Document:

Exhibit 10.1

 

WAIVER

 

This Waiver, dated as
of June 22, 2020 (this “Waiver”), with respect to that certain Credit Agreement, dated as of March 22, 2017
(as amended by Amendment No. 1, dated as of February 22, 2018 and Amendment No. 2, dated as of December 19, 2018 and as further
amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among PROPETRO HOLDING
CORP., a Delaware corporation (“Holdings”), PROPETRO SERVICES, INC., a Texas corporation (“Borrower”),
the institutions from time to time party thereto as lenders and letter of credit issuers, BARCLAYS BANK PLC, as Administrative
Agent, is entered into among Holdings, the Borrower, the Administrative Agent and the Lenders party hereto. Capitalized terms used
herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement.

 

W I T N E S S E T H:

 

WHEREAS, a Cash Dominion
Period may arise under the Credit Agreement in connection with the Borrower’s delivery of the Borrowing Base Certificate
for the month ending May 31, 2020 pursuant to Section 6.4 of the Credit Agreement given that the Borrowing Base Certificate is
expected to show that Availability will be less than the greater of (i) 10.0% of the Maximum Credit and (ii) $22,500,000 (the “Anticipatory
Waiver”); and

 

WHEREAS the Borrower
has requested the waiver during the Waiver Period (as defined below) of, and the Administrative Agent and the Lenders party hereto
(which constitute the Required Lenders) have agreed to waive, the requirements set forth in Section 4.3(a) and Sections 8.23(c)
through (e) of the Credit Agreement as a result of subclause (a) of the definition of Cash Dominion Period and, so long as there
are no revolving borrowings, the requirement to deliver weekly Borrowing Base Certificates pursuant to Section 6.4(a) of the Credit
Agreement during a Cash Dominion Period, in each case subject to the terms and conditions contained herein. For the avoidance of
doubt, the Lenders are not waiving (x) any of the provisions of subclause (b) of the definition of Cash Dominion Period or (y)
the suspension of the Available Equity Amount during a Cash Dominion Period.

 

WHEREAS, the Borrower
has requested the waiver during the Waiver Period of, and the Administrative Agent and the Lenders party hereto (which constitute
the Required Lenders) have agreed to waive, the requirement under Section 4.3(a) to cash collateralize any outstanding undrawn
Letters of Credit as a result of subclause (a) of the definition of Cash Dominion Period, subject to the terms and conditions contained
herein.

 

WHEREAS, the Borrower
has requested a refund of, and the Lenders party hereto (each with respect to themselves only) have agreed to refund, any amount
paid or retained for the reimbursement under Section 5.4(c) for any loss or expense which such Lender may sustain or incur as a
consequence of the prepayment of any LIBOR Loans on the Waiver Effective Date.

 

Now,
Therefore, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of
which are hereby acknowledged), the parties hereto hereby agree as follows:

 

     

     

    

 

Section 1.      
Limited Waivers.

 

(a)               
The Administrative Agent and the Lenders hereby waive during the Waiver Period (as defined below), the requirements
set forth in (i) Section 4.3(a), (ii) Section 6.4(a) with respect to the delivery of weekly Borrowing Base Certificates and (iii)
Sections 8.23(c) through (e) of the Credit Agreement in each case as a result of subclause (a) of the definition of Cash Dominion
Period.

 

(b)               
The Administrative Agent and the Lenders hereby waive during the Waiver Period, the requirements set forth in Section
4.3(a) of the Credit Agreement with respect to the cash collateralization of outstanding undrawn Letters of Credit as a result
of subclause (a) of the definition of Cash Dominion Period.

 

(c)                
The waivers in subsections (a) and (b) above are subject to the following requirements: (w) there shall be no more
than $4.0 million in aggregate face amount of Letters of Credit outstanding under the Credit Agreement, (x) aside from the undrawn
Letter of Credit exposure referenced in subclause (w), there shall be no outstanding Borrowings under the Credit Agreement, (y)
the Borrower shall have excess Availability of at least $8.0 million, and (z) there shall be no Default or Event of Default under
the Credit Agreement. To the extent any such covenants are breached at any point during the Waiver Period, the Waiver Period shall
be deemed ended as of such date and the Borrower shall be immediately subject to (i) the requirements set forth in Sections 8.23(c)
through (e) of the Credit Agreement to the extent resulting from subclause (a) of the definition of Cash Dominion Period, (ii)
the requirements set forth in Section 6.4(a) with respect to the delivery of weekly Borrowing Base Certificates to the extent resulting
from subclause (a) of the definition of Cash Dominion Period and (iii) the remedy of cash collateralization of outstanding undrawn
Letters of Credit under Section 4.3(a) of the Credit Agreement to the extent resulting from subclause (a) of the definition of
Cash Dominion Period; provided that the Waiver Period shall resume and such cash collateral shall be released to the Borrower
to the extent each of subclauses (w), (x), (y) and (z) of this paragraph (c) shall have been satisfied for a period of thirty (30)
consecutive calendar days.

