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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): July 26, 2023
XTANT
MEDICAL HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-34951 |
|
20-5313323 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
664
Cruiser Lane
Belgrade,
Montana |
|
59714 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(406)
388-0480
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
stock, par value $0.000001 per share |
|
XTNT |
|
NYSE
American LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
5.02 |
Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
|
Xtant
Medical Holdings, Inc. 2023 Equity Incentive Plan
On
July 26, 2023, the stockholders of Xtant Medical Holdings, Inc. (the “Company”), upon recommendation of the Board of Directors
of the Company (the “Board”), approved the Xtant Medical Holdings, Inc. 2023 Equity Incentive Plan (the “2023 Plan”)
at the 2023 annual meeting of stockholders, which 2023 Plan replaced the Xtant Medical Holdings, Inc. 2018 Equity Incentive Plan (as
amended and restated, the “2018 Plan”). The Board previously approved the 2023 Plan on April 26, 2023, subject to approval
by the Company’s stockholders.
The
2023 Plan became effective immediately upon approval by the Company’s stockholders and will expire on July 25, 2033, unless terminated
earlier by the Board. The 2023 Plan permits the Board, or a committee thereof, to grant to eligible employees, non-employee directors,
and consultants of the Company non-statutory and incentive stock options, stock appreciation rights, restricted stock awards, restricted
stock units, deferred stock units, performance awards, non-employee director awards, and other stock-based awards. The Board, or committee
thereof, may select 2023 Plan participants and determine the nature and amount of awards to be granted.
Subject
to adjustment as provided in the 2023 Plan, the maximum number of shares of Company common stock available for issuance under the 2023
Plan is (i) 5,500,000 shares of Company common stock; plus (ii) the number of shares of Company common stock remaining available for
issuance under the 2018 Plan but not subject to outstanding awards under the 2018 Plan as of July 26, 2023; plus (iii) the number of
additional shares of Company common stock subject to awards outstanding under the 2018 Plan as of July 26, 2023 but only to the extent
that such outstanding awards are forfeited, cancelled, expire, or otherwise terminate without the issuance of such shares of Company
common stock after July 26, 2023.
The
foregoing summary does not purport to be complete and is qualified in its entirety by reference to the text of the 2023 Plan, which is
filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. A more detailed summary of the 2023 Plan
can be found in “Proposal Seven—Approval of the Xtant Medical Holdings, Inc. 2023 Equity Incentive Plan” in the definitive
proxy statement for the Company’s 2023 annual meeting of stockholders filed with the Securities and Exchange Commission (the “SEC”)
on June 8, 2023 (the “2023 Proxy Statement”), which description is incorporated by reference herein.
Additionally,
the Board approved forms of award agreements for use in granting stock options, restricted stock units and deferred stock units under
the 2023 Plan. These forms are filed as Exhibits 10.2, 10.3, 10.4 and 10.5 to this Current
Report on Form 8-K and incorporated herein by reference.
Item
5.03. |
Amendment
to Articles of Incorporation or Bylaws; Change in Fiscal Year. |
At
the Company’s 2023 annual meeting of stockholders held on July 26, 2023, the Company’s stockholders approved the following
three amendments to the Company’s Amended and Restated Certificate of Incorporation, as amended (collectively, the “Charter
Amendments”):
|
● |
an
amendment requiring a supermajority director vote to fix the number of directors of the Company at more than seven; |
|
|
|
|
● |
an
amendment to eliminate or limit the personal liability of the Company’s officers to the extent permitted by recent amendments
to the Delaware General Corporation Law; and |
|
|
|
|
● |
an
amendment to amend the Company’s exclusive forum provision.
|
A
description of each of these Charter Amendments can be found in “Proposal Four—Approval of Amendment to Our Certificate of Incorporation to Require Supermajority Director Vote to Fix the Number of Directors at More than Seven,” “Proposal Five—Approval of Amendment to Our Certificate of Incorporation to Eliminate or Limit the Personal Liability of Officers” and “Proposal Six—Approval of Amendment to Our Certificate of Incorporation to Amend Exclusive Forum Provision” of the Company’s
2023 Proxy Statement. Each of these Charter Amendments became effective upon the filing of a Certificate of Amendment of the Amended
and Restated Certificate of Incorporation of Xtant Medical Holdings, Inc. (collectively, the “Certificates of Amendment”)
with the Secretary of State of the State of Delaware on July 26, 2023.
The
foregoing description of the Charter Amendments is not complete and is qualified in its entirety by reference to the full text of the
Certificates of Amendments, which are filed as Exhibits 3.1, 3.2 and 3.3 to this Current Report on Form 8-K and incorporated herein by
reference.
Item
5.07 |
Submission
of Matters to a Vote of Security Holders. |
The
Company held its 2023 annual meeting of stockholders (the “Annual Meeting”) on July 26, 2023. As of the close of business
on May 30, 2023, the record date for the Annual Meeting, there were 108,897,048 shares of Common Stock outstanding and entitled to vote
at the Annual Meeting. Each share of Common Stock was entitled to one vote. Stockholders holding an aggregate of 95,542,653 shares of
Common Stock entitled to vote at the Annual Meeting, representing 87.7% of the outstanding shares of Common Stock as of the record date,
and which constituted a quorum thereof, were present in person or represented by proxy at the Annual Meeting.
At
the Annual Meeting, the Company’s stockholders considered seven proposals, each of which is described in more detail in the Company’s
2023 Proxy Statement.
The
final results of such stockholder voting on each proposal brought before the Annual Meeting are set forth below:
Proposal
One - |
The
six director nominees proposed by the Board were elected to serve as members of the Board until the next annual meeting of stockholders
and until their respective successors have been duly elected and qualified by the following final voting results: |
| |
Votes For | |
Votes Withheld | |
Broker Non-Votes |
John Bakewell | |
86,937,647 | |
425,912 | |
8,179,094 |
Jonn Beeson | |
87,345,686 | |
17,873 | |
8,179,094 |
Sean E. Browne | |
87,290,919 | |
72,640 | |
8,179,094 |
Robert McNamara | |
87,073,202 | |
290,357 | |
8,179,094 |
Lori Mitchell-Keller | |
87,347,120 | |
16,439 | |
8,179,094 |
Stavros Vizirgianakis | |
87,312,024 | |
51,535 | |
8,179,094 |
Proposal
Two - |
The
Company’s stockholders ratified the appointment of Plante & Moran, PLLC as the Company’s independent registered public
accounting firm for the year ending December 31, 2023 by the following final voting results: |
Votes For | |
Votes Against | |
Votes Abstained | |
Broker Non-Votes |
95,528,137 | |
11,624 | |
2,892 | |
0 |
Proposal
Three - |
The
Company’s stockholders approved, on an advisory basis, the compensation of the Company’s executive officers named in
the 2023 Proxy Statement by the following final voting results: |
Votes For | |
Votes Against | |
Votes Abstained | |
Broker Non-Votes |
87,226,508 | |
127,672 | |
9,379 | |
8,179,094 |
Proposal
Four - |
The
Company’s stockholders approved the Charter Amendment eliminating or limiting the personal liability of the Company’s
officers to the extent permitted by recent amendments to the Delaware General Corporation Law by the following final voting results: |
Votes For | |
Votes Against | |
Votes Abstained | |
Broker Non-Votes |
86,936,521 | |
422,510 | |
4,528 | |
8,179,094 |
Proposal
Five - |
The
Company’s stockholders approved the Charter Amendment requiring a supermajority director vote to fix the number of directors
of the Company at more than seven by the following final voting results: |
Votes For | |
Votes Against | |
Votes Abstained | |
Broker Non-Votes |
86,715,607 | |
643,269 | |
4,683 | |
8,179,094 |
Proposal
Six - |
The
Company’s stockholders approved the Charter Amendment amending the Company’s exclusive forum provision by the following
final voting results: |
Votes For | |
Votes Against | |
Votes Abstained | |
Broker Non-Votes |
87,003,301 | |
351,698 | |
8,560 | |
8,179,094 |
Proposal
Seven - |
The
Company’s stockholders approved the Xtant Medical Holdings, Inc. 2023 Equity Incentive Plan by the following final voting results: |
Votes For | |
Votes Against | |
Votes Abstained | |
Broker Non-Votes |
87,213,652 | |
145,378 | |
4,529 | |
8,179,094 |
Item
9.01 |
Financial
Statements and Exhibits. |
(d)
Exhibits.
Exhibit
No. |
|
Description |
3.1 |
|
Certificate of Amendment of the Amended and Restated Certificate of Incorporation of Xtant Medical Holdings, Inc., as Amended, with respect to supermajority director vote to fix the number of directors at more than seven (filed herewith)
|
|
|
|
3.2 |
|
Certificate of Amendment of the Amended and Restated Certificate of Incorporation of Xtant Medical Holdings, Inc., as Amended, with respect to officer exculpation (filed herewith)
|
|
|
|
3.3 |
|
Certificate of Amendment of the Amended and Restated Certificate of Incorporation of Xtant Medical Holdings, Inc., as Amended, with respect to exclusive forum provision (filed herewith)
|
|
|
|
10.1 |
|
Xtant Medical Holdings, Inc. 2023 Equity Incentive Plan (filed herewith)
|
|
|
|
10.2 |
|
Form of Employee Stock Option Award Agreement for use with the Xtant Medical Holdings, Inc. 2023 Equity Incentive Plan (filed herewith)
|
|
|
|
10.3 |
|
Form of Employee Restricted Stock Unit Award Agreement for use with the Xtant Medical Holdings, Inc. 2023 Equity Incentive Plan (filed herewith)
|
|
|
|
10.4 |
|
Form of Non-Employee Director Restricted Stock Unit Award Agreement for use with the Xtant Medical Holdings, Inc. 2023 Equity Incentive Plan (filed herewith)
|
|
|
|
10.5 |
|
Form of Non-Employee Director Deferred Stock Unit Award Agreement for use with the Xtant Medical Holdings, Inc. 2023 Equity Incentive Plan (filed herewith)
|
|
|
|
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document)
|
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
XTANT
MEDICAL HOLDINGS, INC. |
|
|
|
|
By:
|
/s/
Scott Neils |
|
|
Scott
Neils |
|
|
Chief
Financial Officer |
Date:
July 28, 2023
Exhibit
3.1
CERTIFICATE
OF AMENDMENT
OF
THE
AMENDED
AND RESTATED CERTIFICATE OF INCORPORATION
OF
XTANT MEDICAL HOLDINGS, INC.
Xtant
Medical Holdings, Inc., a corporation organized and existing under and by virtue of the laws of the State of Delaware (the “Corporation”),
pursuant to the provisions of the General Corporation Law of the State of Delaware (the “DGCL”), DOES HEREBY CERTIFY that:
FIRST:
The Board of Directors of the Corporation (the “Board of Directors”), at a meeting held on April 26, 2023, duly adopted resolutions
setting forth a proposed amendment of the Amended and Restated Certificate of Incorporation of the Corporation, as amended, declaring
said amendment to be advisable and proposing that said amendment be submitted to the stockholders of the Corporation for their consideration
and approval. The resolution setting forth the proposed amendment is substantially as follows:
RESOLVED,
FURTHER, that the Board of Directors hereby approves, subject to approval by the Corporation’s stockholders, an amendment to Section
2 of Article VI of the Corporation’s Amended and Restated Certification of Incorporation, as amended, so that it would state in
its entirety as follows:
ARTICLE
VI: MATTERS RELATING TO THE BOARD OF DIRECTORS
“2.
Number of Directors. Subject to the rights (if any) of the holders of any series of Preferred Stock to elect additional directors
under specified circumstances, the number of directors of the Corporation shall be such as from time to time shall be fixed exclusively
by resolution adopted by a majority of the Board of Directors; provided, however, that prior to July 26, 2030, fixing the number of directors
of the Corporation at more than seven (7) directors shall require the approval of at least 75% of the directors of the Corporation then
holding office.”
SECOND:
The Board of Directors and stockholders of the Corporation duly approved and adopted the foregoing amendment in accordance with the provisions
of Section 242 of the DGCL.
THIRD:
The foregoing amendment shall become effective immediately upon filing.
FOURTH:
All other provisions of the Amended and Restated Certificate of Incorporation, as amended, of the Corporation not specifically modified,
amended and/or superseded by the foregoing amendment shall remain in full force and effect.
IN
WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment of the Amended and Restated Certificate of Incorporation
of Xtant Medical Holdings, Inc. to be executed this 26th day of July, 2023, in its name and on its behalf by the President and Chief
Executive Officer of the Corporation pursuant to Section 103 of the DGCL.
|
XTANT
MEDICAL HOLDINGS, INC. |
|
|
|
|
By: |
/s/
Sean E. Browne |
|
Name:
|
Sean
E. Browne |
|
Title:
|
President
and Chief Executive Officer |
Exhibit
3.2
CERTIFICATE
OF AMENDMENT
OF
THE
AMENDED
AND RESTATED CERTIFICATE OF INCORPORATION
OF
XTANT MEDICAL HOLDINGS, INC.
Xtant
Medical Holdings, Inc., a corporation organized and existing under and by virtue of the laws of the State of Delaware (the “Corporation”),
pursuant to the provisions of the General Corporation Law of the State of Delaware (the “DGCL”), DOES HEREBY CERTIFY that:
FIRST:
The Board of Directors of the Corporation (the “Board of Directors”), at a meeting held on April 26, 2023, duly adopted resolutions
setting forth a proposed amendment of the Amended and Restated Certificate of Incorporation of the Corporation, as amended, declaring
said amendment to be advisable and proposing that said amendment be submitted to the stockholders of the Corporation for their consideration
and approval. The resolution setting forth the proposed amendment is substantially as follows:
RESOLVED,
FURTHER, that the Board of Directors hereby approves, subject to approval by the Corporation’s stockholders, an amendment to the
Corporation’s Amended and Restated Certification of Incorporation, as amended, to add the following ARTICLE IX immediately following
the text of current ARTICLE VIII of the Corporation’s Amended and Restated Certification of Incorporation, as amended:
“ARTICLE
IX: MATTERS RELATING TO OFFICERS
1.
Limitations of Liability. To the fullest extent permitted by law, an officer of the Corporation shall not be personally liable
to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as an officer; provided, however, that the foregoing
shall not eliminate or limit the liability of an officer (i) for any breach of the officer’s duty of loyalty to the Corporation
or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law,
(iii) for any transaction from which the officer derived an improper personal benefit, or (iv) in any action by or in the right of the
Corporation. If the General Corporation Law of the State of Delaware is hereafter amended to permit further elimination or limitation
of the personal liability of officers, then the liability of an officer of the Corporation shall be eliminated or limited to the fullest
extent permitted by the General Corporation Law of the State of Delaware as so amended.
2.
Change in Right. Any repeal or modification of Section 1 of this ARTICLE IX, or the adoption of any provision of this Amended
and Restated Certificate of Incorporation, as amended, inconsistent with such Section 1 of this ARTICLE IX, by the stockholders of the
Corporation or otherwise shall not adversely affect any right or protection of an officer of the Corporation existing at the time of
such repeal, modification or adoption of an inconsistent provision.”
SECOND:
The Board of Directors and stockholders of the Corporation duly approved and adopted the foregoing amendment in accordance with the provisions
of Section 242 of the DGCL.
THIRD:
The foregoing amendment shall become effective immediately upon filing.
FOURTH:
All other provisions of the Amended and Restated Certificate of Incorporation, as amended, of the Corporation not specifically modified,
amended and/or superseded by the foregoing amendment shall remain in full force and effect.
IN
WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment of the Amended and Restated Certificate of Incorporation
of Xtant Medical Holdings, Inc. to be executed this 26th day of July, 2023, in its name and on its behalf by the President and Chief
Executive Officer of the Corporation pursuant to Section 103 of the DGCL.
|
XTANT
MEDICAL HOLDINGS, INC. |
|
|
|
|
By: |
/s/
Sean E. Browne |
|
Name:
|
Sean
E. Browne |
|
Title:
|
President
and Chief Executive Officer |
Exhibit
3.3
CERTIFICATE
OF AMENDMENT
OF
THE
AMENDED
AND RESTATED CERTIFICATE OF INCORPORATION
OF
XTANT MEDICAL HOLDINGS, INC.
Xtant
Medical Holdings, Inc., a corporation organized and existing under and by virtue of the laws of the State of Delaware (the “Corporation”),
pursuant to the provisions of the General Corporation Law of the State of Delaware (the “DGCL”), DOES HEREBY CERTIFY that:
FIRST:
The Board of Directors of the Corporation (the “Board of Directors”), at a meeting held on April 26, 2023, duly adopted resolutions
setting forth a proposed amendment of the Amended and Restated Certificate of Incorporation of the Corporation, as amended, declaring
said amendment to be advisable and proposing that said amendment be submitted to the stockholders of the Corporation for their consideration
and approval. The resolution setting forth the proposed amendment is substantially as follows:
RESOLVED,
FURTHER, that the Board of Directors hereby approves, subject to approval by the Corporation’s stockholders, an amendment to Section
2 of Article VIII of the Corporation’s Amended and Restated Certification of Incorporation, as amended, so that it would state
in its entirety as follows:
ARTICLE
VIII: GENERAL PROVISIONS
“2.
Forum. Unless the Corporation consents in writing to an alternative forum, the Court of Chancery of the State of Delaware (or,
if the Court of Chancery of the State of Delaware does not have subject matter jurisdiction, a state court located within the State of
Delaware or, if no state court located within the State of Delaware has subject matter jurisdiction, the federal district court for the
District of Delaware) will be the exclusive forum for (i) any derivative action or proceeding brought on behalf of the Corporation, (ii)
any action asserting a claim of breach of a fiduciary duty owed by any director, officer, or other employee of the Corporation to the
Corporation or the Corporation’s stockholders, (iii) any action asserting a claim arising under any provision of the General Corporation
Law of the State of Delaware, the Amended and Restated Certificate of Incorporation, or the Bylaws of the Corporation (in each case,
as they may be amended from time to time), or (iv) any action asserting a claim governed by the internal-affairs doctrine. Unless the
Corporation consents in writing to an alternative forum, the federal district courts of the United States of America shall be, to the
fullest extent permitted by applicable law, the exclusive forum for the resolution of any complaint asserting a cause of action arising
under the Securities Act of 1933, as amended. Any person or entity purchasing or otherwise acquiring any interest in any security of
the Corporation will be deemed to have notice of and consented to the provisions of this section.”
SECOND:
The Board of Directors and stockholders of the Corporation duly approved and adopted the foregoing amendment in accordance with the provisions
of Section 242 of the DGCL.
THIRD:
The foregoing amendment shall become effective immediately upon filing.
FOURTH:
All other provisions of the Amended and Restated Certificate of Incorporation, as amended, of the Corporation not specifically modified,
amended and/or superseded by the foregoing amendment shall remain in full force and effect.
IN
WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment of the Amended and Restated Certificate of Incorporation
of Xtant Medical Holdings, Inc. to be executed this 26th day of July, 2023, in its name and on its behalf by the President and Chief
Executive Officer of the Corporation pursuant to Section 103 of the DGCL.
|
XTANT
MEDICAL HOLDINGS, INC. |
|
|
|
|
By: |
/s/
Sean E. Browne |
|
Name:
|
Sean
E. Browne |
|
Title:
|
President
and Chief Executive Officer |
Exhibit
10.1
XTANT
MEDICAL HOLDINGS, INC.
2023
EQUITY INCENTIVE PLAN
(Effective
July 26, 2023)
Table
of Contents
1. |
Purpose
of Plan. |
1 |
2. |
Definitions. |
1 |
3. |
Plan
Administration. |
6 |
4. |
Shares
Available for Issuance. |
8 |
5. |
Participation. |
10 |
6. |
Options. |
10 |
7. |
Stock
Appreciation Rights. |
12 |
8. |
Restricted
Stock Awards, Restricted Stock Units and Deferred Stock Units. |
13 |
9. |
Performance
Awards. |
14 |
10. |
Non-Employee
Director Awards. |
16 |
11. |
Other
Stock-Based Awards. |
16 |
12. |
Dividend
Equivalents. |
17 |
13. |
Effect
of Termination of Employment or Other Service. |
17 |
14. |
Payment
of Withholding Taxes. |
20 |
15. |
Change
in Control. |
21 |
16. |
Rights
of Eligible Recipients and Participants; Transferability. |
23 |
17. |
Securities
Law and Other Restrictions. |
24 |
18. |
Deferred
Compensation; Compliance with Section 409A. |
25 |
19. |
Amendment,
Modification and Termination. |
25 |
20. |
Substituted
Awards. |
26 |
21. |
Duration
of this Plan. |
26 |
22. |
Miscellaneous. |
26 |
XTANT
MEDICAL HOLDINGS, inc.
2023 EQUITY INCENTIVE PLAN
(Effective
July 26, 2023)
1.
Purpose of Plan.
The
purpose of the Xtant Medical Holdings, Inc. 2023 Equity Incentive Plan (this “Plan”) is to advance the interests of
Xtant Medical Holdings, Inc., a Delaware corporation (the “Company”), and its stockholders by enabling the Company
and its Subsidiaries to attract and retain qualified individuals to perform services for the Company and its Subsidiaries, providing
incentive compensation for such individuals that is linked to the growth and profitability of the Company and increases in stockholder
value and aligning the interests of such individuals with the interests of its stockholders through opportunities for equity participation
in the Company. This Plan will become effective upon its approval by the Company’s stockholders and will replace the Xtant Medical
Holdings, Inc. 2018 Equity Incentive Plan (as amended and restated, the “Prior Plan”); provided, however,
that awards outstanding under the Prior Plan as of the Effective Date will remain outstanding in accordance with their terms. After the
Effective Date, no more grants of awards will be made under the Prior Plan.
2.
Definitions.
The
following terms will have the meanings set forth below, unless the context clearly otherwise requires. Terms defined elsewhere in this
Plan will have the same meaning throughout this Plan.
2.1
“Adverse Action” means any action or conduct by a Participant that the Committee, in its sole discretion, determines
to be injurious, detrimental, prejudicial or adverse to the interests of the Company or any Subsidiary, including: (a) disclosing confidential
information of the Company or any Subsidiary to any person not authorized by the Company or Subsidiary to receive it, (b) engaging, directly
or indirectly, in any commercial activity that in the judgment of the Committee competes with the business of the Company or any Subsidiary
or (c) interfering with the relationships of the Company or any Subsidiary and their respective employees, independent contractors, customers,
prospective customers and vendors.
2.2
“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by
or under common control with, such Person where “control” will have the meaning given such term under Rule 405 of the Securities
Act.
2.3
“Applicable Law” means any applicable law, including without limitation, (a) provisions of the Code, the Securities
Act, the Exchange Act and any rules or regulations thereunder; (b) corporate, securities, tax or other laws, statutes, rules, requirements
or regulations, whether federal, state, local or foreign; and (c) rules of any securities exchange, national market system or automated
quotation system on which the shares of Common Stock are listed, quoted or traded.
2.4
“Award” means, individually or collectively, an Option, Stock Appreciation Right, Restricted Stock Award, Restricted
Stock Unit, Deferred Stock Unit, Performance Award, Non-Employee Director Award, or Other Stock-Based Award, in each case granted to
an Eligible Recipient pursuant to this Plan.
