Exhibit 10.2
EMPLOYMENT
AGREEMENT
This
Employment Agreement (this “Agreement”), is made and entered into on March 8, 2023, by and among Lulu’s Fashion
Lounge, LLC, a Delaware limited liability company (the “Company”), Lulu’s
Fashion Lounge Holdings, Inc., a Delaware corporation and indirect parent of the Company (“Parent”), and Tiffany
Smith (“Executive”). For purposes of this Agreement, the term “Company”
shall include Parent and each of its subsidiaries, including the Company, unless the context clearly indicates otherwise.
WHEREAS,
Executive is currently employed by the Company as its Vice President of Finance;
WHEREAS,
Executive desires to be employed by the Company as its Chief Financial Officer;
WHEREAS,
the Company desires to employ Executive as its Chief Financial Officer; and
WHEREAS,
the Company and Executive desire to enter into this Agreement on the terms and conditions set forth herein.
NOW
THEREFORE, in consideration of the promises and mutual covenants and agreements contained herein, the adequacy of all of which consideration
is hereby acknowledged, the parties hereby agree as follows:
1. EMPLOYMENT
1.1 Agreement
and Term. Executive’s employment and the term of this Agreement (the “Term”)
shall commence on March 6, 2023 and end at 11:59 p.m. on December 31, 2024 (the “Initial Term Expiration Date”), subject
to earlier termination as provided in Section 3; provided, that, commencing on the Initial Term Expiration Date and on each anniversary
thereafter (each, an “Extension Date”), the Term shall be automatically extended for an additional one-year period
unless the Company or Executive has provided the other party hereto at least 60 days prior written notice before a particular Extension
Date that the Term shall not be so extended on such Extension Date.
1.2 Position
and Duties; Work Location.
(a) During the Term, Executive shall serve as the Chief Financial
Officer of the Company and Parent and shall report directly to the Chief Executive Officer
of Parent (the “CEO”). In such position, Executive shall have such duties, responsibilities and authorities as are
customarily associated with such position for an officer with the same title at a similar company and shall perform such other
duties, commensurate with Executive’s position, as requested by the CEO.
(b) During the Term, Executive’s principal work location shall be the Company’s office in Los Angeles, California. Executive
shall adhere to the Company’s then-current policies regarding remote and in-person work. Executive shall be required to
travel to other Company offices and/or for Company business, including investor conferences, as requested.
1.3 Outside
Activities. During the Term, Executive shall use Executive’s best efforts and devote Executive’s
full business time to the performance of Executive’s duties to the Company; provided, that the foregoing shall not prevent Executive
from (i) serving on the boards of directors of one (1) non-profit organization and/or one (1) for-profit company, subject to Executive
receiving prior written consent of the Board of Directors of Parent (the “Board”) and CEO; (ii) participating in charitable,
civic, educational, or community affairs, or (iii) managing Executive’s passive personal investments, in each case, so long as
such activities, individually or in the aggregate, do not interfere or conflict with Executive’s obligations or duties hereunder
or create a potential business or fiduciary conflict with Executive’s duties.
2. COMPENSATION AND BENEFITS; EXPENSES
2.1 Salary.
The Company shall compensate and pay Executive a salary for Executive’s services at a
rate equivalent to $385,000 per year (“Base Salary”), less payroll deductions and all required tax withholdings, which
Base Salary shall be payable in accordance with the Company’s customary payroll practices applicable to its executives. Executive
shall be entitled to such increases in the Base Salary, if any, as may be determined from time to time in the discretion of the Compensation
Committee (the “Compensation Committee”) of the Board.
2.2 Bonus.
With respect to each fiscal year of the Company ending during the Term, and subject to the achievement
of any applicable performance goals, based on corporate, business unit and/or individual performance, to be established by the Board
or Compensation Committee, Executive shall be entitled to participate in the Company’s annual incentive plan, on such terms and
conditions as may be established by the Board or Compensation Committee from time to time, under which Executive shall be eligible to
earn an annual bonus (the “Annual Bonus”), with a target amount equal to 50% of the Base Salary (the “Target
Bonus”), subject to Executive being employed with the Company on the date that the Annual Bonus is paid. The actual bonus amount
may be greater or less than the Target Bonus based on performance and pursuant to the Company’s bonus policies and plans at that
the time. The Annual Bonus shall be paid in accordance with the Company’s customary practices. For avoidance of doubt, Executive
shall be eligible to receive “stretch” bonuses under the terms established in the Company’s annual incentive plan.
2.3 Employee
Benefits; Vacation. During the Term of this Agreement, Executive shall be entitled to participate
in the employee benefit plans and programs, including paid time off, made available to executives of the Company. The terms and conditions
of Executive's participation in any employee benefit plan or program shall be subject to the terms and conditions of such plan or program,
as may be amended or modified by the Company from time to time. Nothing in this Agreement shall preclude the Company from amending or
terminating any employee benefit plan or program in accordance with the terms thereof.
2.4
RSU Awards.
(a)
Executive shall receive an initial grant of Restricted Stock Units (“RSUs”) for fiscal year 2023 with a
target value of $385,000 (the actual number of such RSUs will be determined based on the Initial Share Price (defined below)), pursuant
to the terms of this Agreement, the applicable RSU Award Agreement, and the Lulu’s Fashion Lounge Holdings, Inc. Omnibus Equity
Plan (the “RSU Award”). “Initial Share Price” means the Volume-Weighted Average Price (“VWAP”)
of the Company’s common stock over the ten (10) trading days starting at the Effective Date. Subject to the terms of the applicable
RSU Award Agreement and the Lulu’s Fashion Lounge Holdings, Inc. Omnibus Equity Plan, and provided that Executive remains employed
through such vesting date, the RSU Award will vest in three (3) substantially equal installments annually on the following dates: March
8, 2024, March 7, 2025, and March 6, 2026.
(b)
During the Term, Executive shall be eligible for annual RSU grants for future fiscal years, pursuant to the Company’s
equity award policies and programs as in effect from time to time.
