Amendment to Employment Agreement between Tornier, Inc. and Greg Morrison (February 16, 2015)

Summary

This amendment updates the employment agreement between Tornier, Inc. and Greg Morrison, originally dated October 28, 2010. The changes clarify the conditions under which a material reduction in salary or benefits would be considered grounds for action following a change in control of the company. Specifically, it addresses reductions in base salary or bonus and changes to employee benefit plans that would materially diminish compensation or increase costs for the executive or his dependents.

EX-10.7 4 d845440dex107.htm EX-10.7 EX-10.7

Exhibit 10.7

AMENDMENT

TO

EMPLOYMENT AGREEMENT

THIS AMENDMENT (“Amendment”) is made as of this 16th day of February 2015, to the Employment Agreement (the “Agreement”) dated October 28, 2010 by and between Tornier, Inc. (the “Company”) and Greg Morrison (the “Executive”).

1. Clauses (ii) and (iii) of Section 6(f)(v) are amended and restated to read as follows:

(ii) a material reduction by the Company in the Executive’s base Salary or Bonus as in effect immediately prior to the Change in Control or as thereafter increased, (iii) the failure by the Company to cover the Executive under employee benefit plans that, in the aggregate, provide substantially similar benefits to the Executive and/or his family and dependents at a substantially similar total cost to the Executive (e.g., premiums, deductibles, co-pays, out-of-pocket maximums, required contributions, taxes and the like) relative to the benefits and total costs under such benefit plans in which the Executive (and/or his family or dependents) was participating at any time during the 90-day period immediately preceding the Change in Control and which represents a material diminution from the Executive’s base compensation as in effect immediately prior to the Change in Control, or”

IN WITNESS WHEREOF, the parties have duly caused this Amendment to be executed as of the date first above written.

 

Tornier, Inc.

/s/ Greg Morrison

By:

/s/ Kevin Klemz

Greg Morrison
Name:

Kevin M. Klemz

Title:

SVP, Chief Legal Officer