2.5
“Award Agreement” means either: (a) a written or electronic (as provided in Section 22.7) agreement entered into by
the Company and a Participant setting forth the terms and provisions applicable to an Award granted under this Plan, including any amendment
or modification thereof, or (b) a written or electronic (as provided in Section 22.7) statement issued by the Company to a Participant
describing the terms and provisions of such an Award, including any amendment or modification thereof.
2.6
“Board” means the Board of Directors of the Company.
2.7
“Broker Exercise Notice” means a written notice pursuant to which a Participant, upon exercise of an Option, irrevocably
instructs a broker or dealer to sell a sufficient number of shares of Common Stock to pay all or a portion of the exercise price of the
Option or any related withholding tax obligations and remit such sums to the Company and directs the Company to deliver shares of Common
Stock to be issued upon such exercise directly to such broker or dealer or its nominee.
2.8
“Cause” means, unless otherwise provided in an Award Agreement, (a) “Cause” as defined in any employment,
consulting, severance or similar agreement between the Participant and the Company or one of its Subsidiaries or Affiliates (an “Individual
Agreement”), or (b) if there is no such Individual Agreement or if it does not define Cause: (i) dishonesty, fraud, misrepresentation,
embezzlement or deliberate injury or attempted injury, in each case related to the Company or any Subsidiary; (ii) any unlawful or criminal
activity of a serious nature; (iii) any intentional and deliberate breach of a duty or duties that, individually or in the aggregate,
are material in relation to the Participant’s overall duties; (iv) any material breach by a Participant of any employment, service,
confidentiality, non-compete or non-solicitation agreement entered into with the Company or any Subsidiary; or (v) before a Change in
Control, such other events as will be determined by the Committee. Before a Change in Control, the Committee will, unless otherwise provided
in an Individual Agreement, have the sole discretion to determine whether “Cause” exists with respect to subclauses (i),
(ii), (iii), (iv) or (v) above, and its determination will be final.
2.9
“Change in Control” means, unless otherwise provided in an Award Agreement or any Individual Agreement, and except
as provided in Section 18, an event described in Section 15.1 of this Plan.
2.10
“Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will be
deemed to include a reference to any applicable regulations thereunder and any successor or amended section of the Code.
2.11
“Committee” means the Board or, if the Board so delegates, the Compensation Committee of the Board or a subcommittee
thereof, or any other committee delegated authority by the Board to administer this Plan. If the Board determines appropriate, such committee
may be comprised solely of directors designated by the Board to administer this Plan who are (a) “non-employee directors”
within the meaning of Rule 16b-3 under the Exchange Act, and (b) “independent directors” within the meaning of the rules
of the NYSE American (or other applicable exchange or market on which the Common Stock may be traded or quoted). The members of the Committee
will be appointed from time to time by and will serve at the discretion of the Board. Any action duly taken by the Committee will be
valid and effective, whether or not the members of the Committee at the time of such action are later determined not to have satisfied
the requirements of membership provided herein.
2.12
“Common Stock” means the common stock of the Company, par value $0.000001 per share, or the number and kind of shares
of stock or other securities into which such Common Stock may be changed in accordance with Section 4.4 of this Plan.
2.13
“Company” means Xtant Medical Holdings, Inc., a Delaware corporation, and any successor thereto as provided in Section
22.5 of this Plan.
2.14
“Consultant” means a person engaged to provide consulting or advisory services (other than as an Employee or a Director)
to the Company or any Subsidiary that: (a) are not in connection with the offer and sale of the Company’s securities in a capital
raising transaction and (b) do not directly or indirectly promote or maintain a market for the Company’s securities.
2.15
“Deferred Stock Unit” means a right granted to an Eligible Recipient pursuant to Section 8 of this Plan to
receive shares of Common Stock (or the equivalent value in cash or other property if the Committee so provides) at a future time as determined
by the Committee, or as determined by the Participant within guidelines established by the Committee in the case of voluntary deferral
elections.
2.16
“Director” means a member of the Board.
2.17
“Disability” means, unless otherwise provided in an Award Agreement, with respect to a Participant who is a party
to an Individual Agreement, which agreement contains a definition of “disability” or “permanent disability” (or
words of like import) for purposes of termination of employment thereunder by the Company, “disability” or “permanent
disability” as defined in the most recent of such agreements; or in all other cases, means the disability of the Participant such
as would entitle the Participant to receive disability income benefits pursuant to the long-term disability plan of the Company or Subsidiary
then covering the Participant or, if no such plan exists or is applicable to the Participant, the permanent and total disability of the
Participant within the meaning of Section 22(e)(3) of the Code.
2.18
“Dividend Equivalents” has the meaning set forth in Section 3.2(l) of this Plan.
2.19
“Effective Date” means the date that this Plan is approved by the Company’s stockholders.
2.20
“Eligible Recipients” means all Employees, all Non-Employee Directors and all Consultants.
2.21
“Employee” means any individual performing services for the Company or a Subsidiary and designated as an employee
of the Company or a Subsidiary on the payroll records thereof. An Employee will not include any individual during any period he or she
is classified or treated by the Company or Subsidiary as an independent contractor, a consultant, or any employee of an employment, consulting
or temporary agency or any other entity other than the Company or Subsidiary, without regard to whether such individual is subsequently
determined to have been, or is subsequently retroactively reclassified as a common-law employee of the Company or Subsidiary during such
period. An individual will not cease to be an Employee in the case of: (a) any leave of absence approved by the Company, or (b) transfers
between locations of the Company or between the Company or any Subsidiaries. For purposes of Incentive Stock Options, no such leave may
exceed ninety (90) days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon
expiration of a leave of absence approved by the Company or a Subsidiary, as applicable, is not so guaranteed, then three (3) months
following the ninety-first (91st) day of such leave, any Incentive Stock Option held by a Participant will cease to be treated as an
Incentive Stock Option and will be treated for tax purposes as a Non-Statutory Stock Option. Neither service as a Director nor payment
of a Director’s fee by the Company will be sufficient to constitute “employment” by the Company.
2.22
“Exchange Act” means the Securities Exchange Act of 1934, as amended. Any reference to a section of the Exchange Act
herein will be deemed to include a reference to any applicable rules and regulations thereunder and any successor or amended section
of the Exchange Act.
2.23
“Fair Market Value” means, with respect to the Common Stock, as of any date a price that is based on the opening,
closing, actual, high, low, or average selling prices of a share of Common Stock as reported on the NYSE American or other established
stock exchange (or exchanges) or if the Common Stock is not so listed, admitted to unlisted trading privileges or reported on any national
exchange, then as reported by the OTC Bulletin Board, OTC Markets or other comparable quotation service, on the applicable date, the
preceding trading day, the next succeeding trading day, or an average of trading days that is within thirty (30) days before or after
the applicable valuation date, as determined by the Committee in its discretion, provided that with respect to establishing the exercise
price of an Option or Stock Appreciation Right, the Committee shall irrevocably commit to grant such Award prior to the period during
which the Fair Market Value is determined. Unless the Committee determines otherwise, Fair Market Value shall be deemed to be equal to
the closing sale price of the Common Stock as of the immediately preceding trading date at the end of the regular trading session, as
reported by the NYSE American or any national securities exchange on which the Common Stock is then listed (or, if no shares were traded
on such date, as of the next preceding date on which there was such a trade) or if the Common Stock is not so listed, admitted to unlisted
trading privileges or reported on any national exchange, the closing sale price as of the immediately preceding trading date at the end
of the regular trading session, as reported by the OTC Bulletin Board, OTC Markets or other comparable quotation service (or, if no shares
were traded or quoted on such date, as of the next preceding date on which there was such a trade or quote). In the event the Common
Stock is not publicly traded at the time a determination of its value is required to be made hereunder, the determination of Fair Market
Value shall be made by the Committee in such manner as it deems appropriate and in good faith in the exercise of its reasonable discretion,
and consistent with the definition of “fair market value” under Section 409A of the Code. If determined by the Committee,
such determination will be final, conclusive and binding for all purposes and on all persons, including the Company, the stockholders
of the Company, the Participants and their respective successors-in-interest. No member of the Committee will be liable for any determination
regarding the fair market value of the Common Stock that is made in good faith.
2.24
“Grant Date” means the date an Award is granted to a Participant pursuant to this Plan and as determined pursuant
to Section 5 of this Plan.
2.25
“Incentive Stock Option” means a right to purchase Common Stock granted to an Employee pursuant to Section 6 of this
Plan that is designated as and intended to meet the requirements of an “incentive stock option” within the meaning of Section
422 of the Code.
2.26
“Individual Agreement” has the meaning set forth in Section 2.8 of this Plan.
2.27
“Non-Employee Director” means a Director who is not an Employee.
2.28
“Non-Employee Director Award” means any Award granted, whether singly, in combination, or in tandem, to an Eligible
Recipient who is a Non-Employee Director, pursuant to such applicable terms, conditions and limitations as the Board or Committee may
establish in accordance with this Plan, including any Non-Employee Director Option.
2.29
“Non-Employee Director Option” means a Non-Statutory Stock Option granted to a Non-Employee Director pursuant to Section
10 of this Plan.
2.30
“Non-Statutory Stock Option” means a right to purchase Common Stock granted to an Eligible Recipient pursuant to Section
6 of this Plan that is not intended to meet the requirements of or does not qualify as an Incentive Stock Option.
2.31
“Option” means an Incentive Stock Option or a Non-Statutory Stock Option, including a Non-Employee Director Option.
2.32
“Other Stock-Based Award” means an Award, denominated in Shares, not otherwise described by the terms of this Plan,
granted pursuant to Section 11 of this Plan.
2.33
“Participant” means an Eligible Recipient who receives one or more Awards under this Plan.
2.34
“Performance Award” means a right granted to an Eligible Recipient pursuant to Section 9 of this Plan to receive an
amount of cash, number of shares of Common Stock, or a combination of both, contingent upon and the value of which at the time it is
payable is determined as a function of the extent of the achievement of one or more Performance Goals during a specified Performance
Period or the achievement of other objectives during a specified period.
2.35
“Performance Goals” means with respect to any applicable Award, one or more targets, goals or levels of attainment
required to be achieved during the specified Performance Period, as set forth in the related Award Agreement.
2.36
“Performance Period” means the period of time, as determined by the Committee, during which the Performance Goals
must be met in order to determine the degree of payout or vesting with respect to an Award.
2.37
“Period of Restriction” means the period when a Restricted Stock Award or Restricted Stock Units are subject to a
substantial risk of forfeiture (based on the passage of time, the achievement of Performance Goals, or upon the occurrence of other events
as determined by the Committee, in its discretion), as provided in Section 8 of this Plan.
2.38
“Person” means an individual, partnership, corporation, limited liability company, business trust, joint stock company,
trust, unincorporated association, joint venture, governmental authority or any other entity of whatever nature.
2.39
“Plan” means the Xtant Medical Holdings, Inc. 2023 Equity Incentive Plan, as may be amended from time to time.
2.40
“Plan Year” means the Company’s fiscal year.
2.41
“Previously Acquired Shares” means shares of Common Stock that are already owned by the Participant or, with respect
to any Award, that are to be issued to the Participant upon the grant, exercise, vesting or settlement of such Award.
2.42
“Prior Plan” means the Xtant Medical Holdings, Inc. Second Amended and Restated 2018 Equity Incentive Plan.
2.43
“Restricted Stock Award” means an award of Common Stock granted to an Eligible Recipient pursuant to Section 8 of
this Plan that is subject to the restrictions on transferability and the risk of forfeiture imposed by the provisions of such Section
8.
2.44
“Restricted Stock Unit” means an award denominated in shares of Common Stock granted to an Eligible Recipient pursuant
to Section 8 of this Plan.
2.45
“Retirement,” means, unless otherwise defined in the Award Agreement or in an Individual Agreement between the Participant
and the Company or one of its Subsidiaries or Affiliates, “Retirement” as defined from time to time for purposes of this
Plan by the Committee or by the Company’s chief human resources officer or other person performing that function or, if not so
defined, means voluntary termination of employment or service by the Participant on or after the date the Participant reaches age fifty-five
(55) with the present intention to leave the Company’s industry or to leave the general workforce.
2.46
“Securities Act” means the Securities Act of 1933, as amended. Any reference to a section of the Securities Act herein
will be deemed to include a reference to any applicable rules and regulations thereunder and any successor or amended section of the
Securities Act.
2.47
“Stock Appreciation Right” means a right granted to an Eligible Recipient pursuant to Section 7 of this Plan to receive
a payment from the Company upon exercise, in the form of shares of Common Stock, cash or a combination of both, equal to the difference
between the Fair Market Value of one or more shares of Common Stock and the grant price of such shares under the terms of such Stock
Appreciation Right.
2.48
“Stock-Based Award” means any Award, denominated in Shares, made pursuant to this Plan, including Options, Stock Appreciation
Rights, Restricted Stock, Restricted Stock Units, Deferred Stock Units, Performance Awards or Other Stock-Based Awards.
2.49
“Subsidiary” means any corporation or other entity, whether domestic or foreign, in which the Company has or obtains,
directly or indirectly, an interest of more than fifty percent (50%) by reason of stock ownership or otherwise.
2.50
“Tax Date” means the date any withholding or employment related tax obligation arises under the Code or any Applicable
Law for a Participant with respect to an Award.
2.51
“Tax Laws” has the meaning set forth in Section 22.9 of this Plan.
3.
Plan Administration.
3.1
The Committee. The Plan will be administered by the Committee. The Committee will act by majority approval of the members at a
meeting or by unanimous written consent, and a majority of the members of the Committee will constitute a quorum. The Committee may exercise
its duties, power and authority under this Plan in its sole discretion without the consent of any Participant or other party, unless
this Plan specifically provides otherwise. The Committee will not be obligated to treat Participants or Eligible Recipients uniformly,
and determinations made under this Plan may be made by the Committee selectively among Participants or Eligible Recipients, whether or
not such Participants and Eligible Recipients are similarly situated. Each determination, interpretation or other action made or taken
by the Committee pursuant to the provisions of this Plan will be final, conclusive and binding for all purposes and on all persons, and
no member of the Committee will be liable for any action or determination made in good faith with respect to this Plan or any Award granted
under this Plan.
3.2
Authority of the Committee. In accordance with and subject to the provisions of this Plan, the Committee will have full and exclusive
discretionary power and authority to take such actions as it deems necessary and advisable with respect to the administration of this
Plan, including the following:
(a)
To designate the Eligible Recipients to be selected as Participants;
(b)
To determine the nature, extent and terms of the Awards to be made to each Participant, including the amount of cash or number of shares
of Common Stock to be subject to each Award, any exercise price or grant price, the manner in which Awards will vest, become exercisable,
settled or paid out and whether Awards will be granted in tandem with other Awards, and the form of Award Agreement, if any, evidencing
such Award;
(c)
To determine the time or times when Awards will be granted;
(d)
To determine the duration of each Award;
(e)
To determine the terms, restrictions and other conditions to which the grant of an Award or the payment or vesting of Awards may be subject;
(f)
To construe and interpret this Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for its administration
and in so doing, to correct any defect, omission, or inconsistency in this Plan or in an Award Agreement, in a manner and to the extent
it will deem necessary or expedient to make this Plan fully effective;
(g)
To determine Fair Market Value in accordance with Section 2.23 of this Plan;
(h)
To amend this Plan or any Award Agreement, as provided in this Plan;
(i)
To adopt subplans or special provisions applicable to Awards regulated by the laws of a jurisdiction other than, and outside of, the
United States, which except as otherwise provided in this Plan, such subplans or special provisions may take precedence over other provisions
of this Plan;
(j)
To authorize any person to execute on behalf of the Company any Award Agreement or any other instrument required to effect the grant
of an Award previously granted by the Committee;
(k)
To determine whether Awards will be settled in shares of Common Stock, cash or in any combination thereof;
(l)
To determine whether Awards will be adjusted for dividend equivalents, with “Dividend Equivalents” meaning a credit, made
at the discretion of the Committee, to the account of a Participant in an amount equal to the cash dividends paid on one share of Common
Stock for each share of Common Stock represented by an Award held by such Participant, subject to Section 12 of this Plan and any other
provision of this Plan, and which Dividend Equivalents may be subject to the same conditions and restrictions as the Awards to which
they attach and may be settled in the form of cash, shares of Common Stock, or in any combination of both; and
(m)
To impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by a Participant
or other subsequent transfers by the Participant of any shares of Common Stock, including restrictions under an insider trading policy,
stock ownership guidelines, restrictions as to the use of a specified brokerage firm for such resales or other transfers and other restrictions
designed to increase equity ownership by Participants or otherwise align the interests of Participants with the Company’s stockholders.
3.3
Delegation. To the extent permitted by Applicable Law, the Committee may delegate to one or more of its members or to one or more
officers of the Company or any Subsidiary or to one or more agents or advisors such administrative duties or powers as it may deem advisable,
and the Committee or any individuals to whom it has delegated duties or powers as aforesaid may employ one or more individuals to render
advice with respect to any responsibility the Committee or such individuals may have under this Plan. The Committee may, by resolution,
authorize one or more directors of the Company or one or more officers of the Company to do one or both of the following on the same
basis as can the Committee: (a) designate Eligible Recipients to be recipients of Awards pursuant to this Plan; and (b) determine the
size of any such Awards; provided, however, that (x) the Committee will not delegate such responsibilities to any such
director(s) or officer(s) for any Awards granted to an Eligible Recipient: (i) who is a Non-Employee Director or who is subject to the
reporting and liability provisions of Section 16 under the Exchange Act, or (ii) to whom authority to grant or amend Awards has been
delegated hereunder; provided, further; that any delegation of administrative authority will only be permitted to the extent
it is permissible under Applicable Law; (y) the resolution providing such authorization will set forth the type of Awards and total number
of each type of Awards such director(s) or officer(s) may grant; and (z) such director(s) or officer(s) will report periodically to the
Committee regarding the nature and scope of the Awards granted pursuant to the authority delegated. At all times, the delegatee appointed
under this Section 3.3 will serve in such capacity at the pleasure of the Committee.
3.4
No Re-pricing. Notwithstanding any other provision of this Plan other than Section 4.5 of this Plan, the Committee may not, without
prior approval of the Company’s stockholders, seek to effect any re-pricing of any previously granted, “underwater”
Option or Stock Appreciation Right by: (a) amending or modifying the terms of the Option or Stock Appreciation Right to lower the exercise
price or grant price; (b) canceling the underwater Option or Stock Appreciation Right in exchange for (i) cash; (ii) replacement Options
or Stock Appreciation Rights having a lower exercise price or grant price; or (iii) other Awards; or (c) repurchasing the underwater
Options or Stock Appreciation Rights and granting new Awards under this Plan. For purposes of this Section 3.4, an Option or Stock Appreciation
Right will be deemed to be “underwater” at any time when the Fair Market Value of the Common Stock is less than the exercise
price of the Option or grant price of the Stock Appreciation Right.
3.5
Participants Based Outside of the United States. In addition to the authority of the Committee under Section 3.2(i) and notwithstanding
any other provision of this Plan, the Committee may, in its sole discretion, amend the terms of this Plan or Awards with respect to Participants
resident outside of the United States or employed by a non-U.S. Subsidiary in order to comply with local legal requirements, to otherwise
protect the Company’s or Subsidiary’s interests or to meet objectives of this Plan, and may, where appropriate, establish
one or more sub-plans (including the adoption of any required rules and regulations) for the purposes of qualifying for preferred tax
treatment under foreign tax laws. The Committee will have no authority, however, to take action pursuant to this Section 3.5: (a) to
reserve shares of Common Stock or grant Awards in excess of the limitations provided in Section 4.1 of this Plan; (b) to effect any re-pricing
in violation of Section 3.4 of this Plan; (c) to grant Options or Stock Appreciation Rights having an exercise price or grant price less
than one hundred percent (100%) of the Fair Market Value of one share of Common Stock on the Grant Date in violation of Section 6.3 or
Section 7.3 of this Plan; or (d) for which stockholder approval would then be required pursuant to Section 19.2 of this Plan.
4.
Shares Available for Issuance.
4.1
Maximum Number of Shares Available. Subject to adjustment as provided in Section 4.4 of this Plan, the maximum number of shares
of Common Stock that will be available for issuance under this Plan will be the sum of:
(a)
5,500,000 shares of Common Stock; plus
(b)
the number of shares of Common Stock remaining available for issuance under the Prior Plan but not subject to outstanding awards as of
the Effective Date; plus
(c)
the number of additional shares of Common Stock subject to awards outstanding under the Prior Plan as of the Effective Date but only
to the extent that such outstanding awards are forfeited, cancelled, expire or otherwise terminate without the issuance of such shares
of Common Stock after the Effective Date.
4.2
Limits on Incentive Stock Options and Non-Employee Director Compensation. Notwithstanding any other provisions of this Plan to
the contrary and subject to adjustment as provided in Section 4.5 of this Plan,
(a)
the maximum aggregate number of shares of Common Stock that will be available for issuance pursuant to Incentive Stock Options under
this Plan will be 5,500,000 shares; and
(b)
the sum of any cash compensation, or other compensation, and the value (determined as of the grant date in accordance with Financial
Accounting Standards Board Accounting Standards Codification Topic 718, or any successor thereto) of Awards granted to a Non-Employee
Director as compensation for services as a Non-Employee Director during any fiscal year of the Company may not exceed $400,000 (increased
to $600,000 with respect to any Non-Employee Director serving as Chair of the Board or Lead Independent Director or in the fiscal year
of a non-employee Director’s initial service as a Non-Employee Director) (with any compensation that is deferred counting towards
this limit for the year in which the compensation is first earned, and not a later year of settlement).
4.3
Accounting for Awards. Shares of Common Stock that are issued under this Plan or that are subject to outstanding Awards will be
applied to reduce the maximum number of shares of Common Stock remaining available for issuance under this Plan only to the extent they
are used; provided, however, that the full number of shares of Common Stock subject to a stock-settled Stock Appreciation
Right or other Stock-Based Award will be counted against the shares of Common Stock authorized for issuance under this Plan, regardless
of the number of shares actually issued upon settlement of such Stock Appreciation Right or other Stock-Based Award. Furthermore, any
shares of Common Stock withheld to satisfy tax withholding obligations on Awards issued under this Plan, any shares of Common Stock withheld
to pay the exercise price or grant price of Awards under this Plan and any shares of Common Stock not issued or delivered as a result
of the “net exercise” of an outstanding Option pursuant to Section 6.5 or settlement of a Stock Appreciation Right in shares
of Common Stock pursuant to Section 7.7 will be counted against the shares of Common Stock authorized for issuance under this Plan and
will not be available again for grant under this Plan. Shares of Common Stock subject to Awards settled in cash will again be available
for issuance pursuant to Awards granted under the Plan. Any shares of Common Stock repurchased by the Company on the open market using
the proceeds from the exercise of an Award will not increase the number of shares of Common Stock available for future grant of Awards.
Any shares of Common Stock related to Awards granted under this Plan that terminate by expiration, forfeiture, cancellation or otherwise
without the issuance of the shares of Common Stock, will be available again for grant under this Plan. To the extent permitted by Applicable
Law, shares of Common Stock issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form
of combination by the Company or a Subsidiary pursuant to Section 20 of this Plan or otherwise will not be counted against shares of
Common Stock available for issuance pursuant to this Plan. The shares of Common Stock available for issuance under this Plan may be authorized
and unissued shares or treasury shares.
4.4
Adjustments to Shares and Awards.
