Document:

EX-10.4

EXHIBIT 10.4

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT, made as of April 7, 2017 (this “Agreement”), by and between
Castle Brands Inc., a Florida corporation (the “Company”), and Alejandra Pena
(“Executive”).

In consideration of the mutual covenants set forth in this Agreement, the parties hereto agree
as follows:

AGREEMENT:

1. Employment. Subject to the terms of this Agreement, the Company agrees to employ
Executive, and Executive agrees to accept such employment as the Senior Vice President – Marketing
of the Company. As such, Executive will have responsibility for such job-related duties as will be
assigned to Executive from time to time by the Board of Directors, the President or the Chief
Operating Officer of the Company or their respective designees.

2. Performance of Services. Executive agrees that throughout the term of his
employment hereunder he will devote his full business time, attention, knowledge and skills,
faithfully, diligently and to the best of his ability, in furtherance of the business of the
Company and its direct or indirect subsidiaries and will perform the duties assigned to him from
time to time pursuant to Section 1 hereof, subject, at all times, to the direction and control of
the Board of Directors, the President or the Chief Operating Officer of the Company or their
respective designees, and to the policies of the Company generally applicable to its executives.
During the term of his employment hereunder, Executive will not accept other employment or permit
his personal business interests to materially interfere with his duties hereunder.

3. Term. Executive will be employed for a term commencing on April 1, 2017 (the
“Effective Date”) and ending on March 30, 2020 (the “ Initial Term”) and shall be
automatically renewed for successive one (1) year terms, (each such term a “Renewal Term”
and, collectively, with the Initial Term, the “Term”), unless (i) Executive or the Company
gives to the other party written notice of such party’s intention not to renew no later than sixty
(60) days prior to the end of the Initial Term or the applicable Renewal Term, as the case may be,
or (ii) Executive’s employment is terminated prior to the expiration of the Term pursuant to
Section 6 hereof.

4. Compensation. During the Term of this Agreement the Company agrees to pay to
Executive:

(a) Salary. A salary (the “Base Salary”) at the rate of US$210,058 per year,
payable in accordance with the Company’s standard payroll practices for executives as in effect
from time to time. Such Base Salary may be increased (but not decreased), in the sole discretion of
the Compensation Committee of the Board of Directors of the Company, on the basis of periodic
reviews, which shall occur no less frequently than on an annual basis.

(b) Stock Awards. Executive shall be eligible for options to purchase Common Stock of
the Company or other stock awards to the extent granted by the Compensation Committee of the Board
of Directors of the Company.

(c) Incentive Bonus. In each fiscal year, the Executive shall be eligible to receive
an annual performance bonus (“Incentive Bonus”) equal to up to 30% of the Base Salary in
effect on March 31 of such fiscal year, subject to successful achievement of goals and objectives
to be agreed upon by the Executive and the Compensation Committee of the Board of Directors of the
Company, payable in accordance with the Company’s standard practices for executives as in effect
from time to time.

(d) Vacation. Executive shall be entitled to twenty-five (25) paid vacation days in
each calendar year, plus paid Company holidays.

(e) Other Benefits. Executive will be entitled to participate, to the extent he is
eligible under the terms and conditions thereof, in all profit-sharing, hospitalization, insurance,
medical, disability, or other fringe benefit or executive perquisite plans generally available to
other senior executives of the Company.

5. Expenses. The Company will reimburse Executive for all expenses reasonably incurred
by him in connection with the performance of his duties hereunder and the business of the Company
upon the submission to the Company of appropriate invoices therefor, all in accordance with the
Company’s policies and procedures as in effect from time to time for senior executives of the
Company.

6. Termination.

(a) Termination by the Company Without Cause or Non-Renewal of Term by the Company.
The Company may terminate the employment of Executive hereunder at any time without Cause (as
hereinafter defined). Notice of any such termination must be in writing and will be effective upon
receipt by Executive. In the event that (x) the employment of Executive is terminated pursuant to
this Section 6(a) or (y) the Initial Term or any Renewal Term is not renewed by the Company and if
Executive fully complies with Sections 7, 9, 10 and 22 of this Agreement, (A) the Company will
continue to pay to Executive the Base Salary per annum as in effect on the date of such
termination, in accordance with the standard payroll practices of the Company as in effect from
time to time, for a term of twelve (12) months immediately following the date of such termination,
and (B) the Executive will be entitled to an annual Incentive Bonus pursuant to Section 4(c) of
this Agreement with respect to the fiscal year ending within such twelve (12) month period (which
annual Incentive Bonus shall be the Incentive Bonus paid to the Executive for the performance
period immediately prior to the fiscal year in which the date of termination occurs, but not less
than the amount of the Incentive Bonus paid to the Executive with respect to the fiscal year ended
March 31, 2016, and paid on the last day of the fiscal year during such twelve (12) month period).
If Executive fully complies with Sections 7, 9, 10 and 22 of this Agreement, the Company shall
during the twelve (12) month period immediately following termination of Executive pursuant to this
Section 6(a), to the extent permissible under any relevant benefit plans of the Company, continue
to provide participation to Executive in all other benefits provided for under Section 4(e) hereof,
at the Company’s expense. If Executive fully complies with Sections 7, 9, 10 and 22 of this
Agreement, on the date of termination pursuant to this Section 6(a), any tranche of unvested shares
or options held by Executive that would have vested during the twelve (12) month period following
termination shall accelerate and vest without any further action of any kind by the Company or
Executive. Further, if Executive fully complies with Sections 7, 9, 10 and 22 of this
Agreement, any stock option held by Executive that is vested at the time of Executive’s termination
pursuant to this Section 6(a) (including any portion of such option for which vesting was
accelerated pursuant to the preceding sentence) will be exercisable until the earlier to occur of
(i) the expiration date of such option pursuant to its terms and (ii) twelve (12) months following
the date of termination pursuant to this Section 6(a).

(b) Termination by the Company for Cause. The Company may terminate the employment of
Executive hereunder for Cause (as hereinafter defined). Executive shall be entitled to thirty (30)
days prior written notice of the Company’s intent to terminate Executive hereunder and the right to
address and/or cure such Cause during such thirty (30) day notice period, to the extent curable.
Any notice of intent to terminate for Cause must specify the particular grounds therefor in
reasonable detail. In the event that the employment of Executive is terminated pursuant to this
clause (b), the Company will pay to Executive the amount of all accrued but unpaid Base Salary to
the date of such termination, but no annual Incentive Bonus will be paid with respect to (x) the
fiscal year in which termination occurs, or (y) the immediately prior fiscal year if Executive is
terminated under this clause (b) prior to payment of the Incentive Bonus applicable to such prior
fiscal year. As used herein, “Cause” means Executive’s (i) having committed in the
performance of his duties under this Agreement one or more acts or omissions constituting fraud,
dishonesty, or willful injury to the Company which results in a material adverse effect on the
business, financial condition or results of operations of the Company, (ii) having committed one or
more acts constituting gross neglect or willful misconduct which results in a material adverse
effect on the business, financial condition or results of operations of the Company, (iii) breach
of fiduciary duty, (iv) failure to substantially perform assigned duties relating to Executive’s
performance hereunder (other than any such failure owing to Executive becoming Disabled (as
hereinafter defined)) as reasonably determined by a majority of the entire Compensation Committee
of the Board of Directors of the Company, after consultation with the Chief Executive Officer of
the Company, (v) conviction of, or the entry by the Executive of any plea of guilty or nolo
contendere to, any felony, (vi) material breach of any provision of this Agreement as reasonably
determined by the Compensation Committee of the Board of Directors of the Company, after
consultation with the Chief Executive Officer; provided, however, that in any of
the foregoing circumstances, Executive has failed to cure such Cause, to the extent curable, within
the thirty (30) day period referenced in the second sentence of this Section 6(b). In the event
Executive is terminated for Cause solely pursuant to (iv) or (vi) above, any stock option held by
Executive that is vested at the time of such termination may be exercised until the earlier to
occur of (A) the expiration date of such option pursuant to its terms and (B) one year after such
termination. In the event Executive is terminated for Cause other than solely pursuant to (iv) or
(vi) above, any stock option held by Executive shall immediately expire and no longer be
exercisable upon such termination.

(c) Termination by Executive. Executive may terminate his employment hereunder (x) at
any time without cause or (y) for Good Reason (as hereinafter defined). Notice of any such
termination must be in writing and will be effective sixty (60) days after receipt by the Company
or such earlier date as may be specified by the Company after receipt of such notice. In the event
that Executive terminates employment pursuant to subclause (x) of this clause (c), the Company will
pay to Executive the amount of all accrued but unpaid Base Salary to the date of such termination,
but no annual Incentive Bonus will be paid with respect to the fiscal year in which termination
occurs. In the event that Executive terminates employment hereunder for Good Reason pursuant to
subclause (y) of this clause (c) and Executive fully complies with Sections 7, 9, 10 and 22 of this
Agreement, Executive will be entitled to the same salary, benefits and bonus payments as would be
provided were he to be terminated by the Company without Cause pursuant to Section 6(a) above.
Further, any tranche of unvested shares or options held by Executive that would have vested during
the twelve (12) month period following termination for Good Reason shall accelerate and vest
without any further action of any kind by the Company or Executive. In addition, upon a
termination by Executive for Good Reason, any stock option held by Executive that is vested at the
time of Executive’s termination (including any portion of such option for which vesting was
accelerated pursuant to the preceding sentence) will be exercisable until the earlier to occur of
(A) the expiration date of such option pursuant to its terms and (B) twelve (12) months following
the termination of Executive’s employment. As used herein, “Good Reason” means a
termination by Executive of Executive’s employment hereunder within sixty (60) days after (i) any
material diminution in the nature, title, Base Salary, target Incentive Bonus opportunity as a
percentage of Base Salary or status of Executive’s job responsibilities from those in effect on the
Effective Date or the most recent anniversary thereof, (ii) relocation by the Company of the
Executive’s office to any location not within fifty (50) miles from Executive’s principal place of
employment in New York City as of the Effective Date or (iii) the Company’s material breach of any
provision of this Agreement which is not cured within thirty (30) days after written notice thereof
from Executive to the Company.