 

(d)               
The waivers in subsections (a) and (b) above are limited waivers and shall not be deemed to constitute a waiver of
any Default or Event of Default or any prior, current or future breach of the Credit Agreement or any of the other Loan Documents
or any other requirements of any provision of the Credit Agreement or any other Loan Documents.

 

(e)               
The Lenders party hereto hereby agree to refund any amount paid or retained in respect of the requirements set forth
in Section 5.4(c) of the Credit Agreement for any loss or expense which such Lender may sustain or incur as a consequence of the
prepayment of any LIBOR Loans in connection with the repayment of all currently outstanding revolving borrowings on the Waiver
Effective Date.

 

(f)                 As
used herein, the term “Waiver Period” means the waiver of the requirements (x) in Section 4.3(a), Section
6.4(a) and Sections 8.23(c) through (e) of the Credit Agreement as a result of subclause (a) of the definition of Cash
Dominion Period and (y) in Section 4.3(a) to cash collateralize outstanding undrawn Letters of Credit as a result of
subclause (a) of the definition of Cash Dominion Period, in each case subject to the conditions mentioned herein and for the
period commencing on June 20, 2020 and ending at 11:59 p.m. (New York City time) on June 19, 2021.

 

    -2-

     

    

 

Section
2.       Conditions Precedent to the Effectiveness of
this Waiver

 

This
Waiver shall become effective when, and only when, the following conditions precedent have been satisfied (the date of such
effectiveness, the “Waiver Effective Date”):

 

(a)               
The Administrative Agent shall have received counterparts of this Waiver, duly executed by Holdings, the Borrower,
Lenders sufficient to constitute the Required Lenders and, with respect to the waiver contemplated in Section 1(e) above, each
consenting Lender, and this Waiver shall have become effective prior to 11:59 p.m. (New York City time) on June 22, 2020.

 

(b)               
After giving effect to the limited waivers set forth in Section 1 hereof, all of the representations and warranties
set forth in Section 3 hereof shall be true and correct in all respects as of the Waiver Effective Date and the Administrative
Agent shall have received a certificate of a Financial Officer of the Borrower certifying as to such representations.

 

(c)               
Aside from the undrawn Letter of Credit exposure referenced in Section  1(c)(w) of this Waiver, the Borrower
shall have repaid all outstanding Borrowings under the Credit Agreement.

 

(d)               
The Borrower shall have paid all reasonable and documented out-of-pocket costs and expenses of the Administrative
Agent in connection with the preparation, reproduction, execution and delivery of this Waiver (including, without limitation, the
reasonable and documented fees and out-of-pocket expenses of Cahill Gordon & Reindel LLP, counsel for the Administrative Agent).

 

Section
3.       Representations and Warranties

 

On and as of the Waiver
Effective Date after giving effect to this Waiver, each of Holdings and the Borrower hereby represents and warrants to the Administrative
Agent and each Lender party hereto as follows:

 

(a)                each
of Holdings and the Borrower has the power and authority to execute, deliver and perform this Waiver. Each of Holdings and
the Borrower has taken all necessary corporate action (including obtaining approval of its shareholders, if necessary) to
authorize its execution, delivery and performance of this Waiver. This Waiver has been duly executed and delivered by each of
Holdings and the Borrower, and constitutes the legal, valid and binding obligations of each of Holdings and the Borrower,
enforceable against it in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance,
reorganization, winding up, moratorium and other similar Laws relating to or affecting creditors’ rights generally and
general equitable principles (whether considered in a proceeding in equity or at Law) and an implied covenant of good faith
and fair dealing. Each of Holdings’ and the Borrower’s execution, delivery and performance of this Waiver does
not (x) conflict with, or constitute a violation or breach of, the terms of (a) any contract, mortgage, lease, agreement,
indenture, or instrument to which Holdings and/or the Borrower is a party or which is binding upon it, (b) any Requirement of
Law applicable to Holdings and/or the Borrower, or (c) any Organization Document of Holdings and/or the Borrower in any
respect that would reasonably be expected to have a Material Adverse Effect or (y) result in the imposition of any Lien upon
the property of Holdings or the Borrower by reason of any of the foregoing;

