,000

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Equity Compensation

					
					
						 

				
	
					
						Annual Equity Award

					
					
						$175,000

				
	
					
						Initial Equity Award

					
					
						$300,000

				
	
					
						 

					
					
						 

				

		
			 
		

		
			Cash Compensation
		

		
			Each Non-Employee Director will be entitled to an annual cash retainer while serving on the Board in the amount set forth above (the “Annual Cash Retainer”).  A Non-Employee Director who serves as a member of any standing committee of the Board will be entitled to an additional annual cash retainer for each such committee on which they are serving in the amount set forth above (the “Annual Committee Member Retainer”).  A Non-Employee Director who serves as the Chairperson of the Board will be entitled to an additional annual cash retainer while serving in that position in the amount set forth above (the “Annual Chairperson Retainer”).  A Non-Employee Director who serves as the Chairperson of the Audit Committee will be entitled to an additional annual cash retainer while serving in that position in the amount set forth above (the “Annual Audit Committee Chairperson Retainer”). A Non-Employee Director who serves as the Chairperson of the Compensation, Nominating and Governance Committee will be entitled to an additional annual cash retainer while serving in that position in the amount set forth above (the “Annual Compensation Committee Chairperson Retainer”).
		

		
			The amounts of the Annual Cash Retainer, Annual Committee Member Retainer, Annual Chairperson Retainer, Annual Audit Committee Chairperson Retainer and Annual Compensation Committee Chairperson Retainer are expressed as annualized amounts. These retainers will be paid on a quarterly basis, at the end of each quarter in arrears, and will be pro-rated if a Non-Employee Director serves (or serves in the corresponding position, as the case may be) for only a portion of the quarter (with the proration based on the number of calendar days in the quarter that the director served as a Non-Employee Director or held the particular position, as the case may be).
		

		
			Equity Awards
		

		
			Initial Equity Awards
		

		
			For each new Non-Employee Director appointed or elected to the Board,  on the date that the new Non-Employee Director first becomes a member of the Board, the new Non-Employee  Director will automatically be granted an initial equity award consisting of restricted stock units with respect to a number of shares of the Company’s common stock determined by dividing (1) the initial equity award amount set forth above by (2) the per-share closing price of the Company’s common stock on the date the new Non-Employee Director first becomes a member of the Board, with the result rounded to the nearest whole unit (the “Initial Equity Award”).  The Initial
		

		
			
		

		
			

		 

		

			1

		

		

		
			Equity Award shall vest in substantially equal annual installments on each of the first three annual anniversaries of the grant date, subject to the Non-Employee Director’s continued service through each vesting date.  The unvested portion of the Initial Equity Award shall also become vested if the Non-Employee Director’s service on the Board terminates as a result of the director’s death or total and permanent disability.  The Initial Equity Award shall be payable in shares of common stock as soon as practicable (and no later than 30 days) after each applicable vesting date.
		

		
			An employee or former employee of the Company or one of its subsidiaries who ceases or has ceased to be so employed and becomes a Non-Employee  Director will not be eligible for an initial equity award grant, but will be eligible for cash compensation and annual equity awards on the same basis as other Non-Employee Directors.
		

		
			Annual Equity Awards for Continuing Board Members
		

		
			On the date of each annual meeting of the Company’s stockholders beginning with the annual meeting that occurs in the 2018 calendar year, each Non-Employee Director then in office following the meeting will automatically be granted an annual equity award consisting of restricted stock units with respect to a number of shares of the Company’s common stock determined by dividing (1) the annual equity award amount set forth above by (2) the per-share closing price of the Company’s common stock on the date of the applicable annual meeting,  with the result rounded to the nearest whole unit  (the “Annual Equity Award”).  The Annual Equity Award shall vest in one annual installment on the first anniversary of the grant date (or on the date of the annual meeting in the following calendar year, if earlier), subject to the Non-Employee Director’s continued service through the vesting date.  The unvested portion of the Annual Equity Award shall also become vested if the Non-Employee Director’s service on the Board terminates as a result of the director’s death or total and permanent disability.  The Annual Equity Award shall be payable in shares of common stock as soon as practicable (and no later than 30 days) after the applicable vesting date.
		

