Document:

exv10w18

Exhibit 10.18

Australia

REVA MEDICAL, INC.

STOCK OPTION AGREEMENT

(Immediately Exercisable)

     REVA Medical, Inc. (the “Company”) has granted to the Participant named in the Notice of
Grant of Stock Option (the “Grant Notice”) to which this Stock Option Agreement (the “Option
Agreement”) is attached an option (the “Option”) to purchase certain shares of Stock upon the terms
and conditions set forth in the Grant Notice and this Option Agreement. The Option has been
granted pursuant to and shall in all respects be subject to the terms and conditions of the REVA
Medical, Inc. 2010 Equity Incentive Plan (the “Plan”), as amended to the Date of Grant, the
provisions of which are incorporated herein by reference. By signing the Grant Notice, the
Participant: (a) acknowledges receipt of, and represents that the Participant has read and is
familiar with, the Grant Notice, this Option Agreement, the Plan and a prospectus for the Plan
prepared in connection with the registration with the Securities and Exchange Commission of shares
issuable pursuant to the Option (the “Plan Prospectus”), (b) accepts the Option subject to all of
the terms and conditions of the Grant Notice, this Option Agreement and the Plan and (c) agrees to
accept as binding, conclusive and final all decisions or interpretations of the Committee upon any
questions arising under the Grant Notice, this Option Agreement or the Plan.

	 	1.	 	Definitions and Construction.

          1.1 Definitions. Unless otherwise defined herein, capitalized terms shall have the meanings
assigned to such terms in the Grant Notice or the Plan.

          1.2 Construction. Captions and titles contained herein are for convenience only and shall not
affect the meaning or interpretation of any provision of this Option Agreement. Except when
otherwise indicated by the context, the singular shall include the plural and the plural shall
include the singular. Use of the term “or” is not intended to be exclusive, unless the context
clearly requires otherwise.

	 	2.	 	Tax Consequences.

          2.1 Tax Status of Option. This Option is intended to have the tax status designated in the
Grant Notice.

               (a) Incentive Stock Option. If the Grant Notice so designates, this Option is intended to be
an Incentive Stock Option within the meaning of Section 422(b) of the Code, but the Company does
not represent or warrant that this Option qualifies as such. The Participant should consult with
the Participant’s own tax advisor regarding the tax effects of this Option and the requirements
necessary to obtain favorable income tax treatment under Section 422 of the Code, including, but
not limited to, holding period requirements. (NOTE TO PARTICIPANT: If the Option is exercised more
than three (3) months after the date on which you cease to be an Employee (other than by reason of
your death or permanent and total disability as defined in Section 22(e)(3) of the Code), the
Option will be treated as a Nonstatutory Stock Option and not as an Incentive Stock Option to the
extent required by Section 422 of the Code.)

 

 

               (b) Nonstatutory Stock Option. If the Grant Notice so designates, this Option is intended to
be a Nonstatutory Stock Option and shall not be treated as an Incentive Stock Option within the
meaning of Section 422(b) of the Code.

          2.2 Election under Section 83(b) of the Code. If the Participant exercises this Option to
purchase shares of Stock that are both nontransferable and subject to a substantial risk of
forfeiture, the Participant understands that the Participant should consult with the Participant’s
tax advisor regarding the advisability of filing with the Internal Revenue Service an election
under Section 83(b) of the Code, which must be filed no later than thirty (30) days after the date
on which the Participant exercises the Option. Shares acquired upon exercise of the Option are
nontransferable and subject to a substantial risk of forfeiture if they are unvested and are
subject to a right of the Company to repurchase such shares at the Participant’s original purchase
price if the Participant’s Service terminates. Failure to file an election under Section 83(b), if
appropriate, may result in adverse tax consequences to the Participant. However, an election under
Section 83(b) may, under certain circumstances, result in adverse tax consequences to the
Participant. The Participant acknowledges that the Participant has been advised to consult with a
tax advisor prior to the exercise of the Option regarding the tax consequences to the Participant
of the exercise of the Option and the effect of filing or not filing an election under Section
83(b). AN ELECTION UNDER SECTION 83(b) MUST BE FILED, IF AT ALL, WITHIN 30 DAYS AFTER THE DATE ON
WHICH THE PARTICIPANT PURCHASES SHARES. THIS TIME PERIOD CANNOT BE EXTENDED. THE PARTICIPANT
ACKNOWLEDGES THAT TIMELY FILING OF A SECTION 83(b) ELECTION, IF APPROPRIATE, IS THE PARTICIPANT’S
SOLE RESPONSIBILITY, EVEN IF THE PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO FILE
SUCH ELECTION ON HIS OR HER BEHALF.

          2.3 Notice to Company. The Participant will notify the Company in writing if the Participant
files an election pursuant to Section 83(b) of the Code. The Company intends, in the event it does
not receive from the Participant evidence of such filing, to claim a tax deduction for any amount
which would otherwise be taxable to the Participant in the absence of such an election.

          2.4 ISO Fair Market Value Limitation. If the Grant Notice designates this Option as an
Incentive Stock Option, then to the extent that the Option (together with all Incentive Stock
Options granted to the Participant under all stock option plans of the Participating Company Group,
including the Plan) becomes exercisable for the first time during any calendar year for shares
having a Fair Market Value greater than One Hundred Thousand Dollars ($100,000), the portion of
such options which exceeds such amount will be treated as Nonstatutory Stock Options. For purposes
of this Section 2.4, options designated as Incentive Stock Options are taken into account in the
order in which they were granted, and the Fair Market Value of stock is determined as of the time
the option with respect to such stock is granted. If the Code is amended to provide for a
different limitation from that set forth in this Section 2.4, such different limitation shall be
deemed incorporated herein effective as of the date required or permitted by such amendment to the
Code. If the Option is treated as an Incentive Stock Option in part and as a Nonstatutory Stock
Option in part by reason of the limitation set forth in this Section 2.4, the Participant may
designate which portion of such Option the Participant is exercising. In the absence of such
designation, the Participant shall be deemed to

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have exercised the Incentive Stock Option portion of the Option first. Separate certificates
representing each such portion shall be issued upon the exercise of the Option. (NOTE TO
PARTICIPANT: If the aggregate Exercise Price of the Option (that is, the Exercise Price multiplied
by the Number of Option Shares) plus the aggregate exercise price of any other Incentive Stock
Options you hold (whether granted pursuant to the Plan or any other stock option plan of the
Participating Company Group) is greater than $100,000, you should contact the Chief Financial
Officer of the Company to ascertain whether the entire Option qualifies as an Incentive Stock
Option.)

