Document:

Document

Exhibit 4.2

DESCRIPTION OF CAPITAL STOCK
General
LifeVantage Corporation (“we,” “us,” and “our”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended - our common stock, $0.0001 par value per share. 
The following information describes our capital stock, as well as certain provisions of our certificate of incorporation and amended and restated bylaws. The summary does not purport to be complete and is qualified in its entirety by reference to our certificate of incorporation and amended and restated bylaws, copies of which have been filed as exhibits to our public filings with the Securities and Exchange Commission.
Our authorized capital stock consists of 40,000,000 shares of common stock and 5,000,000 shares of preferred stock with a $0.0001 par value per share, all of which shares of preferred stock are undesignated. Our board of directors may establish the rights and preferences of the preferred stock from time to time. As of August 13, 2021, there were 13,647,499 shares of common stock issued and outstanding, held of record by 82 stockholders, although we believe that there may be a significantly larger number of beneficial owners of our common stock. We derived the number of stockholders by reviewing the listing of outstanding common stock recorded by our transfer agent as of August 13, 2021. 
Common Stock
The holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders. The holders of common stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the board of directors out of funds legally available, subject to preferences that may be applicable to preferred stock, if any, then outstanding. In the event of a liquidation, dissolution or winding up of our company, the holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities, subject to prior distribution rights of preferred stock, if any, then outstanding. The common stock has no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the common stock. All outstanding shares of common stock are fully paid and non-assessable.
The rights, preferences and privileges of the holders of our common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock that we may designate and issue in the future. 
Our common stock is listed on the Nasdaq Capital Market under the symbol “LFVN.” The transfer agent and registrar for the common stock is Computershare Trust Company, Inc. Its address is P.O. Box 505000, Louisville, KY 40233, and its telephone number is 1-800-962-4284. 
Preferred Stock
Our board of directors is authorized, subject to limitations prescribed by Delaware law, to issue preferred stock in one or more series, to establish from time to time the number of shares to be included in each series, and to fix the designation, powers, preferences, and rights of the shares of each series and any of its qualifications, limitations, or restrictions, in each case without further vote or action by our stockholders. Our board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of our common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring, or preventing a change in our control and might adversely affect the market price of our common stock and the voting and other rights of the holders of our common stock. We have no current plan to issue any shares of preferred stock. 

Effect of Certain Provisions of our Certificate of Incorporation and Amended and Restated Bylaws
Provisions of our certificate of incorporation and our amended and restated bylaws could have the effect of delaying, deferring or discouraging another party from acquiring control of us. These provisions, which are summarized below, may have the effect of discouraging takeover bids. These provisions are also designed, in part, to encourage persons seeking to acquire control of us to first negotiate with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms. 
Undesignated preferred stock.    Our board of directors has the ability to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of us. These and other provisions may have the effect of deferring hostile takeovers or delaying changes in control or management of our company. 
Limits on ability of stockholders to act by written consent or call a special meeting.    Except in the case of holders of our preferred stock, if any, which are entitled to take action by written consent as provided in an applicable certificate of designation, our stockholders may not act by written consent, which may lengthen the amount of time required to take stockholder actions. As a result, a holder controlling a majority of our capital stock would not be able to amend our amended and restated bylaws or remove directors without holding a meeting of our stockholders called in accordance with our amended and restated bylaws. 
In addition, our amended and restated bylaws provide that special meetings of the stockholders may be called only by the chairperson of our board of directors, our Chief Executive Officer, our board of directors or by stockholders holding at least ten percent (10%) of the outstanding shares entitled to vote as such special meeting. Other than as set forth in the preceding sentence, our amended and restated bylaws prohibit a stockholder from calling a special meeting, which may delay the ability of our stockholders to force consideration of a proposal. 
Requirements for advance notification of stockholder nominations and proposals.    Our amended and restated bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of our board of directors or a committee of our board of directors. However, our amended and restated bylaws may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed. These provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of our company. 
Board vacancies filled only by majority of directors then in office.    Subject to the rights of the holders of any series of outstanding preferred stock, if any, vacancies and newly created seats on our board of directors may be filled only by our board of directors. Only our board of directors may determine the number of directors on our board of directors. The inability of stockholders to determine the number of directors or to fill vacancies or newly created seats on our board of directors makes it more difficult to change the composition of our board of directors, but these provisions promote a continuity of existing management. 
No cumulative voting.    The Delaware General Corporation Law provides that stockholders are not entitled to the right to cumulate votes in the election of directors unless our certificate of incorporation provides otherwise. Our certificate of incorporation and amended and restated bylaws do not expressly provide for cumulative voting. 
Amendment of charter provisions.    The amendment of the above provisions in our certificate of incorporation requires approval by holders of at least a majority of our outstanding common stock. 
Delaware Anti-Takeover Statute 
We are subject to the provisions of Section 203 of the Delaware General Corporation Law regulating corporate takeovers. In general, Section 203 generally prohibits a publicly-held Delaware corporation from engaging in a business combination with an interested stockholder for a period of three years following the date on which the person became an interested stockholder unless:

