Document:

EX-10.1

 Exhibit 10.1 
  

 
 May 13, 2015 
 Cory
Douglas 
 c/o Medidata Solutions, Inc. 
 350 Hudson Street 

New York, NY 10014 
 Dear Cory, 

This Letter Agreement incorporating the annexed General Release (collectively sometimes referred to as the “Agreement”) contains the terms and
conditions applicable to your separation from employment with Medidata Solutions, Inc. or any applicable subsidiary thereof (the “Company”) and is in full settlement of all claims you now have or may have against the Company as more fully
set forth in the General Release and except as otherwise provided in the Agreement. 
 By this Agreement, you will resign your position as Chief Financial
Officer with the Company effective May 18, 2015. From the period of time between May 18, 2015 through September 30, 2015 you will become an “Executive Advisor”. Your employment with the Company will terminate, and your
position as Executive Advisor will end on September 30, 2015 (the “Termination Date”). 
 During the transition period between May 18,
2015 through September 30, 2015, you will assist with respect to continuing or future matters related to or arising out of your employment with the Company as may be reasonably requested of you from time-to-time by Tarek Sherif, Glen de Vries
or their designees. You will be allowed to commence new employment outside of the Company, so long as such employment (i) does not interfere with your duties as an Executive Advisor, or (ii) violate the terms of your non-compete or any
other ongoing restrictive covenants to the Company. 
 You should discuss this offer with an attorney. If, after consulting with the attorney of your
choice, you feel you have a significant concern, which is not adequately addressed herein, you should not sign this Agreement. 
 1. Severance and
Settlement Payments. Subject to the Company’s receipt of a fully executed copy of this Agreement and General Release, the Company will provide you with the following: 
  

	 	(a)	Salary continuation through September 30, 2015. 

  

	 	(b)	A lump sum payment equal to three (3) months base pay in the amount of $85,000.00 subject to normal taxes and payroll withholding to be paid October 15, 2015; 

 

	 	(c)	Payment of your COBRA premium for the period of October 1, 2015 through March 31, 2016, or until your benefits are covered through a new employer, whichever comes first. 

 

	 	(d)	Continued equity vesting through September 30, 2015. For clarification purposes, your participation in the Company’s Long Term Incentive Plan (LTIP) represented by your long term performance-based restricted
stock unit agreement dated February 14, 2013 (the “LTIP Agreement”) will continue through the Termination Date and you will remain eligible to earn a 91.67% pro rata portion of the PBRSUs. You understand that any PBRSUs earned remain
subject to the LTIP and will be settled in accordance with the terms of your LTIP Agreement and that in the event the LTIP plan does not meet the minimum target of 100%, no equity under the LTIP Agreement will vest. 

 You understand and acknowledge that all rights and claims waived and released herein are in
exchange for the severance payments noted in this provision, along with other consideration provided in this Agreement to which you otherwise would not be entitled. Accordingly, no severance payment or other consideration will be paid if the
Agreement is not fully executed or is revoked as provided below. 
 2. Vacation. Medidata has no formal policy regarding pay during such absences
from work for exempt employees. As a result, Medidata’s exempt employees do not accrue vacation pay or other paid time off. 
 3. Benefits. Your
benefits will continue through September 30, 2015 in accordance with the Company’s benefits plans. Certain group medical benefits may be continued under COBRA; further information will be supplied to you concerning the continuation of such
benefits within two weeks of your last day of employment. Any unvested stock options will be immediately terminated upon termination of your employment. 

4. Stock Options. If you were granted stock options at any point during your employment, vesting ceases on your Termination Date. In addition, please
note that you have 90 days from Termination Date in which to purchase any options that have vested You can inquire as to the number of options that have vested, as well as other questions regarding the exercising of options, by emailing Chris Bohme
in our HR Department at cbohme@mdsol.com. 
 5. No Other Payments Due. Except as specifically provided in this Agreement, you understand that
you are not entitled to any other payments for salary, benefits, bonuses, allowances, severance pay, notice pay, vacation, or holidays, or to any other form or kind of payment or compensation. 