	 	3.	 	Administration.

          All questions of interpretation concerning the Grant Notice, this Option Agreement, the Plan
or any other form of agreement or other document employed by the Company in the administration of
the Plan or the Option shall be determined by the Committee. All such determinations by the
Committee shall be final, binding and conclusive upon all persons having an interest in the Option,
unless fraudulent or made in bad faith. Any and all actions, decisions and determinations taken or
made by the Committee in the exercise of its discretion pursuant to the Plan or the Option or other
agreement thereunder (other than determining questions of interpretation pursuant to the preceding
sentence) shall be final, binding and conclusive upon all persons having an interest in the Option.
Any Officer shall have the authority to act on behalf of the Company with respect to any matter,
right, obligation, or election which is the responsibility of or which is allocated to the Company
herein, provided the Officer has apparent authority with respect to such matter, right, obligation,
or election.

	 	4.	 	Exercise of the Option.

          4.1 Right to Exercise. Except as otherwise provided herein, the Option shall be exercisable
on and after the Date of Grant and prior to the termination of the Option (as provided in Section
6) in an amount not to exceed the total Number of Option Shares less the number of shares
previously acquired upon exercise of the Option subject to the Company’s repurchase right set forth
in Section 11. In no event shall the Option be exercisable for more shares than the Number of
Option Shares, as adjusted pursuant to Section 9.

          4.2 Method of Exercise. Exercise of the Option shall be by means of electronic or written
notice (the “Exercise Notice”) in a form authorized by the Company. An electronic Exercise Notice
must be digitally signed or authenticated by the Participant in such manner as required by the
notice and transmitted to the Company or an authorized representative of the Company (including a
third-party administrator designated by the Company). In the event that the Participant is not
authorized or is unable to provide an electronic Exercise Notice, the Option shall be exercised by
a written Exercise Notice addressed to the Company, which shall be signed by the Participant and
delivered in person, by certified or registered mail, return receipt requested, by confirmed
facsimile transmission, or by such other means as the Company may permit, to the Company, or an
authorized representative of the Company (including a third-party administrator designated by the
Company). Each Exercise Notice, whether electronic or written, must state the Participant’s
election to exercise the Option, the number of whole shares of Stock for which the Option is being
exercised and such other representations and agreements as to the Participant’s investment intent
with respect to such shares as may be required pursuant to the

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provisions of this Option Agreement. Further, each Exercise Notice must be received by the
Company prior to the termination of the Option as set forth in Section 6 and must be accompanied by
(a) full payment of the aggregate Exercise Price for the number of shares of Stock being purchased;
and (b) if the Option is exercised with respect to any Unvested Shares (as defined in Section 11),
an Assignment Separate from Certificate duly endorsed (with date and number of shares blank) in the
form attached to the Grant Notice. The Option shall be deemed to be exercised upon receipt by the
Company of such electronic or written Exercise Notice and the aggregate Exercise Price.

          4.3 Payment of Exercise Price.

               (a) Forms of Consideration Authorized. Except as otherwise provided below, payment of the
aggregate Exercise Price for the number of shares of Stock for which the Option is being exercised
shall be made (i) in cash, by check or in cash equivalent; (ii) if permitted by the Company and
subject to the limitations contained in Section 4.3(b), by means of (1) a Cashless Exercise, (2) a
Net-Exercise, or (3) a Stock Tender Exercise; or (iii) by any combination of the foregoing.

               (b) Limitations on Forms of Consideration. The Company reserves, at any and all times, the
right, in the Company’s sole and absolute discretion, to establish, decline to approve or terminate
any program or procedure providing for payment of the Exercise Price through any of the means
described below, including with respect to the Participant notwithstanding that such program or
procedures may be available to others.

                    (i) Cashless Exercise. A “Cashless Exercise” means the delivery of a properly executed
Exercise Notice together with irrevocable instructions to a broker in a form acceptable to the
Company providing for the assignment to the Company of the proceeds of a sale or loan with respect
to shares of Stock acquired upon the exercise of the Option in an amount not less than the
aggregate Exercise Price for such shares (including, without limitation, through an exercise
complying with the provisions of Regulation T as promulgated from time to time by the Board of
Governors of the Federal Reserve System).

                    (ii) Net-Exercise. A “Net-Exercise” means the delivery of a properly executed Exercise Notice
electing a procedure pursuant to which (1) the Company will reduce the number of shares otherwise
issuable to the Participant upon the exercise of the Option by the largest whole number of shares
having a Fair Market Value that does not exceed the aggregate Exercise Price for the shares with
respect to which the Option is exercised, and (2) the Participant shall pay to the Company in cash
the remaining balance of such aggregate Exercise Price not satisfied by such reduction in the
number of whole shares to be issued. Following a Net-Exercise, the number of shares remaining
subject to the Option, if any, shall be reduced by the sum of (1) the net number of shares issued
to the Participant upon such exercise, and (2) the number of shares deducted by the Company for
payment of the aggregate Exercise Price.

                    (iii) Stock Tender Exercise. A “Stock Tender Exercise” means the delivery of a properly
executed Exercise Notice accompanied by (1) the Participant’s tender to the Company, or attestation
to the ownership, in a form acceptable to the Company of whole shares of Stock having a Fair Market
Value that does not exceed the aggregate Exercise

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Price for the shares with respect to which the Option is exercised, and (2) the Participant’s
payment to the Company in cash of the remaining balance of such aggregate Exercise Price not
satisfied by such shares’ Fair Market Value. A Stock Tender Exercise shall not be permitted if it
would constitute a violation of the provisions of any law, regulation or agreement restricting the
redemption of the Company’s stock. If required by the Company, the Option may not be exercised by
tender to the Company, or attestation to the ownership, of shares of Stock unless such shares
either have been owned by the Participant for a period of time required by the Company (and not
used for another option exercise by attestation during such period) or were not acquired, directly
or indirectly, from the Company.

          4.4 Tax Withholding.

               (a) In General. At the time the Option is exercised, in whole or in part, or at any time
thereafter as requested by a Participating Company, the Participant hereby authorizes withholding
from payroll and any other amounts payable to the Participant, and otherwise agrees to make
adequate provision for (including by means of a Cashless Exercise to the extent permitted by the
Company), any sums required to satisfy the federal, state, local and foreign tax (including any
social insurance) withholding obligations of the Participating Company Group, if any, which arise
in connection with the Option. The Company shall have no obligation to deliver shares of Stock
until the tax withholding obligations of the Participating Company Group have been satisfied by the
Participant.

