Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO 
 LOAN
AND SECURITY AGREEMENT 
 THIS FIRST AMENDMENT to Loan and Security Agreement (this
“Amendment”) is entered into as of April 23 2015, by and between OXFORD FINANCE LLC, a Delaware limited liability company with an office located at 133 North Fairfax Street, Alexandria, Virginia 22314
(“Oxford”), as collateral agent (in such capacity, “Collateral Agent”), the Lenders listed on Schedule 1.1 hereof or otherwise a party hereto from time to time including Oxford in its
capacity as a Lender and SILICON VALLEY BANK, a California corporation with an office located at 3003 Tasman Drive, Santa Clara, CA 95054 (“Bank” or “SVB”) (each a
“Lender” and collectively, the “Lenders”), and ZOGENIX, INC., a Delaware corporation with offices located at 12400 High Bluff Drive, Suite 650, San Diego, California 92130
(“Borrower”). 
 RECITALS 

A.         Collateral Agent, Lenders and Borrower have entered into that
certain Loan and Security Agreement dated as of December 30, 2014 (as amended from time to time, collectively, the “Loan Agreement”). 

B.         Lenders have extended credit to Borrower for the purposes
permitted in the Loan Agreement. 
 C.         Borrower has requested
that Collateral Agent and Lenders (i) consent to Borrower’s entry into and performance of the Pernix Asset Transfer Documents (as defined below) and (ii) make certain other revisions to the Loan Agreement as more fully set forth
herein. 
 D.         Collateral Agent and Lenders have agreed to
(i) consent to Borrower’s entry into and performance of the Pernix Asset Transfer Documents and (ii) amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and
in reliance upon the representations and warranties set forth below. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good
and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

1.         Definitions. Capitalized terms used but not defined in
this Amendment shall have the meanings given to them in the Loan Agreement. 
 2.
         Consent and Waiver. 

2.1         Consent. Pursuant to Section 7.1 of the Loan
Agreement, Borrower shall not Transfer all or any part of its business or property, except for certain specifically enumerated permitted Transfers. Notwithstanding anything to the contrary contained in Section 7.1 of the Loan Agreement, and
subject to the terms and conditions of this Amendment, Collateral Agent and the Lenders hereby consent to Borrower’s entry into, execution, delivery and performance of the Pernix Asset Transfer Documents. In furtherance of the foregoing, upon
the effectiveness of this Amendment, Collateral Agent shall be deemed to have released the Purchased Assets (as defined in the APA (as defined below)) from the Collateral, and shall (on or within one (1) Business Day of the date of this
Amendment) cause to file a UCC Amendment reflecting the same. 
 2.2        
Waiver. Pursuant to Section 6.16 of the Loan Agreement, the first Collateral audit was due February 13, 2015, and was subsequently extended by email to April 14, 2015 (the “Initial Collateral Audit
Requirement”). Notwithstanding anything to the contrary contained in Section 6.16 of the Loan Agreement, and subject to the terms and conditions of this Amendment, Collateral Agent and the Lenders hereby waive the Initial
Collateral Audit, provided that (x) Borrower satisfies in full, contemporaneously with this Amendment, the outstanding balance due on the Revolving Line, (y) any future Advances shall be subject to a prior Collateral audit, satisfactory to
Collateral Agent and the Lenders in their sole discretion and (z) Borrower shall continue timely to remit to Collateral Agent the Revolving Line Commitment Fee in accordance with the terms of the Loan Agreement. 

  
 1 

 3.        Amendments to Loan
Agreement. 
 3.1         Section 2.2(c) (Mandatory
Prepayments). Section 2.2(c) of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 

“(c)         Mandatory Prepayments. If the Term Loans are
accelerated following the occurrence of an Event of Default, Borrower shall immediately pay to Lenders, payable to each Lender in accordance with its respective Pro Rata Share, an amount equal to the sum of: (i) all outstanding principal of the
Term Loans plus accrued and unpaid interest thereon through the prepayment date, (ii) the Final Payment, (iii) the Prepayment Fee, (iv) the Amendment Fee, plus (v) all other Obligations that are due and payable, including
Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts. Notwithstanding (but without duplication with) the foregoing, on the Maturity Date, if the Final Payment had not previously been paid in full in connection
with the prepayment of the Term Loans in full, Borrower shall pay to Collateral Agent, for payment to each Lender in accordance with its respective Pro Rata Share, the Final Payment in respect of the Term Loans. 

