Document:

Exhibit 10.11

 

ELECTROMED,
INC.

 

Restricted
Stock Award Agreement

Under
the 2017 Omnibus Incentive Plan

 

Electromed, Inc., a Minnesota corporation
(the “Company”), pursuant to its 2017 Omnibus Incentive Plan (the “Plan”), hereby grants an award of Restricted
Stock to you, the Participant named below. The terms and conditions of this Restricted Stock Award are set forth in this Restricted
Stock Award Agreement (the “Agreement”), consisting of this cover page and the Terms and Conditions on the following
pages, and in the Plan document, a copy of which has been provided to you. To the extent any capitalized term used in this Agreement
is not defined, it shall have the meaning assigned to it in the Plan as it currently exists or as it is amended in the future.

 

	 	 
	Name of Participant: **[_______________________]	 
	 	 
	 	 
	Number of Shares of Restricted Stock:  **[_______]	Grant Date: __________, 20__
	 	 
	 	 
	Vesting Schedule:	 
	 	
	Vesting Dates	Number of Restricted Shares that Vest
	 	 
	 	 
	 	 
	 	 
	 	 

  

By signing below or otherwise evidencing your acceptance of
this Agreement in a manner approved by the Company, you agree to all of the terms and conditions contained in this Agreement and
in the Plan document. You acknowledge that you have received and reviewed these documents and that they set forth the entire agreement
between you and the Company regarding your rights and obligations in connection with this Restricted Stock Award.

 

	PARTICIPANT: 	 	ELECTROMED, INC.
	 	 	 	 	 	 	 	 
	By:	 	 	 	By:	 	 	 
	Name:	 	 	Name:	 	 
	 	 	 	 	 	Title:	 	 	 

 

    

     

    

 

Electromed, Inc. 

2017 Omnibus Incentive Plan 

Restricted Stock Award Agreement

 

Terms and Conditions

 

		1.	Grant of Restricted Stock. The
                                         Company hereby grants to you, as of the Grant Date specified on the cover page of this
                                         Agreement and subject to the terms and conditions in this Agreement and the Plan, an
                                         Award of the number of Shares of Restricted Stock specified on the cover page of this
                                         Agreement. Unless and until these Shares vest as provided in Section 4 below, they are
                                         subject to the restrictions specified in Section 3 of this Agreement and are referred
                                         to as “Restricted Shares.”

 

		2.	Delivery of Restricted Shares.
                                         As soon as practicable after the Grant Date, the Company will issue one or more certificates
                                         for, or cause its transfer agent to maintain a book entry account reflecting the issuance
                                         of, the Restricted Shares in your name. The Secretary of the Company, or the Company’s
                                         transfer agent, will hold the certificate(s) for the Restricted Shares, or cause such
                                         Restricted Shares to be maintained as restricted shares in a book entry account, until
                                         the Restricted Shares either vest as provided in Section 4 or are forfeited as provided
                                         in Section 6. Any certificate(s) issued for Restricted Shares will bear the legend specified
                                         in Section 9, and any book entry accounts that reflect the issuance of such Restricted
                                         Shares will be accompanied by comparable stop transfer instructions. Your right to receive
                                         this Restricted Stock Award is conditioned upon your execution and delivery to the Company
                                         of all stock powers or other instruments of assignment that may be necessary to permit
                                         transfer to the Company of all or a portion of the Restricted Shares if such Restricted
                                         Shares are forfeited in whole or in part.

 

		3.	Applicable Restrictions.

 

(a)          Beginning on the
Grant Date, you shall have all rights and privileges of a shareholder of the Company with respect to the Restricted Shares except
as follows (the “Restrictions”):

 

		(i)	dividends and other distributions declared and paid
with respect to the Restricted Shares before they vest shall be subject to Section 3(c);

 

		(ii)	none of the Restricted Shares may be sold, transferred,
assigned, pledged or otherwise encumbered, subjected to a levy or attachment or disposed of before they vest other than a transfer
upon your death in accordance with your will, by the laws of descent and distribution or, if and to the extent permitted under
the Plan, pursuant to a beneficiary designation submitted to the Company; and

 

		(iii)	all or a portion of the Restricted Shares may be forfeited
in accordance with Section 6.

 

(b)          Any attempt to
transfer or dispose of any Restricted Shares in a manner contrary to the Restrictions shall be void and of no effect.

