Attached files
| file | filename |
|---|---|
| 8-K - 8-K - BAXANO SURGICAL, INC. | v364873_8k.htm |
| EX-10.2 - EXHIBIT 10.2 - BAXANO SURGICAL, INC. | v364873_ex10-2.htm |
Exhibit 10.1
BAXANO SURGICAL, INC.
TERMS OF 2014 RESTRICTED STOCK UNIT (RSU) RETENTION PROGRAM
| Goals: |
· Provide a collective retention plan via the use of RSUs for all key managers and individual contributors given underwater status of almost all outstanding stock options · Focus on near-term performance in addition to retention in order to minimize risk of losing key talent
|
|
Pool of Available Shares
|
3,055,997 shares to be issued pursuant to the 2007 Stock Incentive Plan |
| Eligible Employees: |
All executives and management and key individual contributors, as determined by the CEO with input from his executive team and as approved by the Compensation Committee
|
| Award Amount: |
A number of stock-settled RSUs reflecting 1x current salary at target value of $3.00 per share of common stock (i.e., current salary/$3.00), rounded up or down to the nearest whole RSU
|
| Basis of Award Vesting: |
· 75% time-based, rounded up to the nearest whole RSU · 25% performance-based, rounded down to the nearest whole RSU
|
| Time-based Award Vesting: |
· 25% vests on first anniversary of grant date, rounded up or down to the nearest whole RSU · 37.5% vests on second and third anniversaries of grant date, rounded up or down to the nearest whole RSU
|
| Performance-based Award Vesting: |
100% vests upon the achievement of a 30% increase in company revenue year-over-year for two successive quarters by the end of fiscal 2016
|
| Grant date: |
The date on which the Compensation Committee approves the RSU awards
|