6. No Discrimination. You acknowledge that your separation from employment is not motivated by discrimination or any other improper or unlawful reasons
and that the Company has not discriminated against you, breached any express or implied contract with you or otherwise acted unlawfully towards you during the course of your employment. 

7. General Release. As a condition to the Company’s severance payment and related benefits under Section 1 hereof, you shall execute a
general release of all claims you now have or may have against the Company. You agree to execute and be bound by the terms of the General Release annexed to and made part of this Agreement. 

8. References. The Company, in accordance with its policy on references, will provide prospective employers, upon written request addressed to the
Human Resources Department, with its usual verification of employment data. It shall be limited to dates of employment and the position held at the time of your separation. The reason for separation will not be disclosed. 

9. Non-Removal/Return of Property. You agree not to remove any documents, equipment or property belonging to the Company, its employees, clients or
others doing business with it. On or before the Termination Date, you shall return your laptop computer, printer and related software to my attention at the Company’s principal office located at 350 Hudson Street, 9th Floor, New York, NY 10014.
In the event you fail to return such equipment in a timely manner, you acknowledge that the Company may suspend any settlement and severance payments until the equipment is returned. You further agree to return, on or before the effective date
(i) all other equipment and property belonging to the Company which is now in your possession or control, including copies of any and all documents containing information of a proprietary or confidential nature, and any information downloaded
from any Company computer in any format and (ii) any Company keys, passes, or identification cards not previously returned. 
 10. Confidential
Information, Non-Solicitation and Non-Competition. You understand that in connection with your employment with the Company you have acquired and been privy to certain proprietary or business information relating to the Company and its
affiliates, including confidential information and trade or business secrets not readily available in the marketplace or to the public. Such information may include, but is not limited to, information relating to operations, business plans,

 
and the identity of clients. You acknowledge and reaffirm your obligation, pursuant to the Employee Confidentiality, Inventions Assignment and Non-Competition Agreement signed by you on
January 10, 2008 (the “Employee Agreement”), to hold all Company Confidential Information in confidence and not to disclose, use, copy, or publish any Confidential Information after termination of your employment, except as authorized
in writing by an officer of Medidata. You further acknowledge and reaffirm your ongoing non-solicitation and non-competition obligations pursuant to the Employee Agreement, 

11. Non-Disclosure. You understand and agree that the terms and contents of this Letter Agreement, and the contents of the negotiations and discussions
resulting in this agreement, shall be maintained as confidential and shall not be disclosed except to your spouse or to the Parties’ attorneys, or accountants or other paid advisors who are obligated or agree to maintain the terms and
conditions of this Separation Agreement confidential, except to the extent publicly disclosed by the Company or required by law. 
 12.
Non-Disparagement. You on the one hand, and the Company’s executive officers and directors with knowledge of this Agreement on the other, agree not to make any negative statement about or disparage the other party with any written or
oral statement. Notwithstanding the foregoing, nothing in the clause shall be deemed to limit in any way statements that either party in good faith believe are truthful to any regulatory or enforcement agency which requests information or in
connection with any other legal or regulatory proceeding. 
 13. Cooperation. You agree to cooperate reasonably with the Company, when reasonably
requested by the Company, in connection with any future or ongoing litigation, investigation or other matter, including any proceeding before an administrative, judicial, or legislative body or agency, that is directly or indirectly related to your
duties with the Company, pertinent knowledge possessed by you or any act or omission by you. You further agree to perform all acts and execute and deliver any documents that may be reasonably necessary to carry out the provisions of this paragraph.
Upon timely submission of appropriate documentation, the Company shall pay, or reimburse you for all expenses reasonably incurred by you in complying with the terms of this paragraph. 