 

    
	ELMD: Restricted Stock Award Agreement (2017 Omnibus Incentive Plan)	 Page 2

 

     

    

 

(c)           You will be entitled
to receive regular cash dividends with respect to outstanding but unvested Restricted Shares, but any other dividends or distributions
payable or distributable with respect to outstanding but unvested Restricted Shares, including any Shares or other property or
securities distributable as the result of any equity restructuring or other change in corporate capitalization described in Section
12(a) of the Plan, shall be retained and held by the Company subject to the same Restrictions, vesting conditions and other terms
of this Agreement to which the underlying unvested Restricted Shares are subject. At the time the underlying Restricted Shares
vest, the Company shall deliver to you (without interest) the portion of such retained dividends and distributions that relate
to the Restricted Shares that have vested.

 

		4.	Vesting of Restricted Shares.

 

(a)            Scheduled
Vesting. If you remain a Service Provider to the Company continuously from the Grant Date specified on the cover page of this
Agreement, then the Restricted Shares will vest in the number(s) and on the date(s) specified in the Vesting Schedule on the cover
page of this Agreement.

 

(b)           Accelerated
Vesting. Notwithstanding Section 4(a), the vesting of the Restricted Shares may be accelerated under the circumstances described
in Sections 12(b) and 12(c) of the Plan, and at the discretion of the Committee in accordance with Section 3(b)(2) of the Plan.

 

		5.	Release of Unrestricted Shares.
                                         Upon the vesting of Restricted Shares and the corresponding lapse of the Restrictions,
                                         and after the Company has determined that all conditions to the release of unrestricted
                                         Shares, including Section 8 of this Agreement, have been satisfied, it shall release
                                         to you the unrestricted Shares, as evidenced by issuance of a stock certificate without
                                         restrictive legend, by electronic delivery of such Shares to a brokerage account designated
                                         by you, or by an unrestricted book-entry registration of such Shares with the Company’s
                                         transfer agent.

 

		6.	Forfeiture of Restricted Shares.
                                         Subject to Section 4(b), if your Service to the Company and its Affiliates terminates
                                         before all of the Restricted Shares have vested, or if you attempt to transfer Restricted
                                         Shares in a manner contrary to the Restrictions, you will immediately forfeit all unvested
                                         Restricted Shares, which shall be returned to the Company for cancellation.

 

		7.	83(b) Election. You may make and
                                         file with the Internal Revenue Service an election under Section 83(b) of the Code with
                                         respect to the grant of the Restricted Shares hereunder, electing to include in your
                                         gross income as of the Grant Date the Fair Market Value of the Restricted Shares as of
                                         the Grant Date. You shall promptly provide a copy of such election to the Company. If
                                         you make and file such an election, you shall make such arrangements in accordance with
                                         Section 8 as are satisfactory to the Committee to provide for the timely payment of all
                                         applicable withholding taxes.

 

		8.	Withholding Taxes. You hereby
                                         authorize the Company (or any Affiliate) to withhold from payroll or other amounts payable
                                         to you any sums required to satisfy any federal, state, local or foreign withholding
                                         taxes that may be due as a result of the receipt or vesting of Restricted Shares, and
                                         the Company may defer the release to you of any and all unrestricted Shares until you
                                         have made arrangements acceptable to the Company for payment of all such withholding
                                         taxes in accordance with the provisions of Section 14 of the Plan. If you wish to satisfy
                                         some or all of such withholding tax obligations by delivering Shares you already own
                                         or by having the Company retain a portion of the unrestricted Shares that would otherwise
                                         be released to you, you must make such a request which shall be subject to approval by
                                         the Company.

 

    
	ELMD: Restricted Stock Award Agreement (2017 Omnibus Incentive Plan)	 Page 3

 

     

    

 

		9.	Restrictive Legend. Any certificate
                                         representing Restricted Shares shall bear the following legend:

 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO SUBSTANTIAL
RESTRICTIONS ON TRANSFER, AND THE POSSIBLE FORFEITURE OF SUCH SHARES TO ELECTROMED, INC. WITHOUT CONSIDERATION, AS SET FORTH IN
A RESTRICTED STOCK AWARD AGREEMENT BETWEEN ELECTROMED, INC. AND THE REGISTERED OWNER OF THE SHARES REPRESENTED BY THIS CERTIFICATE.
A COPY OF SUCH AGREEMENT IS ON FILE WITH THE SECRETARY OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY
OF THE COMPANY BY THE REGISTERED OWNER.