•prior to the date of the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder; 
•upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, but not the outstanding voting stock owned by the interested stockholder, (1) shares owned by persons who are directors and also officers and (2) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or 
•at or subsequent to the date of the transaction, the business combination is approved by the board of directors of the corporation and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 662/3% of the outstanding voting stock that is not owned by the interested stockholder. 
In general, Section 203 defines business combination to include the following:
•any merger or consolidation involving the corporation and the interested stockholder; 
•any sale, lease, exchange, mortgage, transfer, pledge or other disposition of 10% or more of either the assets or outstanding stock of the corporation involving the interested stockholder; 
•subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder; 
•any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or 
•the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits by or through the corporation. 
In general, Section 203 defines interested stockholder as an entity or person who, together with affiliates and associates, beneficially owns, or within three years prior to the determination of interested stockholder status did own, 15% or more of the outstanding voting stock of the corporation. 
The provisions of Delaware law and our certificate of incorporation and our amended and restated bylaws could have the effect of discouraging others from attempting hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of our common stock that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in our management. It is possible that these provisions may make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.keyexecutivebenefitsagre

-1-    KEY EXECUTIVE BENEFIT PACKAGE    LifeVantage has established this Key Executive Benefit Package to attract,  motivate and retain certain key executives of the company.  An employee is  considered a Key Executive upon the recommendation of the CEO and approval  by the Company's Compensation Committee.    The components of the Key Executive Benefit Package are included below.    I . Position and Responsibilities.  As of the Effective Date (your hire  date), you will commence serving as a key management executive of the  Company.  You shall have the duties, responsibilities and authority that are  customarily associated with such position and such other senior management  duties as may reasonably be assigned.  You will devote your full time efforts,  abilities, and energies to promote the general welfare and interests of the  Company and any related enterprises of the Company.  Unless otherwise approved  in writing by the Company's Chief Executive Office and the Chairman of the  Company's Board of Directors, your primary workplace will be located at the  Company's headquarters located in Lehi, Utah.    Nothing herein shall preclude you from (i) serving, with the prior consent of the  President and CEO, as a member of the board of directors or advisory boards (or  their equivalents in the case of a non-corporate entity) of non-competing  businesses and charitable organizations, (ii) engaging in charitable activities and  community affairs, and (iii) managing your personal investments and affairs;  provided, however, that the activities set out in clauses (i), (ii) and (iii) shall be  limited by you so as not to materially interfere, individually or in the aggregate,  with the performance of your duties and responsibilities hereunder.    2. Annual Incentive Plan.  As a key executive and during your  continued employment as a key executive, you will be eligible to participate in  the Employee Annual Incentive Plan at the level indicated in Exhibit A pursuant  to the details of Board of Directors' approved Annual Incentive Plan.  Any Annual  Incentive Award shall be paid to you during the first three months of the fiscal  year that follows the applicable performance fiscal year.  The Annual Incentive  Award will be deemed to have been earned on the date of payment of such  bonus and you must remain an employee of the Company through the date of  payment in order to receive the Award.    3. Long Term Incentive Compensation Plan.  As a key executive  and during your continued employment as a key executive, you will be eligible to  participate in the Board of Directors' approved Employee Equity Plan pursuant to  

 