               (b) Withholding in Shares. The Company shall have the right, but not the obligation, to
require the Participant to satisfy all or any portion of a Participating Company’s tax withholding
obligations upon exercise of the Option by deducting from the shares of Stock otherwise issuable to
the Participant upon such exercise a number of whole shares having a fair market value, as
determined by the Company as of the date of exercise, not in excess of the amount of such tax
withholding obligations determined by the applicable minimum statutory withholding rates.

          4.5 Beneficial Ownership of Shares; Certificate Registration. The Participant hereby
authorizes the Company, in its sole discretion, to deposit the shares acquired pursuant to the
exercise of the Option with the Company’s transfer agent, including any successor transfer agent,
to be held in book entry form during the term of the Escrow pursuant to Section 12. Furthermore,
the Participant hereby authorizes the Company, in its sole discretion, to deposit, following the
term of the Escrow, for the benefit of the Participant with any broker with which the Participant
has an account relationship of which the Company has notice any or all such shares which are no
longer subject to the Escrow. Except as provided by the foregoing, a certificate for the shares
shall be registered in the name of the Participant, or, if applicable, in the names of the heirs of
the Participant.

          4.6 Restrictions on Grant of the Option and Issuance of Shares. The grant of the Option and
the issuance of shares of Stock upon exercise of the Option shall be subject to compliance with all
applicable requirements of federal, state or foreign law with respect to such securities. The
Option may not be exercised if the issuance of shares of Stock upon exercise would constitute a
violation of any applicable federal, state or foreign securities laws or other law or regulations
or the requirements of any stock exchange or market system upon which the

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Stock may then be listed. In addition, the Option may not be exercised unless (i) a
registration statement under the Securities Act shall at the time of exercise of the Option be in
effect with respect to the shares issuable upon exercise of the Option or (ii) in the opinion of
legal counsel to the Company, the shares issuable upon exercise of the Option may be issued in
accordance with the terms of an applicable exemption from the registration requirements of the
Securities Act. THE PARTICIPANT IS CAUTIONED THAT THE OPTION MAY NOT BE EXERCISED UNLESS THE
FOREGOING CONDITIONS ARE SATISFIED. ACCORDINGLY, THE PARTICIPANT MAY NOT BE ABLE TO EXERCISE THE
OPTION WHEN DESIRED EVEN THOUGH THE OPTION IS VESTED. The inability of the Company to obtain from
any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal
counsel to be necessary to the lawful issuance and sale of any shares subject to the Option shall
relieve the Company of any liability in respect of the failure to issue or sell such shares as to
which such requisite authority shall not have been obtained. As a condition to the exercise of the
Option, the Company may require the Participant to satisfy any qualifications that may be necessary
or appropriate, to evidence compliance with any applicable law or regulation and to make any
representation or warranty with respect thereto as may be requested by the Company.

          4.7 Fractional Shares. The Company shall not be required to issue fractional shares upon the
exercise of the Option.

	 	5.	 	Non-Transferability of the Option.

          The Option may be exercised during the lifetime of the Participant only by the Participant or
the Participant’s guardian or legal representative and shall not be subject in any manner to
anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment
by creditors of the Participant or the Participant’s beneficiary, except transfer by will or by the
laws of descent and distribution. Following the death of the Participant, the Option, to the
extent provided in Section 7, may be exercised by the Participant’s legal representative or by any
person empowered to do so under the deceased Participant’s will or under the then applicable laws
of descent and distribution.

	 	6.	 	Termination of the Option.

          The Option shall terminate and may no longer be exercised after the first to occur of (a) the
close of business on the Option Expiration Date, (b) the close of business on the last date for
exercising the Option following termination of the Participant’s Service as described in Section 7,
or (c) a Change in Control to the extent provided in Section 8.

	 	7.	 	Effect of Termination of Service.

          7.1 Option Exercisability. The Option shall terminate immediately upon the Participant’s
termination of Service to the extent that it is then unvested and shall be exercisable after the
Participant’s termination of Service to the extent it is then vested only during the applicable
time period as determined below and thereafter shall terminate.

               (a) Disability. If the Participant’s Service terminates because of the Disability of the
Participant, the Option, to the extent unexercised and exercisable for Vested Shares on the date on
which the Participant’s Service terminated, may be exercised by the

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Participant (or the Participant’s guardian or legal representative) at any time prior to the
expiration of twelve (12) months after the date on which the Participant’s Service terminated, but
in any event no later than the Option Expiration Date.

               (b) Death. If the Participant’s Service terminates because of the death of the Participant,
the Option, to the extent unexercised and exercisable for Vested Shares on the date on which the
Participant’s Service terminated, may be exercised by the Participant’s legal representative or
other person who acquired the right to exercise the Option by reason of the Participant’s death at
any time prior to the expiration of twelve (12) months after the date on which the Participant’s
Service terminated, but in any event no later than the Option Expiration Date. The Participant’s
Service shall be deemed to have terminated on account of death if the Participant dies within three
(3) months after the Participant’s termination of Service.

               (c) Termination for Cause. Notwithstanding any other provision of this Option Agreement to
the contrary, if the Participant’s Service is terminated for Cause or if, following the
Participant’s termination of Service and during any period in which the Option otherwise would
remain exercisable, the Participant engages in any act that would constitute Cause, the Option
shall terminate in its entirety and cease to be exercisable immediately upon such termination of
Service or act.

               (d) Other Termination of Service. If the Participant’s Service terminates for any reason,
except Disability, death or Cause, the Option, to the extent unexercised and exercisable for Vested
Shares by the Participant on the date on which the Participant’s Service terminated, may be
exercised by the Participant at any time prior to the expiration of three (3) months after the date
on which the Participant’s Service terminated, but in any event no later than the Option Expiration
Date.

          7.2 Extension if Exercise Prevented by Law. Notwithstanding the foregoing, other than
termination of the Participant’s Service for Cause, if the exercise of the Option within the
applicable time periods set forth in Section 7.1 is prevented by the provisions of Section 4.6, the
Option shall remain exercisable until the later of (a) thirty (30) days after the date such
exercise first would no longer be prevented by such provisions, or (b) the end of the applicable
time period under Section 7.1, but in any event no later than the Option Expiration Date.