		
			In the event that more than one annual meeting of the Company’s stockholders occurs during a given calendar year, Annual Equity Awards will be made only in connection with the first such meeting to occur in that year.
		

		
			Beginning after the annual meeting of the Company’s stockholders that occurs in the 2018 calendar year, for each new Non-Employee Director appointed or elected to the Board other than on the date of an annual meeting of the Company’s stockholders, on the date that the new Non-Employee  Director first becomes a member of the Board, the new Non-Employee  Director will automatically be entitled to a pro-rata portion of the Annual Equity Award (a “Pro-Rata Annual Award”) determined by dividing (1) a pro-rata portion of the Annual Equity Award grant value set forth above by (2) the per-share closing price of the Company’s common stock on the date the new Non-Employee  Director first becomes a member of the Board.  The pro-rata portion of the Annual Equity Award grant value for purposes of a Pro-Rata Annual Award will equal the Annual Equity Award grant value set forth above multiplied by a fraction (not greater than one), the numerator of which is 12 minus the number of whole months that as of the particular grant date had elapsed since the Company’s last annual meeting of stockholders at which Annual Equity Awards were granted, and the denominator of which is 12, with the result to be rounded to the nearest whole unit.  Each Pro-Rata Annual Award will vest on the same terms and otherwise be subject to the same terms set forth above for the Annual Equity Award.
		

		
			Elective Grants of Equity Awards
		

		
			Non-Employee Directors may elect, prior to the start of each applicable calendar year, to convert all or a portion of their Annual Cash Retainer, Annual Committee Member Retainer, Annual Chairperson Retainer, Annual Audit Committee Chairperson Retainer, and Annual Compensation Committee Chairperson Retainer (collectively, the “Retainers”) payable with respect to the particular calendar year into the right to receive an award of restricted stock units of the Company (an “Elective Restricted Stock Unit Award”). The Elective Restricted Stock Unit Award shall automatically be granted on the first business day of each calendar year in an amount determined by dividing (1) the amount of the Retainers elected to be so converted multiplied by 115% (one hundred fifteen percent) by (2) the per-share closing price of the Company’s common stock on the first business day of the year (rounded to the nearest whole share).  Each Elective Restricted Stock Unit Award will vest in one annual installment on the first anniversary of the grant date, subject to the Non-Employee Director’s continued service through the vesting date. The Elective Restricted Stock Unit Award shall be payable in shares of common stock as soon as practicable (and no
		

		
			
		

		
			

		 

		

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			later than 30 days) after the vesting date.
		

		
			In order to elect to receive an Elective Restricted Stock Unit Award, Non-Employee Directors must complete an election form in such form as the Board may prescribe from time to time (an “Election Form”), and file such completed form with the Company prior to the start of the applicable calendar year (i.e. if a director wants to convert his or her Retainers payable for the 2018 calendar year, the Election Form must be filed prior to December 31, 2017). Once an Election Form is validly filed with the Company, it shall automatically continue in effect for future calendar years unless the Non-Employee Director changes or revokes his or her Election Form prior to the beginning of any such future calendar years.
		

		
			Provisions Applicable to All Outside Director Equity Awards
		

		
			Each equity award will be made under and subject to the terms and conditions of the Company’s 2015 Omnibus Incentive Compensation Plan (the “Plan”) or any successor equity compensation plan approved by the Company’s stockholders and in effect at the time of grant, and will be evidenced by, and subject to the terms and conditions of, any applicable award agreement form approved by the Board to evidence such type of grant pursuant to this policy.
		

		
			Expense Reimbursement
		

		
			All Non-Employee Directors will be entitled to reimbursement from the Company for their reasonable travel (including airfare and ground transportation), lodging and meal expenses incident to meetings of the Board or committees thereof or in connection with other Board related business.
		

		 

		

			3hrtx-ex45_232.htm

 

Exhibit 4.5 

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES 

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

As of the date of the Annual Report on Form 10-K of which this exhibit is a part, Heron Therapeutics, Inc. (the “Company” or “we” or “our”) has one class of security registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): our common stock, par value $0.01 per share (“common stock”).