2.5 Business
Expenses. The Company shall reimburse Executive for reasonable out-of-pocket fees and expenses
incurred by Executive in the performance of Executive’s duties to the Company, including, but not limited to, reasonable travel
expenses, including round-trip commercial airfare, hotel accommodations, car rental or vehicle transportation, and meals, which expenses
shall be subject to such reasonable documentation requirements as may be established or required pursuant to the Company’s policies
as in effect from time to time.
3. TERMINATION
3.1
Notice of Termination. With the exception of termination
of Executive’s employment due to Executive’s death, any purported termination of Executive’s employment by the Company
for any reason, including without limitation for Cause or Disability, or by Executive for any reason, shall be communicated by a written
Notice of Termination (as defined below) to the other party. For purposes of this Agreement, “Notice of Termination”
means a dated notice that: (i) indicates the specific termination provision in this Agreement relied upon; (ii) is given in the manner
specified in Section 5.2; and (iii) specifies a Termination Date, which may be the date of the notice, and “Termination Date”
means the date specified in the Notice of Termination; provided that in the event of a termination by Executive without Good Reason (as
defined below), the Termination Date shall not be less than sixty (60) days after such notice, unless otherwise agreed to by the parties.
For the avoidance of doubt, the Term shall end on the Termination Date.
3.2 Termination
Due to Death or Disability. If Executive’s employment and the Term is terminated by
reason of Executive’s death or Disability, Executive or Executive’s estate shall be entitled to receive: (i)
Executive’s earned but unpaid Base Salary through the Termination Date; (ii) an amount for reimbursement, paid within 30 days
following submission by Executive (or if applicable, Executive’s estate) to the Company of appropriate supporting
documentation for any unreimbursed reasonable business expenses properly incurred prior to the Termination Date by Executive
pursuant to Section 2.5 and in accordance with Company policy; (iii) any earned and unused vacation, paid when required by
applicable law and no later than 30 days following the Termination Date; (iv) any Annual Bonus earned but unpaid with respect
to a performance period ending on or preceding the date of termination; and (v) such employee benefits, if any, to which
Executive (or, if applicable, Executive’s estate) or Executive’s dependents may be entitled under the employee benefit
plans or programs of the Company, paid in accordance with the terms of the applicable plans or programs (the amounts described in
clauses (i) through (v) hereof being referred to collectively as the “Accrued Rights”). For purposes of this
Agreement, “Disability” means Executive is unable to perform the essential functions of Executive’s
position with substantially the same level of quality as immediately prior to such incapacity by reason of any medically
determinable physical or mental impairment which has lasted or can reasonably be expected to last for a period of 90 or more
consecutive days or one hundred and 120 days during any consecutive six-month period, as determined by a physician to be selected by
the Company and approved by Executive, such approval not to be unreasonably delayed or withheld.
3.3
Termination or Non-Renewal by Executive Other Than for Good Reason.
In the event Executive terminates Executive’s employment and the Term, including not renewing the Term pursuant to Section
1.1, Executive shall be entitled to receive the Accrued Rights.
3.4
Termination by the Company for Cause. In the event
the Company terminates Executive’s employment and the Term for Cause, Executive shall be entitled to receive the Accrued Rights.
3.5
Termination by the Company without Cause or by Executive for Good Reason.
If Executive’s employment is terminated by the Company without Cause (other than due to death or Disability) or by Executive for
Good Reason, then, subject to Executive’s continued compliance with this Agreement and Executive’s execution, delivery and
non-revocation of a fully effective release of all claims against the Company in substantially the form attached as Appendix A
hereto (the “Release”) within the 40-day period following the date of the termination of Executive’s
employment (the “Release Requirement”), Executive shall be entitled to the following severance benefits, in addition
to the Accrued Rights:
(a) Executive’s then-current Base Salary for a period of twelve (12) months following the Termination Date in accordance with
the Company’s regular payroll practices (the “Salary Continuation”), beginning on the first payroll date following
the date the Release Requirement is satisfied, and with the first installment including any amounts that would have been paid had the
Release Requirement been satisfied on the Termination Date. Notwithstanding the foregoing, (i) if Executive begins to provide services
to another person or entity as an employee or independent contractor within 12 months following the Termination Date (a “New
Engagement”), Executive must provide prompt notice to the Company of such New Engagement, and inform the Company of Executive’s
new annualized or monthly gross wage rate under the New Engagement; and (ii) any remaining portion of the Salary Continuation payments
shall be reduced (to as low as zero) by the amount of gross earnings that the Company determines, in its sole discretion, that Executive
will receive from the New Engagement over the remainder of the Salary Continuation period;
(b) an
amount equal to the Annual Bonus Executive would have received with respect to the year during which the Termination Date occurred, had
Executive’s employment not terminated, pro-rated based on the number of days Executive was employed hereunder during such year
(the “Pro-Rata Bonus”). The Pro-Rata bonus is payable on the same date that bonuses for the year are paid to other
executives of the Company; and
(c) subject
to Executive timely electing COBRA coverage, the Company shall reimburse Executive for Executive’s monthly COBRA premiums for a
period beginning on the Termination Date and ending on the earlier of (1) the first anniversary of the Termination Date or (2) the date
of New Engagement.