	 	8.	 	Effect of Change in Control.

          In the event of a Change in Control, except to the extent that the Committee determines to
cash out the Option in accordance with Section 13.1(c) of the Plan, the surviving, continuing,
successor, or purchasing corporation or other business entity or parent thereof, as the case may be
(the “Acquiror”), may, without the consent of the Participant, assume or continue in full force and
effect the Company’s rights and obligations under all or any portion of the Option or substitute
for all or any portion of the Option a substantially equivalent option for the Acquiror’s stock.
For purposes of this Section, the Option or any portion thereof shall be deemed assumed if,
following the Change in Control, the Option confers the right to receive, subject to the terms and
conditions of the Plan and this Option Agreement, for each share of Stock subject to such portion
of the Option immediately prior to the Change in Control, the consideration (whether stock, cash,
other securities or property or a combination thereof) to

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which a holder of a share of Stock on the effective date of the Change in Control was
entitled; provided, however, that if such consideration is not solely common stock of the Acquiror,
the Committee may, with the consent of the Acquiror, provide for the consideration to be received
upon the exercise of the Option for each share of Stock to consist solely of common stock of the
Acquiror equal in Fair Market Value to the per share consideration received by holders of Stock
pursuant to the Change in Control. The Option shall terminate and cease to be outstanding
effective as of the time of consummation of the Change in Control to the extent that the Option is
neither assumed or continued by the Acquiror in connection with the Change in Control nor exercised
as of the time of the Change in Control.

	 	9.	 	Adjustments for Changes in Capital Structure.

          Subject to any required action by the stockholders of the Company and the requirements of
Sections 409A and 424 of the Code to the extent applicable, in the event of any change in the Stock
effected without receipt of consideration by the Company, whether through merger, consolidation,
reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split,
reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares, or
similar change in the capital structure of the Company, or in the event of payment of a dividend or
distribution to the stockholders of the Company in a form other than Stock (excepting normal cash
dividends) that has a material effect on the Fair Market Value of shares of Stock, appropriate and
proportionate adjustments shall be made in the number, Exercise Price and kind of shares subject to
the Option, in order to prevent dilution or enlargement of the Participant’s rights under the
Option. For purposes of the foregoing, conversion of any convertible securities of the Company
shall not be treated as “effected without receipt of consideration by the Company.” Any fractional
share resulting from an adjustment pursuant to this Section shall be rounded down to the nearest
whole number and the Exercise Price shall be rounded up to the nearest whole cent. In no event may
the Exercise Price be decreased to an amount less than the par value, if any, of the stock subject
to the Option. Such adjustments shall be determined by the Committee, and its determination shall
be final, binding and conclusive.

	 	10.	 	Rights as a Stockholder, Director, Employee or Consultant.

          The Participant shall have no rights as a stockholder with respect to any shares covered by
the Option until the date of the issuance of the shares for which the Option has been exercised (as
evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company). No adjustment shall be made for dividends, distributions or other rights
for which the record date is prior to the date the shares are issued, except as provided in Section
9. If the Participant is an Employee, the Participant understands and acknowledges that, except as
otherwise provided in a separate, written employment agreement between a Participating Company and
the Participant, the Participant’s employment is “at will” and is for no specified term. Nothing
in this Option Agreement shall confer upon the Participant any right to continue in the Service of
a Participating Company or interfere in any way with any right of the Participating Company Group
to terminate the Participant’s Service as a Director, an Employee or Consultant, as the case may
be, at any time.

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	 	11.	 	Unvested Share Repurchase Option.

          11.1 Grant of Unvested Share Repurchase Option. In the event the Participant’s Service is
terminated for any reason or no reason, with or without cause, or, if the Participant, the
Participant’s legal representative, or other holder of shares acquired pursuant to this Agreement,
attempts to sell, exchange, transfer, pledge, or otherwise dispose of (other than pursuant to an
Ownership Change Event) any Unvested Shares, as defined in Section 11.2 below (the “Unvested
Shares”), the Company shall have the right to repurchase the Unvested Shares under the terms and
subject to the conditions set forth in this Section 11 (the “Unvested Share Repurchase Option”).

          11.2 Unvested Shares Defined. The “Unvested Shares” shall mean, on any given date, the number
of shares of Stock acquired upon exercise of the Option which exceed the Vested Shares determined
as of such date.

          11.3 Exercise of Unvested Share Repurchase Option. The Company may exercise the Unvested
Share Repurchase Option by written notice to the Participant within sixty (60) days after (a)
termination of the Participant’s Service or (b) the Company has received notice of the attempted
disposition of Unvested Shares. If the Company fails to give notice within such sixty (60) day
period, the Unvested Share Repurchase Option shall terminate unless the Company and the Participant
have extended the time for the exercise of the Unvested Share Repurchase Option. Notwithstanding
the preceding sentence, the period during which the Company may exercise the Unvested Share
Repurchase Option shall terminate no sooner than the completion of a period of eight (8) months
following the date on which the Participant acquired the Unvested Shares upon exercise of the
Option. The Unvested Share Repurchase Option must be exercised, if at all, for all of the Unvested
Shares, except as the Company and the Participant otherwise agree.

          11.4 Payment for Shares and Return of Shares to Company. The purchase price per share being
repurchased by the Company (the “Repurchase Price”) shall be an amount equal to the Participant’s
original cost per share, as adjusted pursuant to Section 9. The Company shall pay the aggregate
Repurchase Price to the Participant in cash within thirty (30) days after the date of the written
notice to the Participant of the Company’s exercise of the Unvested Share Repurchase Option. For
purposes of the foregoing, cancellation of any purchase money indebtedness of the Participant to
any Participating Company for the shares shall be treated as payment to the Participant in cash to
the extent of the unpaid principal and any accrued interest canceled. The shares being repurchased
shall be delivered to the Company by the Participant at the same time as the delivery of the
Repurchase Price to the Participant.

          11.5 Assignment of Unvested Share Repurchase Option. The Company shall have the right to
assign the Unvested Share Repurchase Option at any time, whether or not such option is then
exercisable, to one or more persons as may be selected by the Company.

          11.6 Ownership Change Event. Upon the occurrence of an Ownership Change Event, any and all
new, substituted or additional securities or other property to which the Participant is entitled by
reason of the Participant’s ownership of Unvested Shares shall be immediately subject to the
Unvested Share Repurchase Option and included in the terms “Stock”

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and “Unvested Shares” for all purposes of the Unvested Share Repurchase Option with the same
force and effect as the Unvested Shares immediately prior to the Ownership Change Event. While the
aggregate Repurchase Price shall remain the same after such Ownership Change Event, the Repurchase
Price per Unvested Share upon exercise of the Unvested Share Repurchase Option following such
Ownership Change Event shall be adjusted as appropriate.

