EX-10.10



 Exhibit 10.10 

CHANGE IN CONTROL SEVERANCE AGREEMENT 

This Change in Control Severance Agreement (“Agreement”) is entered into as of January 17, 2014 (to become effective upon
Executive’s date of hire with the Company, such hire date being the “Effective Date”) by and between Jack Lazar (the “Executive”) and WOODMAN LABS, INC., a Delaware corporation (the “Company”). 

 

	1.	Term of Agreement. 

 This Agreement shall commence on the Effective Date and shall
terminate upon the date the Executive’s employment with the Company terminates for a reason other than a Qualifying Termination as described in Section 4(e). 
  

	2.	Severance Benefit. 

 (a) Severance Payments. If the Executive is subject to a
Qualifying Termination, then, subject to Section 3 below, the Company shall pay the Executive twelve (12 months of his or her monthly base salary (at the rate in effect immediately prior to the actions that resulted in the Qualifying
Termination) and an amount equal to the greater of (A) one-hundred percent (100%) of the Executive’s annual target bonus or (B) one-hundred percent (100%) of the most recent annual bonus paid by the Company to Executive.
Such severance payment shall be paid in accordance with the Company’s standard payroll procedures. The Executive will receive his or her severance payment in a cash lump-sum which will be made on the sixtieth (60th) day following the Separation, provided that the following have already occurred: 
  

	 	(i)	the date of Executive’s Qualifying Termination; 

  

	 	(ii)	the date of the Company’s receipt of the Executive’s executed General Release (as described in Section 2(d)); and 

  

	 	(iii)	the expiration of any rescission period applicable to the Executive’s executed General Release. 


(b) Equity. If the Executive is subject to a Qualifying Termination within the first year of his employment with the Company and prior
to an initial public offering of the Company’s stock (“IPO”), then, subject to Section 3 below, each of Executive’s then outstanding unvested Equity Awards, including awards that would otherwise vest only upon satisfaction
of performance criteria, shall accelerate and become vested and exercisable such that the Executive is vested with respect to 25% of the shares subject thereto. If the Executive is subject to a Qualifying Termination after an IPO (regardless of how
long Executive has been employed), then, subject to Section 3 below, each of Executive’s then outstanding unvested Equity Awards, including awards that would otherwise vest only upon satisfaction of performance criteria, shall accelerate
and become vested and exercisable with respect to 100% of the then unvested shares subject thereto. “Equity Awards” means all options to purchase shares of Company common stock as well as any and all other stock-based awards granted
to the Executive, including but not limited to stock bonus awards, restricted stock, restricted stock units or stock appreciation rights. Subject to Section 3, the accelerated vesting described above shall be effective as of the








 
Separation. All RSUs vested at the date of the Change in Control shall be settled upon or within thirty (30) days following the Change in Control; all RSUs that vest after the Change in
Control shall settle within thirty (30) days of vesting. 
 (c) Pay in Lieu of Continued Employee Benefits. If the Executive is
subject to a Qualifying Termination, in lieu of continued employee benefits (other than as statutorily required, such as COBRA continuation coverage at Executive’s own expense as required by law), Executive shall receive payments of $3,000 per
month for twelve (12) months from the Separation in accordance with the payroll schedule applicable to active officers of the Company beginning on the sixtieth (60th) day following the
Separation. 
 (d) General Release. Any other provision of this Agreement notwithstanding, Subsections (a), (b), and (c) above
shall not apply unless the Executive (i) has executed a general release (in a form prescribed by the Company) of all known and unknown claims that he or she may then have against the Company or persons affiliated with the Company and such
release has become effective and (ii) has agreed not to prosecute any legal action or other proceeding based upon any of such claims. The release must be in the form prescribed by the Company, without alterations. The Company will deliver the
form to the Executive within thirty (30) days after the Executive’s Separation. The Executive must execute and return the release within the time period specified in the form. 