For
purposes of this Agreement, “Cause” shall mean Executive’s: (A) conviction of, or plea of no contest to, a felony
or other crime of moral turpitude or involving dishonesty, or commission of any other act or omission involving misappropriation, unethical
business conduct, fraud, or breach of fiduciary duty or duty of loyalty; (B) performance of Executive’s duties (other than duties
to attend and participate in business or work events where alcohol is served) under the influence of alcohol; any repeated drunkenness
at such events or any other repeated drunkenness whether or not in the performance of Executive’s duties, that is, or could reasonably
be expected to cause the Company public disgrace or disrepute or economic harm; (C) use of illegal drugs (whether or not at the workplace)
that could reasonably be expected to, or that does, cause the Company public disgrace or disrepute or economic harm; (D) willful failure
to perform duties as reasonably directed by the Board or CEO, which if curable, is not cured within 15 days after written notice thereof
to Executive; (E) gross negligence or willful misconduct with respect to the Company or in the performance of Executive’s duties
to the Company; (F) obtaining any personal profits not thoroughly disclosed to and approved by the Board or CEO, as applicable, in connection
with any transaction entered into by, or on behalf of the Company; (G) materially violating any of the terms of the Company’s established
rules or policies which, if curable, is not cured within 15 days after written notice thereof to Executive; (H) misrepresenting or failing
to disclose a material fact to the Company regarding Executive’s work history or personal background; (I) any misconduct that is
disruptive or distracting to the Company, which, if curable, is not cured within 15 days after written notice thereof to Executive; or
(J) any other material breach of this Agreement or any other agreement between Executive and the Company which, if curable, is not cured
within 15 days after written notice thereof to Executive. For the avoidance of doubt, “Cause” does not include any failure
to achieve any financial performance targets.
For
purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following without Executive’s
consent during the Term: (i) a material decrease in Executive’s Base Salary (other than as part of an across-the-board base salary
reduction of 10% or less applicable to all similarly-situated employees of the Company) or Target Bonus opportunity; (ii) a material
breach by the Company of the material terms of this Agreement or any agreement between Executive and the Company pursuant to which Executive
has been issued equity awards; (iii) any material diminution or material adverse change in Executive’s titles, duties, responsibilities
or authorities; or (iv) requiring Executive to relocate to an office more than fifty (50) miles from Executive’s current residence
as of the Effective Date. Good Reason shall not occur unless Executive provides a detailed written notice to the Company of any fact
or circumstance believed by Executive to constitute Good Reason within 30 days following the occurrence of such fact or circumstance,
the Company is given at least 30 days to cure such fact or circumstance, and Executive terminates Executive’s employment immediately
following such 30 day cure period in the event the Company fails to cure such fact or circumstance.
Nothing
in this Section 3.5 is intended to reduce or eliminate any rights Executive currently has under any Award Agreement.
3.6
Non-Renewal by the Company without Cause. If Executive’s
employment is terminated by the Company not renewing the Term pursuant to Section 1.1 without Cause, then, subject to Executive’s
continued compliance with this Agreement, Executive’s execution, delivery and non-revocation of the Release in accordance with
the Release Requirement, Executive shall be entitled to receive the following benefits, in addition to the Accrued Rights:
(a)
Salary Continuation as set forth in section 3.5(a), beginning on the first payroll date following the date the Release Requirement
is satisfied, and with the first installment including any amounts that would have been paid had the Release Requirement been satisfied
on the Termination Date.; and
(b) subject to Executive timely electing COBRA coverage, the Company shall reimburse Executive for Executive’s monthly COBRA
premiums for a period beginning on the Termination Date and ending on the earlier of (1) the first anniversary of the Termination Date
or (2) the date of New Engagement.
3.7
No Other Benefits Upon Termination. Except as provided
in the applicable subsection of this Section 3 hereof, and except for any vested benefits under any tax qualified retirement plans of
the Company, and continuation of health insurance benefits on the terms and to the extent required by Section 4980B of the Code and Section
601 of the Employee Retirement Income Security Act of 1974, as amended (which provisions are commonly known as “COBRA”),
the Company shall have no additional obligations upon the termination of Executive’s employment with the Company.
3.8 Cooperation
with Company after Termination of Employment. Following termination of Executive’s employment
for any reason, Executive shall reasonably cooperate with the Company in all matters relating to the winding up of Executive’s
pending work on behalf of the Company including, but not limited to, the orderly transfer of any such pending work to other employees
of the Company as may be designated by the Company. The Company shall reimburse Executive for any reasonable out-of-pocket expenses Executive
incurs in performing any work on behalf of the Company following the Termination Date.
4.
NON-SOLICITATION
4.1
Non-Solicitation. Executive understands that during
Executive’s employment with the Company, Executive will have access to and obtain knowledge of the Confidential Information (as
defined in 4.3). In addition, Executive understands and agrees that the business of the Company will be disrupted, damaged, and/or otherwise
harmed by the unfair “raiding” of Company employees, distributors and/or agents. Therefore, Executive agrees that Executive
shall not, directly or indirectly, during the Term and for the 12-month period following the Termination Date, (i) solicit or attempt
to solicit any employee or individual who was an employee within the six-month period immediately prior thereto to terminate or otherwise
alter Executive’s employment with the Company; or (ii) solicit or encourage any independent contractor providing services to the
Company to terminate or alter in a manner adverse to the Company such independent contractor’s relationship with the Company.
Notwithstanding the foregoing, the provisions of this Section 4.1 shall not be violated by general advertising or solicitation not
targeted at Company-related persons or entities.
4.2
Non-Disparagement.
During the Term and thereafter, Executive agrees that Executive will not, at any time, make or encourage others to make, directly or
indirectly, any oral or written statements that are disparaging or defamatory of the Company, its products, services, customers or suppliers,
or any of its present or former officers, directors or employees. Additionally, the Company agrees that its officers and members of the
Board will not, at any time, make or encourage others to make, directly or indirectly, any oral or written statements that are disparaging
or defamatory of Executive. Notwithstanding the foregoing, this Section 4.2 shall not preclude Executive
or the Company from (i) making any truthful statement as expressly provided by Section 4.3; (ii) discussing or disclosing information
about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that either party has a reason to believe
is unlawful; (iii) to the extent required or protected by law, subpoena, court order or legal process; (iv) to a government agency or
other governmental or regulatory authority; (v) in the course of any legal, arbitral or regulatory proceeding; or (vi) in connection
with an internal investigation by the Company regarding unlawful acts in the workplace.