	 	12.	 	Escrow.

          12.1 Appointment of Agent. To ensure that shares subject to the Unvested Share Repurchase
Option will be available for repurchase, the Participant and the Company hereby appoint the
Secretary of the Company, or any other person designated by the Company, as their agent and as
attorney-in-fact for the Participant (the “Agent”) to hold any and all Unvested Shares and to sell,
assign and transfer to the Company any such Unvested Shares repurchased by the Company pursuant to
the Unvested Share Repurchase Option. The Participant understands that appointment of the Agent is
a material inducement to make this Agreement and that such appointment is coupled with an interest
and is irrevocable. The Agent shall not be personally liable for any act the Agent may do or omit
to do hereunder as escrow agent, agent for the Company, or attorney in fact for the Participant
while acting in good faith and in the exercise of the Agent’s own good judgment, and any act done
or omitted by the Agent pursuant to the advice of the Agent’s own attorneys shall be conclusive
evidence of such good faith. The Agent may rely upon any letter, notice or other document executed
by any signature purporting to be genuine and may resign at any time.

          12.2 Establishment of Escrow. The Participant authorizes the Company to deposit the Unvested
Shares with the Company’s transfer agent to be held in book entry form, as provided by Section 4.5,
and the Participant agrees to deliver to and deposit with the Agent each certificate, if any,
evidencing the Unvested Shares and an Assignment Separate from Certificate with respect to such
book entry shares and each such certificate duly endorsed (with date and number of shares blank) in
the form attached to this Agreement, to be held by the Agent under the terms and conditions of this
Section (the “Escrow”). Upon the occurrence of an Ownership Change Event, a dividend or
distribution to the stockholders of the Company paid in shares of Stock or other property (other
than regular, periodic dividends paid on Stock pursuant to the Company’s dividend policy), or any
other adjustment upon a change in the capital structure of the Company, any and all new,
substituted or additional securities or other property to which the Participant is entitled by
reason of his or her ownership of the shares that remain, following such Ownership Change Event,
dividend, distribution or change, subject to the Unvested Share Repurchase Option shall be
immediately subject to the Escrow to the same extent as the shares immediately before such event.
The Company shall bear the expenses of the Escrow.

          12.3 Delivery of Shares to Participant. The Escrow shall continue with respect to any shares
for so long as such shares remain subject to the Unvested Share Repurchase Option. Upon
termination of the Unvested Share Repurchase Option with respect to shares, the Company shall so
notify the Agent and direct the Agent to deliver such number of shares to the Participant. As soon
as practicable after receipt of such notice, the Agent shall cause to be delivered to the
Participant the shares specified by such notice, and the Escrow shall terminate with respect to
such shares.

10

 

          12.4 Notices and Payments. In the event the shares and any other property held in escrow are
subject to the Company’s exercise of the Unvested Share Repurchase Option, the notice required to
be given to the Participant shall be given to the Agent, and any payment required to be given to
the Participant shall be given to the Agent. Within thirty (30) days after payment by the Company,
the Agent shall deliver the shares and any other property which the Company has purchased to the
Company and shall deliver the payment received from the Company to the Participant.

	 	13.	 	Limited
Non-Transferability of Shares Acquired Through Option Exercise.

          Notwithstanding anything in this Agreement to the contrary, shares of Common Stock acquired
pursuant to the exercise of this Option may not be sold, pledged, or transferred to a third party
until six (6) months following the date of exercise. This restriction shall cease to apply if
there is a Change in Control of the Company.

	 	14.	 	Notice of Sales Upon Disqualifying Disposition.

          The Participant shall dispose of the shares acquired pursuant to the Option only in accordance
with the provisions of this Option Agreement. In addition, if the Grant Notice designates this
Option as an Incentive Stock Option, the Participant shall (a) promptly notify the Chief Financial
Officer of the Company if the Participant disposes of any of the shares acquired pursuant to the
Option within one (1) year after the date the Participant exercises all or part of the Option or
within two (2) years after the Date of Grant and (b) provide the Company with a description of the
circumstances of such disposition. Until such time as the Participant disposes of such shares in a
manner consistent with the provisions of this Option Agreement, unless otherwise expressly
authorized by the Company, the Participant shall hold all shares acquired pursuant to the Option in
the Participant’s name (and not in the name of any nominee) for the one-year period immediately
after the exercise of the Option and the two-year period immediately after Date of Grant. At any
time during the one-year or two-year periods set forth above, the Company may place a legend on any
certificate representing shares acquired pursuant to the Option requesting the transfer agent for
the Company’s stock to notify the Company of any such transfers. The obligation of the Participant
to notify the Company of any such transfer shall continue notwithstanding that a legend has been
placed on the certificate pursuant to the preceding sentence.

	 	15.	 	Legends.

          The Company may at any time place legends referencing the Unvested Share Repurchase Option and
any applicable federal, state or foreign securities law restrictions on all certificates
representing shares of stock subject to the provisions of this Option Agreement. The Participant
shall, at the request of the Company, promptly present to the Company any and all certificates
representing shares acquired pursuant to the Option in the possession of the Participant in order
to carry out the provisions of this Section. Unless otherwise specified by the Company, legends
placed on such certificates may include, but shall not be limited to, the following:

11

 

	 	15.1	 	“THE SHARES EVIDENCED BY THIS CERTIFICATE WERE ISSUED BY THE
CORPORATION TO THE REGISTERED HOLDER UPON EXERCISE OF AN INCENTIVE STOCK OPTION
AS DEFINED IN SECTION 422 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(“ISO”). IN ORDER TO OBTAIN THE PREFERENTIAL TAX TREATMENT AFFORDED TO ISOs,
THE SHARES SHOULD NOT BE TRANSFERRED PRIOR TO [INSERT DISQUALIFYING DISPOSITION
DATE HERE]. SHOULD THE REGISTERED HOLDER ELECT TO TRANSFER ANY OF THE SHARES
PRIOR TO THIS DATE AND FOREGO ISO TAX TREATMENT, THE TRANSFER AGENT FOR THE
SHARES SHALL NOTIFY THE CORPORATION IMMEDIATELY. THE REGISTERED HOLDER SHALL
HOLD ALL SHARES PURCHASED UNDER THE INCENTIVE STOCK OPTION IN THE REGISTERED
HOLDER’S NAME (AND NOT IN THE NAME OF ANY NOMINEE) PRIOR TO THIS DATE OR UNTIL
TRANSFERRED AS DESCRIBED ABOVE.”
	 
	 	15.2	 	“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
CERTAIN RESTRICTIONS ON TRANSFER AND REPURCHASE OPTIONS IN FAVOR OF THE
CORPORATION OR ITS ASSIGNEE SET FORTH IN AN AGREEMENT BETWEEN THE CORPORATION
AND THE REGISTERED HOLDER, OR SUCH HOLDER’ S PREDECESSOR IN INTEREST,
A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS CORPORATION.”