-2-    the plan details.  Such equity grants, if any, will be made in the sole discretion of  the Board of Directors and will be subject to the terms and conditions specified by  the Board of Directors, the Company's stock plan, the award agreement that you  must execute as a condition of any grant and the Company's insider trading policy.   If required by applicable law with respect to transactions involving Company  equity securities, you agree that you shall use your best efforts to comply with  any duty that you may have to (i) timely report any such transactions and (ii) to  refrain from engaging in certain transactions from time to time.  The Company  has no duty to register under (or otherwise obtain an exemption from) the  Securities Act of 1933 (or applicable state securities laws) with respect to any  Company equity securities that may be issued to you.    4. Employee Benefit Programs.  During your employment with the  Company, and except as may be provided under an employee stock purchase  plan, you will be entitled to participate, in all Company employee benefit plans  and programs at the time or thereafter made available to Key Executives  including, without limitation, any savings or profit sharing plans, deferred  compensation plans, stock option incentive plans, group life insurance, accidental  death and dismemberment insurance, hospitalization, surgical, major medical  and dental coverage, vacation, sick leave (including salary continuation  arrangements), long-term disability, holidays and other employee benefit  programs sponsored by the Company.  The Company may amend, modify or  terminate these benefits at any time and for any reason.  Any change in any  employee benefit program or programs applicable to all covered key executive  employees or all covered employees shall not constitute a material breach of the  terms of the Agreement.  LifeVantage will pay all or a portion of the costs associated with the following  company employee benefit plans:  a. Life Insurance  b. Long Term Disability  c. Short Term Disability  d. Health Insurance  e. Dental Insurance  f. Vision Insurance    5. Termination of Employment.  Unless the Company requests  otherwise in writing, upon termination of your employment for any reason, you  understand and agree that you shall be deemed to have also immediately resigned  from all positions as a key executive with the Company (and its affiliates) as of  your last day of employment (the "Termination Date").  Upon termination of your  employment for any reason, you shall receive payment or benefits from the  Company covering the following: (i) all unpaid salary and unpaid vacation accrued  

 

-3-    pursuant to the paid time off policy through the Termination Date, (ii) any  payments/benefits to which you are entitled under the express terms of any  applicable Company employee benefit plan, (iii) any unreimbursed valid business  expenses for which you have submitted properly documented reimbursement  requests, and (iv) your then outstanding equity compensation awards as governed  by their applicable terms (collectively, (i) through (iv) are the "Accrued Pay" ).   You may also be eligible for other post-employment payments and benefits as  provided in this Agreement.  Termination shall not be made until on or after the  date of a "separation from service" within the meaning of Code Section 409A.    (a) At-Will Employment.  Your employment with the  Company is at-will and either you or the Company may terminate your  employment at any time and for any reason (or no reason), with or without  Cause (as defined below), in each case subject to the terms and provisions of  this Agreement.    (b) For Cause.  For purposes of this Agreement, your  employment may be terminated by the Company for "Cause" as a result of the  occurrence of one or more of the following: a charge, through indictment or  criminal complaint, entry of pretrial diversion or sentencing agreement, or your  conviction of, or a plea of guilty or nolo contendere to, a felony or other crime  involving moral turpitude , dishonesty or fraud, or any other criminal arrest (for  example D.U.I.) which the Company, in its discretion considers inappropriate or  harmful to its interests;  (i) your refusal, or inability to satisfactorily, in the  judgment or your supervisor, perform in any material respect your duties and  responsibilities for the Company or your failure to comply in any material respect  with the terms of this Agreement and the Confidentiality Agreement and the  policies and procedures of the Company;  (ii) fraud or deceptive or illegal conduct in your  performance of duties for the Company;  (iii) your material breach of any material term of this  Agreement; or  (iv) any conduct by you which is materially injurious to the  Company or materially injurious to the business reputation of the Company or a  Company affiliate.    In the event your employment is terminated by the Company for Cause  you will be entitled only to your Accrued Pay and you will be entitled to no other  

 

-4-    compensation from the Company.    (c) Without Cause.  The Company may terminate your  employment Without Cause at any time and for any reason with notice.  If your  employment is terminated Without Cause then, in addition to your Accrued Pay,  you will be eligible to receive payments equal, in the aggregate amount, to six  months of your base salary as of the Termination Date.  Such payments shall be  paid to you in cash, in substantially equal monthly installments payable over the  six (6) month period following your Termination Date; provided, however, the first  payment (in an amount equal to two (2) months of Base Salary) shall be made  on the sixtieth (60th) day following the Termination Date.  As a condition to  receiving (and continuing to receive) the payments provided in this Section you  must: (i) within not later than forty-five (45) days after your Termination Date,  execute (and not revoke) and deliver to the Company a Separation Agreement in  a form prescribed by the Company and such Separation Agreement shall include  without limitation a release of all claims against the Company and its affiliates  along with a covenant not to sue and (ii) remain in full compliance with such  Separation Agreement and this Key Executive Benefit Package.    (d) Voluntary Termination.  In the event you voluntarily  terminate your employment with the Company, you will be entitled to receive only  your Accrued Pay.  You will be entitled to no other compensation from the  Company.    (e) Death or Disability.  In the event your employment with  the Company is terminated due to your Disability, death or presumed death, then  you or your estate will be entitled to receive your Accrued Pay.  For purposes of  this plan, "Disability" is defined to occur when you are unable to engage in any  substantial gainful activity by reason of any medically determinable physical or  mental impairment which can be expected to result in death or which has lasted  or can be expected to last for a continuous period of not less than twelve (12)  months.    6. Proprietary Information and Inventions Agreement;  Confidentiality.  You will be required, as a condition of your employment with  the Company, to timely execute the Company's form of proprietary information  and inventions agreement as may be amended from time to time by the Company  ("Confidentiality Agreement").    7. Governing Law; Arbitration.  To the extent not preempted by  federal law, this Agreement will be deemed a contract made under, and for all  purposes shall be construed in accordance with, the laws of Utah.  Any controversy  