4.3 Confidential
Information. Executive acknowledges and agrees that all information regarding the Company
or the activity of any member of the Company that is not generally known to persons not employed or retained (as employees or as
independent contractors or agents) by the Company, including without limitation information about the customers, business
connections, customer lists, procedures, operations, trade secrets, techniques and other aspects of and information about the
business of the Company (the “Confidential Information”) is established at great expense and protected as
confidential information and provides the Company with a substantial competitive advantage in conducting its business. Executive
further acknowledges and agrees that by virtue of Executive’s employment with the Company, Executive will have access to, and
will be entrusted with Confidential Information, and that the Company would suffer great loss and injury if Executive would disclose
this information or use it in a manner not specifically authorized by the Company. Therefore, Executive agrees that during
the Term and at all times thereafter, Executive will not, directly or indirectly, either individually or as an employee, agent,
partner, shareholder, owner trustee, beneficiary, co-venturer distributor, consultant or in any other capacity, use or disclose or
cause to be used or disclosed any Confidential Information, unless and to the extent that any such information becomes generally
known to and available for use by the public other than as a result of Executive’s acts or omissions. Nothing in this
Agreement prohibits or restricts Executive from (i) initiating communications with, or responding to any inquiry from, any
administrative, governmental, regulatory or supervisory authority regarding any good faith concerns about possible violations of law
or regulation; or (ii) disclosing information and documents to Executive’s attorney, financial or tax advisors and other
professional advisors who are bound by obligations of confidentiality. Executive shall deliver to the Company at the termination of
Executive’s employment and the Term, or at any other time the Company may request, all memoranda, notes, plans, records,
reports, computer tapes, printouts and software and other documents and data (and copies thereof) relating to the Confidential
Information, or the business of the Company which Executive may then possess or have under Executive’s control. In addition,
Executive agrees that, notwithstanding the foregoing, to the extent Executive is compelled to disclose Confidential Information by
lawful service of process, subpoena, court order, or otherwise compelled to do by law, Executive shall, to the extent legally
permitted, provide the Company with a copy of the document(s) seeking disclosures of such information promptly upon receipt of such
document(s) and prior to Executive’s disclosure of any such information, so that the Company may take such action as it deems
to be necessary or appropriate in relation to such subpoena or request and Executive may not disclose any such information until the
Company has had the opportunity to take such action. Executive cannot be held criminally or civilly liable under any federal or
state law (including trade secret laws) for disclosing a trade secret or confidential information (i) in confidence to a federal,
state, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or
investigating a suspected violation of law; or (ii) in a complaint or other document filed under seal in a lawsuit or other
proceeding. Notwithstanding this immunity from liability, Executive may be held liable if Executive unlawfully accesses trade
secrets or confidential information by unauthorized means. Nothing in this Agreement (A) limits, restricts or in any other way
affects Executive’s communicating with any governmental agency or entity, or communicating with any official or staff person
of a governmental agency or entity, concerning matters relevant to the governmental agency or entity; or (B) requires Executive to
notify the Company or any member of the Company about such communication.
4.4
Intellectual Property.
(a) If Executive creates, invents, designs, develops, contributes to or improves any works of authorship, inventions, intellectual
property, materials, documents or other work product (including, without limitation, research, reports, software, databases, systems,
applications, presentations, textual works, content or audiovisual materials) (“Works”), either alone or with third
parties, at any time during Executive’s employment with any member of the Company and within the scope of such employment, relating
to the business of the Company and/or with the use of any the Company resources or Confidential Information (“Company Works”),
Executive shall promptly and fully disclose same to the Company and hereby irrevocably assigns, transfers and conveys, to the maximum
extent permitted by applicable law, and agrees to assign, transfer and convey, all rights, title, interest and intellectual property
rights therein (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition and related
laws) to the Company (or as otherwise directed by the Company) to the extent ownership of any such rights does not vest originally in
the Company. Executive hereby waives and irrevocably quitclaims to the Company or its designee any and all claims, of any nature whatsoever,
that Executive now has or may hereafter have for infringement of any and all Company Works. Any assignment of Company Works includes
all rights of attribution, paternity, integrity, modification, disclosure and withdrawal, and any other rights throughout the world that
may be known as or referred to as “moral rights,” “artist’s rights,” “droit moral,” or the
like (collectively, “Moral Rights”). To the extent that Moral Rights cannot be assigned under applicable law, Executive
hereby waives and agrees not to enforce any and all Moral Rights, including, without limitation, any limitation on subsequent modification,
to the extent permitted under applicable law.
(b) Subject
to the requirements of applicable state law, if any, Company Works will not include, and the provisions of this Agreement requiring
assignment of Company Works to the Company do not apply to, any Company Work which qualifies fully for exclusion under the
provisions of applicable state law. In order to assist in the determination of which inventions qualify for such exclusion,
Executive will advise the Company promptly in writing, during and for a period of 12 months immediately following the Term, of all
inventions solely or jointly conceived or developed or reduced to practice by Executing during the Term.
(c)
Executive shall take all requested actions and execute all requested documents (including any licenses or assignments required
by a government contract) at the Company’s expense (but without further remuneration) to assist the Company in validating, maintaining,
protecting, enforcing, perfecting, recording, patenting or registering any of the Company’s rights in the Company Works. If the
Company is unable for any other reason to secure Executive’s signature on any document for this purpose, then Executive hereby
irrevocably designates and appoints the Company and its duly authorized officers and agents as Executive’s agent and attorney in
fact, to act for and in Executive’s behalf and stead to execute any documents and to do all other lawfully permitted acts in connection
with the foregoing.
(d) Executive shall not improperly use for the benefit of, bring to any premises of, divulge, disclose, communicate, reveal, transfer
or provide access to, or share with, the Company, any confidential, proprietary or non-public information or intellectual property relating
to a former employer or other third party without the prior written permission of such third party. Executive shall comply with all relevant
policies and guidelines of the Company, including, without limitation, policies and guidelines regarding the protection of confidential
information and intellectual property and potential conflicts of interest. Executive acknowledges that the Company may amend any such
policies and guidelines from time to time, and that Executive remains at all times bound by their most current version.