	 	16.	 	Miscellaneous Provisions.

          16.1 Termination or Amendment. The Committee may terminate or amend the Plan or the Option at
any time; provided, however, that except as provided in Section 8 in connection with a Change in
Control, no such termination or amendment may adversely affect the Option or any unexercised
portion hereof without the consent of the Participant unless such termination or amendment is
necessary to comply with any applicable law or government regulation. No amendment or addition to
this Option Agreement shall be effective unless in writing.

          16.2 Further Instruments. The parties hereto agree to execute such further instruments and to
take such further action as may reasonably be necessary to carry out the intent of this Option
Agreement.

          16.3 Binding Effect. This Option Agreement shall inure to the benefit of the successors and
assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding
upon the Participant and the Participant’s heirs, executors, administrators, successors and
assigns.

          16.4 Delivery of Documents and Notices. Any document relating to participation in the Plan or
any notice required or permitted hereunder shall be given in writing and shall be deemed
effectively given (except to the extent that this Option Agreement provides

12

 

for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic
delivery at the e-mail address, if any, provided for the Participant by a Participating Company, or
upon deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, or
with a nationally recognized overnight courier service, with postage and fees prepaid, addressed to
the other party at the address of such party set forth in the Grant Notice or at such other address
as such party may designate in writing from time to time to the other party.

               (a) Description of Electronic Delivery. The Plan documents, which may include but do not
necessarily include: the Plan, the Grant Notice, this Option Agreement, the Plan Prospectus, and
any reports of the Company provided generally to the Company’s stockholders, may be delivered to
the Participant electronically. In addition, if permitted by the Company, the Participant may
deliver electronically the Grant Notice and Exercise Notice called for by Section 4.2 to the
Company or to such third party involved in administering the Plan as the Company may designate from
time to time. Such means of electronic delivery may include but do not necessarily include the
delivery of a link to a Company intranet or the Internet site of a third party involved in
administering the Plan, the delivery of the document via e-mail or such other means of electronic
delivery specified by the Company.

               (b) Consent to Electronic Delivery. The Participant acknowledges that the Participant has
read Section 16.4(a) of this Option Agreement and consents to the electronic delivery of the Plan
documents and, if permitted by the Company, the delivery of the Grant Notice, Exercise Notice and
Notices in connection with the Escrow, as described in Section 16.4(a). The Participant
acknowledges that he or she may receive from the Company a paper copy of any documents delivered
electronically at no cost to the Participant by contacting the Company by telephone or in writing.
The Participant further acknowledges that the Participant will be provided with a paper copy of any
documents if the attempted electronic delivery of such documents fails. Similarly, the Participant
understands that the Participant must provide the Company or any designated third party
administrator with a paper copy of any documents if the attempted electronic delivery of such
documents fails. The Participant may revoke his or her consent to the electronic delivery of
documents described in Section 16.4(a) or may change the electronic mail address to which such
documents are to be delivered (if Participant has provided an electronic mail address) at any time
by notifying the Company of such revoked consent or revised e-mail address by telephone, postal
service or electronic mail. Finally, the Participant understands that he or she is not required to
consent to electronic delivery of documents described in Section 16.4(a).

          16.5 Integrated Agreement. The Grant Notice, this Option Agreement and the Plan, together
with any employment, service or other agreement between the Participant and a Participating Company
referring to the Option, shall constitute the entire understanding and agreement of the Participant
and the Participating Company Group with respect to the subject matter contained herein or therein
and supersede any prior agreements, understandings, restrictions, representations, or warranties
among the Participant and the Participating Company Group with respect to such subject matter. To
the extent contemplated herein or therein, the provisions of the Grant Notice, the Option Agreement
and the Plan shall survive any exercise of the Option and shall remain in full force and effect.

13

 

          16.6 Applicable Law. Except to the extent governed by applicable federal law, the validity,
interpretation, construction and performance of this Option Agreement shall be governed by the laws
of the State of California as such laws are applied to agreements between California residents
entered into and to be performed entirely within the State of California.

          16.7 Counterparts. The Grant Notice may be executed in counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument.

14

 

Australia

			
	TM Incentive Stock Option
	 	Participant:                        
	TM Nonstatutory Stock Option
	 	Date:                     

STOCK OPTION EXERCISE NOTICE

(Immediately Exercisable)

REVA Medical, Inc.

Ladies and Gentlemen:

     1. Option. I was granted an option (the “Option”) to purchase shares of the common
stock (the “Shares”) of REVA Medical, Inc. (the “Company”) pursuant to the Company’s 2010 Equity
Incentive Plan (the “Plan”), my Notice of Grant of Stock Option (the “Grant Notice”) and my Stock
Option Agreement (the “Option Agreement”) as follows:

	 	 	 	 	 	 	 

	 
	 	Date of Grant:	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Number of Option Shares:	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Exercise Price per Share:	 	$	 	 
	 
	 	 	 	 	 

     2. Exercise of Option. I hereby elect to exercise the Option to purchase the
following number of Shares, in accordance with the Grant Notice and the Option Agreement:

	 	 	 	 	 	 	 

	 
	 	Vested Shares:	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Unvested Shares:	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Total Shares Purchased:	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Total Exercise Price (Total Shares  X  Price per Share)	 	$	 	 
	 
	 	 	 	 	 

     3. Payments. I enclose payment in full of the total exercise price for the Shares in
the following form(s), as authorized by my Option Agreement:

	 	 	 	 	 	 	 
	 
	 	TM Cash:	 	 	$	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	TM Check:	 	 	$	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	TM Cashless Exercise:	 	 	Contact Plan Administrator
	 
	 	 	 	 	 	 
	 
	 	TM Net Exercise:	 	 	Contact Plan Administrator
	 
	 	 	 	 	 	 
	 
	 	TM Stock Tender Exercise:	 	 	Contact Plan Administrator

     4. Tax Withholding. . If I am exercising a Nonstatutory Stock Option, I authorize
payroll withholding and otherwise will make adequate provision for the federal, state, local and
foreign tax withholding obligations of the Company, if any, in connection with my exercise of the
Option. (Contact Plan Administrator for amount of tax due.)

 

 

     5. Participant Information.

          My address is: 

            

            

          My Social Security Number is: 

            

     6. Notice of Disqualifying Disposition. If the Option is an Incentive Stock Option, I
agree that I will promptly notify the Chief Financial Officer of the Company if I transfer any of
the Shares within one (1) year from the date I exercise all or part of the Option or within two (2)
years of the Date of Grant.