(a)
In the event of any reorganization, merger, consolidation, recapitalization, liquidation, reclassification, stock dividend, stock split,
combination of shares, rights offering, divestiture or extraordinary dividend (including a spin off) or any other similar change in the
corporate structure or shares of Common Stock the Company, the Committee (or, if the Company is not the surviving corporation in any
such transaction, the board of directors of the surviving corporation) will make appropriate adjustment or substitutions (which determination
will be conclusive) as to: (i) the number and kind of securities or other property (including cash) available for issuance or payment
under this Plan, including the sub-limits set forth in Section 4.2 of this Plan, and (ii) in order to prevent dilution or enlargement
of the rights of Participants, the number and kind of securities or other property (including cash) subject to outstanding Awards and
the exercise price of outstanding Awards; provided, however, that this Section 4.4 will not limit the authority of the
Committee to take action pursuant to Section 15 of this Plan in the event of a Change in Control. The determination of the Committee
as to the foregoing adjustments and/or substitutions, if any, will be final, conclusive and binding on Participants under this Plan.
(b)
Notwithstanding anything else herein to the contrary, without affecting the number of shares of Common Stock reserved or available hereunder,
the limits in Section 4.2 of this Plan, the Committee may authorize the issuance or assumption of benefits under this Plan in connection
with any merger, consolidation, acquisition of property or stock or reorganization upon such terms and conditions as it may deem appropriate,
subject to compliance with the rules under Sections 422, 424 and 409A of the Code, as and where applicable.
5.
Participation.
Participants
in this Plan will be those Eligible Recipients who, in the judgment of the Committee, have contributed, are contributing or are expected
to contribute to the achievement of the objectives of the Company or its Subsidiaries. Eligible Recipients may be granted from time to
time one or more Awards, singly or in combination or in tandem with other Awards, as may be determined by the Committee in its sole discretion.
Awards will be deemed to be granted as of the date specified in the grant resolution of the Committee, which date will be the Grant Date
of any related Award Agreement with the Participant.
6.
Options.
6.1
Grant. An Eligible Recipient may be granted one or more Options under this Plan, and such Options will be subject to such terms
and conditions, consistent with the other provisions of this Plan, as may be determined by the Committee in its sole discretion. Incentive
Stock Options may be granted solely to Eligible Recipients who are Employees of the Company or a Subsidiary. The Committee may designate
whether an Option is to be considered an Incentive Stock Option or a Non-Statutory Stock Option. To the extent that any Incentive Stock
Option (or portion thereof) granted under this Plan ceases for any reason to qualify as an “incentive stock option” for purposes
of Section 422 of the Code, such Incentive Stock Option (or portion thereof) will continue to be outstanding for purposes of this Plan
but will thereafter be deemed to be a Non-Statutory Stock Option. Options may be granted to an Eligible Recipient for services provided
to a Subsidiary only if, with respect to such Eligible Recipient, the underlying shares of Common Stock constitute “service recipient
stock” within the meaning of Treas. Reg. Sec. 1.409A-1(b)(5)(iii) promulgated under the Code.
6.2
Award Agreement. Each Option grant will be evidenced by an Award Agreement that will specify the exercise price of the Option,
the maximum duration of the Option, the number of shares of Common Stock to which the Option pertains, the conditions upon which an Option
will become vested and exercisable, and such other provisions as the Committee will determine which are not inconsistent with the terms
of this Plan. The Award Agreement also will specify whether the Option is intended to be an Incentive Stock Option or a Non-Statutory
Stock Option.
6.3
Exercise Price. The per share price to be paid by a Participant upon exercise of an Option granted pursuant to this Section 6
will be determined by the Committee in its sole discretion at the time of the Option grant; provided, however, that such
price will not be less than one hundred percent (100%) of the Fair Market Value of one share of Common Stock on the Grant Date (one hundred
and ten percent (110%) of the Fair Market Value if, at the time the Incentive Stock Option is granted, the Participant owns, directly
or indirectly, more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any parent or
subsidiary corporation of the Company).
6.4
Exercisability and Duration. An Option will become exercisable at such times and in such installments and upon such terms and
conditions as may be determined by the Committee in its sole discretion at the time of grant, including (a) the achievement of one or
more of the Performance Goals; or that (b) the Participant remain in the continuous employment or service with the Company or a Subsidiary
for a certain period; provided, however, that no Option may be exercisable after ten (10) years from the Grant Date (five
(5) years from the Grant Date in the case of an Incentive Stock Option that is granted to a Participant who owns, directly or indirectly,
more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any parent or subsidiary corporation
of the Company). Notwithstanding the foregoing, if the exercise of an Option that is exercisable in accordance with its terms is prevented
by the provisions of Section 17 of this Plan, the Option will remain exercisable until thirty (30) days after the date such exercise
first would no longer be prevented by such provisions, but in any event no later than the expiration date of such Option.
6.5
Payment of Exercise Price.
(a)
The total purchase price of the shares of Common Stock to be purchased upon exercise of an Option will be paid entirely in cash (including
check, bank draft or money order); provided, however, that the Committee, in its sole discretion and upon terms and conditions
established by the Committee, may allow such payments to be made, in whole or in part, by (i) tender of a Broker Exercise Notice; (ii)
by tender, either by actual delivery or attestation as to ownership, of Previously Acquired Shares; (iii) a “net exercise”
of the Option (as further described in paragraph (b), below); (iv) by a combination of such methods; or (v) any other method approved
or accepted by the Committee in its sole discretion. Notwithstanding any other provision of this Plan to the contrary, no Participant
who is a Director or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act will be
permitted to make payment with respect to any Awards granted under this Plan, or continue any extension of credit with respect to such
payment with a loan from the Company or a loan arranged by the Company in violation of Section 13(k) of the Exchange Act.
(b)
In the case of a “net exercise” of an Option, the Company will not require a payment of the exercise price of the Option
from the Participant but will reduce the number of shares of Common Stock issued upon the exercise by the largest number of whole shares
that has a Fair Market Value on the exercise date that does not exceed the aggregate exercise price for the shares exercised under this
method. Shares of Common Stock will no longer be outstanding under an Option (and will therefore not thereafter be exercisable) following
the exercise of such Option to the extent of (i) shares used to pay the exercise price of an Option under the “net exercise,”
(ii) shares actually delivered to the Participant as a result of such exercise and (iii) any shares withheld for purposes of tax withholding
pursuant to Section 14 of this Plan.
(c)
For purposes of such payment, Previously Acquired Shares tendered or covered by an attestation will be valued at their Fair Market Value
on the exercise date of the Option.
6.6
Manner of Exercise. An Option may be exercised by a Participant in whole or in part from time to time, subject to the conditions
contained in this Plan and in the Award Agreement evidencing such Option, by delivery in person, by facsimile or electronic transmission
or through the mail of written notice of exercise to the Company at its principal executive office (or to the Company’s designee
as may be established from time to time by the Company and communicated to Participants) and by paying in full the total exercise price
for the shares of Common Stock to be purchased in accordance with Section 6.5 of this Plan.
7.
Stock Appreciation Rights.
7.1
Grant. An Eligible Recipient may be granted one or more Stock Appreciation Rights under this Plan, and such Stock Appreciation
Rights will be subject to such terms and conditions, consistent with the other provisions of this Plan, as may be determined by the Committee
in its sole discretion. Stock Appreciation Rights may be granted to an Eligible Recipient for services provided to a Subsidiary only
if, with respect to such Eligible Recipient, the underlying shares of Common Stock constitute “service recipient stock” within
the meaning of Treas. Reg. Sec. 1.409A-1(b)(5)(iii) promulgated under the Code.
7.2
Award Agreement. Each Stock Appreciation Right will be evidenced by an Award Agreement that will specify the grant price of the
Stock Appreciation Right, the term of the Stock Appreciation Right, and such other provisions as the Committee will determine which are
not inconsistent with the terms of this Plan.
7.3
Grant Price. The grant price of a Stock Appreciation Right will be determined by the Committee, in its discretion, at the Grant
Date; provided, however, that such price may not be less than one hundred percent (100%) of the Fair Market Value of one
share of Common Stock on the Grant Date.
7.4
Exercisability and Duration. A Stock Appreciation Right will become exercisable at such times and in such installments as may
be determined by the Committee in its sole discretion at the time of grant; provided, however, that no Stock Appreciation
Right may be exercisable after ten (10) years from its Grant Date. Notwithstanding the foregoing, if the exercise of a Stock Appreciation
Right that is exercisable in accordance with its terms is prevented by the provisions of Section 17 of this Plan, the Stock Appreciation
Right will remain exercisable until thirty (30) days after the date such exercise first would no longer be prevented by such provisions,
but in any event no later than the expiration date of such Stock Appreciation Right.
7.5
Manner of Exercise. A Stock Appreciation Right will be exercised by giving notice in the same manner as for Options, as set forth
in Section 6.6 of this Plan, subject to any other terms and conditions consistent with the other provisions of this Plan as may be determined
by the Committee in its sole discretion.
7.6
Settlement. Upon the exercise of a Stock Appreciation Right, a Participant will be entitled to receive payment from the Company
in an amount determined by multiplying:
(a)
The excess of the Fair Market Value of a share of Common Stock on the date of exercise over the per share grant price; by
(b)
The number of shares of Common Stock with respect to which the Stock Appreciation Right is exercised.
7.7
Form of Payment. Payment, if any, with respect to a Stock Appreciation Right settled in accordance with Section 7.6 of this Plan
will be made in accordance with the terms of the applicable Award Agreement, in cash, shares of Common Stock or a combination thereof,
as the Committee determines.
8.
Restricted Stock Awards, Restricted Stock Units and Deferred Stock Units.
8.1
Grant. An Eligible Recipient may be granted one or more Restricted Stock Awards, Restricted Stock Units or Deferred Stock Units
under this Plan, and such Awards will be subject to such terms and conditions, consistent with the other provisions of this Plan, as
may be determined by the Committee in its sole discretion. Restricted Stock Units will be similar to Restricted Stock Awards except that
no shares of Common Stock are actually awarded to the Participant on the Grant Date of the Restricted Stock Units. Restricted Stock Units
and Deferred Stock Units will be denominated in shares of Common Stock but paid in cash, shares of Common Stock or a combination of cash
and shares of Common Stock as the Committee, in its sole discretion, will determine, and as provided in the Award Agreement.
8.2
Award Agreement. Each Restricted Stock Award, Restricted Stock Unit or Deferred Stock Unit grant will be evidenced by an Award
Agreement that will specify the type of Award, the period(s) of restriction, the number of shares of restricted Common Stock, or the
number of Restricted Stock Units or Deferred Stock Units granted, and such other provisions as the Committee will determine that are
not inconsistent with the terms of this Plan.
8.3
Conditions and Restrictions. Subject to the terms and conditions of this Plan, the Committee will impose such conditions or restrictions
on a Restricted Stock Award, Restricted Stock Units or Deferred Stock Units granted pursuant to this Plan as it may deem advisable including
a requirement that Participants pay a stipulated purchase price for each share of Common Stock underlying a Restricted Stock Award, Restricted
Stock Unit or Deferred Stock Unit, restrictions based upon the achievement of specific Performance Goals, time-based restrictions on
vesting following the attainment of the Performance Goals, time-based restrictions, restrictions under Applicable Laws or holding requirements
or sale restrictions placed on the shares of Common Stock by the Company upon vesting of such Restricted Stock Award, Restricted Stock
Units or Deferred Stock Units.
8.4
Voting Rights. Unless otherwise determined by the Committee and set forth in a Participant’s Award Agreement, to the extent
permitted or required by Applicable Law, as determined by the Committee, Participants holding a Restricted Stock Award granted hereunder
will be granted the right to exercise full voting rights with respect to the shares of Common Stock underlying such Restricted Stock
Award during the Period of Restriction. A Participant will have no voting rights with respect to any Restricted Stock Units or Deferred
Stock Units granted hereunder.
8.5
Dividend Rights.
(a)
Unless otherwise determined by the Committee and set forth in a Participant’s Award Agreement, to the extent permitted or required
by Applicable Law, as determined by the Committee, Participants holding a Restricted Stock Award granted hereunder will have the same
dividend rights as the Company’s other stockholders. Notwithstanding the foregoing any such dividends as to a Restricted Stock
Award that is subject to vesting requirements will be subject to forfeiture and termination to the same extent as the Restricted Stock
Award to which such dividends relate and the Award Agreement may require that any cash dividends be reinvested in additional shares of
Common Stock subject to the Restricted Stock Award and subject to the same conditions and restrictions as the Restricted Stock Award
with respect to which the dividends were paid. In no event will dividends with respect to Restricted Stock Awards that are subject to
vesting be paid or distributed until the vesting provisions of such Restricted Stock Award lapse.
(b)
Unless otherwise determined by the Committee and set forth in a Participant’s Award Agreement, to the extent permitted or required
by Applicable Law, as determined by the Committee, prior to settlement or forfeiture, any Restricted Stock Units or Deferred Stock Unit
awarded under this Plan may, at the Committee’s discretion, carry with it a right to Dividend Equivalents. Such right entitles
the Participant to be credited with an amount equal to all cash dividends paid on one share of Common Stock while the Restricted Stock
Unit or Deferred Stock Unit is outstanding. Dividend Equivalents may be converted into additional Restricted Stock Units or Deferred
Stock Units and may (and will, to the extent required below) be made subject to the same conditions and restrictions as the Restricted
Stock Units or Deferred Stock Units to which they attach. Settlement of Dividend Equivalents may be made in the form of cash, in the
form of shares of Common Stock, or in a combination of both. Dividend Equivalents as to Restricted Stock Units or Deferred Stock Units
will be subject to forfeiture and termination to the same extent as the corresponding Restricted Stock Units or Deferred Stock Units
as to which the Dividend Equivalents relate. In no event will Participants holding Restricted Stock Units or Deferred Stock Units be
entitled to receive any Dividend Equivalents on such Restricted Stock Units or Deferred Stock Units until the vesting provisions of such
Restricted Stock Units or Deferred Stock Units lapse.
8.6
Enforcement of Restrictions. To enforce the restrictions referred to in this Section 8, the Committee may place a legend on the
stock certificates or book-entry notations representing Restricted Stock Awards referring to such restrictions and may require the Participant,
until the restrictions have lapsed, to keep the stock certificates, together with duly endorsed stock powers, in the custody of the Company
or its transfer agent, or to maintain evidence of stock ownership, together with duly endorsed stock powers, in a certificateless book-entry
stock account with the Company’s transfer agent. Alternatively, Restricted Stock Awards may be held in non-certificated form pursuant
to such terms and conditions as the Company may establish with its registrar and transfer agent or any third-party administrator designated
by the Company to hold Restricted Stock Awards on behalf of Participants.
8.7
Lapse of Restrictions; Settlement. Except as otherwise provided in this Plan, including without limitation this Section 8 and
16.4 of this Plan, shares of Common Stock underlying a Restricted Stock Award will become freely transferable by the Participant after
all conditions and restrictions applicable to such shares have been satisfied or lapse (including satisfaction of any applicable tax
withholding obligations). Upon the vesting of a Restricted Stock Unit, the Restricted Stock Unit will be settled, subject to the terms
and conditions of the applicable Award Agreement, (a) in cash, based upon the Fair Market Value of the vested underlying shares of Common
Stock, (b) in shares of Common Stock or (c) a combination thereof, as provided in the Award Agreement, except to the extent that a Participant
has properly elected to defer income that may be attributable to a Restricted Stock Unit under a Company deferred compensation plan or
arrangement.
8.8
Section 83(b) Election for Restricted Stock Award. If a Participant makes an election pursuant to Section 83(b) of the Code with
respect to a Restricted Stock Award, the Participant must file, within thirty (30) days following the Grant Date of the Restricted Stock
Award, a copy of such election with the Company and with the Internal Revenue Service, in accordance with the regulations under Section
83 of the Code. The Committee may provide in the Award Agreement that the Restricted Stock Award is conditioned upon the Participant’s
making or refraining from making an election with respect to the award under Section 83(b) of the Code.
9.
Performance Awards.
9.1
Grant. An Eligible Recipient may be granted one or more Performance Awards under this Plan, and such Awards will be subject to
such terms and conditions, consistent with the other provisions of this Plan, as may be determined by the Committee in its sole discretion,
including the achievement of one or more Performance Goals.
9.2
Award Agreement. Each Performance Award will be evidenced by an Award Agreement that will specify the amount of cash, shares of
Common Stock, other Awards, or combination of both to be received by the Participant upon payout of the Performance Award, any Performance
Goals upon which the Performance Award is subject, any Performance Period during which any Performance Goals must be achieved and such
other provisions as the Committee will determine which are not inconsistent with the terms of this Plan.
9.3
Vesting. Subject to the terms of this Plan, the Committee may impose such restrictions or conditions, not inconsistent with the
provisions of this Plan, to the vesting of such Performance Awards as it deems appropriate, including the achievement of one or more
of the Performance Goals.
9.4
Earning of Performance Award Payment. Subject to the terms of this Plan and the Award Agreement, after the applicable Performance
Period has ended, the holder of Performance Awards will be entitled to receive payout on the value and number of Performance Awards earned
by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding Performance Goals
have been achieved and such other restrictions or conditions imposed on the vesting and payout of the Performance Awards has been satisfied.
9.5
Form and Timing of Performance Award Payment. Subject to the terms of this Plan, after the applicable Performance Period has ended,
the holder of Performance Awards will be entitled to receive payment on the value and number of Performance Awards earned by the Participant
over the Performance Period, to be determined as a function of the extent to which the corresponding Performance Goals have been achieved.
Payment of earned Performance Awards will be as determined by the Committee and as evidenced in the Award Agreement. Subject to the terms
of this Plan, the Committee, in its sole discretion, may pay earned Performance Awards in the form of cash, in shares of Common Stock
or other Awards (or in a combination thereof) equal to the value of the earned Performance Awards at the close of the applicable Performance
Period. Payment of any Performance Award will be made as soon as practicable after the Committee has determined the extent to which the
applicable Performance Goals have been achieved and not later than the fifteenth (15th) day of the third (3rd)
month immediately following the later of the end of the Company’s fiscal year in which the Performance Period ends and any additional
vesting restrictions are satisfied or the end of the calendar year in which the Performance Period ends and any additional vesting restrictions
are satisfied, except to the extent that a Participant has properly elected to defer payment that may be attributable to a Performance
Award under a Company deferred compensation plan or arrangement. The determination of the Committee with respect to the form and time
of payment of Performance Awards will be set forth in the Award Agreement pertaining to the grant of the Performance Award. Any shares
of Common Stock or other Awards issued in payment of earned Performance Awards may be granted subject to any restrictions deemed appropriate
by the Committee, including that the Participant remain in the continuous employment or service with the Company or a Subsidiary for
a certain period.
9.6
Evaluation of Performance. The Committee may provide in any such Award Agreement including Performance Goals that any evaluation
of performance may include or exclude any of the following events that occurs during a Performance Period: (a) items related to a change
in accounting principles; (b) items relating to financing activities; (c) expenses for restructuring or productivity initiatives; (d)
other non-operating items; (e) items related to acquisitions; (f) items attributable to the business operations of any entity acquired
by the Company during the Performance Period; (g) items related to the disposal of a business or segment of a business; (h) items related
to discontinued operations that do not qualify as a segment of a business under applicable accounting standards; (i) items attributable
to any stock dividend, stock split, combination or exchange of stock occurring during the Performance Period; (j) any other items of
significant income or expense which are determined to be appropriate adjustments; (k) items relating to unusual or extraordinary corporate
transactions, events or developments; (l) items related to amortization of acquired intangible assets; (m) items that are outside the
scope of the Company’s core, on-going business activities; (n) items related to acquired in-process research and development; (o)
items relating to changes in tax laws; (p) items relating to major licensing or partnership arrangements; (q) items relating to asset
impairment charges; (r) items relating to gains or losses for litigation, arbitration and contractual settlements; (s) foreign exchange
gains and losses; or (t) items relating to any other unusual or nonrecurring events or changes in applicable laws, accounting principles
or business conditions.
9.7
Adjustment of Performance Goals, Performance Periods or other Vesting Criteria. The Committee may amend or modify the vesting
criteria (including any Performance Goals or Performance Periods) of any outstanding Awards based in whole or in part on the financial
performance of the Company (or any Subsidiary or division, business unit or other sub-unit thereof) in recognition of unusual or nonrecurring
events (including the events described in Sections 9.6 or 4.4(a) of this Plan) affecting the Company or the financial statements of the
Company or of changes in applicable laws, regulations or accounting principles, whenever the Committee determines that such adjustments
are appropriate in order to prevent unintended dilution or enlargement of the benefits or potential benefits intended to be made available
under this Plan. The determination of the Committee as to the foregoing adjustments, if any, will be final, conclusive and binding on
Participants under this Plan.
9.8
Committee Discretion to Make Adjustments. Subject to the terms of an Individual Agreement, the Committee retains the discretion
to adjust Awards either upward or downward, either on a formula or discretionary basis or any combination, as the Committee determines.
9.9
Dividend Rights. Participants holding Performance Awards granted under this Plan will not receive any cash dividends or Dividend
Equivalents based on the dividends declared on shares of Common Stock that are subject to such Performance Awards during the period between
the date that such Performance Awards are granted and the date such Performance Awards are settled.
10.
Non-Employee Director Awards.
10.1
Automatic and Non-Discretionary Awards to Non-Employee Directors. Subject to such terms and conditions, consistent with the other
provisions of this Plan, the Committee at any time and from time to time may approve resolutions providing for the automatic grant to
Non-Employee Directors of Non-Employee Director Awards granted under this Plan and may grant to Non-Employee Directors such discretionary
Non-Employee Director Awards on such terms and conditions, consistent with the other provisions of this Plan, as may be determined by
the Committee in its sole discretion, and set forth in an applicable Award Agreement.
10.2
Deferral of Award Payment; Election to Receive Award in Lieu of Retainers. The Committee may permit Non-Employee Directors the
opportunity to defer the payment of an Award pursuant to such terms and conditions as the Committee may prescribe from time to time.
In addition, the Committee may permit Non-Employee Directors to elect to receive, pursuant to the procedures established by the Board
or a committee of the Board, all or any portion of their annual retainers, meeting fees, or other fees in Restricted Stock, Restricted
Stock Units, Deferred Stock Units or other Stock-Based Awards as contemplated by this Plan in lieu of cash.
11.
Other Stock-Based Awards.
11.1
Other Stock-Based Awards. Subject to such terms and conditions, consistent with the other provisions of this Plan, as may be determined
by the Committee in its sole discretion, the Committee may grant Other Stock-Based Awards to Eligible Recipients not otherwise described
by the terms of this Plan (including the grant or offer for sale of unrestricted shares of Common Stock) in such amounts and subject
to such terms and conditions as the Committee will determine. Such Awards may involve the transfer of actual shares of Common Stock to
Participants as a bonus or in lieu of obligations to pay cash or deliver other property under this Plan or under other plans or compensatory
arrangements, or payment in cash or otherwise of amounts based on the value of shares of Common Stock, and may include Awards designed
to comply with or take advantage of the applicable local laws of jurisdictions other than the United States.
11.2
Value of Other Stock-Based Awards. Each Other Stock-Based Award will be expressed in terms of shares of Common Stock or units
based on shares of Common Stock, as determined by the Committee. The Committee may establish Performance Goals in its discretion for
any Other Stock-Based Award. If the Committee exercises its discretion to establish Performance Goals for any such Awards, the number
or value of Other Stock-Based Awards that will be paid out to the Participant will depend on the extent to which the Performance Goals
are met.