(d) Termination Upon Death. This Agreement will terminate automatically on the death
of Executive. In the event that the employment of Executive is terminated pursuant to this Section
6(d), the Company will promptly pay to the representative of Executive the amount of all accrued
but unpaid Base Salary to the date of such termination, the annual Incentive Bonus, if any,
described in Section 4(c) with respect to the fiscal year in which termination occurs, and Base
Salary for a one (1) year period, in accordance with the standard payroll practices of the Company
as in effect from time to time. Further, any stock option held by Executive that is vested at the
time of death will be exercisable by Executive’s personal representative or estate for a period of
one (1) year from date of death and all unvested stock options and restricted stock awards held by
Executive shall fully vest and such stock options shall be exercisable by Executive’s personal
representative or estate for a period of one (1) year from date of death.

(e) Termination by the Company by Reason of Disability. The Company may terminate the
employment of Executive hereunder after Executive becomes Disabled. Notice of any such termination
must be in writing and will be effective thirty (30) days after receipt by Executive. In the event
that the employment of Executive is terminated pursuant to this Section 6(e), the Company will pay
to Executive or his representative the amount of all accrued but unpaid Base Salary to the date of
such termination, the annual Incentive Bonus, if any, described in Section 4(c) with respect to the
fiscal year in which termination occurs, and Base Salary for a one (1) year period, in accordance
with the standard payroll practices of the Company as in effect from time to time, reduced by the
amount, if any, received by Executive from any disability insurance maintained by the Company.
Further, any stock option held by Executive that is vested at the time of termination for
disability will be exercisable for a period of one (1) year from date of such termination for
disability and all unvested stock options held by Executive shall fully vest and be exercisable for
a period of one (1) year from date of termination for disability and any restricted stock awards
shall fully vest. As used herein, the term “Disabled” means Executive becoming physically
or mentally disabled or incapacitated to the extent that he has been or will be unable to perform
his duties hereunder on account of such disabilities or incapacitation for a continuous period of
six (6) months as determined by a qualified independent physician or group of physicians selected
by the Company and approved by Executive or his representative, such approval not to be
unreasonably withheld.

(f) Change of Control. A “Change of Control” shall have occurred if: (i) any
person (as such term is used in Section 13(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”)), other than Dr. Phillip Frost, any member of his immediate
family, and any “person” or “group” (as used in Section 13(d)(3) of the Exchange Act) that is
controlled by Dr. Frost or any member of his immediate family, any beneficiary of the estate of Dr.
Frost, or any trust, partnership, corporate or other entity controlled by any of the
foregoing, becomes the “beneficial owner” (as determined pursuant to Rule 13d-3 of the
Exchange Act), directly or indirectly, of securities of the Company representing more than
thirty-five percent (35%) of the aggregate voting power of the Company’s then outstanding
securities, other than by acquisition directly from the Company; (ii) there has been a merger or
equivalent combination involving the Company after which forty-nine percent (49%) or more of the
voting stock of the surviving corporation is held by persons other than former shareholders of the
Company; (iii) during any period of two consecutive years, individuals who at the beginning of such
period were members of the Board of Directors of the Company cease for any reason to constitute at
least a majority thereof (unless the appointment, election, or the nomination for election by the
Company’s stockholders, of each director elected during such consecutive two-year period was
approved by a vote of at least two-thirds of the directors then still in office who were directors
at the beginning of such period); or (iv) the Company sells or disposes of all or substantially all
of its assets. In the event that the employment of Executive is terminated in connection with, or
during the twenty-four (24) month period following, a Change in Control either by the Executive for
Good Reason or by the Company or its successor without Cause, the Company or its successor, as
applicable, will pay to Executive in a lump sum (x) an amount equal to one times the Base Salary
per annum as in effect on the date of such termination plus (y) an amount equal to one times the
annual Incentive Bonus described in Section 4(c), which Incentive Bonus shall be the Incentive
Bonus paid to the Executive for the performance period immediately prior to the fiscal year in
which the date of termination occurs, but not less than the amount of the Incentive Bonus paid to
the Executive with respect to the fiscal year ended March 31, 2016. For the avoidance of doubt, in
the event of any such payments pursuant to this Section 6(f), no additional payments shall be made
to Executive pursuant to Section 6(a) or 6(c). Also, during the twelve (12) month period following
such termination in connection with a Change in Control, the Company shall continue to provide
participation to the Executive in all other benefits provided for under Section 4(e) hereof,
including, without limitation, payment of any required amounts pursuant to the Consolidated Omnibus
Budget Reconciliation Act of 1985 (“COBRA”).

(g) Release and No Further Obligations. As a condition to the payments and other
consideration provided to Executive under each clause of this Section 6, the Executive shall have
executed and delivered to the Company the form of general release attached hereto as
Exhibit A. Except as otherwise expressly provided in this Agreement and any stock option
agreements or restricted stock agreements, by and between the Company and Executive, from and after
the effective date of any termination of Executive’s employment hereunder pursuant to this Section
6, the Company will have no further obligations (for the payment of money or otherwise) to
Executive or his representative, as applicable, except for continuing obligations by the Company or
its successor to indemnify Executive in his capacity as an officer of the Company. If the general
release is executed and delivered and no longer subject to revocation, then the following shall
apply:

(i) To the extent any such cash payment to be made is not “deferred compensation” for
purposes of Code Section 409A, then such payment shall commence upon the first scheduled payment
date immediately after the date the general release is executed and no longer subject to revocation
(the “Release Effective Date”). The first such cash payment shall include payment of all
amounts that otherwise would have been due prior to the Release Effective Date under the terms of
this Agreement applied as though such payments commenced immediately upon the termination of
Executive’s employment, and any payments made after the Release Effective Date shall continue as
provided herein. The delayed payments shall in any event expire at the time such payments would
have expired had such payments commenced immediately following the termination of Executive’s
employment.

(ii) To the extent any such cash payment to be made is “deferred compensation” for purposes
of Code Section 409A, then such payment shall be made or commence upon the sixtieth (60th) day
following the termination of Executive’s employment with interest, to be determined by applying the
prime rate published in the Wall Street Journal on the date of the Executive’s termination of
employment or if such date is not a business day, then the next business day. The first such cash
payment shall include payment of all amounts that otherwise would have been due prior thereto under
the terms of this Agreement had such payments commenced immediately upon the termination of
Executive’s employment and any payments made after the sixtieth (60th) day following the
termination of Executive’s employment shall continue as provided herein. The delayed payments shall
in any event expire at the time such payments would have expired had such payments commenced
immediately following the termination of Executive’s employment.

(h) Specified Employee. Notwithstanding anything to the contrary in this Agreement,
if the Executive is deemed on the date of termination of employment to be a “specified employee”
within the meaning of that term in Section 409A(a)(2)(B), then with regard to any payment or the
provision of any benefit that is considered deferred compensation under Section 409A payable on
account of “separation from service”, no such payment or benefit distribution will be made to the
Executive prior to the earlier of (i) the expiration of the six (6)-month period measured from the
date of the Executive’s “separation from service” (as such term is defined for purposes of Section
409A) or (ii) the date of the Executive’s death, to the extent such delayed commencement is
otherwise required in order to avoid a prohibited distribution under Section 409A. All payments
and benefits which had been delayed pursuant to the immediately preceding sentence shall be paid
(with interest, to be determined by applying the prime rate published in the Wall Street Journal on
the date of the Executive’s termination of employment or if such date is not a business day, then
the next business day) to the Employee in a lump sum upon expiration of such six-month period (or
if earlier upon the Employee’s death).

7. Confidentiality.

(a) Executive will not, at any time following the Effective Date, regardless of whether
Executive continues to be employed by the Company and, if Executive’s employment has been
terminated, regardless of the manner, reason, time or cause thereof, directly or indirectly reveal,
report, publish, disclose, transfer or furnish to any person not entitled to receive the same for
the immediate benefit of the Company any Proprietary Information (as hereinafter defined). The term
“Proprietary Information” means all information of any nature whatsoever, and in any form,
which at the time or times concerns or relates to any aspect of any business that the Company, or
its direct or indirect subsidiaries are involved in or actively contemplating (the
“Business”) and which is confidential or proprietary to the Company. Proprietary
Information includes, but is not limited to, items, materials and information concerning the
following: marketing plans or strategies; budgets; designs; promotional strategies; client
preferences and policies; creative activities for clients; concepts; intellectual property and
trade secrets; product plans; financial information and all documentation, reports and data
(recorded in any form) relating to the foregoing. Notwithstanding the foregoing, “Proprietary
Information” does not include any information to the extent it becomes publicly known through no
fault of Executive or any information which Executive is required to disclose as a result of a
subpoena or other legal process.

(b) Executive agrees that all memoranda, notes, records, papers or other documents, computer
disks, computer software programs and the like and all copies thereof, relating to the Business
(the “Business Records”) are and will be the sole and exclusive property of the Company or
its direct or indirect subsidiaries, as the case may be. Except for use for the benefit of the
Company or its direct or indirect subsidiaries, Executive will not copy or duplicate any of the
Business Records, nor remove them from the facilities of the Company or its direct or indirect
subsidiaries, as the case may be. Executive must comply with any and all procedures which the
Company or its direct or indirect subsidiaries may adopt from time to time to preserve the
confidentiality of Proprietary Information and the confidentiality of property of the types
described immediately above, whether or not such property contains a legend indicating its
confidential nature.

(c) Upon termination of Executive’s employment with the Company for any reason whatsoever and
at any other time upon the Company’s request, Executive (or his personal representative) must
deliver to the Company all property described in this Section 7 which is in his possession or
control.

(d) Notwithstanding anything contained herein or in any other Company policy or agreement,
Executive shall not be prohibited from reporting suspected violations of law or regulation to any
governmental agency, regulatory body, self-regulatory organization, or law enforcement agency,
including but not limited to the SEC (collectively a “law enforcement entity”), from making any
other disclosures that are protected under any law or regulation, from participating or cooperating
in any inquiry, investigation, or proceeding conducted by such law enforcement entity, or from
making other disclosures that are protected under state or federal law or regulation, or receiving
an award for information provided to any such law enforcement entity.