3.2          Section 2.2(d) (Permitted Prepayment of Term Loans).
Section 2.2(d) of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 

“(d)         Permitted Prepayment of Term Loans. Borrower
shall have the option to prepay all, but not less than all, of the Term Loans advanced by the Lenders under this Agreement, provided Borrower (i) provides written notice to Collateral Agent of its election to prepay the Term Loans at least ten
(10) Business Days prior to such prepayment, and (ii) pays to the Lenders on the date of such prepayment, payable to each Lender in accordance with its respective Pro Rata Share, an amount equal to the sum of (A) all outstanding
principal of the Term Loans plus accrued and unpaid interest thereon through the prepayment date, (B) the Final Payment, (C) the Prepayment Fee, (D) the Amendment Fee, plus (E) all other Obligations that are due and payable,
including Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts.” 

3.3          Section 2.6(h) (Fees). New Section 2.6(h) hereby is
added to the Loan Agreement to read as follows: 

“(h)         Amendment Fee. A fully earned,
non-refundable amendment fee in the amount of Twenty Five Thousand Dollars ($25,000.00), which shall be due and payable on the earliest to occur of (a) the Maturity Date or (b) the prepayment of the Term Loan pursuant to Section pursuant
to Section 2.2(c) or 2.2(d).” 
 3.4          Section 6.10
(Minimum Cash). Section 6.10 of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 

“6.10        Minimum Cash. Borrower shall maintain
at all times prior to Borrower’s receipt of positive data from both of Borrower’s U.S. and European placebo-controlled trials of ZX0008, low-dose fenfluramine, a ratio of (a) unrestricted cash and Cash Equivalents on deposit with Bank
or Bank’s Affiliates to (b) all outstanding Indebtedness owing to Lenders, of at least 1.25 to 1.00.” 

3.5          Exhibit A to the Loan Agreement hereby is replaced in
its entirety with Exhibit A attached hereto. 
 3.6         
Section 13.1 (Definitions). The following terms and their respective definitions hereby are added or amended and restated in their entirety, as applicable, to Section 13.1 of the Loan Agreement to read as follows: 

  
 2 

 “Pernix Asset Transfer Documents” means
that certain Asset Purchase Agreement by and among Borrower, PERNIX IRELAND LIMITED and PERNIX THERAPEUTICS HOLDINGS, INC. dated as of March 10, 2015 (as amended by that certain Amendment to Asset Purchase Agreement dated as of April 23,
2015, collectively the “APA”); and any other documents, instruments and/or agreements executed and/or delivered in connection therewith; all in form and substance reasonably acceptable to Collateral Agent and Lenders, and
substantially in the forms attached hereto as Annex I. 
 3.7        
Exhibit C to the Loan Agreement hereby is replaced with Exhibit C attached hereto. 

4.       Limitation of Consents, Waivers and Amendments. 

4.1         The consent, waiver and amendments set forth in Sections 2 and 3
above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or
(b) otherwise prejudice any right or remedy which Collateral Agent or any Lender may now have or may have in the future under or in connection with any Loan Document. 

4.2         This Amendment shall be construed in connection with and as part of
the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

5.      Representations and Warranties. To induce Collateral Agent and Lenders to enter
into this Amendment, Borrower hereby represents and warrants to Collateral Agent and Lenders as follows: 

5.1         Immediately after giving effect to this Amendment (a) the
representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are
true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 

5.2         Borrower has the power and authority to execute and deliver this
Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

5.3         The organizational documents of Borrower delivered to Collateral
Agent and Lenders on the Effective Date, or subsequent thereto, remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

5.4         The execution and delivery by Borrower of this Amendment and the
performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 

5.5         The execution and delivery by Borrower of this Amendment and the
performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any material law or regulation binding on or affecting Borrower, (b) any material contractual restriction
with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

5.6         The execution and delivery by Borrower of this Amendment and the
performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any
governmental or public body or authority, or subdivision thereof, binding on Borrower (in each case, except as already have been obtained and are in full force and effect); and 

5.7         This Amendment has been duly executed and delivered by Borrower and
is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general
application and equitable principles relating to or affecting creditors’ rights. 