11.3
Payment of Other Stock-Based Awards. Payment, if any, with respect to an Other Stock-Based Award will be made in accordance with
the terms of the Award, in cash or shares of Common Stock for any Other Stock-Based Award, as the Committee determines, except to the
extent that a Participant has properly elected to defer payment that may be attributable to an Other Stock-Based Award under a Company
deferred compensation plan or arrangement.
12.
Dividend Equivalents.
Subject
to the provisions of this Plan and any Award Agreement, any Participant selected by the Committee may be granted Dividend Equivalents
based on the dividends declared on shares of Common Stock that are subject to any Award (including any Award that has been deferred),
to be credited as of dividend payment dates, during the period between the date the Award is granted and the date the Award is exercised,
vests, settles, is paid or expires, as determined by the Committee. Such Dividend Equivalents will be converted to cash or additional
shares of Common Stock by such formula and at such time and subject to such limitations as may be determined by the Committee and the
Committee may provide that such amounts (if any) will be deemed to have been reinvested in additional shares of Common Stock or otherwise
reinvested. Notwithstanding the foregoing, the Committee may not grant Dividend Equivalents based on the dividends declared on shares
of Common Stock that are subject to an Option or Stock Appreciation Right or unvested Performance Awards; and further, no dividend or
Dividend Equivalents will be paid out with respect to any Awards until they are vested.
13.
Effect of Termination of Employment or Other Service.
13.1
Termination Due to Cause. Unless otherwise expressly provided by the Committee in its sole discretion in an Award Agreement or
the terms of an Individual Agreement between the Participant and the Company or one of its Subsidiaries or Affiliates or a plan or policy
of the Company applicable to the Participant specifically provides otherwise, and subject to Sections 13.4 and 13.5 of this Plan, in
the event a Participant’s employment or other service with the Company and all Subsidiaries is terminated for Cause:
(a)
All outstanding Options and Stock Appreciation Rights held by the Participant as of the effective date of such termination will be immediately
terminated and forfeited;
(b)
All outstanding but unvested Restricted Stock Awards, Restricted Stock Units, Performance Awards and Other Stock-Based Awards held by
the Participant as of the effective date of such termination will be terminated and forfeited; and
(c)
All other outstanding Awards to the extent not vested will be immediately terminated and forfeited.
13.2
Termination Due to Death, Disability or Retirement. Unless otherwise expressly provided by the Committee in its sole discretion
in an Award Agreement between the Participant and the Company or one of its Subsidiaries or Affiliates or the terms of an Individual
Agreement or a plan or policy of the Company applicable to the Participant specifically provides otherwise, and subject to Sections 13.4,
13.5 and 15 of this Plan, in the event a Participant’s employment or other service with the Company and all Subsidiaries is terminated
by reason of death or Disability of a Participant, or in the case of a Participant that is an Employee, Retirement:
(a)
All outstanding Options (excluding Non-Employee Director Options in the case of Retirement) and Stock Appreciation Rights held by the
Participant as of the effective date of such termination or Retirement will, to the extent exercisable as of the date of such termination
or Retirement, remain exercisable for a period of one (1) year after the date of such termination or Retirement (but in no event after
the expiration date of any such Option or Stock Appreciation Right) and Options and Stock Appreciation Rights not exercisable as of the
date of such termination or Retirement will be terminated and forfeited;
(b)
All outstanding unvested Restricted Stock Awards held by the Participant as of the effective date of such termination or Retirement will
be terminated and forfeited; and
(c)
All outstanding unvested Restricted Stock Units, Performance Awards, and Other Stock-Based Awards held by the Participant as of the effective
date of such termination or Retirement will be terminated and forfeited; provided, however, that with respect to any such
Awards the vesting of which is based on the achievement of Performance Goals, if a Participant’s employment or other service with
the Company or any Subsidiary, as the case may be, is terminated prior to the end of the Performance Period of such Award, but after
the conclusion of a portion of the Performance Period (but in no event less than one year), the Committee may, in its sole discretion,
cause shares of Common Stock to be delivered or payment made (except to the extent that a Participant has properly elected to defer income
that may be attributable to such Award under a Company deferred compensation plan or arrangement) with respect to the Participant’s
Award, but only if otherwise earned for the entire Performance Period and only with respect to the portion of the applicable Performance
Period completed at the date of such event, with proration based on the number of months or years that the Participant was employed or
performed services during the Performance Period. The Committee will consider the provisions of Section 13.5 of this Plan and will have
the discretion to consider any other fact or circumstance in making its decision as to whether to deliver such shares of Common Stock
or other payment, including whether the Participant again becomes employed.
13.3
Termination for Reasons Other than Death, Disability or Retirement. Unless otherwise expressly provided by the Committee in its
sole discretion in an Award Agreement or the terms of an Individual Agreement between the Participant and the Company or one of its Subsidiaries
or Affiliates or a plan or policy of the Company applicable to the Participant specifically provides otherwise, and subject to Sections
13.4, 13.5 and 15 of this Plan, in the event a Participant’s employment or other service with the Company and all Subsidiaries
is terminated for any reason other than for Cause or death or Disability of a Participant, or in the case of a Participant that is an
Employee, Retirement:
(a)
All outstanding Options (including Non-Employee Director Options) and Stock Appreciation Rights held by the Participant as of the effective
date of such termination will, to the extent exercisable as of such termination, remain exercisable for a period of three (3) months
after such termination (but in no event after the expiration date of any such Option or Stock Appreciation Right) and Options and Stock
Appreciation Rights not exercisable as of such termination will be terminated and forfeited. If the Participant dies within the three
(3) month period referred to in the preceding sentence, the Option or Stock Appreciation Right may be exercised by those entitled to
do so under the Participant’s will or by the laws of descent and distribution within a period of one (1) year following the Participant’s
death (but in no event after the expiration date of any such Option or Stock Appreciation Right);
(b)
All outstanding unvested Restricted Stock Awards held by the Participant as of the effective date of such termination will be terminated
and forfeited; and
(c)
All outstanding unvested Restricted Stock Units, Performance Awards, and Other Stock-Based Awards held by the Participant as of the effective
date of such termination will be terminated and forfeited; provided, however, that with respect to any such Awards the
vesting of which is based on the achievement of Performance Goals, if a Participant’s employment or other service with the Company
or any Subsidiary, as the case may be, is terminated by the Company without Cause prior to the end of the Performance Period of such
Award, but after the conclusion of a portion of the Performance Period (but in no event less than one year), the Committee may, in its
sole discretion, cause Shares to be delivered or payment made (except to the extent that a Participant has properly elected to defer
income that may be attributable to such Award under a Company deferred compensation plan or arrangement) with respect to the Participant’s
Award, but only if otherwise earned for the entire Performance Period and only with respect to the portion of the applicable Performance
Period completed at the date of such event, with proration based on the number of months or years that the Participant was employed or
performed services during the Performance Period.
13.4
Modification of Rights upon Termination. Notwithstanding the other provisions of this Section 13, upon a Participant’s termination
of employment or other service with the Company or any Subsidiary, as the case may be, the Committee may, in its sole discretion (which
may be exercised at any time on or after the Grant Date, including following such termination) cause Options or Stock Appreciation Rights
(or any part thereof) held by such Participant as of the effective date of such termination to terminate, become or continue to become
exercisable or remain exercisable following such termination of employment or service, and Restricted Stock, Restricted Stock Units,
Deferred Stock Units, Performance Awards, Non-Employee Director Awards, and Other Stock-Based Awards held by such Participant as of the
effective date of such termination to terminate, vest or become free of restrictions and conditions to payment, as the case may be, following
such termination of employment or service, in each case in the manner determined by the Committee; provided, however, that
(a) no Option or Stock Appreciation Right may remain exercisable beyond its expiration date; and (b) any such action by the Committee
adversely affecting any outstanding Award will not be effective without the consent of the affected Participant (subject to the right
of the Committee to take whatever action it deems appropriate under Section 4.4, 13.5, 15 or 19 of this Plan).
13.5
Additional Forfeiture Events.
(a)
Effect of Actions Constituting Cause or Adverse Action. Notwithstanding anything in this Plan to the contrary and in addition
to the other rights of the Committee under this Plan, including this Section 13.5, if a Participant is determined by the Committee, acting
in its sole discretion, to have taken any action that would constitute Cause or an Adverse Action during or within one (1) year after
the termination of employment or other service with the Company or a Subsidiary, irrespective of whether such action or the Committee’s
determination occurs before or after termination of such Participant’s employment or other service with the Company or any Subsidiary
and irrespective of whether or not the Participant was terminated as a result of such Cause or Adverse Action, (i) all rights of the
Participant under this Plan and any Award Agreements evidencing an Award then held by the Participant will terminate and be forfeited
without notice of any kind, and (ii) the Committee in its sole discretion will have the authority to rescind the exercise, vesting or
issuance of, or payment in respect of, any Awards of the Participant that were exercised, vested or issued, or as to which such payment
was made, and to require the Participant to pay to the Company, within ten (10) days of receipt from the Company of notice of such rescission,
any amount received or the amount of any gain realized as a result of such rescinded exercise, vesting, issuance or payment (including
any dividends paid or other distributions made with respect to any shares of Common Stock subject to any Award). The Company may defer
the exercise of any Option or Stock Appreciation Right for a period of up to six (6) months after receipt of the Participant’s
written notice of exercise or the issuance of stock certificates or book-entry notations upon the vesting of any Award for a period of
up to six (6) months after the date of such vesting in order for the Committee to make any determination as to the existence of Cause
or an Adverse Action. The Company will be entitled to withhold and deduct from future wages of the Participant (or from other amounts
that may be due and owing to the Participant from the Company or a Subsidiary) or make other arrangements for the collection of all amounts
necessary to satisfy such payment obligations. Unless otherwise provided by the Committee in an applicable Award Agreement, this Section
13.5(a) will not apply to any Participant following a Change in Control.
(b)
Forfeiture or Clawback of Awards Under Applicable Law and Company Policy. Subject to the terms of an Individual Agreement, Awards
under the Plan shall be subject to any automatic forfeiture or voluntary compensation “clawback,” forfeiture or recoupment
provisions under Applicable Law and any compensation “clawback,” forfeiture or recoupment policy of the Company, as in effect
from time to time, and such forfeiture and/or penalty conditions or provisions as determined by the Committee and set forth in the applicable
Award Agreement.
14.
Payment of Withholding Taxes.
14.1
General Rules. The Company is entitled to (a) withhold and deduct from future wages of the Participant (or from other amounts
that may be due and owing to the Participant from the Company or a Subsidiary), or make other arrangements for the collection of, all
amounts the Company reasonably determines are necessary to satisfy any and all federal, foreign, state and local withholding and employment
related tax requirements attributable to an Award, including the grant, exercise, vesting or settlement of, or payment of dividends with
respect to, an Award or a disqualifying disposition of stock received upon exercise of an Incentive Stock Option, or (b) require the
Participant promptly to remit the amount of such withholding to the Company before taking any action, including issuing any shares of
Common Stock, with respect to an Award. When withholding shares of Common Stock for taxes is effected under this Plan, it will be withheld
only up to an amount based on the maximum statutory tax rates in the Participant’s applicable tax jurisdiction or such other rate
that will not trigger a negative accounting impact on the Company.
14.2
Special Rules. The Committee may, in its sole discretion and upon terms and conditions established by the Committee, permit or
require a Participant to satisfy, in whole or in part, any withholding or employment related tax obligation described in Section 14.1
of this Plan by withholding shares of Common Stock underlying an Award, by electing to tender, or by attestation as to ownership of,
Previously Acquired Shares, by delivery of a Broker Exercise Notice or a combination of such methods. For purposes of satisfying a Participant’s
withholding or employment-related tax obligation, shares of Common Stock withheld by the Company or Previously Acquired Shares tendered
or covered by an attestation will be valued at their Fair Market Value on the Tax Date.
15.
Change in Control.
15.1
Definition of Change in Control. Unless otherwise provided in an Award Agreement or Individual Agreement between the Participant
and the Company or one of its Subsidiaries or Affiliates, a “Change in Control” will mean the occurrence of any of
the following:
(a)
The acquisition, other than from the Company, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Exchange Act) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty percent (50%)
or more of either the then outstanding shares of Common Stock of the Company or the combined voting power of the then outstanding voting
securities of the Company entitled to vote generally in the election of directors, but excluding, for this purpose, any such acquisition
by the Company or any of its Subsidiaries, or any employee benefit plan (or related trust) of the Company or its Subsidiaries, or any
entity with respect to which, following such acquisition, more than fifty percent (50%) of, respectively, the then outstanding equity
of such entity and the combined voting power of the then outstanding voting equity of such entity entitled to vote generally in the election
of all or substantially all of the members of such entity’s governing body is then beneficially owned, directly or indirectly,
by the individuals and entities who were the beneficial owners, respectively, of the Common Stock and voting securities of the Company
immediately prior to such acquisition in substantially the same proportion as their ownership, immediately prior to such acquisition,
of the then outstanding shares of Common Stock of the Company or the combined voting power of the then outstanding voting securities
of the Company entitled to vote generally in the election of directors, as the case may be; or
(b)
The consummation of a reorganization, merger or consolidation of the Company, in each case, with respect to which all or substantially
all of the individuals and entities who were the respective beneficial owners of the Common Stock and voting securities of the Company
immediately prior to such reorganization, merger or consolidation do not, following such reorganization, merger or consolidation, beneficially
own, directly or indirectly, more than fifty percent (50%) of, respectively, the then outstanding shares of Common Stock and the combined
voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of
the corporation resulting from such reorganization, merger or consolidation; or
(c)
a complete liquidation or dissolution of the Company or the sale or other disposition of all or substantially all of the assets of the
Company.
15.2
Effect of Change in Control. Subject to the terms of the applicable Award Agreement or an Individual Agreement, in the event of
a Change in Control, the Committee (as constituted prior to such Change in Control) may, in its discretion:
(a)
require that shares of stock of the corporation resulting from such Change in Control, or a parent corporation thereof, be substituted
for some or all of the shares of Common Stock subject to an outstanding Award, with an appropriate and equitable adjustment to such Award
as shall be determined by the Board in accordance with Section 4.4;
(b)
provide that (i) some or all outstanding Options shall become exercisable in full or in part, either immediately or upon a subsequent
termination of employment, (ii) the restrictions or vesting applicable to some or all outstanding Restricted Stock Awards and Restricted
Stock Units shall lapse in full or in part, either immediately or upon a subsequent termination of employment, (iii) the Performance
Period applicable to some or all outstanding Awards shall lapse in full or in part, and/or (iv) the Performance Goals applicable to some
or all outstanding Awards shall be deemed to be satisfied at the target or any other level; and/or
(c)
require outstanding Awards, in whole or in part, to be surrendered to the Company by the holder, and to be immediately cancelled by the
Company, and to provide for the holder to receive (A) a cash payment in an amount determined pursuant to Section 15.3 below; (B) shares
of capital stock of the corporation resulting from or succeeding to the business of the Company pursuant to such Change in Control, or
a parent corporation thereof, having a fair market value not less than the amount determined under clause (A) above; or (C) a combination
of the payment of cash pursuant to clause (A) above and the issuance of shares pursuant to clause (B) above.
15.3
Alternative Treatment of Incentive Awards. In connection with a Change in Control, the Committee in its sole discretion, either
in an Award Agreement at the time of grant of an Award or at any time after the grant of such an Award, in lieu of providing a substitute
award to a Participant pursuant to Section 15.2(a), may determine that any or all outstanding Awards granted under the Plan, whether
or not exercisable or vested, as the case may be, will be canceled and terminated and that in connection with such cancellation and termination
the holder of such Award will receive for each share of Common Stock subject to such Award a cash payment (or the delivery of shares
of stock, other securities or a combination of cash, stock and securities with a fair market value (as determined by the Committee in
good faith) equivalent to such cash payment) equal to the difference, if any, between the consideration received by stockholders of the
Company in respect of a share of Common Stock in connection with such Change in Control and the purchase price per share, if any, under
the Award, multiplied by the number of shares of Common Stock subject to such Award (or in which such Award is denominated); provided,
however, that if such product is zero ($0) or less or to the extent that the Award is not then exercisable, the Award may be canceled
and terminated without payment therefor. If any portion of the consideration pursuant to a Change in Control may be received by holders
of shares of Common Stock on a contingent or delayed basis, the Committee may, in its sole discretion, determine the fair market value
per share of such consideration as of the time of the Change in Control on the basis of the Committee’s good faith estimate of
the present value of the probable future payment of such consideration. Notwithstanding the foregoing, any shares of Common Stock issued
pursuant to an Award that immediately prior to the effectiveness of the Change in Control are subject to no further restrictions pursuant
to the Plan or an Award Agreement (other than pursuant to the securities laws) will be deemed to be outstanding shares of Common Stock
and receive the same consideration as other outstanding shares of Common Stock in connection with the Change in Control.
15.4
Limitation on Change in Control Payments. Notwithstanding anything in this Section 15 to the contrary, if, with respect to a Participant,
the acceleration of the vesting of an Award or the payment of cash in exchange for all or part of a Stock-Based Award (which acceleration
or payment could be deemed a “payment” within the meaning of Section 280G(b)(2) of the Code), together with any other “payments”
that such Participant has the right to receive from the Company or any corporation that is a member of an “affiliated group”
(as defined in Section 1504(a) of the Code without regard to Section 1504(b) of the Code) of which the Company is a member, would constitute
a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the “payments” to such Participant
pursuant to Section 15.2 or Section 15.3 of this Plan will be reduced (or acceleration of vesting eliminated) to the largest amount as
will result in no portion of such “payments” being subject to the excise tax imposed by Section 4999 of the Code; provided,
however, that such reduction will be made only if the aggregate amount of the payments after such reduction exceeds the difference
between (a) the amount of such payments absent such reduction minus (b) the aggregate amount of the excise tax imposed under Section
4999 of the Code attributable to any such excess parachute payments; and provided, further that such payments will be reduced
(or acceleration of vesting eliminated) by first eliminating vesting of Options with an exercise price above the then Fair Market Value
of a share of Common Stock that have a positive value for purposes of Section 280G of the Code, followed by reducing or eliminating payments
or benefits pro rata among Awards that are deferred compensation subject to Section 409A of the Code, and, if a further reduction is
necessary, by reducing or eliminating payments or benefits pro rata among Awards that are not subject to Section 409A of the Code. Notwithstanding
the foregoing sentence, if a Participant is subject to a separate agreement with the Company or a Subsidiary that expressly addresses
the potential application of Section 280G or 4999 of the Code, then this Section 15.4 will not apply and any “payments” to
a Participant pursuant to Section 15 of this Plan will be treated as “payments” arising under such separate agreement; provided,
however, such separate agreement may not modify the time or form of payment under any Award that constitutes deferred compensation
subject to Section 409A of the Code if the modification would cause such Award to become subject to the adverse tax consequences specified
in Section 409A of the Code.
15.5
Exceptions. Notwithstanding anything in this Section 15 to the contrary, individual Award Agreements or Individual Agreements
between a Participant and the Company or one of its Subsidiaries or Affiliates may contain provisions with respect to vesting, payment
or treatment of Awards upon the occurrence of a Change in Control, and the terms of any such Award Agreement or Individual Agreement
will govern to the extent of any inconsistency with the terms of this Section 15. The Committee will not be obligated to treat all Awards
subject to this Section 15 in the same manner. The timing of any payment under this Section 15 may be governed by any election to defer
receipt of a payment made under a Company deferred compensation plan or arrangement.
16.
Rights of Eligible Recipients and Participants; Transferability.
16.1
Employment. Nothing in this Plan or an Award Agreement will interfere with or limit in any way the right of the Company or any
Subsidiary to terminate the employment or service of any Eligible Recipient or Participant at any time, nor confer upon any Eligible
Recipient or Participant any right to continue employment or other service with the Company or any Subsidiary.
16.2
No Rights to Awards. No Participant or Eligible Recipient will have any claim to be granted any Award under this Plan.
16.3
Rights as a Stockholder. Except as otherwise provided in the Award Agreement, a Participant will have no rights as a stockholder
with respect to shares of Common Stock covered by any Stock-Based Award unless and until the Participant becomes the holder of record
of such shares of Common Stock and then subject to any restrictions or limitations as provided herein or in the Award Agreement.
16.4
Restrictions on Transfer.
(a)
Except pursuant to testamentary will or the laws of descent and distribution or as otherwise expressly permitted by subsections (b) and
(c) below, no right or interest of any Participant in an Award prior to the exercise (in the case of Options or Stock Appreciation Rights)
or vesting, issuance or settlement of such Award will be assignable or transferable, or subjected to any lien, during the lifetime of
the Participant, either voluntarily or involuntarily, directly or indirectly, by operation of law or otherwise.
(b)
A Participant will be entitled to designate a beneficiary to receive an Award upon such Participant’s death, and in the event of
such Participant’s death, payment of any amounts due under this Plan will be made to, and exercise of any Options or Stock Appreciation
Rights (to the extent permitted pursuant to Section 13 of this Plan) may be made by, such beneficiary. If a deceased Participant has
failed to designate a beneficiary, or if a beneficiary designated by the Participant fails to survive the Participant, payment of any
amounts due under this Plan will be made to, and exercise of any Options or Stock Appreciation Rights (to the extent permitted pursuant
to Section 13 of this Plan) may be made by, the Participant’s legal representatives, heirs and legatees. If a deceased Participant
has designated a beneficiary and such beneficiary survives the Participant but dies before complete payment of all amounts due under
this Plan or exercise of all exercisable Options or Stock Appreciation Rights, then such payments will be made to, and the exercise of
such Options or Stock Appreciation Rights may be made by, the legal representatives, heirs and legatees of the beneficiary.
(c)
Upon a Participant’s request, the Committee may, in its sole discretion, permit a transfer of all or a portion of a Non-Statutory
Stock Option, other than for value, to such Participant’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse,
former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, any
person sharing such Participant’s household (other than a tenant or employee), a trust in which any of the foregoing have more
than fifty percent (50%) of the beneficial interests, a foundation in which any of the foregoing (or the Participant) control the management
of assets, and any other entity in which these persons (or the Participant) own more than fifty percent (50%) of the voting interests.
Any permitted transferee will remain subject to all the terms and conditions applicable to the Participant prior to the transfer. A permitted
transfer may be conditioned upon such requirements as the Committee may, in its sole discretion, determine, including execution or delivery
of appropriate acknowledgements, opinion of counsel, or other documents by the transferee.
(d)
The Committee may impose such restrictions on any shares of Common Stock acquired by a Participant under this Plan as it may deem advisable,
including minimum holding period requirements, restrictions under applicable federal securities laws, under the requirements of any stock
exchange or market upon which the Common Stock is then listed or traded, or under any blue sky or state securities laws applicable to
such shares or the Company’s insider trading policy.
16.5
Non-Exclusivity of this Plan. Nothing contained in this Plan is intended to modify or rescind any previously approved compensation
plans or programs of the Company or create any limitations on the power or authority of the Board to adopt such additional or other compensation
arrangements as the Board may deem necessary or desirable.
17.
Securities Law and Other Restrictions.