 

-5-    or claim relating to this Agreement or any breach thereof, and any claims you may  have arising from or relating to your employment with the Company, will be settled  solely and finally by arbitration in Salt Lake City, Utah before a single arbitrator  and judgment upon such award rendered by the arbitrator may be entered in any  court having jurisdiction thereof, provided that this Section shall not be construed  to eliminate or reduce any right the Company or you may otherwise have to obtain  a temporary restraining order or a preliminary or permanent injunction to enforce  any of the covenants contained in this Agreement before the matter can be heard  in arbitration.    8. Taxes.  The Company shall have the right to withhold and deduct  from any payment hereunder any federal, state or local taxes of any kind required  by law to be withheld with respect to any such payment.  The Company shall not  be liable to you or other persons as to any unexpected or adverse tax consequence  realized by you and you shall be solely responsible for the timely payment of all  taxes arising from this Agreement that are imposed on you.  This Agreement is  intended to comply with the applicable requirements of Code Section 409A and  shall be limited, construed and interpreted in a manner so as to comply therewith.   Each payment made pursuant to any provision of this Agreement shall be  considered a separate payment and not one of a series of payments for purposes  of Code Section 409A.  While it is intended that all payments and benefits provided  under this Agreement to you will be exempt from or comply with Code Section  409A, the Company makes no representation or covenant to ensure that the  payments under this Agreement are exempt from or compliant with Code Section  409A.  The Company will have no liability to you or any other party if a payment  or benefit under this Agreement is challenged by any taxing authority or is  ultimately determined not to be exempt or compliant.  In addition, if upon your  Termination Date, you are then a " specified employee" (as defined in Code  Section 409A), then solely to the extent necessary to comply with Code Section  409A and avoid the imposition of taxes under Code Section 409A, the Company  shall defer payment of "nonqualified deferred compensation" subject to Code  Section 409A payable as a result of and within six (6) months following your  Termination Date until the earlier of (i) the first business day of the seventh (7th)  month following your Termination Date or (ii) ten (10) days after the Company  receives written confirmation of your death.  Any such delayed payments shall be  made without interest.  Additionally, the reimbursement of expenses or in-kind  benefits provided pursuant to this Agreement shall be subject to the following  conditions: (1) the expenses eligible for reimbursement or in-kind benefits in one  taxable year shall not affect the expenses eligible for reimbursement or in-kind  benefits in any other taxable year; (2) the reimbursement of eligible expenses or  in-kind benefits shall be made promptly, subject to the Company's applicable  policies, but in no event later than the end of the year after the year in which such  

 

-6-    expense was incurred; and (3) the right to reimbursement or in-kind benefits shall  not be subject to liquidation or exchange for another benefit.    9. Entire Agreement.  Except as otherwise specifically provided in this  Agreement, this Agreement (and the agreements referenced herein) contains all  the legally binding understandings and agreements between you and the Company  pertaining to the subject matter of this Agreement and supersedes all such  agreements, whether oral or in writing, previously discussed or entered into  between the parties including without limitation any term sheets regarding your  potential employment with the Company.  As a material condition of this  Agreement, you represent that by entering into this Agreement or by becoming a  Company employee you are not violating the terms of any other contract or  agreement or other legal obligations that would prohibit you from performing your  duties for the Company.  You further agree and represent that in providing your  services to the Company you will not utilize or disclose any other entity's trade  secrets or confidential information or proprietary information.  You represent that  you are not resigning employment or relocating any residence in reliance on any  promise or representation by the Company regarding the kind, character, or  existence of such work, or the length of time such work will last, or the  compensation therefor.    10. Non-Competition and Non-Solicitation.    (a) Non-solicitation of employees and consultants.  During  your employment and for a period of two years after your employment terminates,  you will not directly or indirectly solicit or induce, or attempt to solicit or induce ,  any employee or consultant, to include independent contractors, of the Company  to quit their employment or cease rendering services to the Company, unless you  are specifically authorized to do so by the Company in writing.    (b) Non-solicitation of Independent Distributors or  Customers.  To the extent permitted under applicable law, and in order to  protect the Confidential Information and preserve the Company's relationships  with its prospects and customers, you agree that for a period of two (2) years  after your employment with the Company ends for any reason, you will not directly  or indirectly solicit any Independent Distributor, Preferred Customer or Direct  Retail Customer for another competing Network Marketing Venture consisting of  nutritional supplements or any other product (any product in the same generic  product category as a Company product is deemed to be competing (e.g., any  nutritional supplement is in the same generic category as Company's nutritional  supplements, and is therefore a competing product, regardless of differences in  cost, quality, ingredients or nutrient content) or service of the Company at the  