  
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 6.     Release by Borrower. 

6.1       FOR GOOD AND VALUABLE CONSIDERATION, Borrower hereby forever relieves,
releases, and discharges Collateral Agent and Lenders and their present or former employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities, demands, obligations, promises,
acts, agreements, costs and expenses, actions and causes of action, of every type, kind, nature, description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of or in any manner
whatsoever connected with or related to facts, circumstances, issues, controversies or claims existing or arising from the beginning of time through and including the date of execution of this Agreement (collectively “Released Claims”).
Without limiting the foregoing, the Released Claims shall include any and all liabilities or claims arising out of or in any manner whatsoever connected with or related to the Loan Documents, the Recitals hereto, any instruments, agreements or
documents executed in connection with any of the foregoing or the origination, negotiation, administration, servicing and/or enforcement of any of the foregoing. 

6.2       By entering into this release, Borrower recognizes that no facts or
representations are ever absolutely certain and it may hereafter discover facts in addition to or different from those which it presently knows or believes to be true, but that it is the intention of Borrower hereby to fully, finally and forever
settle and release all matters, disputes and differences, known or unknown, suspected or unsuspected; accordingly, if Borrower should subsequently discover that any fact that it relied upon in entering into this release was untrue, or that any
understanding of the facts was incorrect, Borrower shall not be entitled to set aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever. Borrower acknowledges that it is not
relying upon and has not relied upon any representation or statement made by Collateral Agent or any Lender with respect to the facts underlying this release or with regard to any of such party’s rights or asserted rights. 

6.3       This release may be pleaded as a full and complete defense and/or as a
cross-complaint or counterclaim against any action, suit, or other proceeding that may be instituted, prosecuted or attempted in breach of this release. Borrower acknowledges that the release contained herein constitutes a material inducement to
Collateral Agent and Lenders to enter into this Agreement, and that Collateral Agent and Lenders would not have done so but for Collateral Agent and Lenders’ expectation that such release is valid and enforceable in all events. 

6.4     Borrower hereby represents and warrants to Collateral Agent and Lenders, and Collateral
Agent and Lenders are relying thereon, as follows: 
 (a)       Except as expressly stated in
this Agreement, neither Collateral Agent, Lenders nor any agent, employee or representative of Collateral Agent or any Lender has made any statement or representation to Borrower regarding any fact relied upon by Borrower in entering into this
Agreement. 
 (b)       Borrower has made such investigation of the facts pertaining to this
Agreement and all of the matters appertaining thereto, as it deems necessary. 
 (c)      
The terms of this Agreement are contractual and not a mere recital. 
 (d)       This
Agreement has been carefully read by Borrower, the contents hereof are known and understood by Borrower, and this Agreement is signed freely, and without duress, by Borrower. 

(e)       Borrower represents and warrants that it is the sole and lawful owner of all right,
title and interest in and to every claim and every other matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to assign or transfer, to any person, firm or entity any claims or other matters herein
released. Borrower shall indemnify Collateral Agent and Lenders, defend and hold them harmless from and against all claims based upon or arising in connection with prior assignments or purported assignments or transfers of any claims or matters
released herein. 

  
 4 

 7.         Counterparts. This
Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

8.          Effectiveness. This Amendment shall be deemed effective upon
the due execution and delivery to Collateral Agent and Lenders of (i) this Amendment by each party hereto, (ii) a fully executed copy of the APA, (iii) a Corporate Borrowing Certificate from Borrower, and (iv) Borrower’s
payment of all Lenders’ Expenses incurred through the date of this Amendment. 
 [Balance of Page
Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above. 
 BORROWER: 

ZOGENIX, INC. 
  