 

You agree that in order to ensure compliance with the restrictions
referred to in this Agreement, the Company may issue appropriate “stop transfer” instructions to its transfer agent.
The Company shall not be required (i) to transfer on its books any Shares that have purportedly been sold or otherwise transferred
in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to
vote or pay dividends to any transferee to whom such Shares shall have been purportedly sold or transferred in violation of any
of the provisions of this Agreement.

 

		10.	Governing Plan Document. This
                                         Agreement and the Restricted Stock Award are subject to all the provisions of the Plan,
                                         and to all interpretations, rules and regulations which may, from time to time, be adopted
                                         and promulgated by the Committee pursuant to the Plan. If there is any conflict between
                                         the provisions of this Agreement and the Plan, the provisions of the Plan will govern.

 

		11.	Choice of Law. This Agreement
                                         will be interpreted and enforced under the laws of the state of Minnesota (without regard
                                         to its conflicts or choice of law principles).

 

		12.	Binding Effect. This Agreement
                                         will be binding in all respects on your heirs, representatives, successors and assigns,
                                         and on the successors and assigns of the Company.

 

		13.	Continued Service. This Agreement
                                         does not give you a right to continued Service with the Company or any Affiliate, and
                                         the Company or any such Affiliate may terminate your Service at any time and otherwise
                                         deal with you without regard to the effect it may have upon you under this Agreement.

 

		14.	Notices. Every notice or other
                                         communication relating to this Agreement shall be in writing and shall be mailed to or
                                         delivered to the party for whom it is intended at such address as may from time to time
                                         be designated by it in a notice mailed or delivered to the other party as herein provided.
                                         Unless and until some other address is so designated, all notices or communications by
                                         you to the Company shall be mailed or delivered to the Company at its office at 500 Sixth
                                         Avenue Northwest, New Prague, Minnesota 56071, and all notices or communications by the
                                         Company to you may be given to you personally or may be mailed or emailed to you at the
                                         applicable address indicated in the Company’s records as your most recent mailing
                                         or email address.

 

    
	ELMD: Restricted Stock Award Agreement (2017 Omnibus Incentive Plan)	 Page 4

 

     

    

 

		15.	No Waiver. The failure of either
                                         party hereto to enforce at any time any provision of this Agreement shall in no way be
                                         construed as a waiver of such provision or of any other provision of this Agreement.

 

By signing the cover page of this Agreement or otherwise
accepting this Award in a manner approved by the Company, you agree to all the terms and conditions contained in this Agreement
and in the Plan document.

 

    
	ELMD: Restricted Stock Award Agreement (2017 Omnibus Incentive Plan)	 Page 5Exhibit 10.12

 

ELECTROMED,
INC.

 

Restricted
Stock Award Agreement 

Under the
2017 Omnibus Incentive Plan

 

Electromed, Inc., a Minnesota
corporation (the “Company”), pursuant to its 2017 Omnibus Incentive Plan (the “Plan”), hereby grants an
award of Restricted Stock to you, the Participant named below. The terms and conditions of this Restricted Stock Award are set
forth in this Restricted Stock Award Agreement (the “Agreement”), consisting of this cover page and the Terms and Conditions
on the following pages, and in the Plan document, a copy of which has been provided to you. To the extent any capitalized term
used in this Agreement is not defined, it shall have the meaning assigned to it in the Plan as it currently exists or as it is
amended in the future.

 

	 	 
	Name of Participant: **[_______________________]	 
	 	 
	 	 
	Number of Shares of Restricted Stock:  **[_______]	Grant Date: __________, 20__
	 	 
	 	 
	Vesting Schedule:	 
	 	
	Vesting Dates	Number of Restricted Shares that Vest
	 	 
	 	 
	 	 
	 	 
	 	 

  

By signing below or otherwise
evidencing your acceptance of this Agreement in a manner approved by the Company, you agree to all of the terms and conditions
contained in this Agreement and in the Plan document. You acknowledge that you have received and reviewed these documents and that
they set forth the entire agreement between you and the Company regarding your rights and obligations in connection with this Restricted
Stock Award.

 

	PARTICIPANT: 	 	ELECTROMED, INC.
	 	 	 	 	 	 	 	 
	By:	 	 	 	By:	 	 	 
	Name:	 	 	Name:	 	 
	 	 	 	 	 	Title:	 	 	 

 

    

     

    

 

Electromed, Inc.

