Document:

Exhibit
10.1

 

EMPLOYMENT AGREEMENT

 

This
Employment Agreement (this “Agreement”) is entered into on
May 18, 2009, by and between Crocs, Inc. a Delaware corporation
(the “Company”), and Daniel Hart  (the “Executive”).

 

BACKGROUND

 

A.            The Company is in the business
of designing, manufacturing, marketing, distributing, and selling unique and
innovative footwear for men, women and children.

 

B.            The Company desires to
employ Executive as the Company’s Executive Vice President of Administration
and Corporate Development, and Executive desires to be so employed by the
Company, on the terms and conditions set forth in this Agreement.

 

C.            In Executive’s position,
Executive will have access to confidential, proprietary and trade secret
information of the Company.  It is
desirable and in the best interests of the Company and its stockholders to
protect confidential, proprietary and trade secret information of the Company,
to prevent unfair competition by former executives of the Company following
separation of their employment with the Company and to secure cooperation from
former executives with respect to matters related to their employment with the
Company.

 

AGREEMENT

 

In
consideration of the foregoing premises and the respective agreements of the
Company and Executive set forth below, the Company and Executive, intending to
be legally bound, agree as follows:

 

1.             EMPLOYMENT.

 

(a)           Employment.  Subject to the terms and conditions hereof,
the Company shall employ Executive and Executive agrees to be so employed as
Executive Vice President of Administration and Corporate Development. Executive’s
employment hereunder shall not be for any specific term and shall be subject to
termination at will by either Executive or the Company for any reason upon
written notice to the other party.

 

2.             DUTIES.  Beginning no later than June 15, 2009,
and at all times thereafter during his employment, Executive shall serve as the
Company’s Executive Vice President of Administration and Corporate
Development.  As the Company’s Executive
Vice President of Administration and Corporate Development, Executive shall
report to the Chief Executive Officer and shall direct and manage the affairs
of the Company with such duties, functions and responsibilities (including the
right to hire and dismiss employees (subject to approval of the Board in the
case of certain executives)) as are customarily associated with and incident to
the position of Executive Vice President of Administration and Corporate
Development and as the Company may, from time to time, require of him, subject
to the direction of the CEO.  The duties,
functions and responsibilities include, but are not limited to, directing the
Company’s 

 

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legal,
human resources, investor relations, corporate communications, and corporate
development functions.

 

The Executive shall serve the Company faithfully,
conscientiously and to the best of the Executive’s ability and shall promote
the interests and reputation of the Company. 
Unless prevented by sickness or disability, the Executive shall devote
his time, attention, knowledge, energy and skills, during normal working hours,
and at such other times as the Executive’s duties may reasonably require, to
the duties of the Executive’s employment; provided, however, that it shall not
be a breach of this Agreement for the Executive to manage his own private
financial investments; or with the consent of the Board (which consent shall
not be unreasonably withheld) to be a member of the board of directors of other
companies that do not compete with the Company, so long as, in either case,
such activities do not require the Executive to spend a material amount of time
away from his performance of his duties hereunder, or otherwise violate this
Agreement or the Company’s other policies. 
The principal place of employment of the Executive shall be the
principal executive offices of the Company. 
The Executive acknowledges that, in the course of his employment, he may
be regularly required to travel on behalf of the Company.  Executive will follow and comply with the
policies and procedures of the Company, including without limitation, policies
relating to business ethics, code of conduct, conflict of interest,
non-discrimination, confidentiality and protection of trade secrets, and
insider trading. Executive hereby represents and confirms that neither (i) Executive’s
entering into this Agreement nor (ii) Executive’s performance of Executive’s
duties and obligations hereunder will violate or conflict with any other agreement
(oral or written) to which Executive is a party or by which Executive is
bound.  Without commenting on whether a
breach of any other section of this Agreement is material, the parties agree
that a breach of this Section 2 shall be a material breach of this
Agreement.

 

3.             COMPENSATION.  During Executive’s employment under this
Agreement, Executive will be provided with the below compensation and benefits.

 

(a)           Base Salary.  The Company will pay to Executive for
services provided hereunder an annualized base salary (“Base Salary”) at a rate
of $475,000.00, which Base Salary will be paid on a bi-weekly basis in
accordance with the Company’s normal payroll policies and procedures.  The Board will review Executive’s performance
on an annual basis and determine any increases to Executive’s Base Salary in
its sole discretion.  The Board may
reduce Executive’s Base Salary if such reduction is part of an across the board
uniformly applied reduction affecting all senior executives and does not exceed
the average percentage reduction for all such senior executives, but in no
event may the Board or Company, without Executive’s consent, reduce Executive’s
Base Salary by greater than 10% in any one year, and, provided further, in no
event may the Board or Company reduce Executive’s Base Salary by greater than
$47,500 in total during Executive’s employment with the Company.

 

(b)           Incentive Compensation. Executive
will be eligible to participate in the Company’s 2008 Cash Incentive Plan bonus
plan (the “Bonus Plan”),  in accordance
with its terms, as may be amended and in effect from time to time.  Executive’s annual target incentive
compensation under the Bonus Plan and for each successor annual cash bonus plan
shall be not less than 80% of Executive’s Base Salary pursuant to the current
terms and 

 

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conditions
of the relevant Bonus Plan. For the year 2009 only, Executive shall have a
minimum guaranteed bonus under the Bonus Plan of not less than 50% of his 80%
Bonus target for the remainder of 2009, which equals $190,000, which also shall
further be pro rated based on the proportion of the year Executive was employed
by the Company.  All payments under the
Bonus Plan (and any successor thereto) shall be made to the Executive within 2
1⁄2 months after the end of the calendar year in which the Executive’s right to
such payments is no longer subject to a substantial risk of forfeiture.

