Amendment to Non-Statutory Stock Option Agreement between Entellus Medical, Inc. and Brian E. Farley
Entellus Medical, Inc. has amended the terms of a non-statutory stock option previously granted to Brian E. Farley. Effective January 9, 2016, the agreement now refers to the termination of "services" instead of "employment" when determining post-termination exercise periods for the option. The option cannot be exercised after ten years from the original grant date. Brian E. Farley's consent is not required for this amendment to take effect.
Exhibit 10.21
February 11, 2016
Brian E. Farley
3600 Holly Lane North, Suite 40
Plymouth, Minnesota 55447
Dear Brian:
On March 24, 2010 you were granted a non-statutory stock option (the “Option”) with respect to 489,500 shares of common stock of Entellus Medical, Inc. (the “Company”) (on a post-split basis) pursuant to a Non-Statutory Stock Option Agreement (the “Agreement”) and the Company’s 2006 Stock Incentive Plan (as Amended and Restated November 12, 2009, as amended) (the “Plan”). This letter is to advise you that the Board of Directors has amended certain terms and provisions in the Agreement, effective as of January 9, 2016 (the “Effective Date”).
As of the Effective Date, Section 4 of your Agreement is amended to provide that all references to your “employment” shall instead refer to your “services”, such that any post-termination exercise windows will be based on a termination of services (rather than a termination of employment).
Notwithstanding the foregoing, in no event may the Option be exercised after the expiration of its term which is ten (10) years from the dated of grant.
Your consent is not required for this amendment to your Agreement to become effective.
Sincerely,
| By: | /s/ Robert S. White |
| Name: | Robert S. White |
| Title: | Chief Executive Officer and President |