2017 Omnibus Incentive Plan

Restricted Stock Award Agreement

 

Terms and Conditions

 

		1.	Grant of Restricted Stock. The Company hereby grants to you, as of the Grant Date
specified on the cover page of this Agreement and subject to the terms and conditions in this Agreement and the Plan, an Award
of the number of Shares of Restricted Stock specified on the cover page of this Agreement. Unless and until these Shares vest as
provided in Section 4 below, they are subject to the restrictions specified in Section 3 of this Agreement and are referred to
as “Restricted Shares.”

 

		2.	Delivery of Restricted Shares. As soon as practicable after the Grant Date, the Company
will issue one or more certificates for, or cause its transfer agent to maintain a book entry account reflecting the issuance of,
the Restricted Shares in your name. The Secretary of the Company, or the Company’s transfer agent, will hold the certificate(s)
for the Restricted Shares, or cause such Restricted Shares to be maintained as restricted shares in a book entry account, until
the Restricted Shares either vest as provided in Section 4 or are forfeited as provided in Section 6. Any certificate(s) issued
for Restricted Shares will bear the legend specified in Section 9, and any book entry accounts that reflect the issuance of such
Restricted Shares will be accompanied by comparable stop transfer instructions. Your right to receive this Restricted Stock Award
is conditioned upon your execution and delivery to the Company of all stock powers or other instruments of assignment that may
be necessary to permit transfer to the Company of all or a portion of the Restricted Shares if such Restricted Shares are forfeited
in whole or in part.

 

		3.	Applicable Restrictions.

 

(a)          Beginning
on the Grant Date, you shall have all rights and privileges of a shareholder of the Company with respect to the Restricted Shares
except as follows (the “Restrictions”):

 

		(i)	dividends and other distributions declared and paid with respect to the Restricted
Shares before they vest shall be subject to Section 3(c);

 

		(ii)	none of the Restricted Shares may be sold, transferred, assigned, pledged
or otherwise encumbered, subjected to a levy or attachment or disposed of before they vest other than a transfer upon your death
in accordance with your will, by the laws of descent and distribution or, if and to the extent permitted under the Plan, pursuant
to a beneficiary designation submitted to the Company; and

 

		(iii)	all or a portion of the Restricted Shares may be forfeited in accordance
with Section 6.

 

(b)          Any
attempt to transfer or dispose of any Restricted Shares in a manner contrary to the Restrictions shall be void and of no effect.

 

    
	ELMD: Restricted Stock Award Agreement (2017 Omnibus Incentive Plan)	 Page 2

 

     

    

 

(c)          You
will be entitled to receive regular cash dividends with respect to outstanding but unvested Restricted Shares, but any other dividends
or distributions payable or distributable with respect to outstanding but unvested Restricted Shares, including any Shares or other
property or securities distributable as the result of any equity restructuring or other change in corporate capitalization described
in Section 12(a) of the Plan, shall be retained and held by the Company subject to the same Restrictions, vesting conditions and
other terms of this Agreement to which the underlying unvested Restricted Shares are subject. At the time the underlying Restricted
Shares vest, the Company shall deliver to you (without interest) the portion of such retained dividends and distributions that
relate to the Restricted Shares that have vested.

 

		4.	Vesting of Restricted Shares.

 

(a)           Scheduled Vesting. If you remain a Service Provider to the Company continuously from the Grant Date specified on the cover
page of this Agreement, then the Restricted Shares will vest in the number(s) and on the date(s) specified in the Vesting Schedule
on the cover page of this Agreement.

 

(b)           Accelerated Vesting. Notwithstanding Section 4(a), the vesting of the Restricted Shares may be accelerated under the circumstances
described in Sections 12(b) and 12(c) of the Plan, and at the discretion of the Committee in accordance with Section 3(b)(2) of
the Plan.

 

		5.	Release of Unrestricted Shares. Upon the vesting of Restricted Shares and the corresponding
lapse of the Restrictions, and after the Company has determined that all conditions to the release of unrestricted Shares, including
Section 8 of this Agreement, have been satisfied, it shall release to you the unrestricted Shares, as evidenced by issuance of
a stock certificate without restrictive legend, by electronic delivery of such Shares to a brokerage account designated by you,
or by an unrestricted book-entry registration of such Shares with the Company’s transfer agent.

 

		6.	Forfeiture of Restricted Shares. Subject to Section 4(b), if your Service to the
Company and its Affiliates terminates before all of the Restricted Shares have vested, or if you attempt to transfer Restricted
Shares in a manner contrary to the Restrictions, you will immediately forfeit all unvested Restricted Shares, which shall be returned
to the Company for cancellation.