8. Representation and Warranty. Executive represents and warrants to the Company that
he is not a party to any employment agreement or other agreement which restricts, interferes with
or impairs, or which might be claimed to restrict, interfere with or impair, in any way,
Executive’s use of any information or Executive’s execution or performance of this Agreement.

9. Discoveries and Improvements. Executive acknowledges and agrees that all
inventions, discoveries, and improvements, whether patentable or unpatentable, made, devised, or
discovered by Executive, whether by himself, or jointly with others, from the date hereof until the
expiration of the Term hereof, reasonably deemed to be directly related to or pertaining in any way
to the Business, will be promptly disclosed in writing to the Chief Executive Officer (or such
other officer as the Chief Executive Officer may designate) of the Company and will be the sole and
exclusive property of the Company. Executive agrees to execute any assignments to the Company or
its nominee of his entire right, title, and interest in and to any such inventions, discoveries,
and improvements and to execute and deliver at the cost of the Company any other instruments and
documents that may be requested by the Company that are requisite or desirable in applying for and
obtaining patents, copyrights or trademarks, with respect thereto in the United States and in all
foreign countries. Executive further agrees, whether or not in the employ of the Company, to
cooperate, to the extent and in the manner requested by the Company, in the prosecution or defense
of any patent, trademark or copyright claims or any litigation or other proceeding involving any
inventions, trade secrets, processes, discoveries, or improvements covered by this Agreement,
provided that all expenses thereof shall be paid by the Company.

10. Restrictive Covenants.

(a) Executive acknowledges and agrees that his position with the Company places him in a
position of confidence and trust with respect to Proprietary Information. Executive consequently
agrees that it is reasonable and necessary for the protection of the goodwill of the Business that
Executive make the covenants contained herein. Accordingly, Executive agrees that, during the Term
of this Agreement and for a period of twelve (12) months after the date of expiration or
termination of Executive’s employment hereunder for any reason whatsoever, Executive will not,
without the prior written consent of the Company and provided that the Company has not failed to
make any payments to the Executive when due in accordance with the provisions of Section 6 hereof
and otherwise comply with the terms and conditions of this Agreement, (i) employ, solicit or
encourage to leave the employ of the Company, or to become employed by any person other than the
Company, any employee of the Company, or any individual who was an employee of the Company during
the one year prior to the termination or expiration of Executive’s employment, (ii) persuade or
attempt to persuade any customer of the Company as of the date of the termination or expiration of
Executive’s employment, or during the one year prior to the termination or expiration of
Executive’s employment, to cease doing business with, or to reduce the amount of business it does
with, the Company, or solicit the business of any of the Company’s customers as of the date of the
termination or expiration of Executive’s employment, or during the one year prior to the
termination or expiration of Executive’s employment hereunder with respect to any product or
service which competes with the products and services of the Company as of the date of termination
of Executive’s employment or (iii)  compete with the Company as a consultant to, employee of, or
equity participant in, any venture which competes with the Business within the United States of
America. No provision of this Section 10 shall prohibit Executive from merely owning (i.e., having
no participation or involvement in the management) no more than three percent (3%) of the
outstanding equity securities of any actively traded public entity. Notwithstanding anything
contained herein to the contrary, in the event that Executive’s employment is terminated by
Executive for Good Reason or by the Company or any successor without Cause in connection with, or
during the twenty-four (24) month period following, a Change of Control, the provisions of Sections
10 and 22 of this Agreement shall not apply to Executive.

(b) Executive has carefully considered the nature and extent of the restrictions upon him and
the rights and remedies conferred upon the Company under Sections 10 and 11 of this Agreement and
hereby acknowledges and agrees that the same are reasonable in time and territory, are designed to
avoid competition which otherwise would be unfair to the Company, do not stifle the inherent skill
and experience of Executive, would not operate as a bar to Executive’s sole means of support, are
required to protect the legitimate interests of the Company and do not confer a benefit upon the
Company disproportionate to the benefit otherwise afforded Executive by this Agreement.

11. Certain Remedies. The parties hereto acknowledge that, in the event of a breach or
a threatened breach by Executive of any of his obligations under Sections 7, 9, 10 or 22 of this
Agreement, the Company will not have an adequate remedy at law. Accordingly, in the event of any
such breach or threatened breach by Executive, the Company will be entitled to such equitable and
injunctive relief as may be available to restrain Executive and any business, firm, partnership,
individual, corporation or entity participating in such breach or threatened breach from the
violation of the provisions hereof, and nothing herein will be construed as prohibiting the Company
from pursuing any other remedies available at law or in equity for such breach or threatened
breach, including the recovery of damages.

12. Notices. All notices hereunder must be in writing and addressed to the President
of the Company at 122 East 42nd Street, Suite 5000, New York, NY, 10168 and to Executive
at the address provided by Executive to the Company. Each such address for notice may be changed by
notice of such change given to the other party hereto. All such notices will be effective upon
receipt.

13. Entire Agreement. This Agreement, together with any agreements executed by the
Company and Executive in respect of awards under any equity, benefit or welfare plan, constitutes
the entire understanding and agreement of the parties hereto regarding the employment of Executive.
This Agreement supersedes all prior negotiations, discussions, correspondence, communications,
understandings and agreements between the parties relating to the subject matter of this Agreement,
including, without limitation, that certain Employment Letter, dated as of August 15, 2011, by and
between the Company and Executive, as amended. 

14. Governing Law/Arbitration. This Agreement will be governed, interpreted and
construed according to the internal laws of the State of New York without regard to conflict of
laws principles. Any controversy or claim arising out of, or relating to, this Agreement or the
breach thereof, must be promptly settled by arbitration by a panel of three (3) arbitrators in New
York, New York, in accordance with the Commercial Rules of the American Arbitration Association
then in effect, and judgment upon the award rendered may be entered in any court having
jurisdiction thereof. It is expressly understood that the arbitrators will have the authority to
grant legal and equitable relief, including both temporary restraints and preliminary injunctive
relief to the same extent as could a court of competent jurisdiction, and that the arbitrators are
empowered to order either side to fully cooperate in promptly resolving any controversies or claims
under this Agreement. Notwithstanding the foregoing, in the event of a breach or threatened breach
by Executive of any provision of Section 7, 9, 10 or 22 of this Agreement, the Company will be
entitled to seek an injunction from any court of competent jurisdiction in the State of New York
and Executive hereby submits to the personal jurisdiction of any such court.

15. Severability. Should any part of this Agreement be held or declared to be void or
illegal for any reason by an arbitrator or court of competent jurisdiction, such provision will be
ineffective, but all other parts of this Agreement which can be effected without such illegal part
will nevertheless remain in full force and effect. In such a case, the parties shall, and the court
of competent jurisdiction may, replace the invalid provision with a legally permissible
arrangement, which comes nearest to the intended purpose of the invalid provision.

16. Headings. The Section headings contained in this Agreement are for reference
purposes only and will not affect the meaning or interpretation of this Agreement.

17. Withholding. Anything to the contrary notwithstanding, all payments required to be
made by the Company hereunder to Executive will be subject to withholding of such amounts relating
to taxes (whether or not related to payments required to be made by the Company hereunder) as the
Company may reasonably determine it should withhold pursuant to any applicable law or regulation.

18. Counterparts. This Agreement may be executed in one or more counterparts, each of
which will be deemed to be an original, but all of which will collectively constitute a single
original.

19. No Reliance; Opportunity to Consult with Counsel. The parties hereto each
represent to the other that in executing this Agreement each does not rely upon, and has not relied
upon, any representation or statement not set forth herein with regard to the subject matter, basis
or effect of this Agreement or otherwise. Executive acknowledges that he has had an opportunity to
consult with an attorney of his choice prior to executing this Agreement.

20. No Assignment. Neither this Agreement nor the right to receive any payments
hereunder may be assigned by Executive except as provided for herein. This Agreement will be
binding upon Executive, his heirs, executors and administrators and upon the Company, its
successors and assigns.

21. No Duty to Mitigate. Executive shall not be required to mitigate the amount of any
damages that Executive may incur or other payments to be made to Executive hereunder as a result of
any termination or expiration of this Agreement, nor shall any payments to Executive be reduced by
any other payments Executive may receive.

22. Non-Disparagement. Executive agrees not to publicly criticize, denigrate or
disparage the Company, its past and present direct and indirect subsidiaries, affiliates,
successors, assigns and all of their past and present employees, officers and directors. The
Company agrees not to, and to use commercially reasonable efforts to cause its past and present
direct and indirect subsidiaries, affiliates, successors, assigns and all of their past and present
employees, officers and directors not to, publicly criticize, denigrate or disparage Executive.

23. Survival. The provisions of Sections 6, 7, 9, 10, 11, 13, 14, 15, 17, 20, 21, 22
and this Section 23 will survive the termination or expiration of this Agreement.

24. Failure to Utilize. The Company will have no obligation to use Executive’s
services or the rights granted hereunder in connection therewith or otherwise, and the Company will
be deemed to have fully satisfied its obligations hereunder by paying to Executive the compensation
due Executive in accordance with the terms of this Agreement.

25. Waiver. A delay or failure by either party to require strict performance by the
other party of any undertakings or agreements contained in this Agreement will not waive, affect or
diminish any right of such party thereafter to demand strict compliance and performance therewith.
Any waiver by either party of any default by the other party under this Agreement will not waive or
affect any other such default, whether such default is prior or subsequent thereto and whether of
the same or a different type.

26. Compliance with Section 409A.

(i) The intent of the parties is that payments and benefits under this Agreement comply
with Internal Revenue Code Section 409A and the regulations and guidance promulgated
thereunder (collectively “Code Section 409A”) so as not to subject Executive to the
payment of the additional tax, interest and any tax penalty which may be imposed under
Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be
interpreted and administered to be in compliance therewith.

(ii) A termination of employment shall not be deemed to have occurred for purposes of
any provision of this Agreement providing for the payment of any amounts or benefits upon or
following a termination of employment unless such termination is also a “separation from
service” within the meaning of Code Section 409A and, for purposes of any such provision of
this Agreement, references to a “termination,” “termination of employment,” “termination of
the Employment Period” or like terms shall mean “separation from service.”