Notwithstanding
any other provision of this Plan or any Award Agreements entered into pursuant to this Plan, the Company will not be required to issue
any shares of Common Stock under this Plan, and a Participant may not sell, assign, transfer or otherwise dispose of shares of Common
Stock issued pursuant to Awards granted under this Plan, unless (a) there is in effect with respect to such shares a registration statement
under the Securities Act and any applicable securities laws of a state or foreign jurisdiction or an exemption from such registration
under the Securities Act and applicable state or foreign securities laws, and (b) there has been obtained any other consent, approval
or permit from any other U.S. or foreign regulatory body which the Committee, in its sole discretion, deems necessary or advisable. The
Company may condition such issuance, sale or transfer upon the receipt of any representations or agreements from the parties involved,
and the placement of any legends on certificates or book-entry notations representing shares of Common Stock, as may be deemed necessary
or advisable by the Company in order to comply with such securities law or other restrictions.
18.
Deferred Compensation; Compliance with Section 409A.
It
is intended that all Awards issued under this Plan be in a form and administered in a manner that will comply with the requirements of
Section 409A of the Code, or the requirements of an exception to Section 409A of the Code, and the Award Agreements and this Plan will
be construed and administered in a manner that is consistent with and gives effect to such intent. The Committee is authorized to adopt
rules or regulations deemed necessary or appropriate to qualify for an exception from or to comply with the requirements of Section 409A
of the Code. With respect to an Award that constitutes a deferral of compensation subject to Code Section 409A: (a) if any amount is
payable under such Award upon a termination of service, a termination of service will be treated as having occurred only at such time
the Participant has experienced a Separation from Service; (b) if any amount is payable under such Award upon a Disability, a Disability
will be treated as having occurred only at such time the Participant has experienced a “disability” as such term is defined
for purposes of Code Section 409A; (c) if any amount is payable under such Award on account of the occurrence of a Change in Control,
a Change in Control will be treated as having occurred only at such time a “change in the ownership or effective control of the
corporation or in the ownership of a substantial portion of the assets of the corporation” as such terms are defined for purposes
of Code Section 409A, (d) if any amount becomes payable under such Award on account of a Participant’s Separation from Service
at such time as the Participant is a “specified employee” within the meaning of Code Section 409A, then no payment will be
made, except as permitted under Code Section 409A, prior to the first business day after the earlier of (i) the date that is six months
after the date of the Participant’s Separation from Service or (ii) the Participant’s death, and (e) no amendment to or payment
under such Award will be made except and only to the extent permitted under Code Section 409A.
19.
Amendment, Modification and Termination.
19.1
Generally. Subject to other subsections of this Section 19 and Sections 3.4 and 19.3 of this Plan, the Board at any time may suspend
or terminate this Plan (or any portion thereof) or terminate any outstanding Award Agreement and the Committee, at any time and from
time to time, may amend this Plan or amend or modify the terms of an outstanding Award. The Committee’s power and authority to
amend or modify the terms of an outstanding Award includes the authority to modify the number of shares of Common Stock or other terms
and conditions of an Award, extend the term of an Award, accelerate the vesting of an Award, accept the surrender of any outstanding
Award or, to the extent not previously exercised or vested, authorize the grant of new Awards in substitution for surrendered Awards;
provided, however that the amended or modified terms are permitted by this Plan as then in effect and that any Participant
adversely affected by such amended or modified terms has consented to such amendment or modification.
19.2
Stockholder Approval. No amendments to this Plan will be effective without approval of the Company’s stockholders if: (a)
stockholder approval of the amendment is then required pursuant to Section 422 of the Code, the rules of the primary stock exchange or
stock market on which the Common Stock is then traded, applicable state corporate laws or regulations, applicable federal laws or regulations,
and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under this Plan; or (b) such amendment
would: (i) modify Section 3.4 of this Plan; (ii) increase the aggregate number of shares of Common Stock issued or issuable under this
Plan; (iii) modify the eligibility requirements for Participants in this Plan; or (iv) reduce the minimum exercise price or grant price
as set forth in Sections 6.3 and 7.3 of this Plan.
19.3
Awards Previously Granted. Notwithstanding any other provision of this Plan to the contrary, no termination, suspension or amendment
of this Plan may adversely affect any outstanding Award without the consent of the affected Participant; provided, however,
that this sentence will not impair the right of the Committee to take whatever action it deems appropriate under Sections 4.4, 9.7, 13,
15, 18 or 19.4 of this Plan.
19.4
Amendments to Conform to Law. Notwithstanding any other provision of this Plan to the contrary, the Committee may amend this Plan
or an Award Agreement, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming this
Plan or an Award Agreement to any present or future law relating to plans of this or similar nature, and to the administrative regulations
and rulings promulgated thereunder. By accepting an Award under this Plan, a Participant agrees to any amendment made pursuant to this
Section 19.4 to any Award granted under this Plan without further consideration or action.
20.
Substituted Awards.
The
Committee may grant Awards under this Plan in substitution for stock and stock-based awards held by employees of another entity who become
employees of the Company or a Subsidiary as a result of a merger or consolidation of the former employing entity with the Company or
a Subsidiary or the acquisition by the Company or a Subsidiary of property or stock of the former employing corporation. The Committee
may direct that the substitute Awards be granted on such terms and conditions as the Committee considers appropriate in the circumstances.
21.
Duration of this Plan.
This
Plan will terminate at 11:59 p.m., Eastern Time, on July 25, 2033, and may be terminated prior to such time by Board action. No Award
will be granted after termination of this Plan, but Awards outstanding upon termination of this Plan will remain outstanding in accordance
with their applicable terms and conditions and the terms and conditions of this Plan.
22.
Miscellaneous.
22.1
Usage. In this Plan, except where otherwise indicated by clear contrary intention, (a) any masculine term used herein also will
include the feminine, (b) the plural will include the singular, and the singular will include the plural, (c) “including”
(and with correlative meaning “include”) means including without limiting the generality of any description preceding such
term, and (d) “or” is used in the inclusive sense of “and/or”.
22.2
Relationship to Other Benefits. Neither Awards made under this Plan nor shares of Common Stock or cash paid pursuant to such Awards
under this Plan will be included as “compensation” for purposes of computing the benefits payable to any Participant under
any pension, retirement (qualified or non-qualified), savings, profit sharing, group insurance, welfare, or benefit plan of the Company
or any Subsidiary unless provided otherwise in such plan.
22.3
Fractional Shares. No fractional shares of Common Stock will be issued or delivered under this Plan or any Award. The Committee
will determine whether cash, other Awards or other property will be issued or paid in lieu of fractional shares of Common Stock or whether
such fractional shares of Common Stock or any rights thereto will be forfeited or otherwise eliminated by rounding up or down.
22.4
Governing Law. Except to the extent expressly provided herein or in connection with other matters of corporate governance and
authority (all of which will be governed by the laws of the Company’s jurisdiction of incorporation), the validity, construction,
interpretation, administration and effect of this Plan and any rules, regulations and actions relating to this Plan will be governed
by and construed exclusively in accordance with the laws of the State of Delaware, notwithstanding the conflicts of laws principles of
any jurisdictions.
22.5
Successors. All obligations of the Company under this Plan with respect to Awards granted hereunder will be binding on any successor
to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise,
of all or substantially all of the business or assets of the Company.
22.6
Construction. Wherever possible, each provision of this Plan and any Award Agreement will be interpreted so that it is valid under
the Applicable Law. If any provision of this Plan or any Award Agreement is to any extent invalid under the Applicable Law, that provision
will still be effective to the extent it remains valid. The remainder of this Plan and the Award Agreement also will continue to be valid,
and the entire Plan and Award Agreement will continue to be valid in other jurisdictions.
22.7
Delivery and Execution of Electronic Documents. To the extent permitted by Applicable Law, the Company may: (a) deliver by email
or other electronic means (including posting on a Web site maintained by the Company or by a third party under contract with the Company)
all documents relating to this Plan or any Award hereunder (including prospectuses required by the Securities and Exchange Commission)
and all other documents that the Company is required to deliver to its security holders (including annual reports and proxy statements),
and (b) permit Participants to use electronic, internet or other non-paper means to execute applicable Plan documents (including Award
Agreements) and take other actions under this Plan in a manner prescribed by the Committee.
22.8
Corporate Action Constituting Grant of Awards. Corporate action constituting a grant by the Company of an Award to any Participant
will be deemed completed as of the date of such corporate action, unless otherwise determined by the Committee, regardless of when the
instrument, certificate or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the
event that the corporate records (e.g., Board or Committee consents, resolutions or minutes) documenting the corporate action
constituting the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those
in the Award Agreement or related grant documents as a result of a clerical error in the papering of the Award Agreement or related grant
documents, the corporate records will control and the Participant will have no legally binding right to the incorrect term in the Award
Agreement or related grant documents.
22.9
No Representations or Warranties Regarding Tax Effect; No Obligation to Minimize or Notify Regarding Taxes. Notwithstanding any
provision of this Plan to the contrary, the Company and its Subsidiaries, the Board, and the Committee neither represent nor warrant
the tax treatment under any federal, state, local, or foreign laws and regulations thereunder (individually and collectively referred
to as the “Tax Laws”) of any Award granted or any amounts paid to any Participant under this Plan including, but not
limited to, when and to what extent such Awards or amounts may be subject to tax, penalties, and interest under the Tax Laws and have
no duty or obligation to minimize the tax consequences of an Award to the holder of such Award. The Company will have no duty or obligation
to any Participant to advise such holder as to the time or manner of exercising an Award. Furthermore, the Company will have no duty
or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award or a possible period in which
the Award may not be exercised.
22.10
Unfunded Plan. Participants will have no right, title or interest whatsoever in or to any investments that the Company or its
Subsidiaries may make to aid it in meeting its obligations under this Plan. Nothing contained in this Plan, and no action taken pursuant
to its provisions, will create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any
Participant, beneficiary, legal representative, or any other individual. To the extent that any individual acquires a right to receive
payments from the Company or any Subsidiary under this Plan, such right will be no greater than the right of an unsecured general creditor
of the Company or the Subsidiary, as the case may be. All payments to be made hereunder will be paid from the general funds of the Company
or the Subsidiary, as the case may be, and no special or separate fund will be established and no segregation of assets will be made
to assure payment of such amounts except as expressly set forth in this Plan.
22.11
Indemnification. Subject to any limitations and requirements of Delaware law, each individual who is or will have been a member
of the Board, or a Committee appointed by the Board, or an officer or Employee of the Company to whom authority was delegated in accordance
with Section 3.3 of this Plan, will be indemnified and held harmless by the Company against and from any loss, cost, liability or expense
that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit or proceeding
to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under this Plan
and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him
or her in satisfaction of any judgment in any such action, suit or proceeding against him or her, provided he or she will give the Company
an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his/her own
behalf. The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which such individuals
may be entitled under the Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or pursuant to any
agreement with the Company, or any power that the Company may have to indemnify them or hold them harmless.
Exhibit
10.2
[Employee
– Time-Based Vesting]
NOTICE
OF OPTION GRANT UNDER THE
XTANT
MEDICAL HOLDINGS, INC. 2023 equity INCENTIVE PLAN
Xtant
Medical Holdings, Inc., a Delaware corporation (the “Company”), pursuant to the Xtant Medical Holdings, Inc. 2023
Equity Incentive Plan (as may be amended from time to time, the “Plan”), hereby grants to the individual named below
(the “Participant”) a Non-Statutory Stock Option (the “Option”) to purchase from the Company that
number of shares of Common Stock (the “Shares”), as indicated below at an exercise price per Share equal to the amount
as indicated below (the “Exercise Price”). The Option is subject to all of the terms and conditions set forth in this
Notice of Option Grant (this “Grant Notice”), in the Option Award Agreement attached hereto (the “Award Agreement”),
and in the Plan, all of which are incorporated herein in their entirety. Capitalized terms not otherwise defined herein will have the
meaning set forth in the Plan. This Option grant has been made as of the grant date indicated below, which shall be referred to as the
“Grant Date.”
Grant
ID: |
[Insert
Grant ID number] |
|
|
Participant: |
[Insert
Participant Name] |
|
|
Grant
Date: |
[Insert
Grant Date] |
|
|
Total
Number of Shares Subject to Option: |
[Insert
Number of underlying Shares], subject to adjustment as provided in the Plan. |
|
|
Exercise
Price Per Share: |
$[Insert
Exercise Price], subject to adjustment as provided in the Plan. |
|
|
Expiration
Date: |
[Insert
Expiration Date], but no later than the ten (10) year anniversary of the Grant Date, as provided in Section 3.2 of the Award
Agreement. |
|
|
Type
of Option: |
Non-Statutory
Stock Option |
|
|
Vesting
Schedule: |
Except
as otherwise provided in Section 3 of the Award Agreement, the Participant’s right to exercise the Option shall vest: |
|
|
|
[on
a cumulative basis, over a four-year period and as follows: (i) on the one-year anniversary of the Grant Date with respect to one-fourth
of the number of shares subject thereto on the Grant Date, (ii) on the two-year anniversary of the Grant Date with respect to an
additional one-fourth of the number of shares subject thereto on the Grant Date, (iii) on the three-year anniversary of the Grant
Date with respect to an additional one fourth of the number of shares subject thereto on the Grant Date; and (iv) on the four-year
anniversary of the Grant Date with respect to the remaining shares subject thereto on the Grant Date]; |
|
|
|
OR |
|
|
|
[in
full on [_________]/the [one/two/three/four]-year anniversary of the Grant Date]; |
|
|
|
Provided,
however, that the Participant remains continuously employed by or provides services to the Company or any Subsidiary through
the applicable vesting date. |
*
* *
The
Participant must accept the grant by executing this Grant Notice in the space provided below and returning the original execution copy
to the Company or otherwise indicating affirmative acceptance of this grant electronically pursuant to procedures established by the
Company and/or its third party administrator. The undersigned Participant acknowledges that he or she has received a copy of this Grant
Notice, the Award Agreement, the Plan and the Plan Prospectus. As an express condition to this grant, the Participant agrees to be bound
by the terms of this Grant Notice, the Award Agreement and the Plan. The Participant has read carefully and in its entirety the Award
Agreement and specifically the acknowledgements in Section 7.9 thereof. This Grant Notice, the Award Agreement and the Plan set forth
the entire agreement and understanding of the Company and the Participant with respect to the grant, vesting and administration of the
Option award and supersede all prior agreements, arrangements, plans and understandings. This Grant Notice (which includes the attached
Award Agreement) may be executed in two counterparts each of which will be deemed an original and both of which together will constitute
one and the same instrument.
XTANT
MEDICAL HOLDINGS, INC. |
|
Participant |
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|
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By: |
[Name
of Officer] |
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[Name
of Participant] |
Title: |
[Title
of Officer] |
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OPTION
AWARD AGREEMENT
Pursuant
to the Notice of Option Grant (the “Grant Notice”) to which this Option Award Agreement (this “Agreement”)
is attached and which Grant Notice is included in and part of this Agreement, and subject to the terms of this Agreement and the Xtant
Medical Holdings, Inc. 2023 Equity Incentive Plan (as may be amended from time to time, the “Plan”), Xtant Medical
Holdings, Inc., a Delaware corporation (the “Company”), and the Participant named in the Grant Notice (the “Participant”)
agree as follows:
1.
Incorporation of Plan; Definitions. The provisions of the Plan are hereby incorporated herein by reference. Except as otherwise
expressly set forth herein, this Agreement will be construed in accordance with the provisions of the Plan and any capitalized terms
not otherwise defined in this Agreement or in the Grant Notice will have the same meanings as set forth in the Plan. The provisions of
this Agreement will be interpreted as to be consistent with the Plan and any ambiguities in this Agreement will be interpreted by reference
to the Plan. In the event that any provision of this Agreement is not authorized by or is inconsistent with the terms of the Plan, the
terms of the Plan will prevail. Pursuant to and in accordance with the terms of the Plan, the Committee will have final authority to
interpret and construe the Plan and this Agreement and to make any and all determinations thereunder, and its decision will be final,
binding and conclusive upon the Participant and his or her legal representatives in respect of any questions arising under the Plan or
this Agreement. A copy of the Plan and the Plan Prospectus have been delivered to the Participant together with this Agreement.
2.
Grant of Option. The Company hereby grants to the Participant a Non-Statutory Stock Option (the “Option”) to
purchase from the Company that number of shares of Common Stock (collectively, the “Shares”), and at an exercise price
per Share equal to the amount as indicated in the Grant Notice (the “Exercise Price”), all subject to adjustment as
provided in the Plan, and subject to the terms, conditions and restrictions set forth herein and in the Plan. The Option is not intended
to satisfy the requirements of Section 422 of the Code and thus shall be a Non-Statutory Stock Option as that term is defined in the
Plan.
3.
Vesting and Exercisability of Option; Expiration of Option; Forfeiture.
3.1
Vesting and Exercisability of Option. Except as otherwise provided under this Agreement, the Participant’s right to exercise
the Option shall vest in accordance with the Vesting Schedule set forth in the Grant Notice (each, a “Vesting Date”);
provided, however, that the Participant remains continuously employed by or provides services to the Company or any Subsidiary
through the applicable Vesting Date.
3.2
Duration of Exercisability. Any installments provided for in the Vesting Schedule set forth in the Grant Notice are cumulative.
Each such installment which becomes vested and exercisable pursuant to the Vesting Schedule set forth in the Grant Notice shall remain
vested and exercisable until the Expiration Date of the Option set forth in the Grant Notice (the “Expiration Date”)
or until the Option becomes unexercisable under Section 3.4 of this Agreement; provided, however, that if the exercise
of the vested portion of the Option is prevented by the provisions of Section 17 of the Plan, the vested portion of the Option will remain
exercisable until thirty (30) days after the date such exercise first would no longer be prevented by such provisions, but in any event
no later than the Expiration Date of such Option.
3.3
Change in Control. [Except as otherwise provided in an Individual Agreement between the Company and the Participant, upon a Change
in Control, the Option will be subject to Section 15 of the Plan.]
OR
[Except
as otherwise provided in an Individual Agreement between the Company and the Participant, upon a Change in Control (as defined in an
Individual Agreement between the Participant and the Company or if there is no such Individual Agreement or if it does not define Change
in Control, then as defined in the Plan), the Option will be subject to the provisions below.
a.
In the event of such a Change in Control, the surviving or successor organization (or a parent or subsidiary thereof) (the “Successor”)
may continue, assume or substitute equivalent awards (with such adjustments as may be required or permitted by Section 4.4 of the Plan).
A substitute equivalent award must (i) have a value at least equal to the value of the Option being substituted; (ii) be the same type
of award as the Option being substituted; (iii) be vested to the extent vested at the time of and as a result of the Change in Control
and (iv) have other terms and conditions (including vesting, exercisability and effect of termination within one (1) year following a
Change in Control) that are not less favorable to the Participant than the terms and conditions of the Option being substituted, in each
case, as determined by the Committee (as constituted prior to the Change in Control) in its sole discretion. If the Option is continued,
assumed or substituted by the Successor and within one (1) year following a Change in Control the Participant (i) is terminated by the
Successor (or an Affiliate thereof) without Cause or (ii) the Participant resigns for Good Reason (as defined below), the Option will
vest and become immediately exercisable as of the termination or resignation and will remain exercisable until the earlier of the expiration
of its full specified term or the first anniversary of the date of such termination or resignation. For purposes of this Section 3.3(a),
“Good Reason” means as defined in an Individual Agreement between the Participant and the Company or if there is no
such Individual Agreement or if it does not define Good Reason, Good Reason means the assignment to the Participant of any duties materially
inconsistent in any respect with the Participant’s position (including a material negative change regarding the Participant’s
status, offices, titles or reporting requirements), authority, duties or responsibilities, or any other action by the Company which results
in a material diminution in such position, authority, duties or responsibilities (but not occurring solely as a result of the Company’s
ceasing to be a publicly traded entity) existing immediately prior to the date of the Change in Control, excluding for this purpose an
isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of
notice thereof given by the Participant; provided, however, “Good Reason” will not be deemed to exist unless (a) written
notice of termination on account thereof is given by the Participant to the Company no later than sixty (60) days after the time at which
the event or condition purportedly giving rise to Good Reason first occurs or arises; (b) if there exists (without regard to this clause
(b)) an event or condition that constitutes Good Reason, the Company will have thirty (30) days from the date notice of such a termination
is given to cure such event or condition and, if the Company does so, such event or condition will not constitute Good Reason hereunder
and (c) if not cured, the Participant must resign from employment for a Good Reason event or condition within sixty (60) days following
the last day of the Company’s cure period. Any good faith determination of “Good Reason” made by the Committee will
be conclusive. The Participant’s mental or physical incapacity following the occurrence of an event described in above clauses
will not affect the Participant’s ability to terminate employment for Good Reason.
b.
In the event of such a Change in Control, any outstanding Option that is not continued, assumed or substituted with equivalent awards
by the Successor pursuant to Section 3.3(a) above, the Option, effective immediately prior to such Change in Control but conditioned
upon the completion of such Change in Control, will be fully vested and exercisable and the Committee will either (1) give a Participant
a reasonable opportunity to exercise the Option before the transaction resulting in the Change in Control or (2) pay the Participant
the difference between the exercise price for such Option and the per Share consideration provided to other similarly situated stockholders
in such Change in Control; provided, however, that if the exercise price of such Option exceeds the aforementioned consideration provided,
then the Option will be canceled and terminated without any payment. In either case, such Option will be cancelled.]
3.4
Effect of Termination of Employment or Other Service. Except as otherwise provided in Section 13.4 or 13.5 of the Plan or an Individual
Agreement between the Company or any Subsidiary and the Participant: (a) if the Participant’s employment or service with the Company
and all Subsidiaries is terminated by reason of the Participant’s death, then the Option will vest and become exercisable immediately
as to a pro rata percentage of the unvested portion of the Option scheduled to vest on the next applicable Vesting Date, with such proration
based on the number of days during which the Participant was continuously employed by the Company or provided services to the Company
or a Subsidiary beginning on the Grant Date, or if a Vesting Date has occurred, the most recent Vesting Date, and ending on the next
applicable Vesting Date, multiplied by the number of Shares subject to the Option which were scheduled to vest on the next applicable
Vesting Date, and the vested portion of the Option will remain exercisable for a period of one (1) year after the date of such termination
(but in no event after the Expiration Date); (b) if the Participant’s employment or service with the Company and all Subsidiaries
is terminated by reason of the Participant’s Disability, then the Option will, to the extent exercisable as of the date of such
termination, remain exercisable for a period of one (1) year after the date of such termination (but in no event after the Expiration
Date); and (c) if the Participant’s employment or service with the Company and all Subsidiaries is terminated for any reason other
than death or Disability, then the Option will, to the extent exercisable as of the date of such termination, remain exercisable for
a period of ninety (90) days after the date of such termination (but in no event after the Expiration Date).
3.5
Effect of Actions Constituting Cause or Adverse Action; Forfeiture or Clawback. The Option is subject to the forfeiture provisions
set forth in Section 13.5 of the Plan, including those applicable if the Participant is determined by the Committee to have taken any
action that would constitute Cause or an Adverse Action and any forfeiture or clawback requirement under Applicable Law or any policy
adopted from time to time by the Company.
4.
Method of Exercise.
4.1
Notice. The Option may be exercised by the Participant in whole or in part from time to time, subject to the vesting and other
conditions contained in the Plan and in this Agreement, by delivery, in person, by facsimile or electronic transmission (if confirmed)
or through the mail, to the Company at its principal executive office in Montana (Attention: Chief Financial Officer), of a written notice
of exercise. Such notice must be in a form satisfactory to the Committee, must identify the Option, must specify the number of Shares
with respect to which the Option is being exercised, and must be signed by the person or persons so exercising the Option. Such notice
must be accompanied by payment in full of the total purchase price of the Shares purchased. If the Option is being exercised, as provided
by the Plan, by any person or persons other than the Participant, the notice must be accompanied by appropriate proof of right of such
person or persons to exercise the Option. As soon as practicable after the effective exercise of the Option, the Participant will be
recorded on the books of the Company as the owner of the Shares purchased, and the Company will deliver to the Participant one or more
duly issued stock certificates or book-entry notations evidencing such ownership.