 

Description of Common Stock

 

The following description of our common stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Certificate of Incorporation, as amended (the “certificate of incorporation”) and our Amended and Restated Bylaws (the “bylaws”), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this exhibit is a part. We encourage you to read our certificate of incorporation, our bylaws and the applicable provisions of the Delaware General Corporation Law (the “DGCL”) for additional information.

 

General

 

Authorized Shares. We are authorized to issue up to 150,000,000 shares of common stock.

 

Voting Rights. The holders of our common stock are entitled to one vote per share on all matters to be voted upon by the stockholders. When a quorum is present at any meeting of our stockholders, the affirmative vote of a majority of the votes properly cast on the matter (excluding any abstentions or broker non-votes) will be the act of the stockholders with respect to all matters other than the contested election of directors (which will be elected by a plurality of all votes properly cast), or as otherwise provided in the bylaws, the certificate of incorporation or a preferred stock designation, or as otherwise required by law.

 

Dividends. Subject to preferences that may be applicable to any outstanding preferred stock, the holders of our common stock are entitled to receive ratably all dividends, if any, as may be declared form time to time by our Board of Directors out of the funds legally available. 

 

Other Rights. In the event of the liquidation, dissolution or winding up of the Company, the holders of our common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding. The common stock has no preemptive or conversion rights. There are no redemption or sinking fund provisions applicable to the common stock. All outstanding shares of common stock are fully paid and non-assessable.

 

Transfer Agent and Registrar. The transfer agent and registrar for our common stock is Computershare Trust Company N.A.

 

Listing. Our common stock is currently listed on The Nasdaq Capital Market under the symbol “HRTX”.

 

 

 

Certain Provisions Affecting Control of the Company

 

Certificate of Incorporation and Bylaw Provisions. Some provisions of the DGCL and our certificate of incorporation and bylaws contain provisions that could make the following transactions more difficult:

 

	
 
	
•
	
acquisition of us by means of a tender offer;

	
 
	
•
	
acquisition of us by means of a proxy contest or otherwise; or

	
 
	
•
	
removal of our incumbent officers and directors.

 

These provisions, summarized below, are intended to discourage coercive takeover practices and inadequate takeover bids and to promote stability in our management. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our Board of Directors.

 

Undesignated Preferred Stock. The ability to authorize undesignated preferred stock makes it possible for our Board of Directors to issue one or more series of preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of us. These and other provisions may have the effect of deferring hostile takeovers or delaying changes in control or management of our company.

 

Advance Notice Procedures. The advance notice procedures in our bylaws with regard to stockholder proposals relating to the nomination of candidates for election as directors or new business to be brought before meetings of our stockholders provide that notice of stockholder proposals must be timely given in writing to our corporate secretary prior to the meeting at which the action is to be taken. Generally, to be timely, notice must be received at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the annual meeting for the preceding year. Our bylaws specify the requirements as to form and content of all such stockholder notices. These requirements may have the effect of precluding stockholders from bringing proposals relating to the nomination of candidates for election as directors or new business before the stockholders at an annual or special meeting.

 

Delaware Anti-Takeover Statute. We are subject to Section 203 of the DGCL. This law prohibits a publicly held Delaware corporation from engaging in any business combination with any interested stockholder for a period of three years following the date that the stockholder became an interested stockholder unless:

 

	
 
	
•
	
prior to the date of the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

	
 
	
•
	
upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding those shares owned by persons who are directors and also officers and by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

	
 
	
•
	
on or subsequent to the date of the transaction, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.

2

 

 

Section 203 of the DGCL defines “business combination” to include:

 

	
 
	
•
	
any merger or consolidation involving the corporation and the interested stockholder;

	
 
	
•
	
any sale, transfer, pledge or other disposition of 10% or more of the corporation’s assets involving the interested stockholder;

	
 
	
•
	
in general, any transaction that results in the issuance or transfer by the corporation of any of its stock to the interested stockholder; or

	
 
	
•
	
the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

 

In general, Section 203 of the DGCL defines an “interested stockholder” as an entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by the entity or person.

 

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