4.5 Reasonable
Limitation and Severability; Injunctive Relief. The parties agree that the above restrictions
are (i) reasonable given Executive’s role with the Company, and are necessary to protect the interests of the Company; and (ii)
completely severable and independent agreements supported by good and valuable consideration and, as such, shall survive the termination
of this Agreement for any reason whatsoever. The parties further agree that any invalidity or unenforceability of any one or more of
such restrictions contained in this Section 4 shall not render invalid or unenforceable any remaining restrictions contained in this
Section 4. Additionally, should a court of competent jurisdiction determine that the scope of any provision of this Section 4 is too
broad to be enforced as written, the parties hereby authorize the court to reform the provision to such narrower scope as it determines
to be reasonable and enforceable and the parties intend that the affected provision be enforced as so amended. Executive acknowledges
and agrees that the Company’s remedies at law for a breach or threatened breach would be inadequate and the Company would suffer
significant harm and irreparable damages as a result of a breach or threatened breach. In recognition of this fact, Executive agrees
that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond,
shall be entitled to cease making any payments or providing any benefit otherwise required by this Agreement and obtain equitable relief
in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which
may then be available, in addition to an award of its attorney’s fees incurred in enforcing its rights hereunder. The remedies
under this Agreement are without prejudice to the Company’s right to seek any other remedy to which it may be entitled at law or
in equity. So that the Company may enjoy the full benefit of the covenants contained in this Section 4, Executive further agrees that
the restricted period shall be tolled, and shall not run, during the period of any breach by Executive of any of the covenants
contained in this Section 4. It is also agreed that each member of the Company shall have the right to enforce all of Executive’s
obligations to that member of the Company under this Agreement, including without limitation pursuant to this Section 4. Finally, no
claimed breach of this Agreement or other violation of law attributed to the Company, or change in the nature or scope of Executive’s
employment or other relationship with the Company, shall operate to excuse Executive from the performance of Executive’s obligations
under this Section 4.
5.
GENERAL PROVISIONS.
5.1
Assignment; Successors. This Agreement is binding
on and is for the benefit of the parties hereto and their respective successors, assigns, heirs, executors, administrators and other
legal representatives. Neither this Agreement nor any right or obligation hereunder may be assigned by Executive. The Company shall require
any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company to assume this Agreement in the same manner and to the same extent that the Company would have been required
to perform it if no such succession had taken place. As used in the Agreement, “the Company” shall mean both the Company
as defined above and any such successor that assumes this Agreement, by operation of law or otherwise.
5.2
Notice. For the purposes of this Agreement, notices
and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered
or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth
below:
| To the Company: |
Lulu’s Fashion Lounge, LLC |
| |
195 Humboldt Avenue |
| |
Chico, CA 95928 |
| |
naomi@lulus.com |
| |
Attn: Naomi Beckman-Straus, General Counsel and Corporate Secretary |
| |
| With copies to: |
Akerman LLP |
| |
201 East Las Olas Boulevard |
| |
Suite 1800 |
| |
Fort Lauderdale, FL 33301 |
| |
jason.oletsky@akerman.com |
| |
Attn: Jason S. Oletsky |
| |
| To Executive: |
Tiffany Smith |
| |
[*****] |
| |
[*****] |
| |
[*****] |
| |
[*****] |
5.3
Amendment and Waiver. No provision of this Agreement
may be amended or waived unless such amendment or waiver is in writing and signed by each of the parties hereto.
5.4 Non-Waiver
of Breach. No failure by either party to declare a default due to any breach of any obligation
under this Agreement by the other, nor failure by either party to act quickly with regard thereto, shall be considered to be a waiver
of any such obligation, or of any future breach.
5.5
Severability. In the event that any provision or
portion of this Agreement, shall be determined to be invalid or unenforceable for any reason, the remaining provisions of this Agreement
shall be unaffected thereby and shall remain in full force and effect.
5.6
Governing Law and Agreement to Arbitrate. This Agreement,
the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in
accordance with the laws of the State of California (without regard to its choice of law provisions). The parties acknowledge and agree
that in connection with any dispute hereunder, each party shall pay all of its own costs and expenses, including its own legal fees and
expenses. The parties irrevocably consent to the jurisdiction of, and venue in, the state and federal courts in the State of California,
with respect to any matters pertaining to, or arising from, this Agreement, the Executive’s equity awards or the Executive’s
employment by the Company. The Parties acknowledge that as part of this Agreement and in exchange for valid consideration described above,
they have mutually agreed to submit to arbitration any future disputes between them and/or between Executive and any of the Releasees,
with respect to any matters pertaining to, or arising from, this Agreement, the Executive’s equity awards or the Executive’s
employment by the Company. Notwithstanding the above, the Parties may seek temporary or preliminary injunctive or equitable relief from
a court, after which the dispute shall be decided through arbitration.
(a) Arbitration
Procedure. Any arbitration arising out of or related to this Agreement will be filed with and conducted by JAMS. The arbitration
shall be held at the closest office of JAMS to where Executive does/did report to work or at a location mutually agreed to by the parties
to the arbitration. The arbitration will be conducted pursuant to the JAMS Employment Arbitration Rules and Procedures (“Rules”)
in effect at the time the demand for arbitration is filed. Executive understands that she may obtain a copy of the most current Rules
by visiting JAMS’ website, currently located at http://www.jamsadr.com/rules-employment-arbitration/, or by sending a written
request to legal@lulus.com. If JAMS is unable or unwilling to accept the matter for any reason, the parties to the arbitration will submit
the matter to a comparable arbitration service, which will apply the then-current Rules unless otherwise agreed to by the parties to
the arbitration. Arbitration shall be initiated and all Claims shall be decided by a single, neutral arbitrator. The arbitrator shall
issue a written and signed decision within thirty (30) days of the deadline for submission of post-hearing briefs. The arbitrator’s
award shall be final and binding and shall contain the essential findings of fact and conclusions of law on which the decision is based.
Judgment upon the award may be entered, and enforcement may be sought, in any court of competent jurisdiction.