 

    -3-

     

    

 

(b)               
no Default or Event of Default has occurred and is continuing or would result from the consummation of this Waiver
and the transactions contemplated hereby; and

 

(c)               
the representations and warranties contained in Article VII of the Credit Agreement and in each other Loan Document
are true and correct in all material respects (and any representation and warranty that is qualified as to materiality or Material
Adverse Effect is true and correct in all respects) on and as of the Waiver Effective Date as though made on and as of such date,
other than any such representation or warranty which relates to a specified prior date, in which case they shall be true and correct
in all material respects (and in all respects with respect to representations qualified by materiality) as of such specified prior
date.

 

Section
4.       Reference to and Effect on the Loan Documents

 

(a)               
Once this Waiver shall become effective, each reference in the Credit Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein,” or words of like import, and each reference in the other Loan
Documents to the Credit Agreement (including, without limitation, by means of words like “thereunder,” “thereof”
and words of like import), shall mean and be a reference to the Credit Agreement as modified hereby and this Waiver and the Credit
Agreement shall be read together and construed as a single instrument.

 

(b)               
Except as specifically waived above, all of the terms and provisions of the Credit Agreement and all other Loan Documents
are and shall remain in full force and effect and are hereby ratified and confirmed. Except as modified pursuant hereto, no other
changes or modifications to the Credit Agreement are intended or implied, and in all other respects the Obligations, Credit Agreement
and Loan Documents are hereby specifically ratified, restated and confirmed by Holdings and the Borrower as of the effective date
hereof. Holdings and the Borrower hereby agree that this Waiver shall in no manner affect or impair the Obligations or the Liens
securing the payment and performance thereof. Each of Holdings and the Borrower hereby ratifies and confirms all of its respective
obligations and liabilities under the Credit Agreement and each other Loan Document to which it is party, as expressly modified
herein, and ratifies and confirms all Liens securing such obligations and liabilities.

 

(c)               
The execution, delivery and effectiveness of this Waiver shall not, except as expressly provided herein, operate
as a waiver of any right, power or remedy of the Lenders, Holdings, the Borrower or the Administrative Agent under any of the
Loan Documents or serve to effect a novation of the Obligations or for any purpose except as expressly set forth herein.

 

    -4-

     

    

 

(d)               
This Waiver shall constitute a Loan Document under the terms of the Credit Agreement. To the extent of conflict between
the terms of this Waiver and the Credit Agreement, the terms of this Waiver shall control.

 

Section
5.       Execution in Counterparts

 

This Waiver may be
executed by one or more of the parties to this Waiver on any number of separate counterparts, and all of said counterparts taken
together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by
facsimile or other electronic transmission (including without limitation Adobe pdf file) shall be effective as delivery of a manually
executed counterpart hereof.

 

Section
6.       Reaffirmation

 

Each of Holdings and
the Borrower, by its signature below, hereby affirms and confirms that on and after the Waiver Effective Date (i) its obligations
under each of the Loan Documents to which it is a party and (ii) its guarantee of the Obligations and the pledge of and/or grant
of a security interest in its assets as Collateral to secure the Obligations, and acknowledges and agrees that such guarantee,
pledge and/or grant continue in full force and effect in respect of, and to secure, the Obligations.

 

Section
7.       Lender Signatures

 

Each Lender that signs
a signature page to this Waiver shall be deemed to have approved this Waiver and shall be further deemed for the purposes of the
Loan Documents to have approved this Waiver. Each Lender signatory to this Waiver agrees that such Lender shall not be entitled
to receive a copy of any other Lender’s signature page to this Waiver, but agrees that a copy of such signature page may
be delivered to Holdings, the Borrower and the Administrative Agent.

 

Section
8.       Governing Law

 

THIS WAIVER AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES UNDER THIS WAIVER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK.

 

Section
9.       Section Titles

 

The section titles contained
in this Waiver are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement
between the parties hereto, except when used to reference a section.

 

Section
10.   Notices

 

All communications and
notices hereunder shall be given as provided in the Credit Agreement.