(iii) All expenses or other reimbursements under this Agreement shall be made on or
prior to the last day of the taxable year following the taxable year in which such expenses
were incurred by Executive (provided that if any such reimbursements constitute taxable
income to Executive, such reimbursements shall be paid no later than March 15th of the
calendar year following the calendar year in which the expenses to be reimbursed were
incurred), and no such reimbursement or expenses eligible for reimbursement in any taxable
year shall in any way affect the expenses eligible for reimbursement in any other taxable
year.

(iv) For purposes of Code Section 409A, Executive’s right to receive any installment
payment pursuant to this Agreement shall be treated as a right to receive a series of
separate and distinct payments. Whenever a payment under this Agreement specifies a payment
period with reference to a number of days (e.g., “payment shall be made within
thirty (30) days following the date of termination”), the actual date of payment within the
specified period shall be within the sole discretion of the Company.

1

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the day and year first above written.

 

	 	 	 	 	 	 	 	 	 	 	 
	Castle Brands Inc.	 	 	 	Executive
	By: 	 	/s/ Richard Lampen
	 	 	 	By: 	 	/s/ Alejandra Pena
	 	 	 
	 	 	 	 	 	 
	 
	 	Name: 

	 	Richard Lampen
	 	 
	 	 
	 	Name: Alejandra Pena
	 
	 	Title: 

	 	President and Chief Executive Officer
	 	 
	 	 
	 	 

EXHIBIT A

Form of General Release

GENERAL RELEASE

1. (a) As a condition to and in consideration of the payments and benefits described in
Section 6 of the Employment Agreement, dated as of April 7, 2017, between Castle Brands Inc. and me
relating to my employment with Castle Brands Inc., and for other good and valuable consideration,
I, with the intention of binding myself and my heirs, beneficiaries, trustees, administrators,
executives, assigns and legal representatives (collectively, the “Releasors”), hereby
irrevocably and unconditionally release, remise, and forever discharge Castle Brands Inc. and the
Releasees (as defined in Section 1(b)) with respect to any and all agreements, promises, rights,
debts, liabilities, claims, causes of action and demands of any kind whatsoever (upon any legal or
equitable theory, whether contractual, common law, or statutory, under federal, state or local law
or otherwise), whether known or unknown, asserted or unasserted, fixed or contingent, apparent or
concealed, that the Releasors ever had, now have or hereafter can, shall or may have for, upon, or
by reason of any matter, cause or thing whatsoever existing, accruing, arising or occurring at any
time on or prior to the date I execute this General Release, including, without limitation, (i) any
and all rights and claims arising out of or in connection with my employment by Castle Brands Inc.,
the terms and conditions of such employment, or the termination of my employment; (ii) any and all
contract claims, claims for bonuses, claims for severance allowances or entitlements; (iii) fraud
claims, defamation, disparagement and other personal injury and tort claims; and (iv) claims under
any federal, state, or municipal employee benefit, wage payment, discrimination, or fair employment
practices law (e.g., on the basis of sex, religion, age, race, or disability), statute, or
regulation, and claims for costs and expenses (including but not limited to experts’ fees and
attorneys’ fees) with respect thereto. This General Release includes, without limitation, any and
all rights and claims under the Title VII of the Civil Rights Act of 1964, as amended, the Employee
Retirement Income Security Act of 1974, the Americans with Disabilities Act of 1990, the U.S.
Pregnancy Discrimination Act, the U.S. Family and Medical Leave Act, the U.S. Fair Labor Standards
Act, the U.S. Equal Pay Act, The Workers Adjustment and Notification Act, the Equal Pay Act of
1963, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act of
1990, the Civil Rights Act of 1866, the Family and Medical Leave Act of 1993, the Civil Rights Act
of 1991, the New York Conscientious Employee Protection Act, the New York Equal Pay Act, the New
York Smokers’ Rights Law, the New York Family Leave Act, the New York Genetic Privacy Act, and the
New York Constitution, in each case as such laws have been or may be amended. Nothing in this
General Release shall deprive me of any compensation that was earned but not paid prior to my
termination; accrued benefits to which I have acquired a vested right under any employee benefit
plan or policy, stock plan or deferred compensation arrangement; any other benefits or any health
care continuation coverage to the extent required by applicable law; or any right that I may have
under the Employment Agreement dated April 7, 2017, as amended.

(b) For purposes of this General Release, the term “Castle Brands Inc. and the
Releasees” includes Castle Brands Inc., its past and present direct and indirect subsidiaries,
affiliates, successors, assigns, and all of its and their past, preset, and future employees,
officers, directors, attorneys, agents, and legal representatives, whether acting as agents or in
individual capacities, and this General Release shall inure to the benefit of and shall be binding
and enforceable by all such entities and individuals.

2. Notwithstanding anything to the contrary in this General Release, in the event that any of
the parties released under this General Release initiates a lawsuit or other claim (each, an
“Original Lawsuit or Claim”) against any of the Releasors, the Releasors may counterclaim
or bring any lawsuit or other claim against such released party and/or Castle Brands Inc. and/or
its subsidiaries so long as such counterclaim, lawsuit or other claim is related to the Original
Lawsuit or Claim. Except as specifically stated in this Section 2, this Section 2 shall not affect
the other provisions of this General Release

3. (a) Opportunity to Review. I acknowledge that before signing this General Release, I was
given a period of at least forty-five (45) days in which to review and consider it. I acknowledge
that I was encouraged by Castle Brands Inc. to review this General Release, and that to the extent
I wish to do so I have done so. I further acknowledge that I have read this General Release in its
entirety, and that I fully understand the terms and legal effect of this General Release. I am
entering into this General Release voluntarily and of my own free will. If I executed this General
Release before the end of the forty-five (45) day period, such early execution was completely
voluntary, and I had reasonable and ample time in which to review this General Release.

(b) Revocability. I agree that, for a period of seven days after I sign this General Release
(the “Revocation Period”), I have the right to revoke it by providing notice, in writing
(delivered by hand or by overnight mail), to Castle Brands Inc., Attention: President and Chief
Executive Officer. Notwithstanding anything contained herein to the contrary, this General Release
will not become effective and enforceable until after the expiration of the Revocation Period.

 

	 	 	 	 	 	 	 
	Date signed:

	 	 
	 	 
	 	 
	 

	 	 
	 	 
	 	 
	
 
	 	 
	 	 
	 	

	Name:

	 	 
	 	 
	 	 

2EX-10.1

 Exhibit 10.1 
  

 
 JPMorgan Chase Bank, National Association 

London Branch 
 25 Bank Street 

Canary Wharf 
 London E14 5JP 

England 
 April 6, 2017 

 

	To:	GoPro, Inc. 

	 	3000 Clearview Way 

	 	San Mateo, CA 94402 

	 	Attention: General Counsel 

	 	Telephone No.:      +1 (650) 332-7600 

 Re: Forward Stock Purchase
Transaction 
  
  

Dear Sir / Madam: 
 The purpose of this letter
agreement (this “Confirmation”) is to confirm the terms and conditions of the transaction entered into between JPMorgan Chase Bank, National Association, London Branch (“JPMorgan”) and GoPro, Inc.
(“Counterparty”) on the Trade Date specified below (the “Transaction”). This letter agreement constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. This Confirmation
shall replace any previous agreements and serve as the final documentation for the Transaction. 
 The definitions and provisions
contained in the 2000 ISDA Definitions (the “Swap Definitions”) and the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions” and together with the Swap Definitions, the “Definitions”)
in each case as published by the International Swaps and Derivatives Association, Inc. (“ISDA”), are incorporated into this Confirmation. In the event of any inconsistency between the Swap Definitions and the Equity Definitions, the
Equity Definitions shall govern and in the event of any inconsistency between the Definitions and this Confirmation, this Confirmation shall govern. 

Each party is hereby advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in,
substantial financial transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this Confirmation relates on the terms and conditions set forth below. 

1.    This Confirmation evidences a complete binding agreement between Counterparty and JPMorgan as to the terms of the Transaction to
which this Confirmation relates. This Confirmation (notwithstanding anything to the contrary herein) shall be subject to an agreement in the form of the 2002 ISDA Master Agreement (the “Master Agreement”) as if JPMorgan and Counterparty
had executed an agreement in such form (but without any Schedule except for the election of the laws of the State of New York as the governing law) on the Trade Date. In the event of any inconsistency between the provisions of the Master Agreement
and this Confirmation, this Confirmation will prevail for the purpose of the Transaction to which this Confirmation relates. The parties hereby agree that no transaction other than the Transaction to which this Confirmation relates shall be governed
by the Master Agreement. 
 JPMorgan Chase Bank, National Association 

Organised under the laws of the United States as a National Banking Association. 

Main Office 1111 Polaris Parkway, Columbus, Ohio 43240 

Registered as a branch in England & Wales branch No. BR000746 

Registered Branch Office 25 Bank Street, Canary Wharf, London E14 5JP 

Authorised by the Office of the Comptroller of the Currency in the jurisdiction of the USA. 

Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct 

Authority and to limited regulation by the Prudential Regulation Authority. Details about the 

extent of our regulation by the Prudential Regulation Authority are available from us on request. 

 2.    The Transaction constitutes a Share Forward for purposes of the Equity Definitions. The
terms of the particular Transaction to which this Confirmation relates are as follows: 
 General Terms: 

 

			
	 Trade Date:
	  	April 6, 2017
		
	 Effective Date:
	  	April 12, 2017, subject to cancellation of the Transaction as provided in Section 7(c) “Early Unwind” below.
		
	 Seller:
	  	JPMorgan
		
	 Buyer:
	  	Counterparty
		
	 Shares:
	  	The shares of Class A common stock, $0.0001 par value, of Counterparty (Ticker Symbol: “GPRO”).
		
	 Number of Shares:
	  	Initially 9,165,687 Shares. On each Settlement Date, the Number of Shares shall be reduced by the Daily Number of Shares delivered by JPMorgan to Counterparty on such Settlement Date.
		
	 Daily Number of Shares:
	  	For any Valuation Date occurring prior to the Maturity Date, the number of Shares specified by JPMorgan in the related Settlement Notice (as defined below under “Valuation Dates”), which shall not exceed the Number of
Shares on such Valuation Date, and for the Valuation Date occurring on the Maturity Date, if any, the Number of Shares on such Valuation Date.
		