14. Waiver of Re-Employment. You further understand and agree that the Company, and any other company owned or operated by it or related to it, past or
present, shall not be under any obligation to reinstate you as an employee or to consider you for employment or re-employment, and you waive any right to reinstatement that you may possess, which is denied. You agree that if you are subsequently
employed by the Company, you shall voluntarily resign. 
 15. Representations and Acknowledgements. You represent and acknowledge that you have
carefully read and understand the provisions of this Agreement and the incorporated General Release, that they contain the entire understanding between you and the Company and that you are not relying upon any representations or statements, written
or oral, made by or on behalf of the Company or any affiliated entity, not set forth therein. All prior non-compete, confidentiality, intellectual property and/or restrictive covenant agreements between you and Medidata shall remain in full force
and effect in accordance with their terms. You agree that this Agreement may not be modified except in a written document, signed by you and the Company. 

16. Non-Admissions. This Agreement is not intended as, and should not be construed as, evidence of any wrongdoing on your part or on the part of the
Company or its affiliates, or as any admission of liability under any federal, state or local law or regulation of any nature whatsoever. 
 17.
Applicable Law. This Agreement, including the General Release, shall be construed and governed pursuant to the laws of the State of New York pertaining to contracts to be performed therein. 

18. Who is Bound. We agree that the Agreement is binding upon and will inure to the benefit of the parties and to each of its heirs, executors,
administrators, trustees, representatives, successors or assigns. The promises that you have made to the Company, you agree, are also made for the benefit of its subsidiaries, affiliates, parents and all other related existing, succeeding or
predecessor corporations. 

 You may signify your acceptance of the terms and conditions of this Agreement, including the incorporated General
Release, by signing both the enclosed copy of the Agreement and your General Release and returning them to me. 
 For a period of seven (7) calendar
days following your execution of this Agreement, you may revoke this Agreement, and rescind your assent thereto. This Agreement shall not become effective or enforceable until seven (7) days have passed following your execution of this
Agreement. The effective date of this Agreement shall be the eighth calendar day after you execute this Agreement, if you have not earlier revoked it. You may revoke this Agreement only by giving written notice of revocation to the Company within
the aforementioned seven (7) day period. Your revocation can be made by letter, certified mail, return receipt requested, or by facsimile (with subsequent confirmation of receipt by Medidata) to my attention at 212-918-1800 and should state
that you choose to revoke your prior acceptance of this Agreement. 
 The parties further agree and acknowledge by signing this Agreement that except as set
forth in Section 10 above, this document (together with the Release) constitutes the full and complete understanding between them and that no other understanding, verbal or written, exists between the parties. 

Should any provision of this Agreement be held to be illegal, void or unenforceable, such provision shall be of no force and effect. However, the illegality
or unenforceability of any such provision shall have no effect upon, and shall not impair the enforceability of, any other provision of this Agreement. 

We wish you the best in your future endeavors. 
 /s/ Eileen
Schloss 
 Eileen Schloss 
 Executive Vice President, Human
Resources 
  

			
	Accepted and agreed to:
	
	 /s/ Cory Douglas

	Cory Douglas
		
	Dated:		 5/13/2015

 GENERAL RELEASE 

As consideration for the settlement and severance pay and other benefits and promises to which Cory Douglas, the Releasor, would not be otherwise entitled,
which are set forth in the Letter Agreement between Releasor and Medidata Solutions, Inc., dated May 13, 2015, the Releasor, with the intention of binding him/herself, his/her heirs, personal representatives, executors, administrators and
assigns, hereby releases and forever discharges Medidata Solutions, Inc., its affiliates, subsidiaries, parent, predecessor and successor corporations and their employees, officers, directors, shareholders, agents, attorneys, representatives and
trustees or administrators under any employee benefit plans (collectively referred to as the “Releasees”), from any and all claims (with the exception of unemployment insurance), demands, damages, remedies, contracts (express or implied)
and causes of action of any kind or nature whatsoever, whether known or unknown, which Releasor had, now has or in the future may or could have, against Releasees arising out of or relating to any matter up to the date of the execution of this
General Release, including but not limited to any and all claims in connection with Releasor’s employment with Medidata Solutions, Inc. (or with any other Releasee) and the termination thereof, excluding any claims to enforce Releasor’s
rights under the Letter Agreement. This General Release and the Letter Agreement are sometimes collectively referred to as the “Agreement.” 