5.7
Waiver of Jury Trial. The parties each hereby waives,
to the fullest extent permitted by law, any right to trial by jury of any claim, demand, action, cause of action (i) arising under
this Agreement or (ii) in any way connected with or related or incidental to the dealings of the parties hereto in respect of this
Agreement whether now existing or hereafter arising, and whether in contract, tort, equity or otherwise.
5.8 Entire
Agreement. This Agreement contains all of the terms agreed upon by the Company and Executive
with respect to the subject matter hereof and supersedes all prior agreements, arrangements and communications between the parties dealing
with such subject matter, whether oral or written.
5.9
Headings. Numbers and titles to Sections hereof
are for information purposes only and, where inconsistent with the text, are to be disregarded.
5.10
Counterparts. This Agreement may be executed in
any number of counterparts, each of which shall be deemed an original, but all of which when taken together, shall be and constitute
one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail
in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance
of a document, will have the same effect as physical delivery of the paper document bearing an original signature.
5.11 Taxes.
(a) The Company may withhold from any payment hereunder such state, federal or local income, employment or other taxes and other legally
mandated withholdings in accordance with applicable law and considering the location of the Executive’s residence and the location
in which Executive performs Executive’s duties for the Company. The Company makes no representation about the tax treatment or
impact of any payment(s) hereunder.
(b) The
intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the Internal Revenue Code of 1986,
as amended (together with the regulations and other guidance promulgated thereunder, “Section 409A”), to the extent
subject thereto, and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance
therewith. Notwithstanding anything herein to the contrary: (i) if at the time of Executive’s termination of employment with the
Company, Executive is a “specified employee” as defined in Section 409A and the deferral of the commencement of any payments
or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated
or additional tax under Section 409A, then the Company will defer the commencement of the payment of any such payments or benefits hereunder
(without any reduction in such payments or benefits ultimately paid or provided to Executive) until the date that is six (6) months following
Executive’s termination of employment with the Company (or the earliest date as is permitted under Section 409A); (ii) if any other
payments of money or other benefits due to Executive hereunder could cause the application of an accelerated or additional tax under
Section 409A, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under
Section 409A, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner determined by the
Company that does not cause such an accelerated or additional tax; (iii) to the extent required in order to avoid accelerated taxation
and/or tax penalties under Section 409A, Executive shall not be considered to have terminated employment with the Company for purposes
of this Agreement and no payment shall be due to Executive under this Agreement until Executive would be considered to have incurred
a “separation from service” from the Company within the meaning of Section 409A; and (iv) each amount to be paid or benefit
to be provided to Executive pursuant to this Agreement, which constitute deferred compensation subject to Section 409A, shall be construed
as a separately identified payment for purposes of Section 409A. Notwithstanding anything to the contrary herein, to the extent required
to avoid an accelerated or additional tax under Section 409A, amounts reimbursable to Executive under this Agreement shall be paid to
Executive on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible
for reimbursement (and in-kind benefits provided to Executive) may not be liquidated or exchanged for other payments or benefits, and
during any one year may not affect amounts reimbursable or provided in any subsequent year. Neither the Company nor any of its employees
or representatives shall have any liability to Executive with respect to Section 409A.
(c) In the event that it is determined that any payment or distribution of any type to or for Executive’s benefit made by the
Company, by any of its affiliates, by any person who acquires ownership or effective control or ownership of a substantial portion of
the Company’s assets (within the meaning of Code Section 280G and the regulations thereunder) or by any affiliate of such
person, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (collectively, the
“Total Payments”), would be subject to the excise tax imposed by Section 4999 of the Code or any interest or
penalties with respect to such excise tax (such excise tax, together with any such interest or penalties, are collectively referred to
as the “Excise Tax”), then such payments or distributions or benefits shall be payable to such lesser amount as would
result in no portion of such payments or distributions or benefits being subject to the Excise Tax. If the Total Payments must be reduced
as provided in the previous paragraph, the reduction shall occur in the following order (on a pro rata basis among payments or benefits
within categories, except as provided below): (1) reduction of cash payments for which the full amount is treated as a “parachute
payment” (as defined under Section 280G of the Code and the regulations thereunder); (2) cancellation of accelerated vesting (or,
if necessary, payment) of cash awards for which the full amount in not treated as a parachute payment; (3) reduction of any continued
employee benefits and (4) cancellation of any accelerated vesting of equity awards. In selecting the equity awards (if any) for which
vesting will be reduced under clause (4) of the preceding sentence, awards shall be selected in a manner that maximizes the after-tax
aggregate amount of reduced Total Payments provided to Executive, provided that if (and only if) necessary in order to avoid the imposition
of an additional tax under Section 409A of the Code, awards instead shall be selected in the reverse order of the date of grant. If two
or more equity awards are granted on the same date, each award will be reduced on a pro-rata basis. Executive and the Company shall furnish
such documentation and documents as may be necessary for the Company’s independent external accountants to perform the requisite
Code Section 280G computations and analysis. The Company shall bear the costs of performing any calculations contemplated by this
Section 5.11.
5.12 Clawback. Notwithstanding anything in this Agreement
to the contrary, Executive acknowledges that the Company may be entitled or required by law, the Company’s policy (the “Clawback
Policy”) or the requirements of an exchange on which the Company’s or its parent’s shares are listed for trading,
to recoup compensation paid to Executive pursuant to this Agreement or otherwise, and Executive agrees to comply with any such request
or demand for recoupment by the Company. Executive acknowledges that the Clawback Policy may be modified from time to time in the sole
discretion of the Company and without the consent of Executive.
5.13 Return
of Property. Upon termination of Executive’s employment with the Company for any reason,
Executive shall immediately destroy, delete, or return to the Company, at the Company’s option, all originals and copies in any
form or medium (including memoranda, books, papers, plans, computer files, letters and other data) in Executive’s possession or
control that contain Confidential Information or otherwise relate to the business of the Company, and cooperate with the Company regarding
the delivery or destruction of any other Confidential Information of which Executive is or becomes aware, and shall otherwise return
to the Company all property of the Company.