	 Maturity Date:
	  	April 15, 2022 (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day).
		
	 Forward Price:
	  	$8.51
		
	 Prepayment:
	  	Applicable
		
	 Prepayment Amount:
	  	$77,999,996.37
		
	 Prepayment Date:
	  	The Effective Date, so long as no cancellation of the Transaction has occurred as provided in Section 7(c) “Early Unwind.”
		
	 Exchange:
	  	The NASDAQ Global Select Market
		
	 Related Exchange(s):
	  	All Exchanges
		
	 Calculation Agent:
	  	JPMorgan. Upon receipt of written request from Counterparty, the Calculation Agent shall promptly provide Counterparty with a written explanation describing in reasonable detail any calculation, adjustment or determination made
by it (including any quotations, market data or information from internal or external sources used in making such calculation, adjustment or determination, as the case may be, but without disclosing JPMorgan’s confidential or proprietary models
or other information that may be proprietary or subject to contractual, legal or regulatory obligations to not disclose such information) and shall use commercially reasonable efforts to provide such written explanation within five (5) Exchange
Business Days from the receipt of such request. Whenever the Calculation Agent is required or permitted to exercise discretion in any way, it will do so in good faith and in a commercially reasonable
manner.

  
 2 

			
		
	 Settlement Terms:
	  	
		
	 Physical Settlement:
	  	Applicable. In lieu of Section 9.2(a)(iii) of the Equity Definitions, JPMorgan will deliver to Counterparty the Daily Number of Shares for the related Valuation Date on the relevant Settlement Date.
		
	 Valuation Dates:
	  	(a) Any Scheduled Trading Day following the Effective Date designated by JPMorgan in a written notice (a “Settlement Notice”) that is delivered to Counterparty at least one Scheduled Trading Day prior to such
Valuation Date, specifying (i) the Daily Number of Shares for each such Valuation Date and (ii) the related Settlement Date(s) and (b) the Maturity Date.
		
	 Market Disruption Event:
	  	 The definition of “Market Disruption Event” in Section 6.3(a) of the Equity Definitions is hereby amended (A) by deleting
the words “at any time during the one hour period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be” and inserting the words “at any time on any
Valuation Date” after the word “material,” in the third line thereof, and (B) by replacing the words “or (iii) an Early Closure.” therein with “(iii) an Early Closure, or (iv) a Regulatory Disruption.”

 
 Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of
the provision following the term “Scheduled Closing Time” in the fourth line thereof.

		
	 Regulatory Disruption:
	  	Any event that JPMorgan, in its reasonable discretion and in good faith based on the advice of counsel, determines makes it advisable with regard to any legal, regulatory or self-regulatory requirements or related policies and
procedures applicable to JPMorgan (provided that such requirements, policies and procedures relate to legal or regulatory issues and are generally applicable in similar situations and applied in a consistent manner in similar transactions)
including any requirements, policies or procedures relating to JPMorgan’s reasonable hedging activities hereunder, to refrain from or decrease any market activity in connection with the Transaction. JPMorgan shall notify Counterparty as soon as
reasonably practicable that a Regulatory Disruption has occurred and the Valuation Dates affected by it.
		
	 Dividends:
	  	
		
	 Dividend Payment:
	  	In lieu of Section 9.2(a)(iii) of the Equity Definitions, JPMorgan will pay to Counterparty the Dividend Amount on the third Currency Business Day immediately following the Dividend Payment Date.
		
	 Dividend Amount:
	  	(a) 100% of the per Share amount of any cash dividend declared by the Issuer to holders of record of a Share on any record date occurring during the period from, and including, the Effective Date to, but excluding, the final
Settlement Date, multiplied by (b) the Number of Shares on such record date (after giving effect to any reduction on such record date, if such record date is a Settlement Date).

  
 3 

			
		
	 Dividend Payment Date:
	  	Each date on which the relevant Dividend Amount is paid by the Issuer to shareholders of record.
		
	 Share Adjustments:
	  	
		
	 Method of Adjustment:
	  	Calculation Agent Adjustment. For the avoidance of doubt, the payment of any cash dividend or distribution on the Shares shall not constitute a Potential Adjustment Event but instead shall be governed by the provisions set forth
under the heading “Dividends” above.
		
	 Extraordinary Events:
	  	
		
	 New Shares:
	  	In the definition of New Shares in Section 12.1(i) of the Equity Definitions, the text in clause (i) shall be deleted in its entirety and replaced with “publicly quoted, traded or listed on any of the New York Stock
Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors)”.
		
	 Consequences of Merger Events:
	  	
		
	 Share-for-Share:
	  	Calculation Agent Adjustment
		
	 Share-for-Other:
	  	Cancellation and Payment
		
	 Share-for-Combined:
	  	Calculation Agent Adjustment or Cancellation and Payment, at the sole election of JPMorgan
		
	 Consequences of Tender Offers:
	  	
		
	 Share-for-Share:
	  	Calculation Agent Adjustment
		
	 Share-for-Other:
	  	Calculation Agent Adjustment
		
	 Share-for-Combined:
	  	Calculation Agent Adjustment
		
	 Calculation Agent Adjustment:
	  	If, with respect to a Merger Event or a Tender Offer, the consideration for the Shares includes (or, at the option of a holder of Shares, may include) shares of an entity or person that is not a corporation or is not organized
under the laws of the United States, any State thereof or the District of Columbia, then Cancellation and Payment may apply at JPMorgan’s sole election.
		
	 Composition of Combined Consideration:
	  	Not Applicable
		
	 Nationalization, Insolvency or Delisting:
	  	Cancellation and Payment; provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares
are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or
re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the Exchange. For purposes of this
Confirmation (x) the phrase “will be

  
 4 

			
		
		  	 cancelled” in the first line of Section 12.6(c)(ii) of the Equity Definitions shall be replaced with the phrase “may be
cancelled by JPMorgan” and (y) the words “if so cancelled” shall be inserted immediately following the word “and” in the second line of Section 12.6(c)(ii) of the Equity Definitions.

		
	 Additional Disruption Events:
	  	
		
	 Change in Law:
	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public announcement
of, the formal or informal interpretation”, (ii) replacing the word “Shares”, where it appears in clause (X) thereof with the words “Hedge Position”, (iii) by immediately following the word “Transaction” in clause
(X) thereof, adding the phrase “in the manner contemplated on the Trade Date”; and (iv) replacing the parenthetical beginning after the word “regulation” in the second line thereof the words “(including, for the avoidance of
doubt and without limitation, (x) any tax law or (y) adoption, effectiveness or promulgation of new regulations authorized or mandated by existing statute)”.
		
	 Failure to Deliver:
	  	Applicable
		
	 Hedging Disruption:
	  	Applicable; provided that for purposes of this Confirmation (1) Section 12.9(a)(v) of the Equity Definitions is hereby amended by immediately following the word “Transaction” in the fourth line thereof,
adding the phrase “in the manner contemplated on the Trade Date”, (2) Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting the following at the end of such Section: “Such inability described in phrases (A) or
(B) above shall not constitute a “Hedging Disruption” if such inability results solely from the deterioration of the creditworthiness of the Hedging Party”; and (3) Section 12.9(b)(iii) of the Equity Definitions is hereby amended by
inserting in the third line thereof, after the words “to terminate the Transaction”, the words “or a portion of the Transaction affected by such Hedging Disruption”.
		
	 Increased Cost of Hedging:
	  	Applicable; provided that for purposes of this Confirmation (1) Section 12.9(a)(v) of the Equity Definitions is hereby amended by immediately following the word “Transaction” in the sixth line thereof,
adding the phrase “in the manner contemplated on the Trade Date, (2) the comma immediately preceding “(B)” in the seventh line of Section 12.9(b)(vi) of the Equity Definitions shall be replaced with the word “or”, (y) clause
(C) of Section 12.9(b)(vi) of the Equity Definitions shall be deleted and (3) the words “either party” in the twelfth line of Section 12.9(b)(vi) of the Equity Definitions shall be replaced with the words “the Hedging
Party”.
		
	 Loss of Stock Borrow:
	  	Not Applicable
		
	 Increased Cost of Stock Borrow:
	  	Not Applicable
		
	 Hedging Party:
	  	For all applicable Disruption Events, JPMorgan.
		
	 Determining Party:
	  	For all applicable Extraordinary Events, JPMorgan. Upon receipt of written request from Counterparty, the Determining Party shall act in

  
 5 

			
		  	good faith and in a commercially reasonable manner and shall promptly provide Counterparty with a written explanation describing in reasonable detail any calculation or adjustment made by it (including any quotations, market data
or information from internal or external sources used in making such calculation or adjustment, as the case may be, but without disclosing JPMorgan’s confidential or proprietary models or other information that may be proprietary or subject to
contractual, legal or regulatory obligations to not disclose such information) and shall use commercially reasonable efforts to provide such written explanation within five (5) Exchange Business Days from the receipt of such request.
		
	Non-Reliance:	  	Applicable
		
	Agreements and Acknowledgements Regarding Hedging Activities:	  	Applicable
		
	Additional Acknowledgements:	  	Applicable

  

	3.	Account Details: 

  

									
			
		  	(a)	    	Account for payments to Counterparty:
			
		  		    	    To be provided by Counterparty.
			
		  		    	Account for delivery of Shares to Counterparty:
			
		  		    	    To be provided by Counterparty.
			
		  	(b)	    	Account for payments to JPMorgan:
				
		  		    	Bank:	  	JPMorgan Chase Bank, N.A.
		  		    	ABA#:	  	
		  		    	Acct No.:	  	
		  		    	Beneficiary:	  	JPMorgan Chase Bank, N.A. New York
		  		    	Ref:	  	
			
		  		    	Account for delivery of Shares from JPMorgan:
			
		  		    	    To be provided by JPMorgan.