 

    -5-

     

    

 

Section
11.   Severability

 

Any provision of this
Waiver that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section
12.   Successors

 

The terms of this Waiver
shall be binding upon, and shall inure to the benefit of, the Lenders, the parties hereto and their respective successors and permitted
assigns.

 

Section
13.   Submission to Jurisdiction; Waiver of Jury Trial

 

Sections 14.3 and 14.4 of the Credit Agreement
are incorporated by reference herein mutatis mutandis.

 

Section
14.   Acknowledgements.

 

Each of Holdings and
the Borrower hereby acknowledges that:

 

(a)               
it has been advised by counsel in the negotiation, execution and delivery of this Waiver;

 

(b)               
neither any Agent nor any Lender has any fiduciary relationship with or duty to each of Holdings and the Borrower
arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between any Agent
and Lenders, on one hand, and each of Holdings and the Borrower, on the other hand, in connection herewith or therewith is solely
that of debtor and creditor; and

 

(c)               
no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions
contemplated hereby among the Lenders or among Holdings, the Borrower and the Lenders.

 

[Signature pages follow.]

 

    -6-

     

    

 

In
Witness Whereof, the parties hereto have caused this Waiver to be executed by their respective officers thereunto
duly authorized, as of the date first written above.

 

	 	PROPETRO SERVICES, INC., as Borrower
	 	 	 
	 	By:  	/s/ Darin G. Holderness
	 	 	Name: Darin G. Holderness
	 	 	Title: Chief Financial Officer
	 	 	 
	 	PROPETRO HOLDING CORP, as Holdings
	 	 
	 	By:	/s/ Darin G. Holderness
	 	 	Name: Darin G. Holderness
	 	 	Title: Chief Financial Officer

 

[Signature Page to ABL Facility Waiver]

 

     

     

    

 

	 	BARCLAYS
    BANK PLC, as Administrative Agent and a Lender
	 	 
	 	By:  
    	/s/
    Sydney G. Dennis
	 	 	Name:  	Sydney
    G. Dennis
	 	 	Title:
    	Director

 

[Signature Page to ABL Facility Waiver]

 

    

     

    

 

	 	JPMorgan
    Chase Bank, N.A., as Lender
	 	 
	 	By:  	/s/
    Jorge Diaz Granados
	 	 	Name:
     	Jorge
    Diaz Granados
	 	 	Title:
    	Authorized
    Officer

 

[Signature Page to ABL Facility Waiver]

 

    

     

    

 

	 	Goldman
    Sachs Bank USA, as Lender
	 	 
	 	By:  	/s/
    David K. Gaskell
	 	 	Name:
    	David
    K. Gaskell
	 	 	Title:	Authorized
    Signer

 

[Signature Page to ABL Facility Waiver]

 

    

     

    

 

	 	CREDIT
    SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
	 	 
	 	By:  	/s/
    Nupur Kumar
	 	 	Name:
    	Nupur
    Kumar
	 	 	Title:
    	Authorized
    Signatory
	 	 
	 	By:
    	/s/
    Christopher Zybrick
	 	 	Name:
    	Christopher
    Zybrick
	 	 	Title:
    	Authorized
    Signatory

 

[Signature Page to ABL Facility Waiver]

 

    

     

    

 

	 	Royal
    Bank of Canada, as Lender
	 	 
	 	By:  	/s/
    Katy Berkemeyer
	 	 	Name:
    	Katy
    Berkemeyer
	 	 	Title:
    	Authorized
    Signatory

 

[Signature Page to ABL Facility Waiver]

 

    

     

    

 

	 	Siemens
    Financial Services, Inc., as Lender
	 	 
	 	By:  
    	/s/
    Maria Levy
	 	 	Name:
    	Maria
    Levy
	 	 	Title:
    	Authorized
    Signatory
	 	 
	 	By:	/s/
    John Finore
	 	 	Name:
    	John
    Finore
	 	 	Title:
    	Vice
    President

 

[Signature Page to ABL Facility Waiver]EX-10.1

 Exhibit 10.1 
  

 
 June 19th 2020 
 Luis Felipe
Visoso 
 Dear Luis: 
 I am pleased to offer you the
opportunity to join Palo Alto Networks, Inc. (the “Company”) in the position of Chief Financial Officer, reporting to the Chief Executive Officer. I am confident that you will find the position tremendously challenging and
rewarding. The terms of this offer are contingent upon the satisfactory completion of a background and reference check. We intend that your start date will be July 1st, 2020. This Agreement will be effective on your actual start date (the
“Effective Date”). 
 Compensation. Your salary will be $600,000 USD per year, less payroll deductions and all required withholdings. You
will be paid semi-monthly and you will be eligible for standard Company benefits. Most insurance benefits will be effective on your start date. Your position will be full time, Exempt employment. In addition within the first month of your employment
you will be paid a one time payment of $2,000,000 USD. If you leave your employment voluntarily within 24 months you will be required to repay this on a pro rata basis. 