 

(c)           Stock Options.  Effective upon commencement of Executive’s
employment with the Company and upon approval by the Board, the Company will
grant to Executive an option to purchase 200,000 shares of common stock of the
Company at the fair market value as of the date of the grant, subject to the
Company’s 2007 Equity Incentive Plan and the Company’s standard written stock
option agreement there under to be entered into by and between Executive and
the Company, provided, however, that any stock option agreements with respect
to the foregoing grants and any future grants shall be conformed so as to be consistent
with the provisions and covenants regarding such grants (such as vesting,
exercisability etc.) set forth in this Agreement. Executive shall also be
entitled to additional annual grants pari passu with other similarly situated
senior executives.  Any and all stock
options granted to Executive during his employment shall remain exercisable for
10 years after grant, including if Executive ceases to be employed with the
Company for any reason other than termination for ‘cause’. In the event of a ‘Change
of Control’ (as hereinafter defined), all unvested stock options and unvested
restricted stock then held by Executive, and which are scheduled to vest over
the 24 months following such event, shall immediately vest upon the effective
date of such Change of Control.

 

(d)           Restricted Stock.  Effective upon commencement of Executive’s
employment with the Company and upon approval by the Board, the Company will
grant to Executive 150,000 shares of restricted stock pursuant to the Company’s
2007 Equity Incentive Plan and the Company’s standard written restricted stock
award agreement to be entered into by and between Executive and the Company,
provided, however, that any restricted stock award agreements with respect to
the foregoing grants and any future grants shall be conformed so as to be
consistent with the provisions and covenants regarding such grants (such as
vesting, etc.)  set forth in this
Agreement. Executive shall also be entitled to additional annual grants pari
passu with other similarly situated senior executives.

 

(e)           Signing Bonus.  Executive will receive a $100,000 signing
bonus payable within 5 business days of his commencing employment with the
Company.  Executive agrees that (except
in the event of his death or termination without ‘cause’) he shall re-pay a
pro-rata share of this signing bonus should his employment with the Company
cease prior to the first anniversary of the first date that Executive reports
for work with the Company.  The pro-rata
share to be repaid shall be equivalent to the number of months fewer than
twelve that, divided by twelve, remain until the first anniversary of the first
date that Executive reported to work.

 

(f)            Deferred Compensation.  Executive will be eligible to participate in
the Company’s 2007 Senior Executive Deferred Compensation Plan in accordance
with its terms, as may be amended and in effect from time to time.

 

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(g)           Employee Benefits and
Executive Incentives and Perquisites.  Executive will be entitled to participate in
all employee benefit plans and programs and executive perquisites and
incentives generally available to and on terms no less favorable than similarly
situated senior executive employees of the Company, to the extent that
Executive meets the eligibility requirements for each individual plan or
program.  Executive’s participation in
any such plan or program will be subject to the provisions, rules, and
regulations of, or applicable to, the plan or program.  The Company provides no assurance as to the
adoption or continuation of any particular employee benefit plan or program.

 

(h)           Business Expenses.  The Company will reimburse Executive for all
reasonable and necessary out-of-pocket business, travel, and entertainment
expenses incurred by Executive in the performance of Executive’s duties and
responsibilities to the Company during Executive’s employment under this
Agreement.  Such reimbursement shall be
subject to the Company’s normal policies and procedures for expense
verification, documentation, and reimbursement; provided, however, that
Executive shall submit verification of expenses within 45 days after the date
the expense was incurred, and the Company shall reimburse Executive for such
expenses eligible for reimbursement within 30 days thereafter but no later than
2 1⁄2 months after the end of the calendar year in which such expenses are
incurred.  The right to reimbursement
hereunder is not subject to liquidation or exchange for any other benefit, and
the amount of expenses eligible for reimbursement in a calendar year shall not
affect the expenses eligible for reimbursement in any other calendar year.

 

(i)            Vacation Time.  In addition to Company holidays offered to
employees in the U.S.A., Executive shall be entitled to 20 days of paid time
off per year, which shall be pro-rated for 2009.

 

(j)             Relocation.  Executive shall perform his duties at the
Company’s headquarters, and in other such places as agreed between Executive
and the Chief Executive Officer, and the Board has delegated to the Chief
Executive Officer the authority to reach an agreement with Executive regarding
any relocation and reasonable temporary housing, commuting, or relocation
expenses.

 

4.             CONFIDENTIAL INFORMATION.  Except as authorized in writing by the Board
or as necessary in carrying out Executive’s responsibilities for the Company,
Executive will not at any time divulge, furnish, or make accessible to anyone
or use in any way, any confidential, proprietary, or secret knowledge or
information of the Company that Executive has acquired or will acquire about
the Company, whether developed by himself or by others, concerning (a) any
trade secrets, (b) any confidential, proprietary, or secret designs,
inventions, discoveries, programs, processes, formulae, plans, devices, or material
(whether or not patented or patentable) directly or indirectly useful in any
aspect of the business of the Company, (c) any confidential, proprietary,
or secret customer or supplier lists, (d) any confidential, proprietary,
or secret development or research work, (e) any strategic or other
confidential business, marketing, or sales plans, systems or techniques,
(f) any confidential, proprietary, or secret financial data or plans, or
(g) any other confidential or proprietary information or secret aspects of
the business of the Company.  Executive
acknowledges that the above-described knowledge and information 

 

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constitute
a unique and valuable asset of the Company and represent a substantial
investment of time and expense by the Company, and that any disclosure or other
use of such knowledge or information other than for the sole benefit of the
Company would be wrongful and would cause irreparable harm to the Company.  Executive will refrain from intentionally
committing any acts that would materially reduce, and shall take reasonable
steps to protect, the value of such knowledge or information to the
Company.  The foregoing obligations of
confidentiality shall not apply to any knowledge or information that (i) is
now or subsequently becomes generally publicly known, other than as a direct or
indirect result of the breach by Executive of this Agreement, (ii) is
independently made available to Executive in good faith by a third party who
has not violated a confidential relationship with the Company, or (iii) is
required to be disclosed by law or legal process.  Executive understands and agrees that
Executive’s obligations under this Agreement to maintain the confidentiality of
the Company’s confidential information are in addition to any obligations of
Executive under applicable statutory or common law.

 

5.             VENTURES.  If, during Executive’s employment with the
Company, Executive participates in the planning or implementing of any project,
program, or venture involving the Company, all rights in such project, program,
or venture belong to the Company.  Except
as approved in writing by the Board, Executive will not be entitled to any
interest in any such project, program, or venture or to any commission, finder’s
fee, or other compensation in connection therewith.  Executive will have no interest, direct or
indirect, in any customer or supplier that conducts business with the Company.