  

	4.	Offices: 

 The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch
Party. 
 The Office of JPMorgan for the Transaction is: London 

JPMorgan Chase Bank, National Association 

London Branch 
 25 Bank Street

 Canary Wharf 
 London E14 5JP

 England 

  
 6 

	5.	Notices: For purposes of this Confirmation: 

							
			
	         (a)	    	Address for notices or communications to Counterparty:	  	
			
		    	GoPro, Inc.	  	
		    	3000 Clearview Way	  	
		    	San Mateo, CA 94402	  	
		    	Attention:	  	General Counsel	  	
		    	Telephone No.:	  	+1 (650) 332-7600	  	
			
	         (b)	    	Address for notices or communications to JPMorgan:	  	
			
		    	JPMorgan Chase Bank, National Association	  	
		    	EDG Marketing Support	  	
		    	Email:	  	edg_notices@jpmorgan.com	  	
		    		  	edg_ny_corporate_sales_support@jpmorgan.com	  	
		    	Facsimile No:	  	1-866-886-4506	  	
			
		    	With a copy to:	  	
				
		    	Attention:	  	Santosh Sreenivasan	  	
		    	Title:	  	Managing Director, Head of Equity-Linked Capital Markets
		    	Telephone No:	  	+1 (212) 622-5604	  	
		    	Email:	  	santosh.sreenivasan@jpmorgan.com	  	

  

	6.	Representations, Warranties and Agreements of Counterparty. 

 Each of the representations and warranties of
Counterparty set forth in Section 3 of the Purchase Agreement (the “Purchase Agreement”), dated as of April 6, 2017, between Counterparty and J.P. Morgan Securities LLC, as representatives of the Initial Purchasers party
thereto (the “Initial Purchasers”), are true and correct and are hereby deemed to be repeated to JPMorgan as if set forth herein. Furthermore, in addition to the representations set forth in the Master Agreement, Counterparty
represents and warrants to, and agrees with, JPMorgan, on the date hereof, that: 
 (a) (i) It is not entering into the Transaction on
behalf of or for the accounts of any other person or entity, and will not transfer or assign its obligations under the Transaction or any portion of such obligations to any other person or entity except in compliance with applicable laws and the
terms of the Transaction; (ii) it understands that the Transaction is subject to complex risks which may arise without warning and may at times be volatile, and that losses may occur quickly and in unanticipated magnitude; (iii) it is
authorized to enter into the Transaction and such action does not violate any laws of its jurisdiction of incorporation, organization or residence (including, but not limited to, any applicable position or exercise limits set by any self-regulatory
organization, either acting alone or in concert with others) or the terms of any agreement to which it is a party; (iv) it has consulted with its legal advisor(s) and has reached its own conclusions about the Transaction, and any legal,
regulatory, tax, accounting or economic consequences arising from the Transaction; (v) it has concluded that the Transaction is suitable in light of its own investment objectives, financial condition and expertise; and (vi) neither
JPMorgan nor any of its affiliates has advised it with respect to any legal, regulatory, tax, accounting or economic consequences arising from the Transaction, and neither JPMorgan nor any of its affiliates is acting as agent, or advisor for
Counterparty in connection with the Transaction. 
 (b) Counterparty (A) is capable of evaluating investment risks independently, both
in general and with regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has
otherwise notified the broker-dealer in writing; and (C) has total assets of at least $50 million. 
 (c) The reports and other
documents filed by Counterparty with the U.S. Securities and Exchange Commission (“SEC”) pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”) when considered as a whole (with the more
recent such reports and documents deemed to update prior statements and 

  
 7 

 
amend inconsistent statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission of a material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading. Counterparty is not in possession of any material nonpublic information regarding the business, operations or prospects
of Counterparty or the Shares. 
 (d) Counterparty is not entering into the Transaction to create actual or apparent trading activity in the
Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares) or otherwise in violation of the
Exchange Act. 
 (e) Counterparty is not on the Trade Date engaged in a distribution, as such term is used in Regulation M under the
Exchange Act of any securities of Counterparty, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and 102(b)(7) or 102(c) of Regulation M. Counterparty shall not, until the second Scheduled Trading Day
immediately following the Effective Date, engage in any such distribution. Counterparty shall not, during (x) the period beginning on, and including, the 22nd Scheduled Trading Day immediately preceding April 15, 2022 and ending on, and
including, the second Scheduled Trading Day immediately following April 15, 2022 or (y) the period beginning on, and including, the date on which Counterparty or any subsidiary thereof repurchases or exchanges any of Counterparty’s
3.50% Convertible Senior Notes due 2022 (the “Notes”) pursuant to the terms thereof, commences a tender offer for the Notes or enters into any agreement to repurchase or exchange the Notes, and ending on, and including, the second
Scheduled Trading Day immediately following completion by JPMorgan of any commercially reasonable unwind activity with respect to JPMorgan’s Hedge Positions as a result of any such repurchase, exchange or tender offer (any period described in
clause (x) or clause (y) a “Prohibited Period”), engage in any such distribution, other than a distribution meeting the requirements of one of the exceptions set forth in Rule 101(b) and Rule 102(b) of Regulation M.
Counterparty shall give contemporaneous written notice to JPMorgan upon it or any of its subsidiaries repurchasing or exchanging the Notes pursuant to their terms, commencing a tender offer for the Notes or entering into any agreement to repurchase
or exchange the Notes, and JPMorgan shall give prompt written notice to Counterparty of its completion of any commercially reasonable unwind activity with respect to JPMorgan’s Hedge Positions as a result of such repurchase, exchange or tender
offer. 
 (f) The Transaction was approved by the board of directors of Counterparty, and Counterparty is entering into the Transaction
solely for the purposes stated in such board resolution. There is no internal policy of Counterparty, whether written or oral, that would prohibit Counterparty from entering into any aspect of the Transaction, including, but not limited to, the
purchases of Shares to be made pursuant hereto. 
 (g) Counterparty has all necessary corporate power and authority to execute, deliver and
perform its obligations in respect of the Transaction; such execution, delivery and performance have been duly authorized by all necessary corporate action on Counterparty’s part; and this Confirmation has been duly and validly executed and
delivered by Counterparty and constitutes its valid and binding obligation, enforceable against Counterparty in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar
laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is
sought in a proceeding at law or in equity) and except that rights to indemnification and contribution hereunder may be limited by federal or state securities laws or public policy relating thereto. 

(h) On and immediately after the Trade Date and the Prepayment Date (A) the assets of Counterparty at their fair valuation exceed the
liabilities of Counterparty, including contingent liabilities, (B) the capital of Counterparty is adequate to conduct the business of Counterparty, (C) Counterparty has the ability to pay its debts and obligations as such debts mature and
does not intend to, or does not believe that it will, incur debt beyond its ability to pay as such debts mature, (D) Counterparty is not, and will not be, “insolvent” (as such term is defined under Section 101(32) of the U.S.
Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)), and (E) Counterparty could have purchased Shares with an aggregate purchase price equal to the Prepayment Amount in compliance with the corporate
laws of the jurisdiction of its incorporation. 
 (i) Counterparty has made, and will make, all filings required to be made by it with the
SEC, any securities exchange or any other regulatory body with respect to the Transaction contemplated hereby. 

  
 8 

 (j) Neither the execution and delivery of this Confirmation nor the incurrence or performance of
obligations of Counterparty hereunder will (i) conflict with or result in a breach of the certificate of incorporation or by-laws (or any equivalent documents) of Counterparty, (ii) violate any applicable law or regulation, or any order,
writ, injunction or decree of any court or governmental authority or agency or (iii) conflict with or result in a breach of any agreement or instrument to which Counterparty or any of its subsidiaries is a party or by which Counterparty or any
of its subsidiaries is bound or to which Counterparty or any of its subsidiaries is subject, or constitute a default under, or result in the creation of any lien under, any such agreement or instrument, except, in the case of clauses (ii) and
(iii), as would not reasonably be expected to have a material adverse effect on Counterparty. 
 (k) No consent, approval, authorization, or
order of, or filing with, any governmental agency or body or any court is required in connection with the execution, delivery or performance by Counterparty of this Confirmation, except such as have been obtained or made and such as may be required
under the Securities Act of 1933, as amended (the “Securities Act”), or state securities laws. 
 (l) Counterparty is not
and, after giving effect to the transactions contemplated in this Confirmation, will not be required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

(m) Counterparty is an “eligible contract participant” (as such term is defined in Section 1a(18) of the Commodity Exchange
Act, as amended, other than a person that is an eligible contract participant under Section 1a(18)(C) of the Commodity Exchange Act). 

(n) [Reserved.] 
 (o) On the
Trade Date and on any day during a Prohibited Period, neither Counterparty nor any “affiliated purchaser” (each as defined in Rule 10b-18 under the Exchange Act) shall directly or indirectly (including, without limitation, by means of any
cash-settled or other derivative instrument) purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or commence any tender offer relating to, any Shares (or an equivalent interest, including a unit of beneficial
interest in a trust or limited partnership or a depository share) or any security convertible into or exchangeable or exercisable for Shares. provided further that (a) this Section 6(o) shall not limit Counterparty’s ability
(or the ability of any “affiliated purchaser” of Counterparty), (i) pursuant to Counterparty’s employee incentive plans, to re-acquire Shares in connection with the related equity transactions; (ii) to withhold shares to
cover exercise price and/or tax liabilities associated with such equity transactions; (iii) to grant Shares and options to “affiliates” or “affiliated purchasers” (as defined in Rule 10b-18) or the ability of such affiliates
or affiliated purchasers to acquire such Shares or options, in connection with Counterparty’s compensatory plans for directors, officers and employees or any agreements with respect to the compensation of directors, officers or employees of any
entities that are acquisition targets of Counterparty, so long as, in the case of clause (i), (ii) or (iii) of this proviso, any such re-acquisition, withholding, grant, acquisition or other purchase does not constitute a “Rule 10b-18
Purchase” (as defined in Rule 10b-18) and (b) Counterparty or such “affiliated purchaser” to purchase Shares in privately negotiated (off-market) transactions that do not, directly or indirectly, involve purchases in the open
market and are not “Rule 10b-18 purchases” (as defined in Rule 10b-18). 
 (p) Counterparty acknowledges that the offer and sale
of the Transaction to it is intended to be exempt from registration under the Securities Act, by virtue of Section 4(a)(2) thereof. Accordingly, Counterparty represents and warrants to JPMorgan that (i) it has the financial ability to bear
the economic risk of its investment in the Transaction and is able to bear a total loss of its investment, (ii) it is an “accredited investor” as that term is defined in Regulation D as promulgated under the Securities Act,
(iii) it is entering into the Transaction for its own account without a view to the distribution or resale thereof and (iv) the assignment, transfer or other disposition of the Transaction has not been and will not be registered under the
Securities Act and is restricted under this Confirmation, the Securities Act and state securities laws. 
  