Variable Incentive Program (“VIP”). Additionally, you will be eligible for an annual variable incentive target of 100% of your base salary
(less payroll deductions and all required withholdings) in accordance with the applicable Palo Alto Networks incentive compensation plan, details are attached. 

Benefits. You will be eligible for the Company’s standard employee benefit programs including paid time off, medical, dental, and vision coverage,
and a 401(k) retirement program subject to the applicable plan terms. Details about these benefits will be made available to you for your review. 
 You
should note that the Company retains the right to modify, in its sole discretion, any or all these preceding terms of employment from time to time as is deemed necessary. 

Equity. The management of Palo Alto Networks, Inc. (hereafter the “Company”) will recommend to the Compensation Committee of the Board of
Directors (the “Committee”) that you be granted a restricted stock unit (“RSU”) award with a value of $12,000,000 vesting over 4 years as described herein. The number of shares you receive will be determined by dividing this
value by the average closing price of the Company’s common stock over the 30 calendar days prior to the 15th day of the month in which the grant occurs. If you are hired on or before the 15th of the month your grant should occur on the 20th of
that month. If you are hired after the 15th of the month, your grant should occur on the 20th of the following month. The RSUs will vest over a 4-year period from the grant date subject to you being a Service
Provider (as defined in the Company’s 2012 Equity Incentive Plan (the “Plan”)) through each vesting date. One-third (1/3) of the RSUs shall vest on the
one-year anniversary of the grant date; One-fourth (1/4) shall vest during the second year in four equal quarterly increments;
One-fourth (1/4) shall vest during the third year in four equal quarterly increments; and One-sixth (1/6) shall vest during the fourth year in four equal quarterly
increments. Specific terms and conditions will be provided after approval from the Compensation Committee of the Board of Directors. 

  
 Palo Alto Networks | 3000
Tannery Way | Santa Clara, Ca 95054 | Main: 408.753.4000 | paloaltonetworks.com 

					
		  		  	

  

 Termination Benefits. 

(a)    Following a Change in Control. In the event that there is a Change in Control of the Company and the Company or its successor
terminates your employment other than for Cause, or you terminate your employment for Good Reason, in either case upon or within 12 months following the Change in Control, then you will be entitled to receive: 

(i)    a lump-sum payment equal to your then-current annual base salary; and 

(ii)    accelerated vesting of the RSUs, and any other then-outstanding unvested time-based equity awards, equal to the
shares that would have vested by the 12 month anniversary of your last date of employment. 
 (b)    Other Termination. In the
event that your employment is terminated by the Company other than for Cause, at any time before a Change in Control or more than 12 months following a Change in Control, then you will receive a lump sum payment equal to 12 months of your then
current base salary. 
 (c)    Form and Timing of Payment. This Section will not apply unless you (i) have returned all
Company property in your possession, (ii) have resigned as a member of the Board of the Company and all of its subsidiaries, to the extent applicable, and (iii) have executed a general release of all claims that you may have against the
Company or persons affiliated with the Company. The release must be in the form prescribed by the Company. You must execute and return the release on or before the date specified by the Company in the prescribed form (the “Release
Deadline”). The Release Deadline will in no event be later than 50 days after your separation. If you fail to return the release on or before the Release Deadline, or if you revoke the release, then you will not be entitled to the benefits
described in this Section. The severance payments will be paid in lump sum and/or commence, as applicable, following the effectiveness of the release within 60 days after your separation and, once they commence, will include a catch-up payment covering the amount that would have otherwise been paid during the period between your termination of employment and the first payment date but for the application of this provision. Notwithstanding
the foregoing, if the 60-day period described in the preceding sentence spans two calendar years and/or if your severance payments are Deferred Payments (as defined below), then the payments will be paid in
lump sum and/or commence, as applicable, on the 60th day following your termination of employment, subject to Section 6. 

  
 Palo Alto Networks | 3000
Tannery Way | Santa Clara, Ca 95054 | Main: 408.753.4000 | paloaltonetworks.com 

					
		  		  	

  

 (d)    Definitions. 

