BAXANO SURGICAL, INC. TERMS OF 2014 RESTRICTED STOCK UNIT (RSU)RETENTION PROGRAM
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
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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
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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
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Basis of Award Vesting: | · 75% time-based, rounded up to the nearest whole RSU · 25% performance-based, rounded down to the nearest whole RSU
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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
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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
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Grant date: | The date on which the Compensation Committee approves the RSU awards
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