 

6.             INTELLECTUAL
PROPERTY.

 

(a)           Disclosure and Assignment.  Executive hereby transfers and assigns to the
Company (or its designee) all right, title, and interest of Executive in and to
every idea, concept, invention, and improvement (whether patented, patentable
or not) conceived or reduced to practice by Executive whether solely or in
collaboration with others while Executive is employed by the Company, and all
copyrighted or copyrightable matter created by Executive whether solely or in
collaboration with others while Executive is employed by the Company, in each
case, that relates to the Company’s  business
(collectively, “Creations”).  Executive
shall communicate promptly and disclose to the Company, in such form as the
Company may request, all information, details, and data pertaining to each
Creation.  Every copyrightable Creation,
regardless of whether copyright protection is sought or preserved by the
Company, shall be a “work made for hire” as defined in 17 U.S.C.
§ 101, and the Company shall own all rights in and to such matter
throughout the world, without the payment of any royalty or other consideration
to Executive or anyone claiming through Executive.

 

(b)           Trademarks.  All right, title, and interest in and to any
and all trademarks, trade names, service marks, and logos adopted, used, or
considered for use by the Company during Executive’s employment (whether or not
developed by Executive) to identify the Company’s business or other goods or
services (collectively, the “Marks”), together with the goodwill appurtenant
thereto, and all other materials, ideas, or other property conceived, created,
developed, adopted, or improved by Executive solely or jointly during Executive’s
employment by the Company and relating to its business shall be owned
exclusively by the Company.  

 

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Executive
shall not have, and will not claim to have, any right, title, or interest of
any kind in or to the Marks or such other property.

 

7.             NONCOMPETITION AND NONSOLICITATION COVENANTS.

 

(a)           Agreement Not to Compete.  During Executive’s employment with the
Company and for a period of 12 consecutive months from and after the
termination of Executive’s employment, whether such termination is with or
without Cause, or is at the instance of Executive or the Company, Executive
will not, directly or indirectly, in any manner or capacity, including without
limitation as a proprietor, principal, agent, partner, officer, director,
investor, stockholder, employee, member of any association, consultant or
otherwise engage or participate in any Competitive Business.  “Competitive Business” means any person,
entity or business operation (other than the Company) that designs,
manufactures, markets, distributes, or sells footwear or other products that
are the same or similar to the footwear or other products designed, manufactured,
marketed, distributed or sold by the Company in any geographic location in
which the Company is then doing business, or is then actively preparing to do
business, or that engages in any other business that is competitive with the
then-current businesses of the Company or with any business or market the
Company is actively preparing to enter as of the date of termination of
Executive’s employment.  Ownership (as
either a proprietor, principal, investor, or stockholder in this Section 7(a))
by Executive, as a passive investment, of less than 5%  of
the outstanding shares of capital stock of any corporation shall not constitute
a breach of this Section 7(a). 
Nothing in this Section 7(a), however, shall be construed to
prevent Executive from providing legal advice where he has been engaged as an
attorney and such advice is being given pursuant to a valid license to practice
law.  The parties intend and agree that
this exception shall be narrowly construed.

 

(b)           Agreement Not to Hire.  During Executive’s employment with the
Company and for a period of 12 consecutive months from and after the
termination of Executive’s employment, whether such termination is with or
without Cause, or is at the instance of Executive or the Company, Executive
will not, directly or indirectly, in any manner or capacity, including without
limitation as a proprietor,  principal,
agent, partner, officer, director, investor, stockholder, employee, member of
any association, consultant, or otherwise, hire, engage, or solicit any person
who is then an employee of the Company or who was an employee of the Company at
any time during the 12 month period immediately preceding Executive’s
Termination Date.

 

(c)           Agreement Not to Solicit.  During Executive’s employment with the
Company and for a period of 12 consecutive months from and after the
termination of Executive’s employment, whether such termination is with or
without Cause, or is at the instance of Executive or the Company, Executive
will not, directly or indirectly, in any manner or capacity including without
limitation as a principal, agent, partner, officer, director, employee, or
consultant, solicit, request, advise, or induce any current or potential
customer (potential customer in this Section 7(c) is defined as any
potential customer with whom the Company has been actively engaging in
discussions during the 12 month period immediately preceding Executive’s
termination of employment), supplier, vendor or other business contact of the
Company to cancel, curtail, or otherwise change its relationship adversely to
the Company, or 

 

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interfere
in any manner with the relationship between the Company and any of its
customers, suppliers, vendors or other business contacts.

 

(d)           Modification.  If the duration of, the scope of, or any
business activity covered by, any provision of this Section 7 exceeds that
which is valid and enforceable under applicable law, such provision will be
construed to cover only that duration, scope, or activity that is determined to
be valid and enforceable.  Executive
hereby acknowledges that this Section 7 will be construed so that its
provisions are valid and enforceable to the maximum extent, not exceeding its
express terms, possible under applicable law.

 

(e)           No Adequate Remedy at Law.  Executive hereby acknowledges that the
provisions of this Section 7 are reasonable and necessary to protect the
legitimate interests of the Company and that any violation of this Section 7
by Executive will cause substantial and irreparable harm to the Company to such
an extent that monetary damages alone would be an inadequate remedy
therefor.  Accordingly, in the event of
any actual or threatened breach of any such provisions, the Company will, in
addition to any other remedies it may have, be entitled to injunctive and other
equitable relief to enforce such provisions, and such relief may be granted
without the necessity of proving actual monetary damages.

 

8.             TERMINATION OF EMPLOYMENT.

 

(a)           Executive’s employment with
the Company under this Agreement will terminate upon the occurrence of any one
of the following events:

 

(i)            The Executive’s
receipt of the Company’s written notice to Executive of the termination of
Executive’s employment, effective as of the date stated in such notice;

 

(ii)           The Company’s
receipt of Executive’s written resignation from the Company, effective not
earlier than 30 days after delivery of such written notice of resignation,
provided that the Board may waive such notice or relieve Executive of Executive’s
duties during such notice period;

 

(iii)          Executive’s
Disability; or

 

(iv)          Executive’s
death.

 

(b)           The date upon which
Executive’s termination of employment with the Company is effective is the “Termination
Date.”  For purposes of Sections 9 and 10
of this Agreement only, the Termination Date shall mean the date on which a “separation
from service” from the Company has occurred for purposes of Section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”) and the
regulations and guidance thereunder.