4.2
Payment. The total purchase price of the Shares to be purchased upon exercise of the Option must be paid entirely in cash or cash
equivalent (including check, bank draft or money order); provided, however, that the Committee, in its sole discretion,
may allow such payments to be made, in whole or in part, by: (i) tender, or attestation as to ownership, of Previously Acquired Shares;
(ii) a Broker Exercise Notice; (iii) a “net exercise” pursuant to Section 6.5(b) of the Plan; (iv) a promissory note (on
terms acceptable to the Committee in its sole discretion); (v) such other consideration as may be approved by the Committee from time
to time; or (vi) a combination of such methods.
5.
Rights of Participant.
5.1
Employment or Other Service. Nothing in this Agreement will interfere with or limit in any way the right of the Company or any
Subsidiary to terminate the employment or service of the Participant at any time, nor confer upon the Participant any right to continue
employment or service with the Company or any Subsidiary.
5.2
Rights as a Stockholder. The Participant will have no rights as, or privileges of, a stockholder of the Company, including, without
limitation, voting rights and rights to dividends, with respect to Shares of Common Stock issuable upon exercise of the Option unless
and until the Participant exercises the Option and becomes the holder of record of such Shares of Common Stock (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 a dividend
or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 4.4 of the Plan.
5.3
Restrictions on Transfer. Except pursuant to testamentary will or the laws of descent and distribution or as otherwise expressly
permitted by the Plan, no right or interest of the Participant in the Option prior to exercise of the Option will be assignable or transferable,
or subjected to any lien, during the lifetime of the Participant, either voluntarily or involuntarily, directly or indirectly, by operation
of law or otherwise. Any attempt to transfer, assign or encumber the Option other than in accordance with this Agreement and the Plan
will be null and void and the Option will be forfeited and immediately returned to the Company.
6.
Withholding Taxes. The Company is entitled to (a) withhold and deduct from future wages of the Participant (or from other amounts
that may be due and owing to the Participant from the Company or a Subsidiary), or make other arrangements for the collection of, all
amounts the Company reasonably determines are necessary to satisfy any and all federal, foreign, state and local withholding and employment
related tax requirements attributable to the Option, including the grant, vesting or exercise of, the Option, or (b) require the Participant
promptly to remit the amount of such withholding to the Company before taking any action, including issuing any Shares upon exercise
of the Option. The Committee may, in its sole discretion and upon terms and conditions established by the Committee, permit or require
the Participant to satisfy, in whole or in part, any withholding or employment related tax obligation in connection with the Option by
withholding Shares issuable upon exercise of the Option. When withholding Shares for taxes is effected under this Agreement and the Plan,
it will be withheld only up to an amount based on the maximum statutory tax rates in the Participant’s applicable tax jurisdiction
or such other rate that will not trigger a negative accounting impact on the Company.
7.
Miscellaneous.
7.1
Governing Law. The validity, construction, interpretation, administration and effect of this Agreement and any rules, regulations
and actions relating to this Agreement will be governed by and construed exclusively in accordance with the laws of the State of Delaware,
notwithstanding the conflicts of laws principles of any jurisdictions.
7.2
Interpretation. Any dispute regarding the interpretation of this Agreement will be submitted by the Participant or by the Company
forthwith to the Committee for review. The resolution of such a dispute by the Committee will be final and binding on all parties.
7.3
Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this
Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set
forth, this Agreement will be binding upon the Participant and his or her heirs, executors, administrators, successors and assigns.
7.4
Notices. All notices, requests or other communications provided for in this Agreement must be made, if to the Company, to Xtant
Medical Holdings, Inc., Attn: Chief Financial Officer, 664 Cruiser Lane, Belgrade, MT 59714, and if to the Participant, to the last known
mailing address of the Participant contained in the records of the Company. All notices, requests or other communications provided for
in this Agreement must be made in writing either (a) by personal delivery, (b) by facsimile or electronic mail with confirmation of receipt,
(c) by mailing in the United States mails or (d) by express courier service. The notice, request or other communication will be deemed
to be received upon personal delivery, upon confirmation of receipt of facsimile or electronic mail transmission or upon receipt by the
party entitled thereto if by United States mail or express courier service; provided, however, that if a notice, request
or other communication sent to the Company is not received during regular business hours, it will be deemed to be received on the next
succeeding business day of the Company.
7.5
Electronic Delivery and Acceptance. The Company may, in its sole discretion, deliver any documents related to the Option by electronic
means or request the Participant’s consent to participate in the Plan by electronic means. The Participant hereby consents to receive
all applicable documentation by electronic delivery and to participate in the Plan through an on-line system established and maintained
by the Company or a third party vendor designated by the Company.
7.6
Other Laws. The Company will have the right to refuse to issue to the Participant Shares upon exercise of the Option if the Company
acting in its absolute discretion determines that the issuance or transfer of such Shares might violate any Applicable Law.
7.7
Investment Representation. The Participant hereby represents and covenants that (a) any Share acquired upon exercise of the Option
will be acquired for investment and not with a view to the distribution thereof within the meaning of the Securities Act of 1933, as
amended (the “Securities Act”), unless such acquisition has been registered under the Securities Act and any applicable
state securities laws; (b) any subsequent sale of any such Shares will be made either pursuant to an effective registration statement
under the Securities Act and any applicable state securities laws, or pursuant to an exemption from registration under the Securities
Act and such state securities laws; and (c) if requested by the Company, the Participant will submit a written statement, in form satisfactory
to the Company, to the effect that such representation (x) is true and correct as of the date of vesting of any Shares hereunder or (y)
is true and correct as of the date of any sale of any such Share, as applicable. As a further condition precedent to the delivery to
the Participant of any Shares upon exercise of the Option, the Participant will comply with all regulations and requirements of any regulatory
authority having control of or supervision over the issuance or delivery of the Shares and, in connection therewith, will execute any
documents which the Company will in its sole discretion deem necessary or advisable.
7.8
Non-Negotiable Terms. The terms of this Agreement and the Option are not negotiable, but the Participant may refuse to accept
the Option by notifying the Company’s Chief Financial Officer in writing within thirty (30) day after the Grant Date set forth
in the Grant Notice.
7.9
Acknowledgement by the Participant. In accepting the Option, the Participant hereby acknowledges that:
(a)
The Plan is established voluntarily by the Company, it is discretionary in nature, and it may be modified, amended, suspended or terminated
by the Company at any time, unless otherwise provided in the Plan.
(b)
The grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future Option grants,
or benefits in lieu of Options, even if Options have been granted repeatedly in the past.
(c)
All decisions with respect to future Option grants, if any, will be at the sole discretion of the Company.
(d)
The Participant is voluntarily participating in the Plan.
(e)
The award of Options is an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to
the Company, and which is outside the scope of the Participant’s employment contract, if any.
(f)
The award of Options is not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating
any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits
or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company
or any Subsidiary.
(g)
The award of Options or this Agreement will not be interpreted to form an employment contract with the Company or any Subsidiary.
(h)
The future value of the Shares issuable upon exercise of the Option is unknown and cannot be predicted with certainty and if the Option
vest and is exercised by the Participant, the value of those Shares may increase or decrease.
(i)
In consideration of the grant of the Option, no claim or entitlement to compensation or damages shall arise from termination of the Option
or diminution in value of the Shares acquired upon exercise of the Option resulting from termination of employment by the Company (for
any reason whatsoever and whether or not in breach of applicable labor laws) and the Participant hereby irrevocably releases the Company
and its Subsidiaries from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent
jurisdiction to have arisen, then, by acceptance of the Option, the Participant shall be deemed irrevocably to have waived his or her
entitlement to pursue such claim.
(j)
In the event of termination of the Participant’s employment with the Company (whether or not in breach of local labor laws), the
Participant’s right to receive the Option and vest in the Option under the Plan, if any, will terminate effective as of the date
of termination of his or her active employment as determined in the sole discretion of the Committee and will not be extended by any
notice of termination of employment or severance period provided to the Participant by contract or practice of the Company or any Subsidiary
or mandated under local law and the Committee will have the sole discretion to determine the date of termination of the Participant’s
active employment for purposes of the Option.
(k)
Neither the Company nor any Subsidiary is providing any tax, legal or financial advice, nor is the Company or any Subsidiary making any
recommendations regarding the Participant’s participation in the Plan, acceptance of the Option, acquisition of Shares upon vesting
and exercise of the Option or any sale of such Shares.
(l)
The Participant has been advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation
in the Plan before taking any action related to the Plan.
*
* * * *
Exhibit
10.3
[Employee
– Time-Based Vesting]
NOTICE
OF RESTRICTED STOCK UNIT GRANT UNDER THE
XTANT
MEDICAL HOLDINGS, INC. 2023 equity INCENTIVE PLAN
Xtant
Medical Holdings, Inc., a Delaware corporation (the “Company”), pursuant to the Xtant Medical Holdings, Inc. 2023
Equity Incentive Plan (as may be amended from time to time, the “Plan”), hereby grants to the individual named below
(the “Participant”) the number of Restricted Stock Units (as defined in the Plan) set forth below (the “Restricted
Stock Units”). The Restricted Stock Units are subject to all of the terms and conditions set forth in this Notice of Restricted
Stock Unit Grant (this “Grant Notice”), in the Restricted Stock Unit Award Agreement attached hereto (the “Award
Agreement”), and in the Plan, all of which are incorporated herein in their entirety. Capitalized terms not otherwise defined
herein will have the meaning set forth in the Plan. This Restricted Stock Units grant has been made as of the grant date indicated below,
which shall be referred to as the “Grant Date.”
Grant
ID: |
[Insert
Grant ID number] |
|
|
Participant: |
[Insert
Participant Name] |
|
|
Grant
Date: |
[Insert
Grant Date] |
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|
Total
Number of Restricted
Stock Units: |
[Insert
Number of Underlying Shares], subject to adjustment as provided in the Plan. |
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|
Vesting
Schedule: |
Except
as otherwise provided in Section 3 of the Award Agreement, the Restricted Stock Units will vest and the underlying shares of Common
Stock will become issuable: |
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|
|
[on
a cumulative basis, over a four-year period and as follows: (i) on the one-year anniversary of the Grant Date with respect to one-fourth
of the number of shares of Common Stock subject thereto on the Grant Date, (ii) on the two-year anniversary of the Grant Date with
respect to an additional one-fourth of the number of shares of Common Stock subject thereto on the Grant Date, (iii) on the three-year
anniversary of the Grant Date with respect to an additional one fourth of the number of shares of Common Stock subject thereto on
the Grant Date; and (iv) on the four-year anniversary of the Grant Date with respect to the remaining shares of Common Stock subject
thereto on the Grant Date]; |
|
|
|
OR |
|
|
|
[in
full on [_________]/the [one/two/three/four]-year anniversary of the Grant Date]; |
|
|
|
Provided,
however, that the Participant remains continuously employed by or provides services to the Company or any Subsidiary through
the applicable vesting date. |
|
|
* *
* * * |
The
Participant must accept this Restricted Stock Unit grant by executing this Grant Notice in the space provided below and returning such
original execution copy to the Company or otherwise indicating affirmative acceptance of the Restricted Stock Unit grant electronically
pursuant to procedures established by the Company and/or its third party administrator. The undersigned Participant acknowledges that
he or she has received a copy of this Grant Notice, the Award Agreement, the Plan and the Plan Prospectus. As an express condition to
the grant of the Restricted Stock Units hereunder, the Participant agrees to be bound by the terms of this Grant Notice, the Award Agreement
and the Plan. The Participant has read carefully and in its entirety the Award Agreement and specifically the acknowledgements in Section
7.9 thereof. This Grant Notice, the Award Agreement and the Plan set forth the entire agreement and understanding of the Company and
the Participant with respect to the grant, vesting and administration of this Restricted Stock Units award and supersede all prior agreements,
arrangements, plans and understandings. This Grant Notice (which includes the attached Award Agreement) may be executed in two counterparts
each of which will be deemed an original and both of which together will constitute one and the same instrument.
* *
* * *
XTANT
MEDICAL HOLDINGS, INC. |
|
Participant |
|
|
|
|
|
|
|
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By: |
[Name
of Officer] |
|
[Name
of Participant] |
Title:
|
[Title
of Officer] |
|
|
RESTRICTED
STOCK UNIT AWARD AGREEMENT
Pursuant
to the Notice of Restricted Stock Unit Grant (the “Grant Notice”) to which this Restricted Stock Unit Award Agreement
(this “Agreement”) is attached and which Grant Notice is included in and part of this Agreement, and subject to the
terms of this Agreement and the Xtant Medical Holdings, Inc. 2023 Equity Incentive Plan (as may be amended from time to time, the “Plan”),
Xtant Medical Holdings, Inc., a Delaware corporation (the “Company”), and the Participant named in the Grant Notice
(the “Participant”) agree as follows:
1.
Incorporation of Plan; Definitions. The provisions of the Plan are hereby incorporated herein by reference. Except as otherwise
expressly set forth herein, this Agreement will be construed in accordance with the provisions of the Plan and any capitalized terms
not otherwise defined in this Agreement or in the Grant Notice will have the same meanings as set forth in the Plan. The provisions of
this Agreement will be interpreted as to be consistent with the Plan and any ambiguities in this Agreement will be interpreted by reference
to the Plan. In the event that any provision of this Agreement is not authorized by or is inconsistent with the terms of the Plan, the
terms of the Plan will prevail. Pursuant to and in accordance with the terms of the Plan, the Committee will have final authority to
interpret and construe the Plan and this Agreement and to make any and all determinations thereunder, and its decision will be final,
binding and conclusive upon the Participant and his or her legal representatives in respect of any questions arising under the Plan or
this Agreement. A copy of the Plan and the Plan Prospectus have been delivered to the Participant together with this Agreement.
2.
Grant of Restricted Stock Units. The Company hereby grants to the Participant that number of Restricted Stock Units as set forth
in the Grant Notice, subject to adjustment as provided in the Plan, and each of which, once vested pursuant to this Agreement, will be
settled in one (1) share of Common Stock, subject to the terms, conditions and restrictions set forth herein and in the Plan. Reference
in this Agreement to the Restricted Stock Units will be deemed to include the Dividend Equivalents with respect to such Restricted Stock
Units as set forth in Section 4.2 of this Agreement.
3.
Vesting and Conditions to Issuance of Common Stock; Forfeiture.
3.1
Service-Based Vesting Condition. Except as otherwise provided in this Section 3 or this Agreement or the Plan, the Restricted
Stock Units will vest and such vested Restricted Stock Units will be converted to Common Stock immediately thereafter in the amounts
and on the date(s) as indicated in the Vesting Schedule set forth in the Grant Notice (each a “Vesting Date”) and
as set forth in this Agreement and in the Plan; provided, however, that the Participant remains continuously employed by
or provides services to the Company or any Subsidiary through the applicable Vesting Date.
3.2
Change in Control. [Except as otherwise provided in an Individual Agreement between the Company and the Participant, upon a Change
in Control, the Restricted Stock Units will be subject to Section 15 of the Plan.]
OR
[Except
as otherwise provided in an Individual Agreement between the Company and the Participant, upon a Change in Control (as defined in an
Individual Agreement between the Participant and the Company or if there is no such Individual Agreement or if it does not define Change
in Control, then as defined in the Plan), the Restricted Stock Units will be subject to the provisions below.
a.
In the event of such a Change in Control, the surviving or successor organization (or a parent or subsidiary thereof) (the “Successor”)
may continue, assume or substitute equivalent awards (with such adjustments as may be required or permitted by Section 4.4 of the Plan).
A substitute equivalent award must (i) have a value at least equal to the value of the Restricted Stock Units being substituted; (ii)
be the same type of award as the Restricted Stock Units being substituted; (iii) be vested to the extent vested at the time of and as
a result of the Change in Control; and (iv) have other terms and conditions (including vesting and effect of termination within one (1)
year following a Change in Control) that are not less favorable to the Participant than the terms and conditions of the Restricted Stock
Units being substituted, in each case, as determined by the Committee (as constituted prior to the Change in Control) in its sole discretion.
If the Restricted Stock Units are continued, assumed or substituted by the Successor and within one (1) year following a Change in Control
the Participant (i) is terminated by the Successor (or an Affiliate thereof) without Cause or (ii) the Participant resigns for Good Reason
(as defined below), the Restricted Stock Units will vest and such vested Restricted Stock Units will be converted to Common Stock immediately
thereafter in the amounts as indicated in the Grant Notice and as set forth in this Agreement and in the Plan as of the termination or
resignation. For purposes of this Section 3.2(a), “Good Reason” means as defined in an Individual Agreement between
the Participant and the Company but only if and to the extent such Good Reason constitutes “good reason” under Treas. Reg.
Section 1.409A-1(n), or if there is no such Individual Agreement or if it does not define Good Reason, Good Reason means the assignment
to the Participant of any duties materially inconsistent in any respect with the Participant’s position (including a material negative
change regarding the Participant’s status, offices, titles or reporting requirements), authority, duties or responsibilities, or
any other action by the Company which results in a material diminution in such position, authority, duties or responsibilities (but not
occurring solely as a result of the Company’s ceasing to be a publicly traded entity) existing immediately prior to the date of
the Change in Control, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which
is remedied by the Company promptly after receipt of notice thereof given by the Participant; provided, however, “Good Reason”
will not be deemed to exist unless (a) written notice of termination on account thereof is given by the Participant to the Company no
later than sixty (60) days after the time at which the event or condition purportedly giving rise to Good Reason first occurs or arises;
(b) if there exists (without regard to this clause (b)) an event or condition that constitutes Good Reason, the Company will have thirty
(30) days from the date notice of such a termination is given to cure such event or condition and, if the Company does so, such event
or condition will not constitute Good Reason hereunder and (c) if not cured, the Participant must resign from employment for a Good Reason
event or condition within sixty (60) days following the last day of the Company’s cure period. Any good faith determination of
“Good Reason” made by the Committee will be conclusive. The Participant’s mental or physical incapacity following the
occurrence of an event described in above clauses will not affect the Participant’s ability to terminate employment for Good Reason.
b.
In the event of such a Change in Control, any Restricted Stock Units that are not continued, assumed or substituted with equivalent awards
by the Successor pursuant to Section 3.2(a) above, the Restricted Stock Units, effective immediately prior to such Change in Control
but conditioned upon the completion of such Change in Control, will be fully vested and such vested Restricted Stock Units will be converted
to Common Stock immediately thereafter.]
3.3
Effect of Termination of Employment or Other Service. Except as otherwise provided below or in Section 13.4 or 13.5 of the Plan
or in an Individual Agreement between the Company or any Subsidiary and the Participant, in the event the Participant’s employment
or other service with the Company and all Subsidiaries is terminated for any reason, including for Cause, by reason of death, Disability
or Retirement of the Participant, all outstanding but unvested Restricted Stock Units held by the Participant as of the effective date
of such termination will be terminated and forfeited. Notwithstanding the foregoing, in the event the Participant’s employment
or other service with the Company and all Subsidiaries is terminated by reason of the Participant’s death, a pro rata percentage
of the unvested Restricted Stock Units scheduled to vest on the next applicable Vesting Date, with such proration based on the number
of days during which the Participant was continuously employed by the Company or provided services to the Company or a Subsidiary beginning
on the Grant Date, or if a Vesting Date has occurred, the most recent Vesting Date, and ending on the next applicable Vesting Date, multiplied
by the number of unvested Restricted Stock Units that were scheduled to vest on the next applicable Vesting Date, will become immediately
vested and shares of Common Stock will become issuable under Section 4.1.
3.4
Effect of Actions Constituting Cause or Adverse Action; Forfeiture or Clawback. The Restricted Stock Units are subject to the
forfeiture provisions set forth in Section 13.5 of the Plan, including those applicable if the Participant is determined by the Committee
to have taken any action that would constitute Cause or an Adverse Action and any forfeiture or clawback requirement under Applicable
Law or any policy adopted from time to time by the Company.
4.
Settlement; Issuance of Common Stock.
4.1
Timing and Manner of Settlement. Vested Restricted Stock Units will be converted to shares of Common Stock which the Company will
issue and deliver to the Participant (either by delivering one or more certificates for such shares or by entering such shares in book
entry form in the name of the Participant or depositing such shares for the Participant’s benefit with any broker with which the
Participant has an account relationship or the Company has engaged to provide such services under the Plan, as determined by the Company
in its sole discretion) within seventy four (74) days following the Vesting Date, except to the extent that shares of Common Stock are
withheld to pay tax withholding obligations pursuant to Section 6 of this Agreement or the Participant has properly elected to defer
income that may be attributable to such Restricted Stock Units under a Company deferred compensation plan or arrangement. Payment of
amounts under this Agreement (by issuance of shares of Common Stock or otherwise) is intended to comply with the requirements of an exception
to Section 409A of the Code and this Agreement shall in all respects be administered and construed to give effect to such intent. The
Committee in its sole discretion may accelerate or delay the distribution of any payment under this Agreement to the extent allowed under
Section 409A of the Code.
4.2
Dividends Equivalents. The Restricted Stock Units are being granted with an equal number of Dividend Equivalents. Such Dividend
Equivalents entitle the Participant to be credited with any amount equal to all cash dividends paid on one share of Common Stock for
each Restricted Stock Unit while the corresponding Restricted Stock Unit is outstanding. Dividend Equivalents will be converted into
additional Restricted Stock Units and will be subject to the same conditions and restrictions as the Restricted Stock Units to which
they attach. The number of additional Restricted Stock Units to be received as Dividend Equivalents will be determined by dividing the
cash dividend per share by the Fair Market Value of one share of Common Stock on the dividend payment date. Dividend Equivalents as to
the Restricted Stock Units will be subject to forfeiture and termination to the same extent as the corresponding Restricted Stock Units
as to which the Dividend Equivalents relate.
5.
Rights of Participant.
5.1
Employment or Other Service. Nothing in this Agreement will interfere with or limit in any way the right of the Company or any
Subsidiary to terminate the employment or service of the Participant at any time, nor confer upon the Participant any right to continue
employment or service with the Company or any Subsidiary.
5.2
Rights as a Stockholder. The Participant will have no rights as, or privileges of, a stockholder of the Company, with respect
to shares of Common Stock covered by the Restricted Stock Units unless and until the Participant becomes the holder of record of such
shares of Common Stock issued in settlement of the Restricted Stock Units (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company).
5.3
Restrictions on Transfer. Except pursuant to testamentary will or the laws of descent and distribution or as otherwise expressly
permitted by the Plan, no right or interest of the Participant in the Restricted Stock Units prior to the vesting, issuance or settlement
of the Restricted Stock Units will be assignable or transferable, or subjected to any lien, during the lifetime of the Participant, either
voluntarily or involuntarily, directly or indirectly, by operation of law or otherwise. Any attempt to transfer, assign or encumber the
Restricted Stock Units other than in accordance with this Agreement and the Plan will be null and void and the Restricted Stock Units
for which the restrictions have not lapsed will be forfeited and immediately returned to the Company.
6.
