Amendment to Executive Employment Agreement between Natus Medical Incorporated and Executive
Natus Medical Incorporated and an executive have agreed to amend their existing employment agreement. The amendment extends the accelerated vesting provisions, previously applicable only to stock options, to all forms of equity awards if the executive is terminated without cause. It also updates the agreement to ensure that all vesting of such equity awards will immediately cease upon certain termination events. This change clarifies and broadens the executive's rights regarding company equity in the event of termination.
Exhibit 10.1
NATUS MEDICAL INCORPORATED
Amendment to
Employment Agreement
WHEREAS, on [date], Natus Medical Incorporated (the “Company”) and [Executive] entered into an Employment Agreement (the “Agreement”); and
WHEREAS, the Board of Directors of Natus Medical Incorporated has approved amending the Agreement to extend the vesting acceleration afforded stock options under the Agreement to other forms of equity award as well.
NOW THEREFORE IT IS AGREED BETWEEN THE PARTIES, that subpart (ii) of Section 7(a) of the Agreement that details [Executive]’s benefits for termination other than for “Cause” (as defined in the Agreement) is hereby amended in its entirety to read as follows:
…(ii) the immediate vesting and exercisability (if the shares are not already outstanding) of 100% of the shares subject to all of Executive’s stock awards covering shares of Company Common Stock (whether currently outstanding or granted following the Effective Date) outstanding on the date such release of claims becomes effective (the “Stock Awards”) and…
IT IS FURTHER AGREED BETWEEN THE PARTIES, that “Stock Options” in subpart (i) of Section 7(b) of the Agreement is hereby replaced with “Stock Awards” so that it now reads:
…(i) all vesting of Stock Awards will immediately cease…
This Amendment is entered into as of .
NATUS MEDICAL INCORPORATED
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