     7. Binding Effect. I agree that the Shares are being acquired in accordance with and
subject to the terms, provisions and conditions of the Grant Notice, the Option Agreement,
including the Unvested Share Repurchase Option set forth therein, and the Plan, to all of which I
hereby expressly assent. This Agreement shall inure to the benefit of and be binding upon my
heirs, executors, administrators, successors and assigns. If required by the Company, I agree to
deposit the certificate(s) evidencing the Shares, along with a blank stock assignment separate from
certificate executed by me, with an escrow agent designated by the Company, to be held pursuant to
the escrow provisions contained in the Option Agreement.

     8. Election Under Section 83(b) of the Code. I understand and acknowledge that if I
am exercising the Option to purchase Unvested Shares (i.e., shares that remain subject to the
Company’s Unvested Share Repurchase Option), that I should consult with my tax advisor regarding
the advisability of filing with the Internal Revenue Service an election under Section 83(b) of the
Code, which must be filed, if at all, no later than thirty (30) days after the date on which I
exercise the Option. I acknowledge that I have been advised to consult with a tax advisor prior to
the exercise of the Option regarding the tax consequences to me of exercising the Option and filing
or not filing an election under Section 83(b). AN ELECTION UNDER SECTION 83(b) MUST BE FILED, IF
AT ALL, WITHIN 30 DAYS AFTER THE DATE ON WHICH I PURCHASE SHARES. THIS TIME PERIOD CANNOT BE
EXTENDED. I ACKNOWLEDGE THAT TIMELY FILING OF A SECTION 83(b) ELECTION, IF APPROPRIATE, IS MY SOLE
RESPONSIBILITY, EVEN IF I REQUEST THE COMPANY OR ITS REPRESENTATIVES TO FILE SUCH ELECTION ON MY
BEHALF.

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	 	 
	 	(Signature) 	 
	 	 	 
	 

Receipt of the above is hereby acknowledged.

	 	 	 	 	 
	REVA MEDICAL, INC.

 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 	 
	 	Title:  	 	 	 	 
	 	Dated:  	 	 	 	 

2

 

	 	 	 	 	 

ASSIGNMENT SEPARATE FROM CERTIFICATE

     FOR VALUE RECEIVED the undersigned does hereby sell, assign and transfer unto
_________________________ _____________________ (_________________) shares of the Capital Stock of
Reva Medical, Inc. standing in the undersigned’s name on the books of said corporation represented
by Certificate No. __________________ herewith and does hereby irrevocably constitute and appoint
______________________ Attorney to transfer the said stock on the books of said corporation with
full power of substitution in the premises.

Dated:                                                                          
      

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Signature 	 
	 
	 	
 	 
	 	Print Name 	 
	 	 	 
	 

Instructions: Please do not fill in any blanks other than the signature line. The purpose
of this assignment is to enable the Company to exercise its Unvested Share Repurchase Option set
forth in the Stock Option Agreement without requiring additional signatures on the part of the
Participant.

3

 

REVA MEDICAL, INC.

NOTICE OF GRANT OF STOCK OPTION

(Immediately Exercisable)

REVA
Medical, Inc. (the “Company”) has granted to the Participant an option
 (the “Option”) to
purchase certain shares of Stock of the Company pursuant to the REVA Medical, Inc. 2010 Equity
Incentive Plan (the “Plan”), as follows:

	 	 	 	 	 	 	 

	Participant:

	 	                                        
	 	Employee ID:                     

	 
	 	 	 	 	 	 
	Date of Grant:

	 	                                        	 	 	 	 
	 
	 	 	 	 	 	 
	Number of Option
Shares:	 	                                        , subject to adjustment as provided by the Option Agreement.
	 
	 	 	 	 	 	 
	Exercise Price:

	 	$                                        	 	 	 	 
	 
	 	 	 	 	 	 
	Initial Vesting Date:

	 	                                        	 	 	 	 
	 
	 	 	 	 	 	 
	Option Expiration Date:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Tax Status of Option:	 	                     Stock Option. (Enter “Incentive” or “Nonstatutory.” If blank, this Option will be a Nonstatutory Stock
Option.)
	 
	 	 	 	 	 	 
	Vested Shares:	 	Except as provided in the Option Agreement, the number of Vested Shares (disregarding any resulting fractional
share) as of any date is determined by multiplying the Number of
Option Shares by the “Vested Ratio”
determined as of such date as follows:
	 
	 	 	 	 	 	 
	 

	 	 	 	Vested Ratio

	 

	 	 	 	 
	 

	 	Prior to Initial Vesting Date
	 	 	0	 
	 
	 	 	 	 	 	 
	 

	 	On Initial Vesting Date, provided the Participant’s Service has not
terminated prior to such date 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Plus	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	For each additional full month of the Participant’s continuous Service
from Initial Vesting Date until the Vested Ratio equals 1/1, an
additional 	 	 	 	 

By their signatures below or by electronic acceptance or authentication in a form authorized by the
Company, the Company and the Participant agree that the Option is governed by this Grant Notice and
by the provisions of the Plan and the Option Agreement, both of which are made a part of this
document. The Participant represents that the Participant has read and is familiar with the
provisions of the Plan and the Option Agreement, and hereby accepts the Option subject to all of
their terms and conditions.

	 	 	 	 	 	 	 

	REVA MEDICAL, INC.

	 	PARTICIPANT
	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	[officer name]
	 	Signature	 	 
	 

	 	[officer title]	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Date	 	 
	Address:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Address	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

	 	 	 

	ATTACHMENTS:

	 	2010 Equity Incentive Plan, as amended to the Grant Date; Option Agreement
(Immediately Exercisable); Exercise Notice; Assignment Separate from Certificate, and Plan
Prospectusexv10w21

EXHIBIT 10.21

October 21, 2010

Mr. Robert Schultz

5751 Copley Drive, Suite B

San Diego, CA 92111

Dear Mr. Schultz:

Reva Medical, Inc. (the “Company”) is pleased to have you continue to serve as an employee of the
Company in the position of President and Chief Operating Officer, reporting to the Company’s Chief
Executive Officer. This letter (this “Agreement”) sets forth the terms of your continued
employment and amends and restates any offer letter executed between you and the Company on or
prior to the commencement of your employment in its entirety. The terms of your continued
employment are the following:

	 	1.	 	Start Date: Your position as a full-time employee of
the Company commenced on October 22, 2001.
	 
	 	2.	 	Salary: You annual salary will be increased to $290,000 commencing on the execution
of this Agreement, to be paid monthly in accordance with the Company’s standard payroll
policies (subject to normal required withholding), and the Compensation Committee of the
Board, will continue to review your salary level annually.
	 
	 	3.	 	Targeted Bonus: Beginning in 2011, you will be eligible to receive a discretionary
annual bonus targeted for 30% of your annual salary upon meeting certain goals mutually
set on an annual basis by the Compensation Committee of the Board. Any bonus payable
hereunder shall be paid prior to March 15 of the calendar year following the calendar year
to which such bonus relates.
	 