Withholding Taxes. The Company is entitled to (a) withhold and deduct from future wages of the Participant (or from other amounts
that may be due and owing to the Participant from the Company or a Subsidiary), or make other arrangements for the collection of, all
amounts the Company reasonably determines are necessary to satisfy any and all federal, foreign, state and local withholding and employment
related tax requirements attributable to the Restricted Stock Units, including the grant, vesting or settlement of, or payment of Dividend
Equivalents with respect to, the Restricted Stock Units, or (b) require the Participant promptly to remit the amount of such withholding
to the Company before taking any action, including issuing any shares of Common Stock, with respect to the Restricted Stock Units. The
Committee may, in its sole discretion and upon terms and conditions established by the Committee, permit or require the Participant to
satisfy, in whole or in part, any withholding or employment related tax obligation in connection with the Restricted Stock Units by withholding
shares of Common Stock issuable upon settlement of the Restricted Stock Units. When withholding shares of Common Stock for taxes is effected
under this Agreement and the Plan, it will be withheld only up to an amount based on the maximum statutory tax rates in the Participant’s
applicable tax jurisdiction or such other rate that will not trigger a negative accounting impact on the Company.
7.
Miscellaneous.
7.1
Governing Law. The validity, construction, interpretation, administration and effect of this Agreement and any rules, regulations
and actions relating to this Agreement will be governed by and construed exclusively in accordance with the laws of the State of Delaware,
notwithstanding the conflicts of laws principles of any jurisdictions.
7.2
Interpretation. Any dispute regarding the interpretation of this Agreement will be submitted by the Participant or by the Company
forthwith to the Committee for review. The resolution of such a dispute by the Committee will be final and binding on all parties.
7.3
Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this
Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set
forth, this Agreement will be binding upon the Participant and his or her heirs, executors, administrators, successors and assigns.
7.4
Notices. All notices, requests or other communications provided for in this Agreement must be made, if to the Company, to Xtant
Medical Holdings, Inc., Attn: Chief Financial Officer, 664 Cruiser Lane, Belgrade, MT 59714, and if to the Participant, to the last known
mailing address of the Participant contained in the records of the Company. All notices, requests or other communications provided for
in this Agreement must be made in writing either (a) by personal delivery, (b) by facsimile or electronic mail with confirmation of receipt,
(c) by mailing in the United States mails or (d) by express courier service. The notice, request or other communication will be deemed
to be received upon personal delivery, upon confirmation of receipt of facsimile or electronic mail transmission or upon receipt by the
party entitled thereto if by United States mail or express courier service; provided, however, that if a notice, request
or other communication sent to the Company is not received during regular business hours, it will be deemed to be received on the next
succeeding business day of the Company.
7.5
Electronic Delivery and Acceptance. The Company may, in its sole discretion, deliver any documents related to the Restricted Stock
Units by electronic means or request the Participant’s consent to participate in the Plan by electronic means. The Participant
hereby consents to receive all applicable documentation by electronic delivery and to participate in the Plan through an on-line system
established and maintained by the Company or a third party vendor designated by the Company.
7.6
Other Laws. The Company will have the right to refuse to issue to the Participant or transfer any shares of Common Stock subject
to the Restricted Stock Units if the Company acting in its absolute discretion determines that the issuance or transfer of such shares
might violate any Applicable Law.
7.7
Investment Representation. The Participant hereby represents and covenants that (a) any share of Common Stock acquired upon the
vesting of the Restricted Stock Units will be acquired for investment and not with a view to the distribution thereof within the meaning
of the Securities Act of 1933, as amended (the “Securities Act”), unless such acquisition has been registered under
the Securities Act and any applicable state securities laws; (b) any subsequent sale of any such shares will be made either pursuant
to an effective registration statement under the Securities Act and any applicable state securities laws, or pursuant to an exemption
from registration under the Securities Act and such state securities laws; and (c) if requested by the Company, the Participant will
submit a written statement, in form satisfactory to the Company, to the effect that such representation (x) is true and correct as of
the date of vesting of any shares of Common Stock hereunder or (y) is true and correct as of the date of any sale of any such share,
as applicable. As a further condition precedent to the delivery to the Participant of any shares of Common Stock subject to the Restricted
Stock Units, the Participant will comply with all regulations and requirements of any regulatory authority having control of or supervision
over the issuance or delivery of the shares and, in connection therewith, will execute any documents which the Company will in its sole
discretion deem necessary or advisable.
7.8
Non-Negotiable Terms. The terms of this Agreement and the Restricted Stock Units are not negotiable, but the Participant may refuse
to accept the Restricted Stock Units by notifying the Company’s Chief Financial Officer in writing within thirty (30) day after
the Grant Date set forth in the Grant Notice.
7.9
Acknowledgement by the Participant. In accepting the Restricted Stock Units, the Participant hereby acknowledges that:
(a)
The Plan is established voluntarily by the Company, it is discretionary in nature, and it may be modified, amended, suspended or terminated
by the Company at any time, unless otherwise provided in the Plan.
(b)
The grant of the Restricted Stock Units is voluntary and occasional and does not create any contractual or other right to receive future
awards of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted repeatedly
in the past.
(c)
All decisions with respect to future Restricted Stock Units award grants, if any, will be at the sole discretion of the Company.
(d)
The Participant is voluntarily participating in the Plan.
(e)
The award of Restricted Stock Units is an extraordinary item that does not constitute compensation of any kind for services of any kind
rendered to the Company, and which is outside the scope of the Participant’s employment contract, if any.
(f)
The award of Restricted Stock Units is not part of normal or expected compensation or salary for any purposes, including, but not limited
to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or
retirement benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services
for the Company or any Subsidiary.
(g)
The award of Restricted Stock Units or this Agreement will not be interpreted to form an employment contract with the Company or any
Subsidiary.
(h)
The future value of the shares of Common Stock subject to the Restricted Stock Units is unknown and cannot be predicted with certainty
and if the Restricted Stock Units vest and the shares of Common Stock become issuable in accordance with the terms of this Agreement,
the value of those shares of Common Stock may increase or decrease.
(i)
In consideration of the grant of the Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination
of the Restricted Stock Units or diminution in value of the Restricted Stock Units or shares of Common Stock acquired upon vesting of
the Restricted Stock Units resulting from termination of employment by the Company (for any reason whatsoever and whether or not in breach
of applicable labor laws) and the Participant hereby irrevocably releases the Company and its Subsidiaries from any such claim that may
arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by acceptance
of the Restricted Stock Units, the Participant shall be deemed irrevocably to have waived his or her entitlement to pursue such claim.
(j)
In the event of termination of the Participant’s employment with the Company (whether or not in breach of local labor laws), the
Participant’s right to receive the Restricted Stock Units and vest in the Restricted Stock Units under the Plan, if any, will terminate
effective as of the date of termination of his or her active employment as determined in the sole discretion of the Committee and will
not be extended by any notice of termination of employment or severance period provided to the Participant by contract or practice of
the Company or any Subsidiary or mandated under local law and the Committee will have the sole discretion to determine the date of termination
of the Participant’s active employment for purposes of the Restricted Stock Units.
(k)
Neither the Company nor any Subsidiary is providing any tax, legal or financial advice, nor is the Company or any Subsidiary making any
recommendations regarding the Participant’s participation in the Plan, acceptance of the Restricted Stock Units, acquisition of
shares of Common Stock upon vesting of the Restricted Stock Units or any sale of such shares.
(l)
The Participant has been advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation
in the Plan before taking any action related to the Plan.
*
* * * *
Exhibit
10.4
NOTICE
OF RESTRICTED STOCK UNIT GRANT UNDER THE
XTANT
MEDICAL HOLDINGS, INC. 2023 equity INCENTIVE PLAN
Xtant
Medical Holdings, Inc., a Delaware corporation (the “Company”), pursuant to the Xtant Medical Holdings, Inc. 2023
Equity Incentive Plan (as may be amended from time to time, the “Plan”), hereby grants to the individual named below
(the “Participant”) the number of Restricted Stock Units (as defined in the Plan) set forth below (the “Restricted
Stock Units”). The Restricted Stock Units are subject to all of the terms and conditions set forth in this Notice of Restricted
Stock Unit Grant (this “Grant Notice”), in the Restricted Stock Unit Award Agreement attached hereto (the “Award
Agreement”), and in the Plan, all of which are incorporated herein in their entirety. Capitalized terms not otherwise defined
herein will have the meaning set forth in the Plan. This Restricted Stock Units grant has been made as of the grant date indicated below,
which shall be referred to as the “Grant Date.”
Participant:
|
_________________ |
|
|
Grant
Date: |
August
15, 20__ |
|
|
Total
Number of Restricted Stock Units: |
_________,
subject to adjustment as provided in the Plan. |
|
|
Vesting
Schedule: |
Except
as otherwise provided in Section 3 of the Award Agreement, the Restricted Stock Units will vest and the underlying shares of Common
Stock will become issuable with respect to 100% of the Restricted Stock Units on August 15, 20__; provided, however, that the Participant
remains a director of or provides services to the Company or any Subsidiary through such vesting date. |
*
* * * *
The
Participant must accept this Restricted Stock Unit grant by executing this Grant Notice in the space provided below and returning such
original execution copy to the Company or otherwise indicating affirmative acceptance of the Restricted Stock Unit grant electronically
pursuant to procedures established by the Company and/or its third party administrator. The undersigned Participant acknowledges that
he or she has received a copy of this Grant Notice, the Award Agreement, the Plan and the Plan Prospectus. As an express condition to
the grant of the Restricted Stock Units hereunder, the Participant agrees to be bound by the terms of this Grant Notice, the Award Agreement
and the Plan. The Participant has read carefully and in its entirety the Award Agreement and specifically the acknowledgements in Section
7.9 thereof. This Grant Notice, the Award Agreement and the Plan set forth the entire agreement and understanding of the Company and
the Participant with respect to the grant, vesting and administration of this Restricted Stock Units award and supersede all prior agreements,
arrangements, plans and understandings. This Grant Notice (which includes the attached Award Agreement) may be executed in two counterparts
each of which will be deemed an original and both of which together will constitute one and the same instrument.
*
* * * *
XTANT
MEDICAL HOLDINGS, INC. |
|
Participant |
|
|
|
|
|
|
|
By: |
Sean
E. Browne |
|
[Name
of Participant] |
Title: |
President
and Chief Executive Officer |
|
|
RESTRICTED
STOCK UNIT AWARD AGREEMENT
Pursuant
to the Notice of Restricted Stock Unit Grant (the “Grant Notice”) to which this Restricted Stock Unit Award Agreement
(this “Agreement”) is attached and which Grant Notice is included in and part of this Agreement, and subject to the
terms of this Agreement and the Xtant Medical Holdings, Inc. 2023 Equity Incentive Plan (as may be amended from time to time, the “Plan”),
Xtant Medical Holdings, Inc., a Delaware corporation (the “Company”), and the Participant named in the Grant Notice
(the “Participant”) agree as follows:
1.
Incorporation
of Plan; Definitions. The provisions of the Plan are hereby incorporated herein by reference. Except as otherwise expressly set forth
herein, this Agreement will be construed in accordance with the provisions of the Plan and any capitalized terms not otherwise defined
in this Agreement or in the Grant Notice will have the same meanings as set forth in the Plan. The provisions of this Agreement will
be interpreted as to be consistent with the Plan and any ambiguities in this Agreement will be interpreted by reference to the Plan.
In the event that any provision of this Agreement is not authorized by or is inconsistent with the terms of the Plan, the terms of the
Plan will prevail. Pursuant to and in accordance with the terms of the Plan, the Committee will have final authority to interpret and
construe the Plan and this Agreement and to make any and all determinations thereunder, and its decision will be final, binding and conclusive
upon the Participant and his or her legal representatives in respect of any questions arising under the Plan or this Agreement. A copy
of the Plan and the Plan Prospectus have been delivered to the Participant together with this Agreement.
2.
Grant
of Restricted Stock Units. The Company hereby grants to the Participant that number of Restricted Stock Units as set forth in the
Grant Notice, subject to adjustment as provided in the Plan, and each of which, once vested pursuant to this Agreement, will be settled
in one (1) share of Common Stock, subject to the terms, conditions and restrictions set forth herein and in the Plan. Reference in this
Agreement to the Restricted Stock Units will be deemed to include the Dividend Equivalents with respect to such Restricted Stock Units
as set forth in Section 4.2 of this Agreement.
3.
Vesting
and Conditions to Issuance of Common Stock; Forfeiture.
3.1
Service-Based Vesting Condition. Except as otherwise
provided in this Section 3 or this Agreement or the Plan, the Restricted Stock Units will vest and such vested Restricted Stock Units
will be converted to Common Stock immediately thereafter in the amounts and on the date(s) as indicated in the Vesting Schedule set forth
in the Grant Notice (each a “Vesting Date”) and as set forth in this Agreement and in the Plan; provided, however,
that the Participant remains a director of the Company or otherwise provides services to the Company or any Subsidiary through the applicable
Vesting Date.
3.2
Change in Control. Except as otherwise provided
in an Individual Agreement between the Company and the Participant, upon a Change in Control (as defined in an Individual Agreement between
the Participant and the Company or if there is no such Individual Agreement or if it does not define Change in Control, then as defined
in the Plan), the Restricted Stock Units will be subject to the provisions below.
a.
In the event of such a Change in Control, the surviving or successor organization (or a parent or subsidiary thereof) (the “Successor”)
may continue, assume or substitute equivalent awards (with such adjustments as may be required or permitted by Section 4.4 of the Plan).
A substitute equivalent award must (i) have a value at least equal to the value of the Restricted Stock Units being substituted; (ii)
be the same type of award as the Restricted Stock Units being substituted; (iii) be vested to the extent vested at the time of and as
a result of the Change in Control; and (iv) have other terms and conditions (including vesting and effect of termination within one (1)
year following a Change in Control) that are not less favorable to the Participant than the terms and conditions of the Restricted Stock
Units being substituted, in each case, as determined by the Committee (as constituted prior to the Change in Control) in its sole discretion.
If the Restricted Stock Units are continued, assumed or substituted by the Successor and within one (1) year following a Change in Control,
the Participant is no longer a director of the Company or providing services to the Company or any Subsidiary for any reason other than
the Participant’s voluntary resignation, the Restricted Stock Units will vest and such vested Restricted Stock Units will be converted
to Common Stock immediately thereafter in the amounts as indicated in the Grant Notice and as set forth in this Agreement and in the
Plan as of the termination or resignation.
b.
In the event of such a Change in Control, any Restricted Stock Units that are not continued, assumed or substituted with equivalent awards
by the Successor pursuant to Section 3.2(a) above, the Restricted Stock Units, effective immediately prior to such Change in Control
but conditioned upon the completion of such Change in Control, will be fully vested and such vested Restricted Stock Units will be converted
to Common Stock immediately thereafter.
3.3
Effect of Termination of Service. Except as otherwise
provided below or in Section 13.4 or 13.5 of the Plan or in an Individual Agreement between the Company or any Subsidiary and the Participant,
in the event the Participant’s service as a director or otherwise with the Company and all Subsidiaries is terminated for any reason,
all outstanding but unvested Restricted Stock Units held by the Participant as of the effective date of such termination will be terminated
and forfeited. Notwithstanding the foregoing, in the event the Participant has served as a director of the Company for at least one year
and the Participant’s service with the Company and all Subsidiaries is terminated by a Qualifying Termination (as defined below),
then all outstanding but unvested Restricted Stock Units will become immediately vested and shares of Common Stock will become issuable
under Section 4.1 except to the extent the Participant has properly elected to defer income that may be attributable to such Restricted
Stock Units under a Company deferred compensation plan or arrangement. For purposes of this Section 3.3, a “Qualifying Termination”
means a termination of the Participant’s service as a director or otherwise with the Company and all Subsidiaries due to any of
the following: (a) the Participant’s death; (b) the Participant’s Disability; (c) a resignation by the Participant at the
request of the Board; or (d) a failure of the Participant to be re-elected to the Board at an annual meeting of stockholders at which
the Participant is standing for re-election after being duly nominated by the Board; provided, however, that in the case of clause (c)
or (d), the Participant is otherwise in “good standing” with the Board, as defined and determined by the Board in its sole
discretion. Notwithstanding the foregoing, the Board may, in its sole discretion, accelerate the vesting of the Restricted Stock Units
at any time and for any reason, including without limitation if the Board decides not to re-nominate the Participant as a director nominee
despite the Participant’s “good standing” with the Board and desire and willingness to stand for re-election as a director
nominee.
3.4
Effect of Actions Constituting Cause or Adverse Action;
Forfeiture or Clawback. The Restricted Stock Units are subject to the forfeiture provisions set forth in Section 13.5 of the Plan,
including those applicable if the Participant is determined by the Committee to have taken any action that would constitute Cause or
an Adverse Action and any forfeiture or clawback requirement under Applicable Law or any policy adopted from time to time by the Company.
4.
Settlement;
Issuance of Common Stock.
4.1
Timing and Manner of Settlement. Vested Restricted
Stock Units will be converted to shares of Common Stock which the Company will issue and deliver to the Participant (either by delivering
one or more certificates for such shares or by entering such shares in book entry form in the name of the Participant or depositing such
shares for the Participant’s benefit with any broker with which the Participant has an account relationship or the Company has
engaged to provide such services under the Plan, as determined by the Company in its sole discretion) within seventy four (74) days following
the Vesting Date, except to the extent that shares of Common Stock are withheld to pay tax withholding obligations pursuant to Section
6 of this Agreement or the Participant has properly elected to defer income that may be attributable to such Restricted Stock Units under
a Company deferred compensation plan or arrangement. Payment of amounts under this Agreement (by issuance of shares of Common Stock or
otherwise) is intended to comply with the requirements of an exception to Section 409A of the Code and this Agreement shall in all respects
be administered and construed to give effect to such intent. The Committee in its sole discretion may accelerate or delay the distribution
of any payment under this Agreement to the extent allowed under Section 409A of the Code.
4.2
Dividends Equivalents. The Restricted Stock Units
are being granted with an equal number of Dividend Equivalents. Such Dividend Equivalents entitle the Participant to be credited with
any amount equal to all cash dividends paid on one share of Common Stock for each Restricted Stock Unit while the corresponding Restricted
Stock Unit is outstanding. Dividend Equivalents will be converted into additional Restricted Stock Units and will be subject to the same
conditions and restrictions as the Restricted Stock Units to which they attach. The number of additional Restricted Stock Units to be
received as Dividend Equivalents will be determined by dividing the cash dividend per share by the Fair Market Value of one share of
Common Stock on the dividend payment date. Dividend Equivalents as to the Restricted Stock Units will be subject to forfeiture and termination
to the same extent as the corresponding Restricted Stock Units as to which the Dividend Equivalents relate.
5.
Rights
of Participant.
5.1
No Right to Service. Nothing in this Agreement
will interfere with or limit in any way the right of the Company or any Subsidiary to terminate the service of the Participant at any
time, nor confer upon the Participant any right to continue service as a director or otherwise with the Company or any Subsidiary.
5.2
Rights as a Stockholder. The Participant will
have no rights as, or privileges of, a stockholder of the Company, with respect to shares of Common Stock covered by the Restricted Stock
Units unless and until the Participant becomes the holder of record of such shares of Common Stock issued in settlement of the Restricted
Stock Units (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company).
5.3
Restrictions on Transfer. Except pursuant to
testamentary will or the laws of descent and distribution or as otherwise expressly permitted by the Plan, no right or interest of the
Participant in the Restricted Stock Units prior to the vesting, issuance or settlement of the Restricted Stock Units will be assignable
or transferable, or subjected to any lien, during the lifetime of the Participant, either voluntarily or involuntarily, directly or indirectly,
by operation of law or otherwise. Any attempt to transfer, assign or encumber the Restricted Stock Units other than in accordance with
this Agreement and the Plan will be null and void and the Restricted Stock Units for which the restrictions have not lapsed will be forfeited
and immediately returned to the Company.
6.
Withholding
Taxes. The Company is entitled to (a) withhold and deduct from future wages of the Participant (or from other amounts that may be
due and owing to the Participant from the Company or a Subsidiary), or make other arrangements for the collection of, all amounts the
Company reasonably determines are necessary to satisfy any and all federal, foreign, state and local withholding and employment related
tax requirements attributable to the Restricted Stock Units, including the grant, vesting or settlement of, or payment of Dividend Equivalents
with respect to, the Restricted Stock Units, or (b) require the Participant promptly to remit the amount of such withholding to the Company
before taking any action, including issuing any shares of Common Stock, with respect to the Restricted Stock Units. The Committee may,
in its sole discretion and upon terms and conditions established by the Committee, permit or require the Participant to satisfy, in whole
or in part, any withholding or employment related tax obligation in connection with the Restricted Stock Units by withholding shares
of Common Stock issuable upon settlement of the Restricted Stock Units. When withholding shares of Common Stock for taxes is effected
under this Agreement and the Plan, it will be withheld only up to an amount based on the maximum statutory tax rates in the Participant’s
applicable tax jurisdiction or such other rate that will not trigger a negative accounting impact on the Company.
7.
Miscellaneous.
7.1
Governing Law. The validity, construction, interpretation,
administration and effect of this Agreement and any rules, regulations and actions relating to this Agreement will be governed by and
construed exclusively in accordance with the laws of the State of Delaware, notwithstanding the conflicts of laws principles of any jurisdictions.
7.2
Interpretation. Any dispute regarding the interpretation
of this Agreement will be submitted by the Participant or by the Company forthwith to the Committee for review. The resolution of such
a dispute by the Committee will be final and binding on all parties.
7.3
Successors and Assigns. The Company may assign
any of its rights under this Agreement to single or multiple assignees, and this Agreement will inure to the benefit of the successors
and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Agreement will be binding upon the Participant
and his or her heirs, executors, administrators, successors and assigns.
7.4
Notices. All notices, requests or other communications
provided for in this Agreement must be made, if to the Company, to Xtant Medical Holdings, Inc., Attn: Chief Financial Officer, 664 Cruiser
Lane, Belgrade, MT 59714, and if to the Participant, to the last known mailing address of the Participant contained in the records of
the Company. All notices, requests or other communications provided for in this Agreement must be made in writing either (a) by personal
delivery, (b) by facsimile or electronic mail with confirmation of receipt, (c) by mailing in the United States mails or (d) by express
courier service. The notice, request or other communication will be deemed to be received upon personal delivery, upon confirmation of
receipt of facsimile or electronic mail transmission or upon receipt by the party entitled thereto if by United States mail or express
courier service; provided, however, that if a notice, request or other communication sent to the Company is not received
during regular business hours, it will be deemed to be received on the next succeeding business day of the Company.
7.5
Electronic Delivery and Acceptance. The Company
may, in its sole discretion, deliver any documents related to the Restricted Stock Units by electronic means or request the Participant’s
consent to participate in the Plan by electronic means. The Participant hereby consents to receive all applicable documentation by electronic
delivery and to participate in the Plan through an on-line system established and maintained by the Company or a third party vendor designated
by the Company.
7.6
Other Laws. The Company will have the right to
refuse to issue to the Participant or transfer any shares of Common Stock subject to the Restricted Stock Units if the Company acting
in its absolute discretion determines that the issuance or transfer of such shares might violate any Applicable Law.