 

-7-    time of your termination with any prospect or customer of the Company.  By  signing the Agreement, you acknowledge and agree that the Company is trying  to protect legitimate business interests by this prohibition and such prohibition is  reasonable in its scope and duration.    (c) Non-Competition.  You shall not, for a period of [six (6)  months] after your employment with the Company ends for any reason, engage  in, advise or consult with, or accept employment with any company, business or  any entity, or contribute your knowledge to any work or activity that involves a  product, process, provision of services or distribution channel (network marketing)  as offered by the company, the development and/or sales of nutritional  supplements, or any other product or service of the Company which is competitive  with and the same as or similar to a product, process, or provision of services or  distribution channel (network marketing) on which you worked or with respect to  which you had access to confidential information while with the Company.   Following expiration of said six month period, you shall continue to be obligated  under the confidential provisions of this Agreement and of your proprietary  information and inventions agreement not to disclose and/or use confidential  information so long as it shall remain proprietary or protectable as confidential or  trade secret information.  You acknowledge that this restraint is reasonable as to  time and geographic limits and is necessary to protect the Company's Confidential  Information, and that it will not unduly restrict your ability to secure suitable  employment after leaving the Company.  (d) Modification By Court.  If any court or arbitrator  determines that any post-employment restrictive covenant is unreasonable in  any respect, you agree that the Court may modify any unreasonable terms and  enforce the agreement as modified.  (e) Extension of Non-Compete.  For any period of time in  which you are found to be in violation of any of the above non-compete or  non-solicitation agreements, that period of time shall be added on to the  length of the restriction or period of protection for the Company.    (f) Notice to Subsequent Employers.  You agree that the  Company may provide notice of your obligations under any provision of this  Agreement to any company or future employer of yours should the Company  consider it necessary for the enforcement of those obligations.    11. Covenants.  As a condition of this Agreement and to your receipt  of any post- employment benefits, you agree that you will fully and timely  comply with all of the covenants set forth in this subsection (which shall  

 

-8-    survive your termination of employment and termination or expiration of this  Agreement):    (a) You will fully comply with all obligations under the  Confidentiality Agreement and further agree that the provisions of the  Confidentiality Agreement shall survive any termination or expiration  of this Agreement or termination of your employment or any  subsequent service relationship with the Company;    (i) Within five (5) days of the Termination Date, you  shall return to the Company all Company confidential information including,  but not limited to, intellectual property, etc., and you shall not retain any  copies, facsimiles or summaries of any Company proprietary information;    (ii) You will not at any time make (or direct anyone to  make) any disparaging statements (oral or written) about the Company, or  any of its affiliated entities, officers, directors, employees, stockholders,  representatives or agents, or any of the Company's products or services or  work-in-progress, that are harmful to their businesses, business reputations  or personal reputations.;    (iii) You agree that during the period of your employment  with the Company and thereafter, you will not utilize any trade secrets of the  Company in order to solicit, either on behalf of yourself or any other person or  entity, the business of any client or customer of the Company, whether past,  present or prospective.  The Company considers the following, without  limitation, to be its trade secrets: Financial information, administrative and  business records, analysis, studies, governmental licenses, employee records  (including but not limited to counts and goals), prices, discounts, financials,  electronic and written files of Company policies, procedures, training, and  forms, written or electronic work product that was authored, developed, edited,  reviewed or received from or on behalf of the Company during period of  employment; Company developed technology, software, or computer  programs, process manuals , products, business and marketing plans and or  projections, Company sales and marketing data, Company technical  information, Company strategic plans, Company financials, vendor affiliations,  proprietary information, technical data, trade secrets, know-how, copyrights,  patents, trademarks, intellectual property, and all documentation related to or  including any of the foregoing; and    (iv) You agree that, upon the Company's request  