			
	By		/s/ Ann Rhoads

			
	Name:		Ann Rhoads

			
	Title:		Chief Financial Officer

			
	
	COLLATERAL AGENT AND LENDER:
	
	OXFORD FINANCE LLC

			
		
	By		/s/ Hans S. Houser

			
	Name:		Hans S. Houser

			
	Title:		Chief Credit Officer & Senior Vice President

			
	
	LENDER:
	
	SILICON VALLEY BANK

			
		
	By		/s/ Andrew Skalitzky

			
	Name:		Andrew Skalitzky

			
	Title:		Vice President

 [Signature Page to First Amendment to Loan and Security
Agreement]CIR_Q1_04.05.2015_EX 10.1

Exhibit 10.1 

PERFORMANCE-BASED RESTRICTED STOCK UNIT AGREEMENT
FOR EMPLOYEES AND DIRECTORS UNDER THE
CIRCOR INTERNATIONAL, INC.
AMENDED AND RESTATED 1999 STOCK OPTION AND INCENTIVE PLAN

Name of Awardee: Scott A. Buckhout
Awardee Solium Number:  TBD
Target Number of Performance Based Restricted Stock Units:   10,689 (the “Target Performance Based Award”)
Award Date: April 9, 2013

Pursuant to the CIRCOR International, Inc. Amended and Restated 1999 Stock Option and Incentive Plan (the “Plan”), CIRCOR International, Inc. (the “Company”) hereby grants to the Awardee named above, who is an officer, director or employee of the Company or any of its Subsidiaries, an award (the “Award”) of Performance Based Restricted Stock Units (“RSUs”) subject to the terms and conditions set forth herein and in the Plan. 

1.    Earned RSUs.

(a)    The actual number of RSUs earned shall be determined by the level of achievement of the Company’s goal for Adjusted Return on Invested Capital (“ROIC”) and Adjusted Operating Margin (“AOM”) for the 2015 Fiscal Year the (“Performance Period”). Fifty percent of the Target Performance Based Award will be based on the Performance Period ending ROIC (“ROIC Portion”) and fifty percent will be based on the Performance Period ending AOM (“AOM Portion”) and determined as follows:

(b)  ROIC Portion

ROIC Earned RSUs = ROIC Payout Percentage x Target Performance Based Award x 50%

The ROIC Portion “Payout Percentage” shall be determined based on the table below:

	
					
	Performance Level
	FY 2015 Ending ROIC
	ROIC Payout Percentage

	Threshold
	11.2
	%
	0.1
	%

	Target
	12.0
	%
	100
	%

	Maximum
	12.9
	%
	200
	%

No payout will be made if the Performance Period ending ROIC is below 11.2%.  No payout will be made in excess of 200% under any circumstances.  The Payout Percentage at performance levels between threshold and target and between target and maximum will be interpolated on a straight-line basis.

(c)  AOM Portion

AOM Earned RSUs = AOM Payout Percentage x Target Performance Based Award x 50%

The AOM Portion “Payout Percentage” shall be determined based on the table below:

CICC:2008    Page 1 of 1

	
					
	Performance Level
	FY 2015 Ending AOM
	AOM Payout Percentage

	Threshold
	7.7
	%
	0.1
	%

	Target
	8.7
	%
	100
	%

	Maximum
	9.7
	%
	200
	%

No payout will be made if the Performance Period ending AOM is below 7.7%.  No payout will be made in excess of 200% under any circumstances.  The Payout Percentage at performance levels between threshold and target and between target and maximum will be interpolated on a straight-line basis.

(d) FY 2015 ending ROIC and AOM are subject to the discretion of Compensation Committee review for one-time adjustments for certain extraordinary items, such as impact of material acquisitions (i.e. greater than 10% of CIRCOR assets) or divestitures, impairment of goodwill, non-recurring special items and impact of restructuring charges. 

2.    Vesting Schedule.  Unless otherwise set forth in the Plan, no portion of this Award shall vest or be received until the later of three (3) years from the date of award or five business days after the Compensation Committee of the Company’s Board of Directors has approved the payout calculations on account of the Performance Period. Compensation Committee approval is targeted for Q1 2016.             
 