7.7
Investment Representation. The Participant hereby
represents and covenants that (a) any share of Common Stock acquired upon the vesting and settlement of the Restricted Stock Units will
be acquired for investment and not with a view to the distribution thereof within the meaning of the Securities Act of 1933, as amended
(the “Securities Act”), unless such acquisition has been registered under the Securities Act and any applicable state
securities laws; (b) any subsequent sale of any such shares of Common Stock will be made either pursuant to an effective registration
statement under the Securities Act and any applicable state securities laws, or pursuant to an exemption from registration under the
Securities Act and such state securities laws; and (c) if requested by the Company, the Participant will submit a written statement,
in form satisfactory to the Company, to the effect that such representation (x) is true and correct as of the date of vesting of any
shares of Common Stock hereunder or (y) is true and correct as of the date of any sale of any such share, as applicable. As a further
condition precedent to the delivery to the Participant of any shares of Common Stock subject to the Restricted Stock Units, the Participant
will comply with all regulations and requirements of any regulatory authority having control of or supervision over the issuance or delivery
of the shares of Common Stock and, in connection therewith, will execute any documents which the Company will in its sole discretion
deem necessary or advisable.
7.8
Non-Negotiable Terms. The terms of this Agreement
and the Restricted Stock Units are not negotiable, but the Participant may refuse to accept the Restricted Stock Units by notifying the
Company’s Chief Financial Officer in writing within thirty (30) day after the Grant Date set forth in the Grant Notice.
7.9
Acknowledgement by the Participant. In accepting
the Restricted Stock Units, the Participant hereby acknowledges that:
(a)
The Plan is established voluntarily by the Company,
it is discretionary in nature, and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise
provided in the Plan.
(b)
The grant of the Restricted Stock Units is voluntary
and occasional and does not create any contractual or other right to receive future awards of Restricted Stock Units, or benefits in
lieu of Restricted Stock Units, even if Restricted Stock Units have been granted repeatedly in the past.
(c)
All decisions with respect to future Restricted Stock
Units award grants, if any, will be at the sole discretion of the Company.
(d)
The Participant is voluntarily participating in the
Plan.
(e)
The future value of the shares of Common Stock subject
to the Restricted Stock Units is unknown and cannot be predicted with certainty and if the Restricted Stock Units vest and the shares
of Common Stock become issuable in accordance with the terms of this Agreement, the value of those shares of Common Stock may increase
or decrease.
(f)
In consideration of the grant of the Restricted Stock
Units, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in
value of the Restricted Stock Units or shares of Common Stock acquired upon vesting of the Restricted Stock Units resulting from a termination
of service of the Participant with the Company (for any reason whatsoever and whether or not in breach of applicable labor laws) and
the Participant hereby irrevocably releases the Company and its Subsidiaries from any such claim that may arise; if, notwithstanding
the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by acceptance of the Restricted Stock
Units, the Participant shall be deemed irrevocably to have waived his or her entitlement to pursue such claim.
(g)
Neither the Company nor any Subsidiary is providing
any tax, legal or financial advice, nor is the Company or any Subsidiary making any recommendations regarding the Participant’s
participation in the Plan, acceptance of the Restricted Stock Units, acquisition of shares of Common Stock upon vesting of the Restricted
Stock Units or any sale of such shares.
(h)
The Participant has been advised to consult with his
or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related
to the Plan.
*
* * * *
Exhibit 10.5
NOTICE
OF DEFERRED STOCK UNIT GRANT UNDER THE
XTANT
MEDICAL HOLDINGS, INC. 2023 equity INCENTIVE PLAN
Xtant
Medical Holdings, Inc., a Delaware corporation (the “Company”), pursuant to the Xtant Medical Holdings, Inc. 2023
Equity Incentive Plan (as may be amended from time to time, the “Plan”), hereby grants to the individual named below
(the “Participant”) the number of Deferred Stock Units (as defined in the Plan) set forth below (the “Deferred
Stock Units”). The Deferred Stock Units are subject to all of the terms and conditions set forth in this Notice of Deferred
Stock Unit Grant (this “Grant Notice”), in the Deferred Stock Unit Award Agreement attached hereto (the “Award
Agreement”), and in the Plan, all of which are incorporated herein in their entirety. Capitalized terms not otherwise defined
herein will have the meaning set forth in the Plan. This Deferred Stock Units grant has been made as of the grant date indicated below,
which shall be referred to as the “Grant Date.”
Participant: |
____________________ |
|
|
Grant
Date: |
____________________ |
|
|
Total Number of
Deferred Stock Units: |
_________,
subject to adjustment as provided in the Plan. |
|
|
Vesting
Schedule: |
Except
as otherwise provided in Section 3 of the Award Agreement, the Deferred Stock Units will vest with respect to 100% of Deferred Stock
Units on August 15, ____; provided, however, that the Participant remains a director of or provides services to the Company or any
Subsidiary through such vesting date. |
|
|
Settlement
Date: |
Except
as otherwise provided in Section 4 of the Award Agreement, the vested Deferred Stock Units will be settled and the shares of Common
Stock underlying the vested Deferred Stock Units will be issued following the earlier of (i) the Participant’s “Separation
from Service” as defined in the Award Agreement, or (ii) the Participant’s death. |
*
* * * *
The
Participant must accept this Deferred Stock Unit grant by executing this Grant Notice in the space provided below and returning such
original execution copy to the Company or otherwise indicating affirmative acceptance of the Deferred Stock Unit grant electronically
pursuant to procedures established by the Company and/or its third party administrator. The undersigned Participant acknowledges that
he or she has received a copy of this Grant Notice, the Award Agreement, the Plan and the Plan Prospectus. As an express condition to
the grant of the Deferred Stock Units hereunder, the Participant agrees to be bound by the terms of this Grant Notice, the Award Agreement
and the Plan. The Participant has read carefully and in its entirety the Award Agreement and specifically the acknowledgements in Section
7.9 thereof. This Grant Notice, the Award Agreement and the Plan set forth the entire agreement and understanding of the Company and
the Participant with respect to the grant, vesting and administration of this Deferred Stock Units award and supersede all prior agreements,
arrangements, plans and understandings. This Grant Notice (which includes the attached Award Agreement) may be executed in two counterparts
each of which will be deemed an original and both of which together will constitute one and the same instrument.
*
* * * *
XTANT
MEDICAL HOLDINGS, INC. |
|
Participant |
|
|
|
|
|
|
|
By: |
Sean
E. Browne |
|
[Name
of Participant] |
Title: |
President
and Chief Executive Officer |
|
|
DEFERRED
STOCK UNIT AWARD AGREEMENT
Pursuant
to the Notice of Deferred Stock Unit Grant (the “Grant Notice”) to which this Deferred Stock Unit Award Agreement
(this “Agreement”) is attached and which Grant Notice is included in and part of this Agreement, and subject to the
terms of this Agreement and the Xtant Medical Holdings, Inc. 2023 Equity Incentive Plan (as may be amended from time to time, the “Plan”),
Xtant Medical Holdings, Inc., a Delaware corporation (the “Company”), and the Participant named in the Grant Notice
(the “Participant”) agree as follows:
1.
Incorporation
of Plan; Definitions. The provisions of the Plan are hereby incorporated herein by reference. Except as otherwise expressly set forth
herein, this Agreement will be construed in accordance with the provisions of the Plan and any capitalized terms not otherwise defined
in this Agreement or in the Grant Notice will have the same meanings as set forth in the Plan. The provisions of this Agreement will
be interpreted as to be consistent with the Plan and any ambiguities in this Agreement will be interpreted by reference to the Plan.
In the event that any provision of this Agreement is not authorized by or is inconsistent with the terms of the Plan, the terms of the
Plan will prevail. Pursuant to and in accordance with the terms of the Plan, the Committee will have final authority to interpret and
construe the Plan and this Agreement and to make any and all determinations thereunder, and its decision will be final, binding and conclusive
upon the Participant and his or her legal representatives in respect of any questions arising under the Plan or this Agreement. A copy
of the Plan and the Plan Prospectus have been delivered to the Participant together with this Agreement.
2.
Grant
of Deferred Stock Units. The Company hereby grants to the Participant that number of Deferred Stock Units as set forth in the Grant
Notice, subject to adjustment as provided in the Plan, and each of which, if vested pursuant to this Agreement, will be settled on the
Settlement Date (as defined below) in one (1) share of Common Stock, subject to the terms, conditions and restrictions set forth herein
and in the Plan. Reference in this Agreement to the Deferred Stock Units will be deemed to include the Dividend Equivalents with respect
to such Deferred Stock Units as set forth in Section 4.2 of this Agreement.
3.
Vesting;
Forfeiture.
3.1
Service-Based Vesting Condition. Except as otherwise
provided in this Section 3 or this Agreement or the Plan, the Deferred Stock Units will vest in the amounts and on the date(s) as indicated
in the Vesting Schedule set forth in the Grant Notice (each a “Vesting Date”) and as set forth in this Agreement and
in the Plan; provided, however, that the Participant remains a director of the Company or otherwise provides services to
the Company or any Subsidiary through the applicable Vesting Date.
3.2
Change in Control. Except as otherwise provided
in an Individual Agreement between the Company and the Participant, upon a Change in Control (as defined in an Individual Agreement between
the Participant and the Company or if there is no such Individual Agreement or if it does not define Change in Control, then as defined
in the Plan), the Deferred Stock Units will be subject to the provisions below.
a.
In the event of such a Change in Control, the surviving or successor organization (or a parent or subsidiary thereof) (the “Successor”)
may continue, assume or substitute equivalent awards (with such adjustments as may be required or permitted by Section 4.4 of the Plan).
A substitute equivalent award must (i) have a value at least equal to the value of the Deferred Stock Units being substituted; (ii) be
the same type of award as the Deferred Stock Units being substituted; (iii) be vested to the extent vested at the time of and as a result
of the Change in Control; and (iv) have other terms and conditions (including vesting and effect of termination within one (1) year following
a Change in Control) that are not less favorable to the Participant than the terms and conditions of the Deferred Stock Units being substituted,
in each case, as determined by the Committee (as constituted prior to the Change in Control) in its sole discretion. If the Deferred
Stock Units are continued, assumed or substituted by the Successor and within one (1) year following a Change in Control, the Participant
is no longer a director of the Company or providing services to the Company or any Subsidiary for any reason other than the Participant’s
voluntary resignation, the Deferred Stock Units will vest and such vested Deferred Stock Units will be converted to Common Stock immediately
thereafter in the amounts as indicated in the Grant Notice and as set forth in this Agreement and in the Plan as of the termination or
resignation.
b.
In the event of such a Change in Control, any Deferred Stock Units that are not continued, assumed or substituted with equivalent awards
by the Successor pursuant to Section 3.2(a) above, the Deferred Stock Units, effective immediately prior to such Change in Control but
conditioned upon the completion of such Change in Control, will be fully vested immediately thereafter.
3.3
Effect of Termination of Service. Except as otherwise
provided below or in Section 13.4 or 13.5 of the Plan or in an Individual Agreement between the Company or any Subsidiary and the Participant,
in the event the Participant’s service as a director or otherwise with the Company and all Subsidiaries is terminated for any reason,
all outstanding but unvested Deferred Stock Units held by the Participant as of the effective date of such termination will be terminated
and forfeited. Notwithstanding the foregoing, in the event the Participant has served as a director of the Company for at least one year
and the Participant’s service with the Company and all Subsidiaries is terminated by a Qualifying Termination (as defined below),
then all outstanding but unvested Deferred Stock Units will become immediately vested. For purposes of this Section 3.3, a “Qualifying
Termination” means a termination of the Participant’s service as a director or otherwise with the Company and all Subsidiaries
due to any of the following: (a) the Participant’s death; (b) the Participant’s Disability; (c) a resignation by the Participant
at the request of the Board; or (d) a failure of the Participant to be re-elected to the Board at an annual meeting of stockholders at
which the Participant is standing for re-election after being duly nominated by the Board; provided, however, that in the case of clause
(c) or (d), the Participant is otherwise in “good standing” with the Board, as defined and determined by the Board in its
sole discretion. Notwithstanding the foregoing, the Board may, in its sole discretion, accelerate the vesting of the Deferred Stock Units
at any time and for any reason, including without limitation if the Board decides not to re-nominate the Participant as a director nominee
despite the Participant’s “good standing” with the Board and desire and willingness to stand for re-election as a director
nominee.
3.4
Effect of Actions Constituting Cause or Adverse Action;
Forfeiture or Clawback. The Deferred Stock Units are subject to the forfeiture provisions set forth in Section 13.5 of the Plan,
including those applicable if the Participant is determined by the Committee to have taken any action that would constitute Cause or
an Adverse Action and any forfeiture or clawback requirement under Applicable Law or any policy adopted from time to time by the Company.
4.
Settlement;
Issuance of Common Stock.
4.1
Timing and Manner of Settlement. Vested Deferred
Stock Units will be converted to shares of Common Stock which the Company will issue and deliver to the Participant or the Participant’s
estate, if applicable (either by delivering one or more certificates for such shares or by entering such shares of Common Stock in book
entry form in the name of the Participant or depositing such shares for the Participant’s benefit with any broker with which the
Participant has an account relationship or the Company has engaged to provide such services under the Plan, as determined by the Company
in its sole discretion) following the earlier of the following events: (i) the Participant’s Separation from Service (as hereinafter
defined) or (ii) the Participant’s death (each, a “Payment Trigger” and such date of payment, being the “Settlement
Date”), subject to the following:
(a)
For Participants subject to United
States federal income tax, shares of Common Stock will be issued within sixty (60) days following the Payment Trigger, and, for purposes
of this Agreement, a “Separation from Service” shall occur upon the effective date of the Participant’s
termination of service on the Board (other than on account of death) provided such termination constitutes a “separation from service”
as defined in Treas. Reg. §1.409A-1(h); and provided further that if the Participant is a “specified employee” of the
Company, as defined in Treas. Reg. §1.409A-1(i), at the Participant’s Separation from Service, and settlement is on account
of the Participant’s Separation from Service, the settlement shall be delayed until the earlier of the first day of the seventh
month following the Participant’s Separation from Service and the Participant’s death. Payment of amounts under this Agreement
(by issuance of shares of Common Stock or otherwise) is intended to comply with the requirements of Section 409A of the Code and this
Agreement shall in all respects be administered and construed to give effect to such intent. The Committee in its sole discretion may
accelerate or delay the settlement of any payment under this Agreement if and only to the extent allowed under Section 409A of the Code.
(b)
For Participants resident in countries other than the
United States for income tax purposes and not subject to paragraph (a), above, shares of Common Stock or, in the sole discretion of the
Company, cash, less any applicable tax withholdings required by law and pursuant to Section 6 of this Agreement, shall be made to the
Participant no later than December 31 of the year following the calendar year that includes the Payment Trigger; and for the purposes
of this Agreement, a “Separation from Service” shall mean the date the Participant retires or otherwise has a loss of employment
with the Company.
4.2
Dividends Equivalents. The Deferred Stock Units
are being granted with an equal number of Dividend Equivalents. Such Dividend Equivalents entitle the Participant to be credited with
any amount equal to all cash dividends paid on one share of Common Stock for each Deferred Stock Unit while the corresponding Deferred
Stock Unit is outstanding. Dividend Equivalents will be converted into additional Deferred Stock Units and will be subject to the same
conditions and restrictions as the Deferred Stock Units to which they attach. The number of additional Deferred Stock Units to be received
as Dividend Equivalents will be determined by dividing the cash dividend per share by the Fair Market Value of one share of Common Stock
on the dividend payment date. Dividend Equivalents as to the Deferred Stock Units will be subject to forfeiture and termination to the
same extent as the corresponding Deferred Stock Units as to which the Dividend Equivalents relate.
5.
Rights
of Participant.
5.1
No Right to Service. Nothing in this Agreement
will interfere with or limit in any way the right of the Company or any Subsidiary to terminate the service of the Participant at any
time, nor confer upon the Participant any right to continue service as a director or otherwise with the Company or any Subsidiary.
5.2
Rights as a Stockholder. The Participant will
have no rights as, or privileges of, a stockholder of the Company, with respect to shares of Common Stock covered by the Deferred Stock
Units unless and until the Participant becomes the holder of record of such shares of Common Stock issued in settlement of the Deferred
Stock Units (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company).
5.3
Restrictions on Transfer. Except pursuant to
testamentary will or the laws of descent and distribution or as otherwise expressly permitted by the Plan, no right or interest of the
Participant in the Deferred Stock Units prior to the vesting, issuance or settlement of the Deferred Stock Units will be assignable or
transferable, or subjected to any lien, during the lifetime of the Participant, either voluntarily or involuntarily, directly or indirectly,
by operation of law or otherwise. Any attempt to transfer, assign or encumber the Deferred Stock Units other than in accordance with
this Agreement and the Plan will be null and void and the Deferred Stock Units for which the restrictions have not lapsed will be forfeited
and immediately returned to the Company.
6.
Withholding
Taxes. The Company is entitled to (a) withhold and deduct from future wages of the Participant (or from other amounts that may be
due and owing to the Participant from the Company or a Subsidiary), or make other arrangements for the collection of, all amounts the
Company reasonably determines are necessary to satisfy any and all federal, foreign, state and local withholding and employment related
tax requirements attributable to the Deferred Stock Units, including the grant, vesting or settlement of, or payment of Dividend Equivalents
with respect to, the Deferred Stock Units, or (b) require the Participant promptly to remit the amount of such withholding to the Company
before taking any action, including issuing any shares of Common Stock, with respect to the Deferred Stock Units. The Committee may,
in its sole discretion and upon terms and conditions established by the Committee, permit or require the Participant to satisfy, in whole
or in part, any withholding or employment related tax obligation in connection with the Deferred Stock Units by withholding shares of
Common Stock issuable upon settlement of the Deferred Stock Units. When withholding shares of Common Stock for taxes is effected under
this Agreement and the Plan, it will be withheld only up to an amount based on the maximum statutory tax rates in the Participant’s
applicable tax jurisdiction or such other rate that will not trigger a negative accounting impact on the Company.
7.
Miscellaneous.
7.1
Governing Law. The validity, construction, interpretation,
administration and effect of this Agreement and any rules, regulations and actions relating to this Agreement will be governed by and
construed exclusively in accordance with the laws of the State of Delaware, notwithstanding the conflicts of laws principles of any jurisdictions.
7.2
Interpretation. Any dispute regarding the interpretation
of this Agreement will be submitted by the Participant or by the Company forthwith to the Committee for review. The resolution of such
a dispute by the Committee will be final and binding on all parties.
7.3
Successors and Assigns. The Company may assign
any of its rights under this Agreement to single or multiple assignees, and this Agreement will inure to the benefit of the successors
and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Agreement will be binding upon the Participant
and his or her heirs, executors, administrators, successors and assigns.
7.4
Notices. All notices, requests or other communications
provided for in this Agreement must be made, if to the Company, to Xtant Medical Holdings, Inc., Attn: Chief Financial Officer, 664 Cruiser
Lane, Belgrade, MT 59714, and if to the Participant, to the last known mailing address of the Participant contained in the records of
the Company. All notices, requests or other communications provided for in this Agreement must be made in writing either (a) by personal
delivery, (b) by facsimile or electronic mail with confirmation of receipt, (c) by mailing in the United States mails or (d) by express
courier service. The notice, request or other communication will be deemed to be received upon personal delivery, upon confirmation of
receipt of facsimile or electronic mail transmission or upon receipt by the party entitled thereto if by United States mail or express
courier service; provided, however, that if a notice, request or other communication sent to the Company is not received
during regular business hours, it will be deemed to be received on the next succeeding business day of the Company.
7.5
Electronic Delivery and Acceptance. The Company
may, in its sole discretion, deliver any documents related to the Deferred Stock Units by electronic means or request the Participant’s
consent to participate in the Plan by electronic means. The Participant hereby consents to receive all applicable documentation by electronic
delivery and to participate in the Plan through an on-line system established and maintained by the Company or a third party vendor designated
by the Company.
7.6
Other Laws. The Company will have the right to
refuse to issue to the Participant or transfer any shares of Common Stock subject to the Deferred Stock Units if the Company acting in
its absolute discretion determines that the issuance or transfer of such shares might violate any Applicable Law.
7.7
Investment Representation. The Participant hereby
represents and covenants that (a) any share of Common Stock acquired upon the vesting and settlement of the Deferred Stock Units will
be acquired for investment and not with a view to the distribution thereof within the meaning of the Securities Act of 1933, as amended
(the “Securities Act”), unless such acquisition has been registered under the Securities Act and any applicable state
securities laws; (b) any subsequent sale of any such shares of Common Stock will be made either pursuant to an effective registration
statement under the Securities Act and any applicable state securities laws, or pursuant to an exemption from registration under the
Securities Act and such state securities laws; and (c) if requested by the Company, the Participant will submit a written statement,
in form satisfactory to the Company, to the effect that such representation (x) is true and correct as of the date of vesting of any
shares of Common Stock hereunder or (y) is true and correct as of the date of any sale of any such share, as applicable. As a further
condition precedent to the delivery to the Participant of any shares of Common Stock subject to the Deferred Stock Units, the Participant
will comply with all regulations and requirements of any regulatory authority having control of or supervision over the issuance or delivery
of the shares of Common Stock and, in connection therewith, will execute any documents which the Company will in its sole discretion
deem necessary or advisable.
7.8
Non-Negotiable Terms. The terms of this Agreement
and the Deferred Stock Units are not negotiable, but the Participant may refuse to accept the Deferred Stock Units by notifying the Company’s
Chief Financial Officer in writing within thirty (30) day after the Grant Date set forth in the Grant Notice.
7.9
Acknowledgement by the Participant. In accepting
the Deferred Stock Units, the Participant hereby acknowledges that:
(a)
The Plan is established voluntarily by the Company,
it is discretionary in nature, and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise
provided in the Plan.
(b)
The grant of the Deferred Stock Units is voluntary and
occasional and does not create any contractual or other right to receive future awards of Deferred Stock Units, or benefits in lieu of
Deferred Stock Units, even if Deferred Stock Units have been granted repeatedly in the past.
(c)
All decisions with respect to future Deferred Stock
Units award grants, if any, will be at the sole discretion of the Company.
(d)
The Participant is voluntarily participating in the
Plan.
(e)
The future value of the shares of Common Stock subject
to the Deferred Stock Units is unknown and cannot be predicted with certainty and if the Deferred Stock Units vest and the shares of
Common Stock become issuable in accordance with the terms of this Agreement, the value of those shares of Common Stock may increase or
decrease.
(f)
In consideration of the grant of the Deferred Stock
Units, no claim or entitlement to compensation or damages shall arise from termination of the Deferred Stock Units or diminution in value
of the Deferred Stock Units or shares of Common Stock acquired upon vesting of the Deferred Stock Units resulting from a termination
of service of the Participant with the Company (for any reason whatsoever and whether or not in breach of applicable labor laws) and
the Participant hereby irrevocably releases the Company and its Subsidiaries from any such claim that may arise; if, notwithstanding
the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by acceptance of the Deferred Stock
Units, the Participant shall be deemed irrevocably to have waived his or her entitlement to pursue such claim.
(g)
Neither the Company nor any Subsidiary is providing
any tax, legal or financial advice, nor is the Company or any Subsidiary making any recommendations regarding the Participant’s
participation in the Plan, acceptance of the Deferred Stock Units, acquisition of shares of Common Stock upon settlement of the Deferred
Stock Units or any sale of such shares.
(h)
The Participant has been advised to consult with his
or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related
to the Plan.
*
* * * *
v3.23.2
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Xtant Medical (AMEX:XTNT)
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