(i)    For purposes of this Agreement, “Cause” shall mean: (i) conviction of any felony or any crime
involving moral turpitude or dishonesty; (ii) participation in intentional fraud or an act of willful dishonesty against the Company; (iii) willful breach of the Company’s policies which materially harms the Company;
(iv) intentional damage of a substantial amount of the Company’s property; (v) willful and material breach of this agreement or Employee Invention Assignment and Confidentiality Agreement; or (vi) a willful failure or refusal in
a material respect by you to follow the lawful, reasonable policies or directions of the Company as specified by the Board after being provided with notice of such failure, such notice specifying in reasonable detail the tasks which must be
accomplished and a timeline for the accomplishment to avoid termination for Cause, and an opportunity to cure within 30 days of receipt of such notice. 

(ii)    For purposes of this Agreement, “Good Reason” shall mean: (i) a material reduction in your
authority, status, obligations or responsibilities, provided that following a Change in Control a change in title alone (not accompanied by a change in authority, status, obligations or responsibilities) shall not constitute a material reduction;
(ii) a reduction of your total annual compensation of more than 10% unless such reduction is no greater (in percentage terms) than compensation reductions imposed on substantially all of the Company’s employees pursuant to a directive of
the Board; (iii) any failure by the Company to pay your base salary; (iv) the relocation of the principal place of the Company’s business to a location that is more than 35 miles further from your home than before the relocation; or
(v) the Company’s material breach of this Agreement. Your resignation must occur within 12 months after one of the foregoing conditions has come into existence without your consent. A resignation for Good Reason will not be deemed to have
occurred unless you give the Company written notice of the condition within 90 days after the condition comes into existence and the Company fails to remedy the condition within 30 days after receiving your written notice. 

(iii)    For purposes of this Agreement, “Change in Control” shall mean: (i) the sale or other disposition
of all or substantially all of the assets of the Company; (ii) any sale or exchange of the capital stock of the Company by the stockholders of the Company in one transaction or series of related transactions where more than 50% of the
outstanding voting power of the Company is acquired by a person or entity or group of related persons or entities; (iii) any reorganization, consolidation or merger of the Company where the outstanding voting securities of the Company
immediately before the transaction represent or are converted into less than 50% of the outstanding voting power of the surviving entity (or its parent corporation) immediately after the transaction; or (iv) the consummation of the acquisition
of 51% or more of the outstanding stock of the Company pursuant to a tender offer validly made under any federal or state law (other than a tender offer by the Company). Notwithstanding the foregoing, a transaction will not be deemed a Change in
Control unless the transaction qualifies as a change in control event within the meaning of Section 409A. 

  
 Palo Alto Networks | 3000
Tannery Way | Santa Clara, Ca 95054 | Main: 408.753.4000 | paloaltonetworks.com 

					
		  		  	

  

 Section 280G. If any payments and other benefits provided for in this Agreement or
otherwise constitute “parachute payments” within the meaning of Section 280G of the Code and, but for this Section, would be subject to the excise tax imposed by Section 4999 of the Code, then payments and other benefits will be
payable to you either in full or in such lesser amounts as would result, after taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, on your receipt on an after-tax basis of the greatest amount of payments and other benefits, by reducing payments in the following order: (i) cancellation of accelerated vesting of stock options that are out-of-the-money; (ii) reduction in cash payments; (iii) cancellation of accelerated vesting of all equity awards that are
not out-of-the-money stock options; and (iv) other employee benefits. In the event that acceleration of vesting of equity
award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant. The Company will select a professional services firm to make all of the determinations required to be made under this
section relating to parachute payments. The Company will bear all costs the firm may reasonably incur in connection with any calculations contemplated by these paragraphs relating to parachute payments. 

Section 409A. For purposes of this Agreement, a termination of employment will be determined consistent with the rules relating to a
“separation from service” as defined in Section 409A of the Code and the regulations thereunder (“Section 409A”). Notwithstanding anything else provided herein, to the extent any payments provided under this Agreement
in connection with your termination of employment constitute deferred compensation subject to Section 409A (“Deferred Payments”), and you are deemed at the time of such termination of employment to be a “specified employee”
under Section 409A, then such payment shall not be made or commence until the earlier of (i) the expiration of the 6-month period measured from your separation from service from the Company or
(ii) the date of your death following such a separation from service; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to you including, without limitation, the additional tax
for which you would otherwise be liable under Section 409A(a)(1)(B) in the absence of such a deferral. The first payment thereof will include a catch-up payment covering the amount that would have
otherwise been paid during the period between your termination of employment and the first payment date but for the application of this provision, and the balance of the installments (if any) will be payable in accordance with their original
schedule. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder comply with Section 409A. To the extent any
payment under this Agreement may be classified as a “short-term deferral” within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A
under another provision of Section 409A. Payments pursuant to this Agreement are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 