	7.	Other Provisions. 

 (a) Opinions. On or prior to the Effective Date, Counterparty
shall deliver to JPMorgan an opinion of counsel, dated as of the Effective Date, in form and substance reasonably satisfactory to JPMorgan, with respect to the matters set forth in Section 6(g), Section 6(j) and Section 6(k) of this
Confirmation. Delivery of such opinion to JPMorgan shall be a condition precedent for the purpose of Section 2(a)(iii) of the Master Agreement with respect to each obligation of JPMorgan under Section 2(a)(i) of the Master Agreement. 

  
 9 

 (b) Repurchase Notices. Counterparty shall, on any day on which Counterparty
effects any repurchase of Shares, promptly give JPMorgan a written notice of such repurchase (a “Repurchase Notice”) on such day if following such repurchase, the number of outstanding Shares as determined on such day is
(i) less than 101.2 million (in the case of the first such notice) or (ii) thereafter more than 5.3 million less than the number of Shares included in the immediately preceding Repurchase Notice. Counterparty agrees to indemnify and
hold harmless JPMorgan and its affiliates and their respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified Person”) from and against any and all losses (including
losses relating to JPMorgan’s hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from hedging activities or cessation of hedging
activities and any losses in connection therewith with respect to the Transaction), claims, damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, which an Indemnified Person may become subject
to, as a result of Counterparty’s failure to provide JPMorgan with a Repurchase Notice on the day and in the manner specified in this paragraph, and to reimburse, within 30 days, upon written request, each of such Indemnified Persons for any
reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony or other evidence in connection with or defending any of the foregoing. If any suit, action, proceeding (including any governmental or
regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person as a result of Counterparty’s failure to provide JPMorgan with a Repurchase Notice in accordance with this paragraph, such Indemnified Person
shall promptly notify Counterparty in writing, and Counterparty, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others Counterparty may
designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding. Counterparty shall not be liable for any settlement of any proceeding contemplated by this paragraph that is effected without its written
consent, but if settled with such consent or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Counterparty shall
not, without the prior written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding contemplated by this paragraph that is in respect of which any Indemnified Person is or could have been a party and
indemnity could have been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding on terms
reasonably satisfactory to such Indemnified Person. If the indemnification provided for in this paragraph is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then
Counterparty hereunder, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities. The remedies provided for in
this paragraph (b) are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity. The indemnity and contribution agreements contained in this paragraph shall remain
operative and in full force and effect regardless of the termination of the Transaction. 
 (c) Early Unwind. In the event the
sale of the “Underwritten Securities” (as defined in the Purchase Agreement) is not consummated with the Initial Purchasers for any reason, or Counterparty fails to deliver to JPMorgan an opinion of counsel as required pursuant to
Section 7(a), in each case by 12:00 p.m. (New York City time) on the Prepayment Date, or such later date as agreed upon by the parties (the Prepayment Date or such later date, the “Early Unwind Date”), the Transaction shall
automatically terminate (the “Early Unwind”) on the Early Unwind Date and (i) the Transaction and all of the respective rights and obligations of JPMorgan and Counterparty under the Transaction shall be cancelled and terminated
and (ii) each party shall be released and discharged by the other party from and agrees not to make any claim against the other party with respect to any obligations or liabilities of the other party arising out of and to be performed in
connection with the Transaction either prior to or after the Early Unwind Date. Each of JPMorgan and Counterparty represents and acknowledges to the other that upon an Early Unwind, all obligations with respect to the Transaction shall be deemed
fully and finally discharged. 

  
 10 

 (d) Transfer or Assignment. 

(i) JPMorgan may, without Counterparty’s consent, transfer or assign all or any part of its rights or obligations under the Transaction
(A) to any affiliate of JPMorgan (1) that has a long-term issuer rating that is equal to or better than JPMorgan’s credit rating at the time of such transfer or assignment or (2) whose obligations hereunder will be guaranteed,
pursuant to the terms of a customary guarantee in a form used by JPMorgan generally for similar transactions, by JPMorgan or JPMorgan Chase & Co. or (B) to any other third party with a rating for its long term, unsecured and
unsubordinated indebtedness (or to any other third party whose obligations are guaranteed by an entity with a rating for its long term, unsecured and unsubordinated indebtedness) equal to or better than the lesser of (1) the credit rating of
JPMorgan at the time of the transfer and (2) A- by Standard and Poor’s Rating Group, Inc. or its successor (“S&P”), or A3 by Moody’s Investor Service, Inc. (“Moody’s”) or, if either S&P
or Moody’s ceases to rate such debt, at least an equivalent rating or better by a substitute rating agency mutually agreed by Counterparty and JPMorgan. JPMorgan shall promptly provide written notice to Counterparty of any such transfer or
assignment. If at any time at which (A) the Section 16 Percentage exceeds 7.5%, (B) the Forward Equity Percentage exceeds 14.5%, or (C) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such condition
described in clauses (A), (B) or (C), an “Excess Ownership Position”), JPMorgan is unable after using its commercially reasonable efforts to effect a transfer or assignment of a portion of the Transaction to a third party on
pricing terms reasonably acceptable to JPMorgan and within a time period reasonably acceptable to JPMorgan such that no Excess Ownership Position exists, then JPMorgan may designate any Exchange Business Day as an Early Termination Date with respect
to a portion of the Transaction (the “Terminated Portion”), such that following such partial termination no Excess Ownership Position exists. In the event that JPMorgan so designates an Early Termination Date with respect to a
portion of the Transaction, a payment shall be made pursuant to Section 6 of the Master Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of
Shares equal to the number of Shares underlying the Terminated Portion, (2) Counterparty were the sole Affected Party with respect to such partial termination and (3) the Terminated Portion were the sole Affected Transaction (and, for the
avoidance of doubt, the provisions of Section 7(f) shall apply to any amount that is payable by JPMorgan to Counterparty pursuant to this sentence as if Counterparty was not the Affected Party). The “Section 16 Percentage” as
of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that JPMorgan and each person subject to aggregation of Shares with JPMorgan under Section 13 or Section 16 of the Exchange Act
and rules promulgated thereunder directly or indirectly beneficially own (as defined under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder) and (B) the denominator of which is the number of Shares
outstanding. The “Forward Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the Number of Shares and (B) the denominator of which is the number of Shares
outstanding. The “Share Amount” as of any day is the number of Shares that JPMorgan and any person whose ownership position would be aggregated with that of JPMorgan (JPMorgan or any such person, a “JPMorgan
Person”) under any law, rule, regulation, regulatory order or organizational documents or contracts of Counterparty that are, in each case, applicable to ownership of Shares (“Applicable Restrictions”), owns, beneficially
owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by JPMorgan in its reasonable judgment based on advice of counsel. The
“Applicable Share Limit” means a number of Shares equal to (A) the minimum number of Shares that could reasonably be expected to give rise to reporting or registration obligations or other requirements (including obtaining
prior approval from any person or entity) of a JPMorgan Person, or could result in an adverse effect on a JPMorgan Person, under any Applicable Restriction, as determined by JPMorgan in its reasonable judgment based on advice of counsel,
minus (B) 1% of the number of Shares outstanding. 
 (ii) Notwithstanding any other provision in this Confirmation to the contrary
requiring or allowing JPMorgan to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from Counterparty, JPMorgan may designate any of its affiliates to purchase, sell, receive or deliver
such Shares or other securities, or to make or receive such payment in cash, and otherwise to perform JPMorgan’s obligations in respect of the Transaction and any such designee may assume such obligations. JPMorgan shall be discharged of its
obligations to Counterparty to the extent of any such performance. 
 (e) Staggered Settlement. If upon advice of counsel with
respect to any legal, regulatory or self-regulatory requirements or related policies or procedures applicable to JPMorgan, including any requirements, policies or procedures relating to JPMorgan’s hedging activities hereunder, JPMorgan
reasonably determines that it would not be practicable or advisable to deliver, or to acquire Shares to deliver, any or all of the Shares to be delivered by JPMorgan on any Settlement Date for the Transaction, JPMorgan may, by notice to Counterparty
on or prior to such Settlement Date (a “Nominal Settlement Date”), elect to deliver the Daily Number of Shares otherwise deliverable on such Nominal Settlement Date on two or more dates (each, a “Staggered Settlement
Date”) or at two or more times on a Nominal Settlement Date as follows: 
  

	 	(1)	in such notice, JPMorgan will specify to Counterparty the related Staggered Settlement Dates (the first of which will be such Nominal Settlement Date and the last of which will be no later than the twentieth
(20th) Exchange Business Day following such Nominal Settlement Date) and the number of Shares that it will deliver on each Staggered Settlement Date or delivery times; 

  
 11 

	 	(2)	the aggregate number of Shares that JPMorgan will deliver to Counterparty hereunder on all such Staggered Settlement Dates or delivery times will equal the number of Shares that JPMorgan would otherwise be required to
deliver on such Nominal Settlement Date; and 

  

	 	(3)	the Physical Settlement terms will apply on each Staggered Settlement Date, except that the Daily Number of Shares otherwise deliverable on such Nominal Settlement Date will be allocated among such Staggered Settlement
Dates or delivery times as specified by JPMorgan in the notice referred to in clause (1) above. 

 Notwithstanding anything herein to the
contrary, solely in connection with a Staggered Settlement Date, JPMorgan shall be entitled to deliver Shares to Counterparty from time to time prior to the date on which JPMorgan would be obligated to deliver them to Counterparty pursuant to the
Physical Settlement terms set forth above, and Counterparty agrees to credit all such early deliveries against JPMorgan’s obligations hereunder in the direct order in which such obligations arise. No such early delivery of Shares will
accelerate or otherwise affect any of Counterparty’s obligations to JPMorgan hereunder. 
 (f) Alternative Calculations and
Payment on Early Termination and on Certain Extraordinary Events. If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with respect to the Transaction or
(b) the Transaction is cancelled or terminated upon the occurrence of an Extraordinary Event, and if JPMorgan would owe any amount to Counterparty pursuant to Section 6(d)(ii) of the Master Agreement or any Cancellation Amount pursuant to
Article 12 of the Equity Definitions (any such amount, a “Payment Obligation”), then JPMorgan shall satisfy the Payment Obligation by the Share Termination Alternative (as defined below). 