	 	4.	 	Additional Equity Grant: Upon execution of this Agreement and approval by the Board
of Directors, you will be granted additional options ( “Options”) to purchase 215,00
shares of Company common. Your Options will have a per share exercise price equal to the
fair market value of Company common stock on the date of grant, as determined by the
Board, shall be immediately exercisable and shall vest based upon your continued service
to the Company with 25% of the shares subject to the Options vesting on the first
anniversary of the date of grant and 1/36th of the total number of shares
subject to the Options vesting each month thereafter such that the Options will be fully
vested on the fourth anniversary of the date of grant.
	 
	 	5.	 	Severance: In the event that your employment with the Company is terminated without
Cause as defined in this Agreement or if you resign for Good Reason, you will be entitled
to receive six months of base salary and COBRA (medical and dental insurance coverage), in
each case, payable in substantially equal installments in accordance with the Company’s
payroll practices, as severance, in

 

 

	 	 	 	exchange for you signing and not revoking a severance agreement and general release against
the Company and its affiliates within 60 days following your termination of employment
(“Severance Agreement”). For purposes of this Agreement, Cause is defined as: (i) willful
failure by the Employee to substantially perform his duties hereunder, other than a failure
resulting from the Employee’s complete or partial incapacity due to physical or mental
illness or impairment, (ii) a willful act by the Employee which constitutes gross
misconduct and which is injurious to the Company, (iii) a willful breach by the Employee of
a material provision of this Agreement, (iv) a material and willful violation of a federal
or state law or regulation applicable to the business of the Company, or (v) termination of
your employment in connection with the bankruptcy, insolvency, liquidation, or similar
winding-up of the business of the Company. No severance benefits would be paid or provided
to the Employee under this Agreement on account of a termination for Cause.
	 
	 	 	 	“Good Reason” shall mean solely and specifically: (i) any reduction by more than ten
percent in your base salary or any guaranteed bonus, (ii) a material diminution of your job
duties or responsibilities, or (iii) a change in the location of your employment of more
than 35 miles (which is material) from its current location unless such relocation is
within 50 miles of your principal residence.
	 
	 	6.	 	Notice and Opportunity to Cure: Notwithstanding the foregoing, in order to terminate
your employment for Good Reason (i) you shall first give the Company written notice
stating with reasonable specificity the basis for the termination with Good Reason within
ninety (90) days of the first occurrence of the event giving rise to Good Reason, (ii)
give the Company a period of thirty (30) days to cure or remedy the problem, unless such
problem cannot be cured or remedied within thirty (30) days, in which case the period for
remedy or cure shall be extended for a reasonable time (not to exceed an additional thirty
(30) days) and (iii) terminate your employment within thirty (30) days following the
expiration of such cure period.
	 
	 	7.	 	Benefits: You shall be entitled to the Company’s basic employment benefits available
to all Company Employees.
	 
	 	8.	 	At-Will Employment. Your employment with the Company will be
“at-will,” meaning that either you or the Company will be entitled to terminate your
employment at any time and for any or no reason, with or without cause. Although your job
duties, title, compensation and benefits, as well as the Company’s personnel policies and
procedures, may change from time to time, the “at will” nature of your employment may only
be changed in an express written agreement signed by you and a duly authorized officer of
the Company. Your participation in any stock purchase or benefit program is not to be
regarded as assuring you continuing employment for any particular period of time.

 

 

	 	9.	 	Agreements: You previously signed the Company’s standard Employee Agreement. You
agree to abide by such Employee Agreement and by the Company’s policy that prohibits any
new employee from bringing with him or her from any previous employer any confidential
information, trade secrets, or proprietary materials or processes of such former employer.
You will agree to follow the Company’s policy that employees must not disclose any
information regarding salary, bonuses, or stock purchase or option allocations to other
employees, either directly or indirectly.
	 
	 	10.	 	Section 409A: Notwithstanding anything in this Agreement to the contrary, any
compensation or benefits payable under this Agreement that constitutes “nonqualified
deferred compensation” (“Deferred Compensation”) within the meaning of Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”), and which is designated under this
Agreement as payable upon your termination of employment shall be payable only upon your
“separation from service” with the Company within the meaning of Section 409A of the Code
(a “Separation from Service”) and, except as otherwise provided under this paragraph, any
such compensation or benefits shall not be paid, or, in the case of installments, shall
not commence payment, until the sixtieth (60th) day following your Separation from
Service. Any installment payments that would have been made to you during the sixty (60)
day period immediately following your Separation from Service but for the preceding
sentence shall be paid to you on the sixtieth (60th) day following your Separation from
Service and the remaining payments shall be made as provided in this Agreement.
Notwithstanding any provision herein to the contrary, if you are deemed by the Company at
the time of your Separation from Service to be a “specified employee” for purposes of
Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of
the benefits to which you are entitled under this Agreement is required in order to avoid
a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of your
benefits shall not be provided to you prior to the earlier of(i) the expiration of the
six-month period measured from the date of your Separation from Service with the Company
or (ii) the date of your death. Upon the first business day following the expiration of
the applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to the
preceding sentence shall be paid in a lump sum to you (or your estate or beneficiaries),
and any remaining payments due to you under this Agreement shall be paid as otherwise
provided herein. To the extent that any reimbursements under this Agreement are subject
to the provisions of Section 409A of the Code, any such reimbursements payable to you
shall be paid to you no later than December 31 of the year following the year in which the
expense was incurred, the amount of expenses reimbursed in one year shall not affect the
amount eligible for reimbursement in any subsequent year, and your right to reimbursement
under this Agreement will not be subject to liquidation or exchange for another benefit.
Your right to receive any installment payments under this Agreement, including without
limitation any continuation salary payments that are payable on Company payroll dates,
shall be treated as a right to receive a series of separate payments and,

 

 

	 	 	 	accordingly, each such installment payment shall at all times be considered a separate and
distinct payment as permitted under Treasury Regulation Section 1.409A-2(b)(2)(iii).
	 
	 	11.	 	Entire Agreement: This Agreement, together with your Employee Agreement, constitutes
the entire agreement between the parties with respect to your employment with the Company,
superseding all other agreements or understandings.

We are delighted to have you continue with our team. We’ve got a lot to accomplish, and I’m
confident that you’ll continue to prove to be a major contributor to a successful outcome at the
Company.

Sincerely,

Robert J. Stockman

Chairman & CEO

Accepted and Agreed:

/s/
Robert Schultz                       

Robert Schultz

Date:
10/21/2010

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