 

9.             PAYMENT UPON
INVOLUNTARY TERMINATION WITHOUT CAUSE.  If Executive’s employment with the Company is
terminated involuntarily at the initiative of the Company without Cause (as
defined in Section 13 below), then, in addition to such Base Salary 

 

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and
any other compensation that has been earned but not paid to Executive as of the
Termination Date, the Company shall, subject to the conditions in Section 11,
provide Executive the following severance pay and benefits:

 

(a)           pay to Executive a lump sum
amount equal to one year of Executive’s Base Salary in effect as of the
Termination Date;

 

(b)           pay to Executive a lump sum
amount equal to 80% of Executive’s Base Salary in effect as of the Termination
Date, pro-rated to equal the proportion of the year that Executive was employed
with the Company;

 

(c)           pay to Executive a lump sum
amount of Executive’s annual incentive (bonus) compensation equal to 80% of
Executive’s Base Salary at the time of Executive’s Termination Date; and

 

(d)           immediate vesting of any
unvested stock options or unvested restricted stock then held by Executive that
would have vested had Executive remained employed for 24 months after the
Termination Date.

 

Any
such amounts that become due and owing pursuant to Sections 9(a) or (c) shall
be paid to Executive in full on the 45th day following
the Termination Date, provided Executive is in satisfaction of the conditions
in Section 11. Any such amounts that become due and owing pursuant to Section 9(b) shall
be paid to Executive in full no later then when such annual bonuses are paid to
other senior executive officers of the Company, provided Executive is in
satisfaction of the conditions in Section 11.  For purposes of this Section 9, Base
Salary shall be determined prior to any reduction that would entitle the
Executive to terminate his employment with the Company for Good Reason.

 

10.           PAYMENT UPON RESIGNATION BY
EXECUTIVE FOR GOOD REASON.  Upon
resignation by Executive for Good Reason (as defined in Section 13 below),
then, in addition to such Base Salary and any other compensation that has been
earned but not paid to Executive as of the Termination Date, Executive shall be
entitled to severance pay and benefits as provided in Section 9(a)-(d) for
a termination by the Company without Cause. 
Any such amounts that become due and owing pursuant to this Section 10
shall be paid to Executive in accordance with the provisions of Section 9.

 

11.           CONDITIONS.
Notwithstanding anything above to the contrary, the Company will not be
obligated to make any payments to Executive under Sections 9 or 10 unless the
following two conditions are met:

 

(a) 
The Company and Executive hereby agree and covenant that, within 30 business
days of the date of Executive’s Termination Date, they will enter into a
mutually agreeable form of release, in which Executive releases any claims he
may have against the Company relating to his employment with the Company,
provided that Executive shall not be required to release any claims he may have
against the company relating to his rights to indemnification, insurance
coverage (including without limitation directors’ and officers’ 

 

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liability
insurance coverage), and the ability to enforce the terms of this Agreement;
and all applicable rescission periods provided by law for releases of claims
shall have expired and Executive shall have signed and not rescinded the
release of claims.

 

(b)           Executive is in compliance
with the terms of this Agreement as of the dates of such payments.

 

12.           OTHER TERMINATION.  If Executive’s employment with the Company is
terminated:

 

(a)           by reason of Executive’s
abandonment of Executive’s employment or resignation for any reason other than
Good Reason;

 

(b)           by reason of termination of
Executive’s employment by the Company for Cause; or

 

(c)           upon Executive’s death or
Disability,

 

then
the Company will pay to Executive, or Executive’s beneficiary or Executive’s
estate, as the case may be, such Base Salary and any other compensation that
has been earned but not paid to Executive as of the Termination Date, payable
pursuant to the Company’s normal payroll practices and procedures and as
provided under any applicable plans or programs.

 

13.           DEFINITIONS.

 

(a)           Cause.  “Cause” hereunder means:

 

(i)            Executive’s
conviction, or guilty or no contest plea, to any felony;

 

(ii)           any act of
fraud by Executive related to or connected with Executive’s employment by the
Company;

 

(iii)          Executive’s material breach
of his fiduciary duty to the Company;

 

(iv)          Executive’s gross negligence
or gross misconduct in the performance of duties reasonably assigned to
Executive which causes material harm to the Company;

 

(v)           any willful and material
violation by Executive of the Company’s codes of conduct or other rules or
policies of the Company;

 

(vi)          any entry of any court order
or other ruling that prevents Executive from performing his material duties and
responsibilities hereunder; or

 

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(vii)         any willful and material breach of this Agreement by
Executive.

 

(b)           Disability.  “Disability” hereunder means either (i) any
severe medically determinable physical impairment that renders Executive unable
to function, such as Executive being in a coma, from which a physician with
relevant and appropriate expertise has given his medical opinion that Executive
will not recover within six months; or (ii) Executive’s inability because
of mental or physical illness or incapacity, whether total or partial, to
perform his duties under this Agreement for a continuous period of 120 days, or
for shorter periods aggregating 120 days out of any 180 day period.

 

(c)           Good Reason.  “Good Reason” hereunder means any of the
following conditions arising during Executive’s term of employment without the
consent of Executive:

 

(i)            a material diminution in Executive’s
responsibilities, authority, position, or duties;

 

(ii)           a reduction in Executive’s
Base Salary (except as provided for in Section 3(a) hereof);

 

(iii)          a reduction in Executive’s
incentive or equity compensation opportunity such that it is materially less
favorable than those provided generally to other senior executive officers;

 

(iv)          the Company’s material
failure to honor its incentive compensation plans, as then in effect;

 

(v)           assignment of duties or
responsibilities materially inconsistent with those described in Section 2
hereto;

 

(vi)          removal from the position of
Executive Vice President of Administration and Corporate Development of the
Company or its successor;

 

(vii)         any change in Executive’s
reporting responsibility being solely to the Chief Executive Officer;

 

(viii)        any Change in Control, as
defined in Section 13(d) below, provided that Executive tenders his
Resignation for Good Reason within 180 days of the Change of Control;

 

(ix)           relocation of Executive’s
office or the Company 50 miles or more from the place of relocation agreed
between Executive and Chief Executive Officer pursuant to Section 3(j) hereof;
or

 

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(x)            any other action or inaction that constitutes a
material breach by the Company of this Agreement.