Without limiting the generality of the foregoing, Releasor agrees that he/she knowingly and voluntarily waives all rights he/she has or may have (or that of
anyone on her behalf) to commence or prosecute any legal proceeding or action under the Age Discrimination in Employment Act of 1967, as amended, the Older Workers Benefits Protection Act of 1990, Title VII of the Civil Rights Act of 1964, the
Americans with Disabilities Act, the Employee Retirement Income Security Act of 1974, as amended, under any other claims arising under any and all other federal, state and local equal employment, fair employment and civil or human rights laws
(whether statutory, regulatory or decisional), under the statutory, regulatory or common law of any jurisdiction, including but not limited to any and all tort claims (e.g., defamation, intentional infliction of emotional distress, negligent hiring,
or retention, conversion, interference with contract, abusive discharge), and under any and all federal, state or local laws relating to benefits, labor or employment standards or retaliation (e.g., whistleblowing). 

If prior to the date of execution of this General Release, Releasor filed charge(s), complaint(s) or action(s) against any of the Releasees related to any
matter released or waived herein, Releasor agrees to withdraw or discontinue them and execute all documents necessary to effectuate their withdrawal or discontinuance. 

Should any proceeding be instituted by or on behalf of Releasor with respect to matters here settled, released or waived, then the Letter Agreement and this
General Release shall be deemed full satisfaction of any such claim(s) and sufficient basis for their immediate dismissal. 
 RELEASOR ACKNOWLEDGES THAT
HE/SHE FULLY UNDERSTANDS THE CONTENTS OF THE LETTER AGREEMENT AND GENERAL RELEASE AND EXECUTES THEM FREELY AND VOLUNTARILY, WITHOUT DURESS, COERCION OR UNDUE INFLUENCE. 

Acknowledgment of Waiver of Claims under ADEA. In the event Employee is age 40 or more as of the date hereof, Employee acknowledges that he/she is
waiving and releasing any rights he/she may have under the Age Discrimination in Employment Act of 1967 (“ADEA”) and that this waiver and release is knowing and voluntary. Employee and Releasees agree that this waiver and release does not
apply to any rights or claims that may arise under ADEA after the effective date of this Agreement. Employee acknowledges that the consideration given for this Agreement is in addition to anything of value to which Employee was already entitled. If
the ADEA waiver is applicable, Employee further acknowledges that he/she has been advised by this writing that (a) he/she should consult with an attorney prior to executing this Agreement; (b) he/she has at least twenty-one
(21) days from the date he/she receives this Agreement within which to consider this Agreement; (c) he/she has at least seven (7) days following the execution of this Agreement by the parties to revoke the Agreement; and (d) this
Agreement shall not be effective until the revocation period has expired; and (e) nothing in this Agreement prevents or precludes Employee from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA,
nor does it impose any condition precedent, penalties or costs from doing so, unless specifically authorized by federal law. Any revocation should be in writing and delivered to me by close of business on the seventh day from the date that Employee
signed this Agreement. Employee understands that, although Employee has twenty-one (21) days to consider the Agreement, Employee may accept the terms of the Agreement at any time within those twenty-one (21) days. 

This General Release shall not become effective or enforceable until seven (7) days have passed following Employee’s execution. 

 RELEASOR has signed this General Release this 13th day of
May, 2015. 
  

	
	RELEASOR:
	
	 /s/ Cory DouglasTHIS
NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED, TRANSFERRED,
SOLD, ASSIGNED, PLEDGED, HYPOTHECATED, OR OTHERWISE DISPOSED OF IN CONTRAVENTION OF SECTION
5 OF SUCH ACT.