In the event of a Covered Transaction as defined in Section 3(c) of the Plan prior to the completion of the Performance Period, there shall be immediate vesting of that number of RSUs equaling the greater of (i) the Target Performance Based Award and (ii) that amount that is determined by applying Section 1 above except that the Performance Period shall be deemed to consist of that fiscal year that has been completed most recently prior to the Covered Transaction.  If the Covered Transaction occurs following the completion of the performance period, there shall be immediate vesting of that number of RSUs determined in accordance with Section 1 above.

3.    Deferral of Award.

(a)    Each vested RSU entitles Awardee to receive one share of the Company’s Common Stock (the “Stock”) on the later of (i) the vesting date for such RSU or (ii) the end of the deferral period specified by Awardee.  Any deferral period must be expressed as a number of whole years, not less than four (4), beginning on the Award Date.  Such deferral election shall be made within 30 days of the Award Date.  This deferral period will apply only to deferral elections made on the specific Deferral Election Form.  In addition, any such deferral must apply to receipt of all shares of Stock underlying the entire vested Award; for example, a deferral period of seven (7) years would result in Awardee receiving shares of Stock underlying the entire vested Award seven (7) years from the Award Date regardless of the fact that the Earned RSUs may have vested at differing times.  (If no deferral period is specified on the Deferral Election Form, Stock will be issued as soon as practicable upon vesting of the RSUs).

(b)    Shares of Stock underlying the RSUs shall be issued and delivered to Awardee in accordance with paragraph (a) and upon compliance to the satisfaction of the Committee with all requirements under applicable laws or regulations in connection with such issuance and with the requirements hereof and of the Plan.  The determination of the Committee as to such compliance shall be final and binding on Awardee.

(c)    Until such time as shares of Stock have been issued to Awardee pursuant to paragraph (b) above, and except as set forth in paragraph (d) below regarding dividends and dividend equivalents, Awardee shall not have any rights as a holder of the shares of Stock underlying this Award including but not limited to voting rights.

CICC:2008    Page 2 of 2

(d)    Until such time as RSUs have vested pursuant to the terms hereof, dividend equivalents shall be accrued with respect to each share of Stock underlying the RSUs such that, upon vesting of such RSUs, all dividend equivalents so accrued (without interest) shall be paid in cash to Awardee.  In addition, with respect to RSUs which have vested but have not been converted into shares of Stock pursuant to a valid deferral election by Awardee, dividends on the shares of Stock underlying such RSUs shall be paid in cash to Awardee upon declaration of such dividends as if Awardee were the owner of the underlying shares of Stock. Notwithstanding the foregoing, no dividends or dividend equivalents shall be accrued or paid for RSUs which are not earned under paragraph 1 above.

4.    Termination of Employment or Other Business Relationship.  If the Awardee's employment or other business relationship with the Company or a Subsidiary (as defined in the Plan) is terminated for any reason except as otherwise set forth in this Section 4, Awardee’s right in any RSUs that are not vested shall automatically terminate upon the effective date of such termination of employment or other business relationship with the Company and its Subsidiaries and such RSUs shall be cancelled as provided within the terms of the Plan and shall be of no further force and effect. 

a)Termination Due to Death. If the Awardee’s employment terminates by reason of the Awardee’s death, (excluding death by suicide),  the outstanding Target Number of Performance-based RSUs shall become vested as of the date of death and the Company,  within 90 days following the effective date of such termination shall issue all outstanding shares of Stock to Awardee (or Awardee’s designated beneficiary or estate executor).   In the event, however, that within such 90 day period, the Performance Period has been completed, then the number of Performance-based RSUs to be distributed shall be based on the actual results for the Performance Period as calculated in accordance with Section 1 and such distribution shall be made at such time as distribution is made to all other participants.

b)Termination Due to Disability. If the Awardee’s employment terminates by reason of the Awardee’s qualified disability, (an individual shall be considered disabled if such individual qualifies for receipt of long-term disability benefits under the long-term disability plan then in effect for the Company’s employees), the outstanding Target Number of Performance-based RSUs shall become vested as of the date of disability and the Company, within 90 days following the effective date of such termination, shall issue all outstanding shares of Stock to Awardee.  In the event, however, that within such 90 day period, the Performance Period has been completed, then the number of Performance-based RSUs to be distributed shall be based on the actual results for the Performance Period as calculated in accordance with Section 1 and such distribution shall be made at such time as distribution is made to all other participants.