 

Provided,
however, that “Good Reason” will not exist unless Executive has first provided
written notice to the Company of the occurrence of one or more of the
conditions under clauses (i) through (x) above within 180 days of the
condition’s occurrence and such condition(s) is (are) not fully remedied
by the Company within 30 days after the Company’s receipt of written notice
from Executive.

 

(d)           Change of
Control.  “Change of
Control” hereunder shall mean and is defined as such term is defined in Section 2(f) of
the Company’s 2007 Equity Incentive Plan as in effect as of the date hereof.

 

14.           OTHER POST-TERMINATION
OBLIGATIONS.

 

(a)           In the event of termination
of Executive’s employment, the sole obligation of the Company under this
Agreement will be its obligation to make the payments called for by Sections 9,
10 or 12 hereof, as the case may be, and the Company will have no other
obligation to Executive or to Executive’s beneficiary or Executive’s estate,
except as otherwise provided by law or by the terms of any employee benefit
plans or programs, or of any incentive compensation or stock ownership plans,
then maintained by the Company in which Executive participates.

 

(b)           Immediately upon termination of Executive’s
employment with the Company for any reason, Executive will resign all positions
then held as a director or officer of the Company and of any subsidiary, parent
or affiliated entity of the Company.

 

(c)           Upon termination of
Executive’s employment with the Company, Executive shall promptly deliver to
the Company any and all Company records and any and all Company property in
Executive’s possession or under Executive’s control, including without limitation
manuals, books, blank forms, documents, letters, memoranda, notes, notebooks,
reports, printouts, computer disks, flash drives or other digital storage
media, source codes, data, tables or calculations and all copies thereof,
documents that in whole or in part contain any trade secrets or confidential,
proprietary or other secret information of the Company and all copies thereof,
and keys, access cards, access codes, passwords, credit cards, personal
computers, handheld personal computers or other digital devices, telephones and
other electronic equipment belonging to the Company.

 

(d)           Following termination of
Executive’s employment with the Company for any reason, Executive will, upon
reasonable request of the Company or its designee, cooperate with the Company
in connection with the transition of Executive’s duties and responsibilities
for the Company; consult with the Company regarding business matters that
Executive was directly and substantially involved with while employed by the
Company, provided that such consulting shall not exceed 20 percent of the
average level of bona fide services performed by Executive for the Company and
its affiliates over the immediately 

 

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preceding
36-month period (or, if less, the full period during which Executive has
provided services to the Company); and be reasonably available, with or without
subpoena, to be interviewed, review documents or things, give depositions,
testify, or engage in other reasonable activities in connection with any
litigation or investigation, with respect to matters that Executive then has or
may have knowledge of by virtue of Executive’s employment by or service to the
Company or any related entity.  The
Company shall compensate Executive at a rate of $250 per hour for such work,
and shall reimburse Executive’s reasonable legal fees incurred in connection
therewith. Such reimbursement shall be subject to the Company’s normal policies
and procedures for expense verification, documentation, and reimbursement;
provided, however, that Executive shall submit verification of expenses and
hours worked within 45 days after the date the expense was incurred or the
service were performed, respectively, and the Company shall pay all such
compensation and reimbursement within 30 days thereafter but no later than 2 1⁄2
months after the end of the calendar year in which such services were
performed.

 

(e)           Executive will not malign,
defame or disparage the reputation, character, image, products or services of
the Company, or the reputation or character of the Company’s directors,
officers, employees or agents, provided that nothing in this Section 14(e) shall
be construed to limit or restrict Executive from taking any action that
Executive in good faith reasonably believes is necessary to fulfill Executive’s
fiduciary obligations to the Company, or from providing truthful information in
connection with any legal proceeding, government investigation or other legal
matter.

 

15.           LIABILITY INSURANCE AND
INDEMNIFICATION.  The Company
shall maintain directors’ and officers’ liability insurance for Executive while
Executive is employed under this Agreement and thereafter at a level equivalent
to or exceeding the level currently provided for other current and former officers
of the Company.  The Company further
agrees to indemnify and hold harmless Executive to the fullest extent permitted
under the Company’s charter and bylaws and Delaware law.

 

16.           MISCELLANEOUS.

 

(a)           Tax Withholding.  The Company may withhold from any amounts
payable under this Agreement such federal, state and local income and
employment taxes as the Company shall determine are required to be withheld
pursuant to any applicable law or regulation.

 

(b)           Section 409A.  This Agreement is intended to satisfy, or be
exempt from, the requirements of Section 409A(a)(2), (3) and (4) of
the Code, including current and future guidance and regulations interpreting
such provisions, and should be interpreted accordingly. The Company makes no
warranty to Executive with respect to tax treatment of any compensation to be
paid to him in connection with his employment, and Executive shall be solely
responsible for the payment of all taxes due and owing with respect to wages,
benefits, and other compensation provided to him.  Any provision of this Agreement to the
contrary notwithstanding, in the event the Executive is a “specified employee”
upon his “separation from service” as those terms are defined in and pursuant
to Code Section 409A and the regulations and Treasury guidance thereunder,
and is entitled to receive a payment pursuant 

 

12

 

to
this Agreement upon separation from service that is subject to Code Section 409A,
the payment may not be made earlier than six months following the date of the
Executive’s separation from service if required by Code Section 409A and
the regulations and Treasury guidance thereunder, in which case, the
accumulated postponed amount shall be paid in a lump sum payment within ten (10) days
after the end of the six-month period, provided, that if the Executive dies
during the postponement period prior to the payment of the postponed amount,
the amounts so postponed shall be paid to the personal representative of the
Executive’s estate within 60 days after the date of the Executive’s death.

 

(c)             Parachute
Payment Adjustments.