(e) Accrued Compensation and Benefits. In connection with any termination of employment upon or following a Change in Control (whether
or not a Qualifying Termination), the Company shall pay Executive’s earned but unpaid base salary and other vested but unpaid cash entitlements for the period through and including the termination of employment, including unused earned vacation
pay and unreimbursed documented business expenses incurred by Executive prior to the date of termination (collectively “Accrued Compensation and Expenses”), as required by law and the applicable Company plan or policy. In addition,
Executive shall be entitled to any other vested benefits earned by Executive for the period through and including the termination date of Executive’s employment under any other employee benefit plans and arrangements maintained by the Company,
in accordance with the terms of such plans and arrangements, except as modified herein (collectively “Accrued Benefits”). Any Accrued Compensation and Expenses to which the Executive is entitled shall be paid to the Executive in cash as
soon as administratively practicable after the termination, and, in any event, no later than two and one-half (2-1/2) months after the end of the taxable year of the Executive in which the termination occurs. Any Accrued Benefits to which the
Executive is entitled shall be paid to the Executive as provided in the relevant plans and arrangement. 
  

	3.	Covenants. 

 (a) Non-Competition. The Executive agrees that, during his or her
employment with the Company, he or she shall not engage in any other employment, consulting or other business activity (whether full-time or part-time) that would create a conflict of interest with the Company. 

(b) Cooperation and Non-Disparagement. The Executive agrees that, during the six-month period following his or her cessation of
employment, he or she shall cooperate with the Company in every reasonable respect and shall use his or her best efforts to assist the 

  
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Company with the transition of Executive’s duties to his or her successor. The Executive further agrees that, during this six-month period, he or she shall not in any way or by any means
disparage the Company, the members of the Company’s Board of Directors or the Company’s officers and employees. 
  

	4.	Definitions. 

 (a) “Cause” means (a) an unauthorized use or
disclosure by Executive of the Company’s confidential information or trade secrets, which use or disclosure causes material harm to the Company, (b) a material breach of any agreement between Executive and the Company, (c) a material
failure to comply with the Company’s written policies or rules, (d) conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of the United States or any state thereof, (e) gross negligence or
willful misconduct, (f) failure to cooperate with the Company in any investigation or formal proceeding if the Company has requested your cooperation, or (g) a continued failure to perform assigned duties after receiving written
notification of such failure from the Company’s Chief Executive Officer (or, in the case of the Chief Executive Officer, from the Board of Directors); provided that Executive must be provided with written notice of Executive’s termination
for “Cause” and Executive must be provided with a 30-day period following Executive’s receipt of such notice to cure the event(s) that trigger “Cause,” with the Company’s Board of Directors making the final
determination whether Executive has cured any Cause. 
 (b) “Code” means the Internal Revenue Code of 1986, as amended.

 (c) “Change in Control.” For all purposes under this Agreement, “Change in Control” shall mean an
“Acquisition,” as such term is defined in the Company’s 2010 Equity Incentive Plan, as may be amended from time to time, provided that the transaction also qualifies as a change in control under U.S. Treasury Regulation
1.409A-3(i)(5)(v) or 1.409A-3(i)(5)(vii). 
 (d) “Good Reason” means, without the Executive’s consent, (i) a
material reduction in the Executive’s level of responsibility and/or scope of authority, (ii) a material reduction in Executive’s base salary (other than a reduction generally applicable to executive officers of the Company and in
generally the same proportion as for the Executive), or (iii) relocation of the Executive’s principal workplace by more than 35 miles from Executive’s then current place of employment. For the Executive to receive the benefits under
this Agreement as a result of a voluntary resignation under this subsection (d), all of the following requirements must be satisfied: (1) the Executive must provide notice to the Company of his or her intent to assert Good Reason within 120
days of the initial existence of one or more of the conditions set forth in subclauses (i) through (iii); (2) the Company will have 30 days from the date of such notice to remedy the condition and, if it does so, the Executive may withdraw
his or her resignation or may resign with no benefits; and (3) any termination of employment under this provision must occur within six months of the initial existence of one or more of the conditions set forth in subclauses (i) through
(iii). Should the Company remedy the condition as set forth above and then one or more of the conditions arises again within twelve months following the occurrence of a Change in Control, the Executive may assert Good Reason again subject to all of
the conditions set forth herein. 

  
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 (e) “Qualifying Termination” means a Separation within twelve (12) months
following a Change in Control or within three (3) months preceding a Change in Control (if after a Potential Change in Control) resulting from (i) the Company terminates the Executive’s employment for any reason other than Cause or
(ii) the Executive voluntarily resigns his or her employment for Good Reason. A “Potential Change in Control” means the date of execution of a definitive agreement whereby the Company will consummate a Change in Control if such
transaction is consummated. In the case of a termination following a Potential Change in Control and before a Change in Control, solely for purposes of benefits under this Agreement, the date of Separation will be deemed the date the Change in
Control is consummated. 
 (f) “Separation” means a “separation from service,” as defined in the regulations
under Section 409A of the Code. 
  