c)Termination Due to Retirement. If the Awardee’s employment is terminated by reason of the Awardee’s early or normal retirement, (as defined in the Company’s Defined Benefit Pension Plan), Awardee will be entitled to that number of earned RSUs Awardee would have achieved under Section 1 but for such retirement, multiplied by a fraction that is equal to the number of completed fiscal months that the Awardee was employed by the Company after the Award date divided by thirty six.  The shares underlying such RSUs will be distributed as comtemplated under Section 2 above.   Stock shall not be issued with respect to any vested RSUs for which valid deferral elections have been made until the deferral dates set forth in such deferral elections.

d)Termination for Cause. If the Awardee’s employment terminates for Cause (as defined below), all unvested RSUs shall terminate immediately and be of no further force and effect.  For purposes hereof, unless otherwise provided in an employment agreement between the Company and the Awardee, a termination of employment for “Cause” shall mean, the occurrence of one or more of the following: (i) the Awardee is convicted of, pleads guilty to, or confesses to any felony or any act of fraud, misappropriation or embezzlement which has an immediate and materially adverse effect on the Company or any Subsidiary, as determined by the Administrator (as defined by the Plan) in good faith in its sole discretion; (ii) the Awardee engages 

CICC:2008    Page 3 of 3

in a fraudulent act to the material damage or prejudice of the Company or any Subsidiary or in conduct or activities materially damaging to the property, business or reputation of the Company or any Subsidiary, all as determined by the Administrator in good faith in its sole discretion; (iii) any material act or omission by the Awardee involving malfeasance or negligence in the performance of the Awardee’ s duties to the Company or any Subsidiary to the material detriment of the Company or any Subsidiary, as determined by the Administrator in good faith in its sole discretion, which has not been corrected by the Awardee within thirty (30) days after written notice from the Company of any such act or omission; (iv) failure by the Awardee to comply in any material respect with any written policies or directives of the Company as determined by the Administrator in good faith in its sole discretion, which has not been corrected by the Awardee within ten (10) days after written notice from the Company of such failure; or (v) material breach by the Awardee of any non-competition, non-solicitation, confidentiality or similar agreements between the Awardee and the Company as determined by the Administrator in good faith in its sole discretion.

e)Termination without Cause. If the Awardee’s employment is terminated by the Company without Cause and unless otherwise determined by the Administrator, any portion of this Award that is not vested by time of such termination shall terminate immediately and be of no further force and effect. 

f) Termination of Employment by Awardee. If the Awardee terminates his or her employment, this Award shall terminate immediately upon notice by the Awardee of such termination and be of no further force and effect. 

g)Miscellaneous. The Administrator’s determination of the reason for termination of the Awardee’s employment shall be conclusive and binding on the Awardee and his or her representatives or legatees.
    
5. Clawback Provision.  Anything in this Agreement to the contrary notwithstanding, the Awardee hereby acknowledges and agrees that any compensation payable under this Agreement is subject to any clawback policy of the Company currently in effect or adopted in the future providing for the recovery of erroneously awarded incentive compensation in the event the Company is required to prepare an accounting restatement (“Restatement”) due to the material noncompliance of the Company with any financial reporting requirements under the securities laws, and the Awardee hereby agrees to repay the Company to the extent required by such clawback policy of the Company.  Unless otherwise determined by the Company, in the event that any such Restatement with respect to the Performance Period becomes necessary within three (3) years of the date on which the Company has filed its Annual Report on Form 10-K for the 2015 fiscal year, the amount of the Award shall be reduced to that number of RSUs to which Awardee would have been entitled based on what the Awardee’s actual achievement would have been after giving effect to such Restatement and the Awardee shall be obligated to return to the Company (at Awardee’s option) either (i) that number of shares of stock issued on account of such RSUs that would not have been earned after giving effect to such Restatement, or (ii) cash equaling the number of such shares times the closing price of the Company’s common stock on the date immediately preceding the date such shares vested.