 

-9-    and without any payment therefore, you shall reasonably cooperate with  the Company (and be available as necessary) after the Termination Date  in connection with any matters involving events that occurred during your  period of employment with the Company.    (b) You also agree that you will fully and timely comply with  all of the covenants set forth in this subsection (which shall survive your  termination of employment and termination or expiration of this Agreement):    (i) You will fully pay off any outstanding amounts  owed to the Company no later than their applicable due date or within thirty  days of your Termination Date (if no other due date has been previously  established);    (ii) Within five (5) days of the Termination Date, you  shall return to the Company all Company property including, but not limited to,  computers, cell phones, pagers, keys, business cards, etc.;    (iii) Within thirty (30) days of the Termination Date, you  will submit any outstanding expense reports to the Company for expenses  incurred prior to the Termination Date; and    (iv) As of the Termination Date, you will no longer  represent that you are an officer, director or employee of the Company and  you will immediately discontinue using your Company mailing address,  telephone, facsimile machines, voice mail and e-mail;    (c) You agree that you will strictly adhere to and obey all  Company rules, policies, procedures, regulations and guidelines, including but  not limited to those contained in the Company's employee handbook, as well  any others that the Company may establish including without limitation any  policy the Company adopts on the recoupment of compensation ("Clawback  Policy").    12. Offset.  Any severance or other payments or benefits made  to you under this Agreement may be reduced, in the Company's  discretion, by any amounts you owe to the Company provided that any  such offsets do not violate Code Section 409A.    13. Notice.  Any notice that the Company is required to or may  desire to give you shall be given by personal delivery, recognized overnight  

 

-     courier service, email, telecopy or registered or certified mail, return receipt  requested, addressed to you at your address of record with the Company, or  at such other place as you may from time to time designate in writing.  Any  notice that you are required or may desire to give to the Company hereunder  shall be given by personal delivery, recognized overnight courier service,  email, telecopy or by registered or certified mail, return receipt requested,  addressed to the Company's General Counsel at its principal office, or at such  other office as the Company may from time to time designate in writing.  The  date of actual delivery of any notice under this Section shall be deemed to  be the date of delivery thereof.    14. Waiver; Severability.  No provision of this Agreement may be  amended or waived unless such amendment or waiver is agreed to by you and  the Company in writing and such amendment or waiver expressly references this  Section.  No waiver by you or the Company of the breach of any condition or  provision of this Agreement will be deemed a waiver of a similar or dissimilar  provision or condition at the same or any prior or subsequent time.  Except as  expressly provided herein to the contrary, failure or delay on the part of either  party hereto to enforce any right, power, or privilege hereunder will not be  deemed to constitute a waiver thereof.  In the event any portion of this Agreement  is determined to be invalid or unenforceable for any reason, the remaining portions  shall be unaffected thereby and will remain in full force and effect to the fullest  extent permitted by law.  15. Voluntary Agreement.  You acknowledge that you have been  advised to review this Agreement with your own legal counsel and other advisors  of your choosing and that prior to entering into this Agreement, you have had the  opportunity to review this Agreement with your attorney and other advisors and  have not asked (or relied upon) the Company or its counsel to represent you or  your counsel in this matter.  You further represent that you have carefully read  and understand the scope and effect of the provisions of this Agreement and that  you are fully aware of the legal and binding effect of this Agreement.  This  Agreement is executed voluntarily by you and without any duress or undue  influence on the part or behalf of the Company.  16. Key-Man Insurance.  The Company shall have the right to insure  your life for the sole benefit of the Company, in such amounts, and with such  terms, as it may determine.  All premiums payable thereon shall be the obligation  of the Company.  You shall have no interest in any such policy, but you agree to  cooperate with the Company in taking out such insurance by submitting to  physical examinations, supplying all information required by the insurance  company, and executing all necessary documents, provided that no financial  

 

-     obligation is imposed on you by any such documents.    ACKNOWLEDGED AND AGREED:  Date: Date:     LIFEVANTAGE CORPORATION          ________________________  BY:  TITLE:    KEY EXECUTIVE          ________________________  BY:  TITLE:       

 

-       EXHIBIT A  TARGET ANNUAL INCENTIVE  Name Title Target Annual Incentive

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