 

(i)            Any other provision of this Agreement to the
contrary notwithstanding, if the total sum of (i) the payments and
benefits to be paid or provided to (or with respect to) the Executive under
this Agreement which are considered to be “parachute payments” within the
meaning of Section 280G of the Code and (ii) any other payments and
benefits which are considered to be “parachute payments,” as so defined, to be
paid or provided to (or with respect to) the Executive by the Company, by a
person acquiring ownership or effective control of the Company or a substantial
portion of the Company’s assets, or by a member of the Company’s affiliated
group (within the meaning of Section 280G(d)(5) of the Code) (the “Total
Amount”) exceeds the amount the Executive can receive without having to pay
excise tax with respect to all or any portion of such payments or benefits
under Section 4999 of the Code, then the payments and benefits to be paid
or provided to the Executive pursuant to this Agreement that are included in
the Total Amount shall be reduced to the greater of zero or the highest amount
which will not result in the Executive having to pay excise tax with respect to
any such payments and benefits under Section 4999 of the Code (the “Reduced
Amount”); provided, however, that (x) if the Reduced Amount,
minus any and all applicable federal, state and local taxes thereon (including
but not limited to income and employment taxes imposed by the Code), is less
than the Total Amount, minus any and all applicable federal, state and local
taxes (including but not limited to income and employment taxes imposed by the
Code and excise taxes applicable to such payments and benefits under Section 4999
of the Code), or (y) in the event that the elimination of all payments and
benefits described in paragraph (ii) below would not be sufficient to
result in the Executive not having to pay excise tax with respect to any
remaining portion of the Total Amount under Section 4999 of the Code, then
the reduction of the payments and benefits to be paid or provided to the
Executive provided for in the preceding provisions of this Section 16(c) shall
not apply.

 

(ii)           In the event that a reduction in the Executive’s “parachute
payments” is required to be made under Section 16(c)(i), the reduction
shall be made first to the extent needed from amounts due under Section 9(a) of
this Agreement, then to the extent needed from amounts described in Section 9(c) of
this Agreement, then to the extent needed from amounts described in Section 9(b) of
this Agreement, and then from such other “parachute payments” due under Section 9(d) of

 

13

 

this Agreement that are not subject to Section 409A of the Code as
shall be determined by the Company.

 

(d)           Governing Law.  All matters relating to the interpretation,
construction, application, validity, and enforcement of this Agreement will be
governed by the laws of the State of Colorado without giving effect to any
choice or conflict of law provision or rule, whether of the State of Colorado
or any other jurisdiction, that would cause the application of laws of any
jurisdiction other than the State of Colorado.

 

(e)           Jurisdiction and Venue.  Except for disputes to be resolved by
arbitration as provided in Section 16(f), Executive and the Company
consent to jurisdiction of the courts of the State of Colorado and/or the
United States District Court, District of Colorado for the purpose of resolving
all issues of law, equity, or fact arising out of or in connection with this
Agreement.  Except for disputes to be
resolved by arbitration as provided in Section 16(e), any action involving
claims of a breach of this Agreement must be brought in such courts.  Each party consents to personal jurisdiction
over such party in the state and/or federal courts of Colorado and hereby
waives any defense of lack of personal jurisdiction.  Venue, for the purpose of all such suits,
will be in Denver County, State of Colorado.

 

(f)            Waiver of Jury Trial;
Arbitration.  To the
extent permitted by law, Executive and the Company waive any and all rights to
a jury trial with respect to any dispute arising out of or relating to this
Agreement.  Except for disputes arising
under Sections 4, 5, 6, 7 or 14 hereof, all disputes involving the
interpretation, construction, application or alleged breach of this Agreement
and all disputes relating to the termination of Executive’s employment with the
Company shall be submitted to final and binding arbitration in Denver,
Colorado.  The arbitrator shall be
selected and the arbitration shall be conducted pursuant to the then most
recent Employment Dispute Resolution Rules of the American Arbitration
Association, and the arbitration shall be administered by the American
Arbitration Association, unless the parties thereto agree otherwise.  The decision of the arbitrator shall be final
and binding, and any court of competent jurisdiction may enter judgment upon
the award.  All fees and expenses of the
arbitrator shall be paid by the Company. 
The arbitrator shall have jurisdiction and authority to interpret and
apply the provisions of this Agreement and relevant federal, state and local
laws, rules and regulations insofar as necessary to the determination of
the dispute and to remedy any breaches of the Agreement and/or violations of
applicable laws, but shall not have jurisdiction or authority to alter in any
way the provisions of this Agreement.  The
arbitrator shall have the authority to award attorneys’ fees and costs to the
Executive if he is the prevailing party but shall not have the authority to
award the fees and expenses of the arbitrator to the prevailing party.  In the event of an arbitration, Executive shall
be entitled to obtain documents from the Company and its officers and directors
reasonably in advance of the arbitration hearing so as to be able to prepare
his case.  The parties hereby agree that
this arbitration provision shall be in lieu of any requirement that either party
exhausts such party’s administrative remedies under federal, state or local
law.

 

(g)           Entire Agreement.  This Agreement contains the entire agreement
of the parties relating to Executive’s employment with the Company and
supersedes all prior agreements and understandings with respect to such subject
matter, and the parties hereto have 

 

14

 

made no agreements, representations, or warranties relating to the
subject matter of this Agreement that are not set forth in this Agreement.

 

(h)           No Violation of Other Agreements.  Executive hereby represents and agrees that
neither (i) Executive’s entering into this Agreement nor (ii) Executive’s
carrying out the provisions of this Agreement, will violate any other agreement
(oral, written, or other) to which Executive is a party or by which Executive
is bound.

 

(i)            Assignment.  This Agreement shall not be assignable, in
whole or in part, by either party without the written consent of the other
party, except that the Company may, without the consent of Executive (but
subject to the assumption obligation set forth below), assign or delegate all
or any portion of its rights and obligations under this Agreement to any
corporation or other business entity (i) with which the Company may merge
or consolidate, (ii) to which the Company may sell or transfer all or
substantially all of its assets or capital stock, or (iii) of which 50% or
more of the capital stock or the voting control is owned, directly or
indirectly, by the Company or which is under common ownership or control with
the Company.  Any such current or future
successor, parent, affiliate or other joint venture partner to which any right
or obligation has been assigned or delegated shall be deemed to be the “Company”
for purposes of such rights or obligations of this Agreement.  The Company shall cause any successor or
assignee described above to assume in writing the Company’s obligations under
this Agreement.

 

(j)            Amendments.  No amendment or modification of this Agreement
will be effective unless made in writing and signed by the parties hereto.

 

(k)           Counterparts.  This Agreement may be executed by facsimile
signature and in any number of counterparts, and such counterparts executed and
delivered, each as an original, will constitute but one and the same
instrument.