	5.	Successors. 

 (a) Company’s Successors. The Company shall require any
successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets, by an agreement in substance and form satisfactory to
the Executive, to assume this Agreement and to agree expressly to perform this Agreement in the same manner and to the same extent as the Company would be required to perform it in the absence of a succession. For all purposes under this Agreement,
the term “Company” shall include any successor to the Company’s business and/or assets or which becomes bound by this Agreement by operation of law. 

(b) Executive’s Successors. This Agreement and all rights of the Executive hereunder shall inure to the benefit of, and be
enforceable by, the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
  

	6.	Golden Parachute Taxes. 

 (a) Best After-Tax Result. In the event that any payment
or benefit received or to be received by Executive pursuant to this Agreement or otherwise (“Payments”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for
this subsection (a), be subject to the excise tax imposed by Section 4999 of the Code, any successor provisions, or any comparable federal, state, local or foreign excise tax (“Excise Tax”), then, subject to the provisions of
Section 6(b) hereof, such Payments shall be either (A) provided in full pursuant to the terms of this Agreement or any other applicable agreement, or (B) provided as to such lesser extent which would result in no portion of such
Payments being subject to the Excise Tax (“Reduced Amount”), whichever of the foregoing amounts, taking into account the applicable federal, state, local and foreign income, employment and other taxes and the Excise Tax (including, without
limitation, any interest or penalties on such taxes), results in the receipt by Executive, on an after-tax basis, of the greatest amount of payments and benefits provided for hereunder or otherwise, notwithstanding that all or some portion of such
Payments may be subject to the Excise Tax. Unless the Company and Executive otherwise agree in writing, any determination required under this Section shall be made by independent tax counsel designated by the Company and reasonably acceptable to
Executive (“Independent Tax Counsel”), whose determination shall be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required under this Section, Independent Tax Counsel


  
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may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the
Code; provided that Independent Tax Counsel shall assume that Executive pays all taxes at the highest marginal rate. The Company and Executive shall furnish to Independent Tax Counsel such information and documents as Independent Tax Counsel may
reasonably request in order to make a determination under this Section. The Company shall bear all costs that Independent Tax Counsel may reasonably incur in connection with any calculations contemplated by this Section. In the event that
Section 6(a)(ii)(B) above applies, then based on the information provided to Executive and the Company by Independent Tax Counsel, Executive may, in Executive’s sole discretion and within 30 days of the date on which Executive is provided
with the information prepared by Independent Tax Counsel, determine which and how much of the Payments (including the accelerated vesting of equity compensation awards) to be otherwise received by Executive shall be eliminated or reduced (as long as
after such determination the value (as calculated by Independent Tax Counsel in accordance with the provisions of Sections 280G and 4999 of the Code) of the amounts payable or distributable to Executive equals the Reduced Amount). If the Internal
Revenue Service (the “IRS”) determines that any Payment is subject to the Excise Tax, then Section 6(b) hereof shall apply, and the enforcement of Section 6(b) shall be the exclusive remedy to the Company. 

(b) Adjustments. If, notwithstanding any reduction described in Section 6(a) hereof (or in the absence of any such reduction), the
IRS determines that Executive is liable for the Excise Tax as a result of the receipt of one or more Payments, then Executive shall be obligated to surrender or pay back to the Company, within 120 days after a final IRS determination, an amount of
such payments or benefits equal to the “Repayment Amount.” The Repayment Amount with respect to such Payments shall be the smallest such amount, if any, as shall be required to be surrendered or paid to the Company so that Executive’s
net proceeds with respect to such Payments (after taking into account the payment of the Excise Tax imposed on such Payments) shall be maximized. Notwithstanding the foregoing, the Repayment Amount with respect to such Payments shall be zero if a
Repayment Amount of more than zero would not eliminate the Excise Tax imposed on such Payments or if a Repayment Amount of more than zero would not maximize the net amount received by Executive from the Payments. If the Excise Tax is not eliminated
pursuant to this Section 6(b), Executive shall pay the Excise Tax. 
  