ESPP. You may be eligible to participate in Palo Alto Networks Employee Stock Purchase Plan, under the terms and conditions of the Plan, which allows
you to purchase the Company stock at a discount from fair market value. We will provide further details and enrollment information after your start date. Please understand that this and all other Company benefits are subject to change, including
discontinuation at the Company’s discretion. 

  
 Palo Alto Networks | 3000
Tannery Way | Santa Clara, Ca 95054 | Main: 408.753.4000 | paloaltonetworks.com 

					
		  		  	

  

 Relocation. You will be paid the gross amount of $150,000 USD as a relocation assistance payment which
is intended to assist you with the costs of relocation to the Bay Area. By signing this letter and accepting the funds, you agree that if you voluntarily resign from your position from the Company within one year of your start date, you will be
required to repay the relocation assistance payment to the Company. 
 Confidentiality. As a Company employee, you will be expected to abide by
Company rules and policies. You will also have access to certain confidential information of the Company, and you may, during the course of your employment, develop certain information or inventions that will be the property of the Company. To
protect the interests of the Company, you will need to sign the Company’s standard “Employee Invention Assignment and Confidentiality Agreement” as a condition of your employment. We wish to impress upon you that we do not want you
to, and we hereby direct you not to, bring with you any confidential or proprietary material of any former employer or to violate any other obligations you may have to any former employer. Rather, you will be expected to use only that information
which is generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company. You
agree that you will not bring onto Company premises any unpublished documents or property belonging to any former employer or other person to whom you have an obligation of confidentiality. You represent that your signing of this offer letter and
the Company’s Employee Invention Assignment and Confidentiality Agreement, and your commencement of employment with the Company will not violate any agreement currently in place between yourself and current or past employers. 

Non-disparagement. During the period that you render services to the Company, you must not make false
statements about a competitor or other disparaging comments about them. This does not affect your ability to make true, factual statements about competitors, their products, and/or services. 

Duty of Loyalty. During your employment, you agree not to engage in any employment, business or activity that is in any way competitive with the
business or proposed business of the Company. You will disclose to the Company in writing any other gainful employment, business or activity that you are currently associated with or participate in that competes with the Company. You will not assist
any other person or organization in competing with the Company or in preparing to engage in competition with the business or proposed business of the Company. 

At Will Employment. Your employment with the Company is for no specified time and constitutes at will employment. As a result, you are free to
terminate your employment with the Company at any time and for any reason whatsoever simply by notifying the Company. Likewise, the Company is free to conclude its employment relationship with you at any time and for any reason whatsoever, with or
without cause or advance notice. Any modification or change in your at will employment status may only occur by way of a written employment agreement signed by you and the Chief Executive Officer of the Company. 

  
 Palo Alto Networks | 3000
Tannery Way | Santa Clara, Ca 95054 | Main: 408.753.4000 | paloaltonetworks.com 

					
		  		  	

  

 Complete Agreement. This letter, together with your Employee Invention Assignment and Confidentiality
Agreement, forms the complete and exclusive statement of your employment agreement with the Company. The employment terms in this letter supersede any other agreements or promises made to you by anyone, whether oral or written. 

Proof of Authorization to Work in the U.S. As required by law, this offer is subject to satisfactory proof of your right to work in the United States.
Within three (3) business days of starting your new position you will need to present documentation demonstrating that you have authorization to work in the United States. If you have questions about this requirement, which applies to U.S.
citizens and non-U.S. citizens alike, you may contact Human Resources. If you require Visa sponsorship or transfer assistance, please contact HRConnect@paloaltonetworks.com before your start date. 

Orientation. If your hire date falls on a Monday, you will also receive a calendar invite the week before your start date inviting you to
attend New Hire Orientation. If you are remote but will be in Head Quarters on your first day, please let your recruiter know. Should your start date fall on Tuesday through Friday, your hiring manager will contact you with your first
day details. 
 To indicate your acceptance of the Company’s employment offer, please sign and date this letter in the space provided below and return
it to me. This offer will expire at 11.00 AM PST on June 21st, 2020. 
 I know I speak for the rest of the team in saying that we are looking forward
to working with you as you bring your unique and significant skills to the Company. 
 Sincerely, 

 

	
	 /s/ Liane Hornsey

	Liane Hornsey, Chief People Officer
	Palo Alto Networks, Inc.