 

(l)            Severability.  Subject to Section 7(d) hereof, to
the extent that any portion of any provision of this Agreement is held invalid
or unenforceable, it will be considered deleted herefrom and the remainder of
such provision and of this Agreement will be unaffected and will continue in
full force and effect.

 

(m)          Survival.  The provisions of this Agreement that by
their terms or implication extend beyond the Termination Date, including
without limitation Sections 4, 6, 7, 14, 15, and 16 of this Agreement, shall
survive the termination of Executive’s employment with the Company for any
reason.

 

(n)           Captions and Headings.  The captions and paragraph headings used in
this Agreement are for convenience of reference only and will not affect the
construction or interpretation of this Agreement or any of the provisions
hereof.

 

(o)           Notices.  Any notice required or permitted to be given
under this Agreement shall be in writing and shall be deemed to have been duly
given when (i) delivered personally; (ii) sent by facsimile or other
similar electronic device with confirmation;

 

15

 

(iii) delivered
by reliable overnight courier; or (iv) three business days after being sent
by registered or certified mail, postage prepaid, and in the case of (iii) and
(iv) addressed as follows:

 

	
  If
  to the Company:

  	
  Crocs, Inc.

  	
   

  
	
   

  	
  6328
  Monarch Park Place

  	
   

  
	
   

  	
  Niwot,
  CO 80503

  	
   

  
	
   

  	
  Attention:
  Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  
	
  If
  to Executive:

  	
   

  	
   

  
	
   

  	
  [latest
  address on file with the Company]

  	
   

  

 

Executive
and the Company have executed this Agreement effective as of the date set forth
in the first paragraph.

 

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  CROCS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John Duerden

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  President
  and CEO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Daniel Hart

  
	
   

  	
  Daniel Hart

  

 

16Exhibit 10.1

 

THIRD AMENDMENT TO LOAN AND
SECURITY AGREEMENT

 

This Third Amendment to Loan and Security Agreement
(the “Amendment”) is entered into as of July 19, 2010, by and between
COMERICA BANK (“Bank”) and OPENTABLE, INC. (“Borrower”).

 

RECITALS

 

Borrower and Bank are parties to that certain Loan
and Security Agreement dated as of July 30, 2007 (as amended from time to
time, including, without limitation, by that certain First Amendment to Loan
and Security Agreement dated as of September 18, 2008, and that certain
Second Amendment to Loan and Security Agreement dated as of June 23, 2009,
the “Agreement”). All indebtedness owing by Borrower to Bank shall hereinafter
be referred to as the “Indebtedness.” The parties desire to amend the Agreement
in accordance with the terms of this Amendment.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree
as follows:

 

AGREEMENT

 

I.                                         Incorporation
by Reference. The Recitals and the documents
referred to therein are incorporated herein by this reference. Except as
otherwise noted, the terms not defined herein shall have the meaning set forth
in the Agreement.

 

II.                                     Amendment
to the Agreement. Subject to the satisfaction of the conditions precedent
as set forth in Article IV hereof, the Agreement is hereby amended as set
forth below.

 

A.                                   Section 2.5(a) of
the Agreement is hereby amended and restated in its entirety to read as
follows: 

 

“2.5(a) Reserved.”

 

B.                                     Section 6.2(a) of
the Agreement is hereby deleted in its entirety and replaced as follows:

 

“6.2(a) Reserved.”

 

C.                                     Section 6.2(d) of
the Agreement is hereby deleted in its entirety and replaced as follows:

 

“6.2(d) Reserved.”

 

D.                                    Section 7.3
of the Agreement is hereby amended and restated in its entirety to read as
follows:

 

“7.3         Mergers
or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to
merge or consolidate, with or into any other business organization (other than
mergers or consolidations of a Subsidiary into another Subsidiary or into
Borrower), or acquire, or permit any of its Subsidiaries to acquire, all or
substantially all of the capital stock or property of another Person except
where (i) no Event of Default has occurred, is continuing or would exist
after giving effect to such transactions, (ii) such transactions do not
result in a Change in Control, and (iii) Borrower is the surviving entity.”

 

E.                                      The following
defined term in Exhibit A to the Agreement is hereby amended and
restated in its entirety to read as follows:

 

“Revolving Maturity Date”
means July 31, 2011.

 

1

 

F.                                      Exhibit E (Compliance
Certificate) to the Agreement is hereby replaced with Exhibit E
attached hereto.

 

III.                                 Legal
Effect.

 

A.                                   The Agreement
is hereby amended wherever necessary to reflect the changes described above.
Borrower agrees that it has no defenses against the obligations to pay any
amounts under the Indebtedness.

 

B.                                     Borrower
understands and agrees that in modifying the existing Indebtedness, Bank is
relying upon Borrower’s representations, warranties, and agreements, as set
forth in the Agreement and the other Loan Documents. Except as expressly
modified pursuant to this Amendment, the terms of the Agreement and the other
Loan Documents remain unchanged, and in full force and effect. Bank’s agreement
to modifications to the existing Indebtedness pursuant to this Amendment in no
way shall obligate Bank to make any future modifications to the Indebtedness.
Nothing in this Amendment shall constitute a satisfaction of the Indebtedness.
It is the intention of Bank and Borrower to retain as liable parties, all
makers and endorsers of the Agreement and the other Loan Documents, unless the
party is expressly released by Bank in writing. No maker, endorser, or
guarantor will be released by virtue of this Amendment. The terms of this
paragraph apply not only to this Amendment, but also to all subsequent loan
modification requests.

 

C.                                     This Amendment
may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one instrument. This is an
integrated Amendment and supersedes all prior negotiations and agreements
regarding the subject matter hereof. All modifications hereto must be in
writing and signed by the parties.

 

IV.                                 Conditions
Precedent. Except as specifically set
forth in this Amendment, all of the terms and conditions of the Agreement and
the other Loan Documents remain in full force and effect. The effectiveness of
this Amendment is conditioned upon receipt by Bank of:

 

A.                                   This Amendment,
duly executed by Borrower;

 

B.                                     A legal fee
from Borrower in the amount of $500; and

 

C.                                     Such other
documents, and completion of such other matters, as Bank may reasonably deem
necessary or appropriate.

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of
the first date above written.