6. Section 409A.  Anything in this Agreement to the contrary notwithstanding, if at the time of the Awardee’s “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the Company determines that the Awardee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Awardee becomes entitled to under this Agreement would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Awardee’s separation from service, or (B) the Awardee’s death.

CICC:2008    Page 4 of 4

7.    Incorporation of Plan.  Notwithstanding anything herein to the contrary, this Award shall be subject to and governed by all the terms and conditions of the Plan.  Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein.

8.    Transferability. This Agreement is personal to Awardee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution.  This Award is available, during Awardee's lifetime, only to Awardee, and thereafter, only to Awardee's designated beneficiary.

9.    Tax Withholding.  For Circor employees, the Company is authorized to satisfy the minimum tax withholding obligation by withholding from shares of Stock to be issued a number of shares of Stock with an aggregate Fair Market Value that would satisfy the minimum required tax withholding amount due.  For Circor directors, the gross number of shares will be distributed and the director will be required to make necessary tax payments.

10.    Non-Compete/Non-Solicitation Agreement.  Awardee is receiving the Award provided for herein in part because the Company has determined that Awardee is a key contributor to the continued success of the Company.  As such, Awardee is privy to certain proprietary information which the Company considers to be competition sensitive.  The Company, therefore, would be materially harmed were Awardee to leave the Company and perform services on behalf of a competitor or if the Awardee were to solicit (i) customers to do business with a competitor of the Company or (ii) employees of the Company to leave the Company.  Accordingly, in consideration of Awardee’s receipt of the Award, Awardee covenants and agrees that, for a period of two (2) years following the termination of Awardee’s affiliation with the Company (whether as an employee or non-employee director), Awardee shall not, anywhere in the world, own, manage, operate, join, control, promote, invest or participate in or be connected with in any capacity (either as an employee, employer, trustee, consultant, agent, principal, partner, corporate officer, director, creditor, owner or shareholder or in any other individual or representative capacity) with any business individual, partnership, firm, corporation or other entity which is engaged wholly or partly in the design, manufacture, development, distribution, marketing or sales of any products which compete with the Company’s then current lines of business for which Awardee, during the two year period immediately preceding termination of affiliation with the Company, had managerial responsibility or otherwise provided regular services.  Awardee agrees that this provision is reasonable in view of the relevant market for the Company’s products and services and that any breach hereof would result in continuing and irreparable harm to the Company.  The foregoing, however, shall not prevent Awardee from making passive investments in a competitive enterprise whose shares are publicly traded if such investment constitutes less than five percent (5%) of such enterprise’s outstanding capital stock. In addition, Awardee, for a period of two years following the termination of Awardee’s affiliation with the Company shall not directly or indirectly (1) induce, solicit, request or advise any Customers (as defined below) to patronize any business which competes with any business of the Company for which Awardee either (a) has had any management responsibility, (b) has otherwise provided regular services during his affiliation with Company, or (c) has had access to confidential or proprietary information; or (2) entice, solicit, request or advise any employee of the Company to leave the Company’s employment or to otherwise accept employment (or other affiliation) with any person, firm or business with which Awardee has an employment or consulting relationship.  As used above, “Customers” mean all customers of any such business of the Company.  Notwithstanding the provisions of this paragraph 10, if Awardee is an employee or resident of a state in which non-compete provisions of the type set forth in this paragraph 10 are not enforceable, then the non-compete provisions of this paragraph 10 shall not apply; the non-solicitation provisions of this paragraph 10, however, shall continue to apply.  In addition, in the event that a court of competent jurisdiction determines that any of the restrictions set forth in this paragraph 10 are impermissible in scope and/or duration, Awardee and the Company intend that such court shall revise such scope and/or duration as the court deems reasonable rather than invalidating any such restrictions.
 
11.    Effect of Other Agreements.  If Awardee is a party to any other agreement with the Company and any provisions set forth in such employment agreement conflict with the provisions set forth in this Performance-Based Restricted Stock Unit Award Agreement, the provisions set forth in such employment agreement shall override such conflicting provisions set forth herein.