 

			
	Share Termination Alternative:	  	If applicable, JPMorgan shall deliver to Counterparty the Share Termination Delivery Property on, or within a commercially reasonable period of time after, the date when the relevant Payment Obligation would otherwise be due
pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Master Agreement, as applicable (the “Share Termination Payment Date”), in satisfaction of such Payment Obligation in the
manner reasonably requested by Counterparty free of payment.
		
	Share Termination Delivery Property:	  	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation, divided by the Share Termination Unit Price. The Calculation Agent shall adjust the Share
Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.
		
	Share Termination Unit Price:	  	The value to JPMorgan of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in its discretion by

  
 12 

			
		
		  	commercially reasonable means and notified by the Calculation Agent to JPMorgan at the time of notification of the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery
Unit Price the Calculation Agent may consider the purchase price paid in connection with the purchase of Share Termination Delivery Property or the per Share unwind price of any Share-linked Hedge Positions, as the case may be.
		
	Share Termination Delivery Unit:	  	One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the
“Exchange Property”), a unit consisting of the type and amount of such Exchange Property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of
any securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation Agent.
		
	Failure to Deliver:	  	Applicable
		
	Other applicable provisions:	  	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 (except that the “Representation and Agreement” contained in Section 9.11 of the Equity Definitions shall be modified by
excluding any representations therein relating to restrictions, obligations, limitations or requirements under applicable securities or other laws or otherwise arising as a result of the fact that Counterparty is the issuer of the Shares or any
portion of the Share Termination Delivery Units) of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and
all references to “Shares” shall be read as references to “Share Termination Delivery Units”. “Share Termination Settled” in relation to the Transaction means that the Share Termination Alternative is applicable to the
Transaction.

 (g) Securities Contract, Swap Agreement. The parties hereto intend for (i) the
Transaction to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code, and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17),
546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default, Early Termination Event, Extraordinary Event or
Additional Disruption Event under this Confirmation with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii) each payment and delivery of cash, securities or other property
hereunder to constitute a “margin payment” or “settlement payment” and a “transfer” as defined in the Bankruptcy Code. 

(h) No Collateral, Netting or Setoff. Notwithstanding any provision of the Master Agreement, or any other agreement between the
parties, to the contrary, no collateral is transferred in connection with the Transaction. 

  
 13 

 
Obligations under the Transaction shall not be netted, recouped or set off (including pursuant to Section 6 of the Master Agreement) against any other obligations of the parties, whether
arising under the Master Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise, and no other obligations of the parties shall be netted, recouped or set off (including pursuant to
Section 6 of the Master Agreement) against obligations under the Transaction, whether arising under the Master Agreement, this Confirmation, under any other agreement between the parties hereto, by operation of law or otherwise, and each party
hereby waives any such right of setoff, netting or recoupment. 
 (i) Status of Claims in Bankruptcy. JPMorgan acknowledges
and agrees that this Confirmation is not intended to convey to JPMorgan rights against Counterparty with respect to the Transaction that are senior to the claims of common stockholders of Counterparty in any U.S. bankruptcy proceedings of
Counterparty; provided that nothing herein shall limit or shall be deemed to limit JPMorgan’s right to pursue remedies in the event of a breach by Counterparty of its obligations and agreements with respect to the Transaction;
provided, further, that nothing herein shall limit or shall be deemed to limit JPMorgan’s rights in respect of any transactions other than the Transaction. 

(j) Governing Law. This Confirmation will be governed by, and construed in accordance with, the laws of the State of New York
(without reference to choice of law doctrine). 
 (k) Waiver of Jury Trial. Each party waives, to the fullest extent permitted
by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party (i) certifies that no representative, agent or attorney of either party has represented, expressly
or otherwise, that such other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into the Transaction, as
applicable, by, among other things, the mutual waivers and certifications provided herein. 
 (l) Tax Disclosure. Effective
from the date of commencement of discussions concerning the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax
structure of the Transaction and all materials of any kind (including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure. 

(m) Right to Extend. JPMorgan may postpone or add, in whole or in part, any Valuation Dates and related Settlement Dates, or any
other date of valuation, payment or delivery by JPMorgan, with respect to some or all of the Number of Shares hereunder, if JPMorgan reasonably determines, in its discretion, that such action is reasonably necessary or appropriate to preserve
JPMorgan’s hedging or hedge unwind activity hereunder in light of existing liquidity conditions or to enable JPMorgan to effect purchases of Shares in connection with its hedging, hedge unwind or settlement activity hereunder in a manner that
would, if JPMorgan were Counterparty or an affiliated purchaser of Counterparty, be in compliance with applicable legal, regulatory or self-regulatory requirements or related policies and procedures applicable to JPMorgan, including any
requirements, policies or procedures relating to JPMorgan’s hedging activities hereunder; provided that in no event shall JPMorgan have the right to so postpone or add any Valuation Date(s), Settlement Date(s) or any other date of
valuation, payment or delivery beyond the 20th Scheduled Trading Day (excluding any Scheduled Trading Day on which a Market Disruption Event occurs) immediately following the Maturity Date. 

(n) Wall Street Transparency and Accountability Act. In connection with Section 739 of the Wall Street Transparency and
Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall limit or otherwise impair
either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Master Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory
change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Master Agreement (including, but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, an Excess
Ownership Position, or Illegality (as defined in the Master Agreement)). 
 (o) Notice. Counterparty shall, upon obtaining
knowledge of the occurrence of any event that would, with the giving of notice, the passage of time or the satisfaction of any condition, constitute an Event of Default in 

  
 14 

 
respect of which it would be the Defaulting Party, a Termination Event in respect of which it would be an Affected Party, a Potential Adjustment Event or an Extraordinary Event (including without
limitation an Additional Disruption Event), notify JPMorgan within one Scheduled Trading Day of the occurrence of obtaining such knowledge. 

(p) Delivery or Receipt of Cash. For the avoidance of doubt, other than payment of the Prepayment Amount by Counterparty and receipt by
Counterparty of any payment pursuant to the provisions under the heading “Dividends” in Section 2, nothing in this Confirmation shall be interpreted as requiring Counterparty to pay or receive cash, except in circumstances where
payment or receipt of cash is within Counterparty’s control or in those circumstances in which holders of Shares would also receive cash. 

(q) Agreements and Acknowledgements Regarding Hedging. (i) Counterparty understands, acknowledges and agrees that:
(A) at any time on and prior to the final Valuation Date, JPMorgan and its affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust
its hedge position with respect to the Transaction; (B) JPMorgan and its affiliates also may be active in the market for Shares other than in connection with hedging activities in relation to the Transaction; (C) JPMorgan shall make its
own determination as to whether, when or in what manner any hedging or market activities in securities of Counterparty shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the
Forward Price; and (D) any market activities of JPMorgan and its affiliates with respect to Shares may affect the market price and volatility of Shares in a manner that may be adverse to Counterparty. 

(ii) JPMorgan agrees to use commercially reasonable efforts to establish its initial Hedge Positions, or portion thereof, with respect to the Transaction that
consists of over-the-counter equity derivatives transactions relating to the Shares with one or more counterparties that JPMorgan believes in good faith to be a purchaser of the Notes at or around the time it agrees to enter into such transaction
with such counterparty (it being understood that for the avoidance of doubt, following the establishment of such Hedge Positions, JPMorgan shall not be required to maintain any such Hedge Positions with any such counterparties). 

(r) Role of Agent. Each party agrees and acknowledges that (i) J.P. Morgan Securities LLC, an affiliate of JPMorgan
(“JPMS”), has acted solely as agent and not as principal with respect to the Transaction and (ii) JPMS has no obligation or liability, by way of guaranty, endorsement or otherwise, in any manner in respect of the Transaction
(including, if applicable, in respect of the settlement thereof). Each party agrees it will look solely to the other party (or any guarantor in respect thereof) for performance of such other party’s obligations under the Transaction. 

(s) Payment by Counterparty. In the event that, following payment of the Prepayment Amount, (i) an Early Termination Date
occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event of Default (other than an Event of Default in respect of which Counterparty is the Defaulting Party) and, as a result, Counterparty owes to
JPMorgan an amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes to JPMorgan, pursuant to Section 12.7 or Section 12.9 of the Equity Definitions, an amount calculated under Section 12.8 of the
Equity Definitions, such amount shall be deemed to be zero. 
 [Signatures to follow on separate page] 

  
 15 

 

 
 Please confirm that the foregoing correctly sets forth the terms of our agreement by executing this
Confirmation and returning it to J.P. Morgan Securities LLC, 383 Madison Ave, New York, NY 10179, and by email to EDG_Notices@jpmorgan.com and EDG_NY_Corporate_Sales_Support@jpmorgan.com. 

 

			
	Yours sincerely,
	
	 J.P. Morgan Securities LLC, as agent for JPMorgan Chase Bank, National
Association

		
	By:	 	 /s/ Yun Xie

		 	Name: Yun Xie
		 	Title: Executive Director

 Confirmed as of the date first 

above written: 
  

			
	GoPro, Inc.
		
	By:	 	 /s/ Brian McGee

		 	Name: Brian McGee
		 	Title: Chief Financial Officer

 JPMorgan Chase Bank, National Association 

Organised under the laws of the United States as a National Banking Association. 

Main Office 1111 Polaris Parkway, Columbus, Ohio 43240 

Registered as a branch in England & Wales branch No. BR000746 

Registered Branch Office 25 Bank Street, Canary Wharf, London E14 5JP 

Authorised by the Office of the Comptroller of the Currency in the jurisdiction of the USA. 

Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct 

Authority and to limited regulation by the Prudential Regulation Authority. Details about the 

extent of our regulation by the Prudential Regulation Authority are available from us on request.

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