 

	
   

  	
  OPENTABLE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matt Roberts

  
	
   

  	
  Name:

  	
  Matt Roberts

  
	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  COMERICA BANK

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kim Crosslin

  
	
   

  	
  Name:

  	
  Kim Crosslin

  
	
   

  	
  Title:

  	
  V.P.

  

 

2

 

EXHIBIT E

 

COMPLIANCE CERTIFICATE

 

	
  Please send all Required Reporting to:

  	
   

  	
  Comerica Bank

  
	
   

  	
   

  	
  Technology & Life Sciences Division 

  
	
   

  	
   

  	
  Loan Analysis Department

  
	
   

  	
   

  	
  250 Lytton Avenue

  
	
   

  	
   

  	
  3rd Floor, MC 4240

  
	
   

  	
   

  	
  Palo Alto, CA 94301

  
	
   

  	
   

  	
  Phone: (650) 462-6060

  
	
   

  	
   

  	
  Fax: (650) 462-6061

  

 

FROM: OpenTable, Inc.

 

The undersigned authorized Officer of OpenTable, Inc. (“Borrower”),
hereby certifies that in accordance with the terms and conditions of the Loan
and Security Agreement, as modified from time to time, (i) Borrower is in
complete compliance for the period ending                     with
all required terms and conditions, except as noted below and (ii) all
representations and warranties of Borrower stated in the Agreement are true and
correct as of the date hereof. Attached herewith are the required documents
supporting the above certification. The Officer further certifies that these
are prepared in accordance with Generally Accepted Accounting Principles (GAAP)
and are consistent from one period to the next, except as explained in an
accompanying letter or footnotes.

 

Please indicate compliance status by circling Yes/No under “Complies”
column.

 

	
  REPORTING COVENANTS

  	
   

  	
  REQUIRED

  	
   

  	
  COMPLIES

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Quarterly Financial Statements

  	
   

  	
  Quarterly, within 45 days

  	
   

  	
  YES

  	
   

  	
  NO

  
	
  Compliance Certificate

  	
   

  	
  Quarterly, within 45 days

  	
   

  	
  YES

  	
   

  	
  NO

  
	
  Annual (CPA Audited)

  	
   

  	
  FYE within 150 days

  	
   

  	
  YES

  	
   

  	
  NO

  
	
  Board Approved annual projections

  	
   

  	
  FYE within 30 days

  	
   

  	
  YES

  	
   

  	
  NO

  
	
  Total amount of Borrower’s cash and investments 

  	
   

  	
  Amount: $

  	
   

  	
  YES

  	
   

  	
  NO

  
	
  Total amount of Borrower’s cash and investments maintained with Bank 

  	
   

  	
  Amount: $

  	
   

  	
  YES

  	
   

  	
  NO

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  If Applicable

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  10-Q

  	
   

  	
  Quarterly, within 5 days of SEC filing (50 days)

  	
   

  	
  YES

  	
   

  	
  NO

  
	
  10-K

  	
   

  	
  Annually, within 5 days of SEC filing (95 days)

  	
   

  	
  YES

  	
   

  	
  NO

  

 

	
   

  	
   

  	
  DESCRIPTION

  	
   

  	
  APPLICABLE

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Legal Action > $500,000

  	
   

  	
  Notify promptly upon notice

  	
   

  	
  YES

  	
   

  	
  NO

  
	
  Inventory Disputes > $500,000

  	
   

  	
  Notify promptly upon notice

  	
   

  	
  YES

  	
   

  	
  NO

  
	
  Cross default with other agreements >$500,000

  	
   

  	
  Notify promptly upon notice

  	
   

  	
  YES

  	
   

  	
  NO

  
	
  Judgment > $500,000

  	
   

  	
  Notify promptly upon notice

  	
   

  	
  YES

  	
   

  	
  NO

  

 

	
  FINANCIAL COVENANTS

  	
   

  	
  REQUIRED

  	
   

  	
  ACTUAL

  	
   

  	
  COMPLIES

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TO BE TESTED MONTHLY, UNLESS OTHERWISE NOTED:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Adjusted Quick Ratio

  	
   

  	
  2.00:1.00

  	
   

  	
  :1.00

  	
   

  	
  YES

  	
   

  	
  NO

  

 

	
  OTHER COVENANTS

  	
   

  	
  REQUIRED

  	
   

  	
  ACTUAL

  	
   

  	
  COMPLIES

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Permitted Indebtedness for equipment leases

  	
   

  	
  <$500,000

  	
   

  	
   

  	
   

  	
  YES

  	
   

  	
  NO

  
	
  Permitted Investments for stock repurchase

  	
   

  	
  <$500,000

  	
   

  	
   

  	
   

  	
  YES

  	
   

  	
  NO

  
	
  Permitted Investments for subsidiaries

  	
   

  	
  <$10,000,000 or 80% total assets

  	
   

  	
   

  	
   

  	
  YES

  	
   

  	
  NO

  
	
  Permitted Investments for employee loans

  	
   

  	
  <$500,000

  	
   

  	
   

  	
   

  	
  YES

  	
   

  	
  NO

  
	
  Permitted Investments for joint ventures

  	
   

  	
  <$500,000

  	
   

  	
   

  	
   

  	
  YES

  	
   

  	
  NO

  
	
  Permitted Liens for equipment leases

  	
   

  	
  <$500,000

  	
   

  	
   

  	
   

  	
  YES

  	
   

  	
  NO

  
	
  Permitted Transfers

  	
   

  	
  <$500,000

  	
   

  	
   

  	
   

  	
  YES

  	
   

  	
  NO

  

 

 

Please Enter Below Comments Regarding Covenant Violations:

 

 

On behalf of Borrower, the Officer further acknowledges that at any
such time as Borrower is out of compliance with any of the terms set forth in
the Loan Agreement, including, without limitation, any of the financial
covenants, Borrower cannot receive any advances.

 

OpenTable, Inc.

 

Very truly yours,

 

	
   

  	
   

  	
  BANK USE ONLY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Authorized Signer

  	
   

  	
  Rec’d by:

  	
   

  
	
   

  	
   

  	
  Date:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Reviewed by:

  	
   

  
	
   

  	
   

  	
   

  	
  Date:

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Financial Compliance
  Status:           YES/NO

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

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