CICC:2008    Page 5 of 5

12.    Miscellaneous.

(a)    Notice hereunder shall be given to the Company at its principal place of business, and shall be given to Awardee at the address set forth below, or in either case at such other address as one party may subsequently furnish to the other party in writing. 

(b)    This Award does not confer upon Awardee any rights with respect to continuance of employment by the Company or any Subsidiary.

(c)    Pursuant to Section 14 of the Plan, the Committee may at any time amend or cancel any outstanding portion of this Award, but no such action may be taken which adversely affects Awardee's rights under this Agreement without Awardee's consent.
\

CIRCOR INTERNATIONAL, INC.
                                

By:    /s/ Wayne Robbins

                                                                  Wayne Robbins
Title:       Acting President and CEO    

The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.
Date:        April 9, 2013                      /s/   Scott A. Buckhout

Name:    Scott A. Buckhout

CICC:2008    Page 6 of 6

RESTRICTED STOCK UNIT AWARD AGREEMENT
DEFERRAL ELECTION FORM

This Restricted Stock Unit (“RSU”) Award Agreement Deferral Election Form (“Deferral Election Form”) is entered into by and between CIRCOR International, Inc. (the “Company”) and Awardee, who is an eligible employee of the Company or any of its subsidiaries in the CIRCOR International, Inc. Amended and Restated 1999 Stock Option and Incentive Plan (the “Plan”).  The Plan provisions are incorporated herein by reference in their entirety and supersede any conflicting provisions contained in this Deferral Election Form.  Neither this Deferral Election Form nor the Plan shall be construed as giving Awardee any right to continue to be employed by or perform services for the Company or any subsidiary or affiliate thereof. This deferral election is effective for this award only.

		
	1.
	Deferral of Performance-Based Restricted Stock Units

Awardee will be fully vested in each RSU as defined by the vesting schedule in Section 2 of the Performance-Based Restricted Stock Unit Agreement.  Each vested RSU entitles Awardee to receive one share of the Company’s Common Stock (the “Stock”) on the later of (i) the vesting date for such RSU or (ii) the end of the deferral period specified by Awardee.  Any deferral period must be expressed as a number of whole years, not less than Four (4), beginning on the Award Date.  Such deferral election shall be made within 30 days of the Award Date.  This deferral period will apply only to deferral elections made on the specific Deferral Election Form.  In addition, any such deferral must apply to receipt of all shares of Stock underlying the entire Award; for example, a deferral period of seven (7) years would result in Awardee receiving shares of Stock underlying the entire Award seven (7) years from the Award Date regardless of the fact that the RSUs may have vested at differing times.  (If no deferral period is specified on the Deferral Election Form, Stock will be issued as soon as practicable upon vesting of the RSUs).

I wish to defer receipt of all shares until ______ years (minimum of 4) after the Award Date.            

		
	2.
	Designation of Beneficiary (Optional)

Awardee may designate a beneficiary to receive payments or shares of Stock in the event of Awardee’s death.  Awardee may designate his or her beneficiaries on line within their Solium account under the “Personal Profiles and Passwords” tab. 

NOTE:  This beneficiary designation will apply to Awardee’s entire interest in the Plan, revoking any prior beneficiary designation.  However, if Awardee does not designate a beneficiary, Awardee’s prior beneficiary designation (if any) will remain in effect.  An Awardee may change or revoke his or her beneficiary designation at any time within their Solium account as noted above.
		
	3.
	Effective Date of Election

This Deferral Election Form must be received by the Company no later than May 9, 2013 and will become irrevocable on such date.  Awardee may revise this Restricted Stock Unit Award Agreement with respect to the deferral period no later than such due date, by contacting the Vice President, Corporate Controller of the Company.  

CIRCOR INTERNATIONAL, INC.                AWARDEE

By:    /s/ Wayne Robbins            By: /s/ Scott A. Buckhout

Name:    Wayne Robbins    Date:            Name:     Scott A. Buckhout                Date:         
Acting President and CEO    
 

CICC:2008    Page 7 of 7

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