	7.	Miscellaneous Provisions. 

 (a) Section 409A. For purposes of
Section 409A of the Code, if the Company determines that Executive is a “specified employee” under Code Section 409A(a)(2)(B)(i) at the time of a Separation, then (1) the severance benefits under Section 2, to the
extent subject to Code Section 409A, will commence during the seventh month after the Executive’s Separation and (ii) will be paid in a lump sum on the earliest practicable date permitted by Section 409A(a)(2) of the Code. Any
termination of Executive’s employment is intended to constitute a Separation from Service and will be determined consistent with the rules relating to a “separation from service” as such term is defined in Treasury Regulation
Section 1.409A-1. It is intended that each installment of the payments provided hereunder constitute separate “payments” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). It is further intended that payments
hereunder satisfy, to the greatest extent possible, the exemption from the application of Section 409A of the Code (and any state law of similar effect) provided under Treasury Regulation Section 1.409A-1(b)(4) (as a “short-term
deferral”). To the extent that any provision of this 

  
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Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision will be read in such a manner so that all payments hereunder comply with Section 409A of the
Code. Except as otherwise expressly provided herein, to the extent any expense reimbursement or the provision of any in-kind benefit under this Policy is determined to be subject to Section 409A of the Code, the amount of any such expenses
eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical
expenses), in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which Executive incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind
benefit be subject to liquidation or exchange for another benefit. 
 (b) Other Severance Arrangements. For any equity award that is
outstanding on the Effective Date, Executive shall receive the vesting acceleration provisions set forth in the existing equity award agreement or the vesting acceleration benefits set forth in this Agreement, whichever arrangement would cause
Executive to vest in the largest number of shares or largest portion of the Equity Award. Except as set forth in the preceding sentence, this Agreement supersedes any and all cash severance arrangements and vesting acceleration arrangements on
change in control under any prior option agreement, restricted stock unit agreement, severance and salary continuation arrangements, programs and plans which were previously offered by the Company to the Executive, including change in control
severance arrangements pursuant to an employment agreement or offer letter, and Executive hereby waives Executive’s rights to such other benefits. In no event shall any individual receive cash severance benefits under both this Agreement and
any other severance pay or salary continuation program, plan or other arrangement with the Company. 
 (c) Dispute Resolution. To
ensure rapid and economical resolution of any and all disputes that might arise in connection with this Agreement, Executive and the Company agree that any and all disputes, claims, and causes of action, in law or equity, arising from or relating to
this Agreement or its enforcement, performance, breach, or interpretation, will be resolved solely and exclusively by final, binding, and confidential arbitration, by a single arbitrator, in San Mateo County, and conducted by Judicial
Arbitration & Mediation Services, Inc. (“JAMS”) under its then-existing employment rules and procedures. Nothing in this section, however, is intended to prevent either party from obtaining injunctive relief in court to
prevent irreparable harm pending the conclusion of any such arbitration. Each party to an arbitration or litigation hereunder shall be responsible for the payment of its own attorneys’ fees. 

(d) Notice. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been
duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid or deposited with Federal Express Corporation, with shipping charges prepaid. In the case of the Executive, mailed
notices shall be addressed to him or her at the home address which he or she most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be
directed to the attention of its Secretary. 

  
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 (e) Waiver. No provision of this Agreement shall be modified, waived or discharged unless
the modification, waiver or discharge is agreed to in writing and signed by the Executive and by an authorized officer of the Company (other than the Executive). No waiver by either party of any breach of, or of compliance with, any condition or
provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(f) Withholding Taxes. All payments made under this Agreement shall be subject to reduction to reflect taxes or other charges required
to be withheld by law. 
 (g) Severability. The invalidity or unenforceability of any provision or provisions of this Agreement shall
not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 
 (h) No Retention
Rights. Nothing in this Agreement shall confer upon the Executive any right to continue in service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company or any subsidiary of the Company
or of the Executive, which rights are hereby expressly reserved by each, to terminate his or her service at any time and for any reason, with or without Cause. 

(i) Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be
governed by the laws of the State of California (other than their choice-of-law provisions). 

IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day
and year first above written. 
  

					
		 		  	WOODMAN LABS, INC.
			
	 /s/ Jack Lazar
	 		  	 /s/ Nicholas Woodman

	Jack Lazar	 		  	By:        Nicholas Woodman
		 		  	Title:     Chief Executive Officer


  
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