 

Throwdown
Industries Holdings, LLC

Throwdown Industries, LLC

Throwdown Industries, INC.

XFIT
BRANDS, INC.

 

$2,000,000

 

14.00%
Senior Secured Fixed Rate Note due June 12, 2017

 

	Registered	 	New
    York, New York
	 	 	 
	No.
    R-3	 	Dated:
    June 12, 2014

 

Each of
Throwdown Industries Holdings, LLC, a Delaware limited liability company (“Holdings”), Throwdown Industries,
LLC, a Delaware limited liability company (“TD LLC”), XFit Brands, Inc., a Nevada corporation (“XFit
Brands”), and Throwdown Industries, Inc., a California corporation (“TDI” and, together with Holdings,
XFit Brands and TD LLC, each, an “Obligor” and, collectively, the “Obligors”), for value
received, hereby jointly and severally promises to pay to PIMCO Funds: Private Account Portfolio Series: PIMCO High Yield Portfolio,
a separate investment portfolio of PIMCO Funds, a Massachusetts business trust (the “Purchaser”), the principal
sum of TWO MILLION DOLLARS ($2,000,000) on June 12, 2017 or such earlier date on which this Note is accelerated pursuant to the
Note Purchase Agreement or subject to optional redemption by Holdings, on behalf of the Obligors, as described herein (the “Maturity
Date”) (or, if such day is not a Business Day, on the next succeeding Business Day with the same force and effect as
if made on the date such payment was due, and no interest will accrue as a result of such delay), in such coin or currency of
the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, in immediately
available funds, and to pay interest on the unpaid balance of said principal sum (as increased on account of any deferred and
capitalized interest) at the rate of 14.00% per annum (computed on the basis of a 360-day year of twelve 30-day months), in like
coin or currency and funds, from and including the date hereof, on the 20th day of each calendar month, commencing
on July 20, 2014, and on the maturity date and each other date on which principal is due and payable (each, a “Payment
Date”) until payment of such principal sum has been made or duly provided for; provided, that unless a Default
or an Event of Default (each as defined in the Note Purchase Agreement) has occurred or Holdings, on behalf of the Obligors, otherwise
elects in accordance with the Note Purchase Agreement, the Obligors shall pay cash interest for each Payment Date at a per annum
rate of 9.00%, and the additional interest that otherwise would have been payable in cash on the applicable Payment Date shall
instead be added to the outstanding principal balance of the Notes in accordance with the Note Purchase Agreement. Amounts payable
on each Payment Date shall be payable to the holder in whose name this Note is registered on the applicable Payment Date.

 

    	 

    	 

    

 

Such interest
will accrue from, and including, June 12, 2014 or the most recent Payment Date (whether or not such Payment Date was a Business
Day) for which interest was paid to, but excluding, the relevant Payment Date. If any Payment Date falls on a day that is not
a Business Day, the payment due on such day will be postponed to the next succeeding Business Day, with the same force and effect
as if made on the date such payment was due, and no interest will accrue as a result of such delay.

 

“Business
Day” is any day which is not a Saturday or Sunday or a day on which banking institutions in New York, New York are authorized
or obligated by law or executive order to close.

 

This
Note is one of a duly authorized issue of $2,500,000 aggregate principal amount of 14.00% Senior Secured Fixed Rate Notes due
June 12, 2017 (the “Notes”) of the Obligors. This Note is issued pursuant to and subject to the Note Purchase Agreement,
dated as of June 10, 2014 (as amended, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”)
between the Obligors and the Purchaser, and is secured by certain collateral pledged by the Obligors pursuant to the Pledge and
Security Agreement, dated as of June 10, 2014, between the Obligors and the Purchaser, as amended, supplemented or otherwise modified
from time to time.

 

1. Payment.
Payment of principal and interest as provided herein shall be made for the benefit of the registered owner hereof on the applicable
Payment Date or on the Maturity Date, as the case may be, in each case by wire transfer to the account designated in writing to
Holdings by such registered owner.