5.14 No Conflict and Representation.
Executive represents and warrants to the Company that (i) the execution, delivery and performance
of this Agreement by Executive does not and shall not conflict with, breach, violate or cause a default under any contract, agreement,
instrument, order, judgment or decree to which Executive is a party or by which Executive is bound; (ii) Executive is not a party to
or bound by an employment agreement, non-compete agreement, non-solicit agreement or confidentiality agreement with any other Person
which would interfere in any material respect with the performance of Executive’s duties hereunder; and (iii) Executive has been
individually represented by independent counsel in negotiating the terms of this agreement.
5.15 Survival. Except as otherwise expressly provided in this Agreement, all covenants, representations
and warranties, express or implied, in addition to the provisions of Sections 4 and 5 of this Agreement, shall survive the termination
of this Agreement.
[Signature
Page Follows]
IN
WITNESS WHEREOF, the parties hereto have caused this Employment Agreement to be duly executed on the date and year first written
above.
COMPANY
| By: |
/s/ Crystal Landsem |
|
| Name: Crystal
Landsem |
|
| Title: Chief
Executive Officer |
|
| |
|
| PARENT |
|
| |
|
| By: |
/s/ Crystal Landsem |
|
| Name: Crystal
Landsem |
|
| Title: Chief
Executive Officer |
|
EXECUTIVE
| |
/s/ Tiffany Smith |
|
| |
Tiffany Smith |
|
Appendix
A
Separation
Agreement and Release
This
Separation Agreement and Release (“Agreement”) is made by and Tiffany Smith (“Executive”) and Lulu’s
Fashion Lounge, LLC (together with its parents, subsidiaries, and any successor(s) thereto, the “Company”) (collectively,
referred to as the “Parties” or individually referred to as a “Party”). Capitalized terms used
but not defined in this Agreement shall have the meanings set forth in the Employment Agreement (as defined below).
WHEREAS,
the Parties have previously entered into an Employment Agreement, dated as of [DATE] (the “Employment Agreement”);
and
WHEREAS,
in connection with Executive’s termination of employment with the Company or a subsidiary or affiliate of the Company effective
[DATE], the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that
Executive may have against the Company and any of the Releasees (as defined below), including, but not limited to, any and all claims
arising out of or in any way related to Executive’s employment with or separation from the Company or its subsidiaries or affiliates
but, for the avoidance of doubt, nothing herein will be deemed to release any rights or remedies in connection with Executive’s
ownership of vested equity securities of the Company or one of its affiliates, Executive’s right to vested benefits under any employee
benefit plan of the Company or one of its affiliates, or Executive’s right to indemnification by the Company or any of its affiliates
pursuant to contract or applicable law (collectively, the “Retained Claims”).
NOW,
THEREFORE, in consideration of the severance payments and benefits described in Section [3.5 / 3.6] of the Employment Agreement, which,
pursuant to the Employment Agreement, are conditioned on Executive’s execution and non-revocation of this Agreement, and in consideration
of the mutual promises made herein, the Company and Executive hereby agree as follows:
1.
Severance Payments and Benefits; Salary and Benefits. The Company agrees to provide Executive with the severance payments and
benefits described in Section [3.5 / 3.6] of the Employment Agreement, payable at the times set forth in, and subject to the terms and
conditions of, the Employment Agreement. In addition, to the extent not already paid, and subject to the terms and conditions of the
Employment Agreement, the Company shall pay or provide to Executive the Accrued Rights (as defined in the Employment Agreement), subject
to and in accordance with the terms of the Employment Agreement.
2. Release
of Claims. Executive agrees that, other than with respect to the Retained Claims, the foregoing consideration represents
settlement in full of all outstanding obligations owed to Executive by the Company, any of its direct or indirect subsidiaries and
affiliates, and any of its or their current and former officers, directors, equity holders, managers, employees, agents, investors,
attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and
subsidiaries and predecessor and successor corporations and assigns, each in their capacity as such, (collectively, the
“Releasees”). Executive, on Executive’s own behalf and on behalf of any of Executive’s affiliated
companies or entities and any of their respective heirs, family members, executors, agents, and assigns, other than with respect to
the Retained Claims, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to
institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, or cause of action relating to any matters of any
kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising
from any omissions, acts, facts, or damages that have occurred up until and including the date Executive signs this Agreement,
including, without limitation:
(a) any and all claims relating to or arising from Executive’s employment or service relationship with the Company or any of its direct
or indirect subsidiaries or affiliates and the termination of that relationship;
(b) any and all claims relating to, or arising from, Executive’s right to purchase, or actual purchase of any shares of stock or other
equity interests of the Company or any of its affiliates, including, without limitation, any claims for fraud, misrepresentation, breach
of fiduciary duty, breach of duty under applicable state law, and securities fraud under any state or federal law;
(c) any and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination; harassment; retaliation;
breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory
estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or
intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence;
personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits;
(d)
any and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil Rights
Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay
Act; the Fair Labor Standards Act; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers
Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the
Family and Medical Leave Act; the Sarbanes-Oxley Act of 2002; the California Consumer Credit Reporting Agencies Act; the California Fair
Employment and Housing Act; the California Family Rights Act; the California WARN Act; the California Labor Code; California Business
& Professions Code Section 17200; the California Family Military Leave Law; and California Military and Veterans Code;1
(e)
any and all claims for violation of the federal or any state constitution;
1
Note to Draft: To update with then-current state comparable state law statutes as of time of termination.
(f) any and all claims arising out of any other laws and regulations relating to employment or employment discrimination;
(g) any claim for any loss, cost, damage, or expense arising out of any dispute over the non-withholding or other tax treatment of any of
the proceeds received by Executive as a result of this Agreement; and
(h) any and all claims for attorneys’ fees and costs.
