Document:

nari-ex1014_762.htm

Exhibit 10.14

INARI MEDICAL, INC. 

 

NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM

 

(as amended and restated effective as of January 1, 2021)

 

Eligible Directors (as defined below) on the board of directors (the “Board”) of Inari Medical, Inc. (the “Company”) shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Program (as amended from time to time, this “Program”).  The cash and equity compensation described in this Program shall be paid or be made, as applicable, automatically as set forth herein and without further action of the Board, to each member of the Board who is not an employee of the Company or any of its parents, affiliates or subsidiaries (each, an “Eligible Director”), who may be eligible to receive such cash or equity compensation, unless such Eligible Director declines the receipt of such cash or equity compensation by written notice to the Company.  Eligible Directors will include members of the Board who are designated by or affiliated with Coöperatieve Gilde Healthcare IV U.A., U.S. Venture Partners X, L.P., USVP X Affiliates, L.P., Versant Venture Capital IV, L.P. and Versant Side Fund IV, L.P. (the “Affiliated Directors”).

This Program, as amended and restated, is effective as of January 1, 2021 (the “Effective Date”) and shall remain in effect until it is revised or rescinded by further action of the Board.  This Program may be amended, modified or terminated by the Board at any time in its sole discretion.  No Eligible Director shall have any rights hereunder, except with respect to equity awards granted pursuant to Section 2 of this Program.  

1.Cash Compensation.   

a.Annual Retainers.  Each Eligible Director shall be eligible to receive an annual cash retainer of $40,000 for service on the Board.  

b.Additional Annual Retainers.  An Eligible Director shall be eligible to receive the following additional annual retainers, as applicable:

 (i)Chairman of the Board.  An Eligible Director serving as Chairman of the Board shall be eligible to receive an additional annual retainer of $48,000 for such service.

(ii)Audit Committee.  An Eligible Director serving as Chairperson of the Audit Committee shall be eligible to receive an additional annual retainer of $20,000 for such service.  An Eligible Director serving as a member of the Audit Committee (other than the Chairperson) shall be eligible to receive an additional annual retainer of $10,000 for such service.

(iii)Compensation Committee.  An Eligible Director serving as Chairperson of the Compensation Committee shall be eligible to receive an additional annual retainer of $15,000 for such service.  An Eligible Director serving as a member of the Compensation Committee (other than the Chairperson) shall be eligible to receive an additional annual retainer of $7,500 for such service.

(iv) Nominating and Corporate Governance Committee.  An Eligible Director serving as Chairperson of the Nominating and Corporate Governance Committee shall be eligible to receive an additional annual retainer of $10,000 for such service.  An Eligible Director serving as a member of the Nominating and Corporate Governance Committee (other than the Chairperson) shall be eligible to receive an additional annual retainer of $5,000 for such service.

1

 

 

 

c.Payment of Retainers.  The annual cash retainers described in Sections 1(a) and 1(b) shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than 30 days following the end of each calendar quarter.  In the event an Eligible Director does not serve as a director, or in the applicable positions described in Section 1(b), for an entire calendar quarter, the retainer paid to such Eligible Director shall be prorated for the portion of such calendar quarter actually served as a director, or in such position, as applicable.  With respect to each Affiliated Director, any such annual cash retainers shall, when payable, be paid to Coöperatieve Gilde Healthcare IV U.A., U.S. Venture Partners X, L.P., USVP X Affiliates, L.P., Versant Venture Capital IV, L.P. or Versant Side Fund IV, L.P., as applicable. 

2.Equity Compensation. 

a.General.  Eligible Directors shall be granted the equity awards described below.  The awards described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2020 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (such plan, as may be amended from time to time, the “Equity Plan”) and may be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms approved by the Board prior to or in connection with such grants.  All applicable terms of the Equity Plan apply to this Program as if fully set forth herein, and all grants of equity awards hereby are subject in all respects to the terms of the Equity Plan.  Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Equity Plan.

b.Initial Awards.  Each Eligible Director who is initially elected or appointed to serve on the Board after the Effective Date automatically shall be granted a Restricted Stock Unit (as defined in the Equity Plan) award with a value of $170,000 (the “Initial Equity Award”).  The number of Restricted Stock Units subject to an Initial Equity Award will be determined by dividing the value by the trailing 30-calendar day average closing price for the Company’s common stock through and including the date prior to the applicable grant date.  The Initial Equity Award shall be granted on the date on which such Eligible Director is appointed or elected to serve on the Board, and shall vest as to one-third (1/3rd) of the Restricted Stock Units subject thereto on the first, second and third anniversary of the applicable grant date, subject to such Eligible Director’s continued service through the applicable vesting date.  

c.Annual Awards.  An Eligible Director who is serving on the Board as of the date of the annual meeting of the Company’s stockholders (the “Annual Meeting”) each calendar year beginning with calendar year 2021 shall be granted a Restricted Stock Unit award with a value of $135,000 (an “Annual Award” and together with the Initial Equity Award, the “Director Equity Awards”).  The number of Restricted Stock Units subject to an Annual Award will be determined by dividing the value by the trailing 30-calendar day average closing price for the Company’s common stock through and including the date prior to the applicable grant date.  Each Annual Award shall vest in full on the earlier to occur of (i) the one-year anniversary of the applicable grant date and (ii) the date of the next Annual Meeting following the grant date, subject to continued service through the applicable vesting date. 

d.Accelerated Vesting Events.  Notwithstanding the foregoing, an Eligible Director’s Director Equity Award(s) shall vest in full immediately prior to the occurrence of a Change in Control to the extent outstanding at such time.