 

2.Redemption.
Holdings, on behalf of the Obligors, may redeem the Notes, in whole or in part, at any time, at its option, at a redemption price
equal to the Applicable Percentage of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on the
principal amount of Notes to be redeemed to, but excluding, the redemption date. If less than all of the Notes are to be redeemed,
the Notes shall be redeemed on a pro rata basis. The “Applicable Percentage” means (i) in the case of a redemption
on or prior to June 12, 2016, 107% or (ii) in the case of a redemption after June 12, 2016, 100%.

 

Notice of
any such redemption must be mailed by first-class mail or electronically delivered to the registered holder of the Notes to be
redeemed no less than 30 days prior to the redemption date and shall specify the designated redemption date and the aggregate
principal amount to be redeemed thereon. Notice of redemption having been given, the Notes to be so redeemed shall, on the redemption
date, become due and payable at the redemption price provided for herein, and from and after such date (unless the Obligors shall
default in the payment of the redemption price and accrued interest) such Notes shall cease to bear interest.

 

    	 

    	 

    

 

In the event
of redemption of this Note in part only, a new Note or Notes for the unredeemed portion hereof will be issued in the name of the
holder or holders hereof.

 

3.Registration,
Transfer, Exchange and Denominations of Notes. So long as any of the Notes remain outstanding and unpaid, the Obligors will
cause to be maintained in the United States, an office or agency where the Notes may be presented for payment, transfer or exchange
as provided in this Note. Such office or agency is presently located at the office of Holdings located at 18 Goodyear –
Suite 125, Irvine, CA 92618, and the Obligors agree to give prompt written notice of any change in such office or agency to each
holder of Notes then outstanding. The Obligors shall keep, or engage a third party registrar to keep, a register or registers
in which, subject to such reasonable regulations as it may prescribe, the Obligors or such registrar, as the case may be, shall
register the names and addresses of the holders of Notes in registered form and shall register the transfer of Notes in registered
form as provided in this Note.

 

Whenever
any Note or Notes shall be presented at such office or agency for exchange or registration of transfer, the Obligors shall execute
and, in exchange therefor and upon cancellation thereof, shall deliver a new Note or Notes registered in such name or names and
in such denominations as may be requested and in the same aggregate principal amount and dated as of the interest payment date
to which interest has been paid on, or, if no interest has yet been so paid, then dated the date of, the Note or Notes so surrendered.

 

No transfer
of any Note shall be registered unless evidenced by a written instrument of transfer duly executed by the registered owner in
person or by his duly authorized attorney, and received by Holdings not less than three (3) Business Days prior to the requested
transfer date or such shorter period as Holdings shall agree upon.

 

4. Governing
Law. This Note shall be governed by and construed in accordance with the laws of the State of New York (without regard to
its conflicts of law provisions other than sections 5-1401 and 5-1402 of the General Obligations Law).

 

5.WAIVER
OF JURY TRIAL. EACH OF THE OBLIGORS AND THE HOLDER HEREBY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF, OR RELATING TO, THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, each of the Obligors has caused this Note to be duly executed in its company name.

 

	 	THROWDOWN
    INDUSTRIES HOLDINGS, LLC
	 	 
	 	By:	 
	 	Name:	David
    E. Vautrin
	 	Title:
    	CEO
	 	 	 
	 	THROWDOWN INDUSTRIES, LLC
	 	 
	 	By:	
	 	Name:	David E. Vautrin
	 	Title: 	CEO
	 	 	 
	 	THROWDOWN INDUSTRIES, INC.
	 	 
	 	By:	 
	 	Name:	David
    E. Vautrin
	 	Title:
    	CEO
	 	 	 
	 	XFIT BRANDS, INC.
	 	 	 
	 	By:	 
	 	Name:	David
    E. Vautrin
	 	Title:	CEO

 

Dated:

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