Executive
agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the
matters released. This release does not release claims that cannot be released as a matter of law, including, but not limited to: Executive's
right to file for California unemployment or disability insurance benefits, to seek indemnity under California Labor Code Section 2802;
Executive's right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, the California Department
of Fair Employment and Housing or any other local, state, or federal administrative body or government agency that is authorized to enforce
or administer laws related to employment, against the Company (with the understanding that Executive's release of claims herein bars
Executive from recovering such monetary relief from the Company or any Releasee), claims for unemployment compensation or any state disability
insurance benefits pursuant to the terms of applicable state law, claims to continued participation in certain of the Company's group
benefit plans pursuant to the terms and conditions of COBRA, claims to any benefit entitlements vested as the date of separation of Executive's
employment, pursuant to written terms of any employee benefit plan of the Company or its affiliates and Executive's right under applicable
law and any Retained Claims. This release further does not prevent Executive from reporting possible violations of federal law or regulation
to any United States governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the
Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of
state or federal law or regulation (including the right to receive an award for information provided to any such government agencies).
Executive
represents that as of the Effective Date of this Agreement, Executive has been paid all wages and/or salary earned and all accrued and
unpaid vacation, and that Executive has accurately reported all hours worked, and is unaware of any pending lawsuit, claim, charge or
complaint filed by Executive or on Executive's behalf against the Releasees, or any of them. Executive further represents that Executive
(i) has reported to the Company any and all work-related injuries incurred during employment; (ii) the Company properly provided any
leave of absence because of Executive or a family member’s health condition and Executive has not been subjected to any improper
treatment, conduct or actions due to a request for or taking such leave; and (iii) Executive has provided the Company with written notice
of any and all concerns regarding suspected bank fraud, wire fraud, mail fraud, securities fraud, any violation of a rule or regulation
of the Securities and Exchange Commission (“SEC”), any violation of federal law, or any violation of the Company’s
Code of Business Conduct, or any other ethical and compliance issues or violations on the part of the Company or any released person
or entity.
EXECUTIVE
ACKNOWLEDGES THAT EXECUTIVE HAS BEEN ADVISED OF AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES
AS FOLLOWS:
"A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR
AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE
DEBTOR OR RELEASED PARTY."
BEING
AWARE OF SAID CODE SECTION, EXECUTIVE HEREBY EXPRESSLY WAIVES ANY RIGHTS EXECUTIVE MAY HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES
OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT.
3. Acknowledgment
of Waiver of Claims under ADEA. Executive understands and acknowledges that Executive is waiving and releasing any rights Executive
may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing
and voluntary. Executive understands and agrees that this waiver and release does not apply to any rights or claims that may arise under
the ADEA after the date Executive signs this Agreement. Executive understands and acknowledges that the consideration given for this
waiver and release is in addition to anything of value to which Executive was already entitled. Executive further understands and acknowledges
that Executive has been advised by this writing that: (a) Executive should consult with an attorney prior to executing this Agreement;
(b) Executive has 21 days within which to consider this Agreement; (c) Executive has 7 days following Executive’s execution of
this Agreement to revoke this Agreement pursuant to written notice to the General Counsel of the Company; (d) this Agreement shall not
be effective until after the revocation period has expired; and (e) nothing in this Agreement prevents or precludes Executive from challenging
or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties,
or costs for doing so, unless specifically authorized by federal law. In the event Executive signs this Agreement and returns it to the
Company in less than the 21-day period identified above, Executive hereby acknowledges that Executive has freely and voluntarily chosen
to waive the time period allotted for considering this Agreement.
4.
Severability. In the event that any provision or any portion of any provision hereof or any surviving agreement made a part hereof
becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall
continue in full force and effect without said provision or portion of provision.
5. No Oral Modification. This Agreement may only be amended in a writing signed by Executive and a duly authorized officer of the
Company.
6. Notice;
Governing Law; Counterparts. This Agreement shall be subject to the provisions of Sections 5.2, 5.6, and 5.10 of the Employment Agreement.
7. Effective
Date. Executive has seven days after Executive has signed this Agreement to revoke it and this Agreement will become effective on
the eighth day after Executive signed this Agreement, so long as it has been signed by the Parties and has not been revoked by Executive
before that date.
8. Trade Secrets; Whistleblower Protections. In accordance with 18 U.S.C. §1833, notwithstanding anything to the contrary in
this Agreement, the Employment Agreement, or any other agreement between Executive and the Company or any of its subsidiaries in effect
as of the date Executive receives this Agreement (together, the “Subject Documents”): (a) Executive will not be in
breach of the Subject Document, and shall not be held criminally or civilly liable under any federal or state trade secret law (i) for
the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely
for the purpose of reporting or investigating a suspected violation of law, or (ii) for the disclosure of a trade secret that is made
in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (b) if Executive files
a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s
attorney, and may use the trade secret information in the court proceeding, if Executive files any document containing the trade secret
under seal, and does not disclose the trade secret, except pursuant to court order. Furthermore, the Parties agree that nothing in the
Subject Documents prohibits Executive from reporting possible violations of federal law or regulation to any governmental agency or entity
in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of
the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation or releases or
restrains Executive’s right to receive an award for information provided to any such government agencies. Furthermore, nothing
in this Agreement prevents Executive from discussing or disclosing information about unlawful acts in the workplace, such as harassment
or discrimination or any other conduct that Executive has reason to believe is unlawful.
9. Voluntary Execution of Agreement. Executive understands and agrees that Executive executed this Agreement voluntarily, without
any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of Executive’s
claims against the Company and any of the other Releasees, except as otherwise provided in this Agreement. Executive acknowledges that:
(a) Executive has read this Agreement and has been provided a reasonable time period of not less than five business days to review the
document; (b) Executive has not relied upon any representations or statements made by the Company that are not specifically set forth
in this Agreement; (c) Executive has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel
of Executive’s own choice or has elected not to retain legal counsel; (d) Executive understands the terms and consequences of this
Agreement and of the releases it contains; and (e) Executive is fully aware of the legal and binding effect of this Agreement.
[Signature
Page Follows]
IN
WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below.
| |
|
|
COMPANY |
| |
|
|
|
| Dated: |
|
|
By: |
|
| |
|
|
Name: |
|
| |
|
|
Title: |
|