 

		7.	83(b) Election. You may make and file with the Internal Revenue Service an election
under Section 83(b) of the Code with respect to the grant of the Restricted Shares hereunder, electing to include in your gross
income as of the Grant Date the Fair Market Value of the Restricted Shares as of the Grant Date. You shall promptly provide a copy
of such election to the Company. If you make and file such an election, you shall make such arrangements in accordance with Section
8 as are satisfactory to the Committee to provide for the timely payment of all applicable withholding taxes.

 

		8.	Withholding Taxes. You hereby authorize the Company (or any Affiliate) to withhold
from payroll or other amounts payable to you any sums required to satisfy any federal, state, local or foreign withholding taxes
that may be due as a result of the receipt or vesting of Restricted Shares, and the Company may defer the release to you of any
and all unrestricted Shares until you have made arrangements acceptable to the Company for payment of all such withholding taxes
in accordance with the provisions of Section 14 of the Plan. If you wish to satisfy some or all of such withholding tax obligations
by delivering Shares you already own or by having the Company retain a portion of the unrestricted Shares that would otherwise
be released to you, you must make such a request which shall be subject to approval by the Company.

 

    
	ELMD: Restricted Stock Award Agreement (2017 Omnibus Incentive Plan)	 Page 3

 

     

    

 

		9.	Restrictive Legend. Any certificate representing Restricted Shares shall bear the
following legend:

 

THE SHARES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO SUBSTANTIAL RESTRICTIONS ON TRANSFER, AND THE POSSIBLE FORFEITURE OF SUCH SHARES TO ELECTROMED, INC. WITHOUT CONSIDERATION,
AS SET FORTH IN A RESTRICTED STOCK AWARD AGREEMENT BETWEEN ELECTROMED, INC. AND THE REGISTERED OWNER OF THE SHARES REPRESENTED
BY THIS CERTIFICATE. A COPY OF SUCH AGREEMENT IS ON FILE WITH THE SECRETARY OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST
TO THE SECRETARY OF THE COMPANY BY THE REGISTERED OWNER.

 

You
agree that in order to ensure compliance with the restrictions referred to in this Agreement, the Company may issue appropriate
“stop transfer” instructions to its transfer agent. The Company shall not be required (i) to transfer on its books
any Shares that have purportedly been sold or otherwise transferred in violation of any of the provisions of this Agreement or
(ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any transferee to whom such Shares
shall have been purportedly sold or transferred in violation of any of the provisions of this Agreement.

 

		10.	Governing Plan Document. This Agreement and the Restricted Stock Award are subject
to all the provisions of the Plan, and to all interpretations, rules and regulations which may, from time to time, be adopted and
promulgated by the Committee pursuant to the Plan. If there is any conflict between the provisions of this Agreement and the Plan,
the provisions of the Plan will govern.

 

		11.	Choice of Law. This Agreement will be interpreted and enforced under the laws of
the state of Minnesota (without regard to its conflicts or choice of law principles).

 

		12.	Binding Effect. This Agreement will be binding in all respects on your heirs, representatives,
successors and assigns, and on the successors and assigns of the Company.

 

		13.	Continued Service. This Agreement does not give you a right to continued Service
with the Company or any Affiliate, and the Company or any such Affiliate may terminate your Service at any time and otherwise deal
with you without regard to the effect it may have upon you under this Agreement.

 

		14.	Notices. Every notice or other communication relating to this Agreement shall be
in writing and shall be mailed to or delivered to the party for whom it is intended at such address as may from time to time be
designated by it in a notice mailed or delivered to the other party as herein provided. Unless and until some other address is
so designated, all notices or communications by you to the Company shall be mailed or delivered to the Company at its office at
500 Sixth Avenue Northwest, New Prague, Minnesota 56071, and all notices or communications by the Company to you may be given to
you personally or may be mailed or emailed to you at the applicable address indicated in the Company’s records as your most
recent mailing or email address.

 

    
	ELMD: Restricted Stock Award Agreement (2017 Omnibus Incentive Plan)	 Page 4

 

     

    

 

		15.	No Waiver. The failure of either party hereto to enforce at any time any provision
of this Agreement shall in no way be construed as a waiver of such provision or of any other provision of this Agreement.

 

By signing the cover page of this
Agreement or otherwise accepting this Award in a manner approved by the Company, you agree to all the terms and conditions contained
in this Agreement and in the Plan document.

 

    
	ELMD: Restricted Stock Award Agreement (2017 Omnibus Incentive Plan)	 Page 5

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