3.Compensation Limits.  Notwithstanding anything to the contrary in this Program, all compensation payable under this Program will be subject to any limits on the maximum amount of non-employee Director compensation set forth in the Equity Plan, as in effect from time to time.*****

2nari-ex1017_911.htm

Exhibit 10.17

 

FIRST AMENDMENT TO LEASE TERMINATION AGREEMENT

 

 

	
I.
	
PARTIES AND DATE.

 

This First Amendment to Lease Termination Agreement (“Amendment”) dated February 3, 2021, is by and between BAKE TECHNOLOGY PARK LLC, a Delaware limited liability company (“Landlord”), and INARI MEDICAL, INC., a Delaware corporation (“Tenant”).

 

	
II.
	
RECITALS.

 

On March 6, 2019, Landlord and Tenant entered into a lease (“Lease”) for space in a building located at 9 Parker, Suites 100 and 250, Irvine, California (“Premises”).

 

On October 7, 2020, Landlord and Tenant entered into a Lease Termination Agreement (“Termination”) to terminate the Lease.

 

Landlord and Tenant each desire to modify the Termination to extend the Termination Date as set forth in “III. MODIFICATIONS” next below.

 

	
III.
	
MODIFICATIONS.

 

A.Date.  Effective retroactively as of the date of the Termination, Section III.A of the Termination shall be deleted in its entirety and the following shall be substituted in lieu thereof:

 

“A.Date.  Landlord and Tenant agree that the Lease shall terminate 12 months following the commencement date of a new lease (“New Lease”) between Landlord’s affiliate, Oak Canyon Creek LLC, a Delaware limited liability company, and Tenant for the premises located at 6001 Oak Canyon, Irvine, California ("Termination Date").  Notwithstanding the foregoing, in the event Tenant needs to occupy the Premises following the Termination Date, then Tenant shall have an option to extend the Lease Term for up to three periods of an additional 30 days each (each, an “Extension Period”) provided Tenant delivers a minimum of 30 days’ prior written notice to Landlord of its intent to exercise each such extension option. Each Extension Period shall be extended on a day for day basis for each day that a Government Mandate (as defined in the New Lease) delays the commencement of the term of the New Lease.  During each Extension Period, Tenant shall pay Basic Rent and Tenant’s Share of Operating Expenses to Landlord at the same rates from time to time then in effect under the Lease.  Not later than the Termination Date or, if applicable, the last day of the last exercised Extension Period, Tenant shall cause the Premises to be vacated and surrendered in accordance with the requirements of Section 15.2 (Surrender of Premises; Removal of Property) of the Lease; provided, however, that the restoration work required of Tenant in connection with the Alterations performed by Clean Room West (as documented in the letter dated June 1, 2019) will be waived.”

 

	
IV.
	
GENERAL.

 

A.Effect of Amendment.  The Termination shall remain in full force and effect and unmodified except to the extent that it is modified by this Amendment.

 

B.Entire Agreement.  This Amendment embodies the entire understanding between Landlord and Tenant with respect to the modifications set forth in "III. MODIFICATIONS" above and can be changed only by a writing signed by Landlord and Tenant.

 

C.Defined Terms.  All words commencing with initial capital letters in this Amendment and defined in the Lease shall have the same meaning in this Amendment as in the Lease, unless they are otherwise defined in this Amendment.

 

D.Corporate and Partnership Authority.  If Tenant is a corporation or partnership, or is comprised of either or both of them, each individual executing this Amendment for the corporation or partnership represents that he or she is duly authorized to execute and deliver this Amendment on behalf of the corporation or partnership and that this Amendment is binding upon the corporation or partnership in accordance with its terms.

 

E.Counterparts; Digital Signatures.  If this Amendment is executed in counterparts, each is hereby declared to be an original; all, however, shall constitute but one and the same amendment.  In any action or proceeding, any photographic, photostatic, or other copy of this Amendment may be introduced into evidence without foundation. The parties agree to accept a digital image (including but not limited to an image in the form of a PDF, JPEG, GIF file, or other e-signature) of this Amendment, if applicable, reflecting the execution of one or both of the parties, as a true and correct original.

 

F.Disputes. The provisions of Section 14.6 (Expenses and Legal Fees) and Section 14.7 (Waiver of Jury Trial) of the Lease shall also apply to this Amendment.

1

 

 

G.Nondisclosure of Amendment Terms.  Landlord and Tenant acknowledge that the content of this Amendment, and any related documents are confidential information. Except to the extent disclosure is required by law, Landlord and Tenant shall each keep such confidential information strictly confidential and shall not disclose such confidential information to any person or entity other than to its respective financial, legal and space-planning consultants, provided, however, that Tenant may disclose the terms pursuant to legal requirement.

 

	
V.
	
EXECUTION. 

 

Landlord and Tenant executed this Amendment on the date as set forth in “I. PARTIES AND DATE.” above.

 

	
LANDLORD:

 

BAKE TECHNOLOGY PARK LLC,

a Delaware limited liability company

 

 

 

By: /s/ Steven M. Case

 

Steven M. Case

Executive Vice President, Leasing & Marketing

Office Properties

 

 

 

By: /s/ Holly McManus

 

Holly McManus

Vice President, Operations

Office Properties

 

 

 

 

\in9\

 
	
TENANT:

 

INARI MEDICAL, INC.,

a Delaware corporation

 

 

 

By: /s/ William Hoffman

 

Printed Name: William Hoffman

Title: Chief Executive Officer

 

 

 

 

By: /s/ Mitch Hill

 

Printed Name: Mitch Hill

Title: Chief Financial Officer

 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}]]