  
 Palo Alto Networks | 3000
Tannery Way | Santa Clara, Ca 95054 | Main: 408.753.4000 | paloaltonetworks.com 

					
		  		  	

  

 I have read and understood this offer letter and hereby acknowledge, accept and agree to the terms as set
forth above and further acknowledge that no other commitments were made to me as part of my employment offer except as specifically set forth herein: 
  

	
	 /s/ Luis Felipe Visoso

	Luis Felipe Visoso
	
	 June 19, 2020

	Date
	
	 July 1st, 2020

	Employment Start Date

 Attachment: Employee Invention Assignment and Confidentiality Agreement 

  
 Palo Alto Networks | 3000
Tannery Way | Santa Clara, Ca 95054 | Main: 408.753.4000 | paloaltonetworks.com 

 EMPLOYEE INVENTION ASSIGNMENT AND 

CONFIDENTIALITY AGREEMENT 

In consideration of, and as a condition of my employment with Palo Alto Networks, Inc., a Delaware Corporation (collectively the
“Company”), I hereby represent to, and agree with the Company as follows: 

1.    Purpose of Agreement. I understand that the Company is engaged in a continuous
program of research, development, production and marketing in connection with its business and that it is critical for the Company to preserve and protect its “Proprietary Information” (as defined in Section 7 below),
its rights in “Inventions” (as defined in Section 2 below) and in all related intellectual property rights. Accordingly, I am entering into this Employee Invention Assignment and Confidentiality Agreement (this
“Agreement”) as a condition of my employment with the Company, whether or not I am expected to create inventions of value for the Company. 

2.    Disclosure of Inventions. I will promptly disclose in confidence to the Company all
inventions, improvements, designs, original works of authorship, formulas, processes, computer software programs, databases, mask works and trade secrets that I make or conceive or first reduce to practice or create, either alone or jointly with
others, during the period of my employment, whether or not in the course of my employment, and whether or not patentable, copyrightable or protectable as trade secrets (the “Inventions”). 

3.    Work for Hire; Assignment of Inventions; License. I acknowledge and agree that any
copyrightable works prepared by me within the scope of my employment are “works for hire” under the Copyright Act and that the Company will be considered the author and owner of such copyrightable works. I agree that all Inventions that
(i) are developed using equipment, supplies, facilities or trade secrets of the Company, (ii) result from work performed by me for the Company, or (iii) relate to the Company’s business or current or anticipated research and
development (the “Assigned Inventions”), will be the sole and exclusive property of the Company and are hereby irrevocably assigned by me to the Company. To the extent such assignment is not effective, I hereby irrevocably
grant to the Company a royalty free, fully paid up, perpetual, transferable, worldwide exclusive license (with the right to sublicense) to make, have made, copy, modify, make derivative works of, use, offer to sell, sell, import, and otherwise
distribute such Assigned Inventions. Attached hereto as Exhibit A is a list describing all inventions, original works of authorship, developments and trade secrets which were made by me prior to the date of this Agreement, which belong to me
and which are not or were not assigned to the Company or an affiliate of the Company (“Prior Inventions”). I acknowledge and agree that if I use any of my Prior Inventions or Excluded Inventions (as defined
below) in the scope of my employment, or include them in any product, process or service of the Company (with or without the Company’s consent), I hereby grant to the Company a perpetual, irrevocable, nonexclusive, world-wide, royalty-free,
fully paid-up, transferable, license to use, disclose, make, have made, sell, offer to sell, reproduce, distribute, modify, create works based on, perform, display, import, and exploit in any other way such
Prior Inventions or Excluded Inventions, to practice any method related thereto, and to sublicense third parties with the same rights. If no list of Prior Inventions or Exhibit A is completed and/or attached hereto, I represent that I have no
Prior Inventions at the time of signing this Agreement. 
 4.    Labor Code Section 2870
Notice. I have been notified and understand that the provisions of Sections 3 and 5 of this Agreement do not apply to any invention which qualifies fully under the provisions of Section 2870 of the California Labor Code
(an “Excluded Invention”), which states as follows: 
 ANY PROVISION IN AN EMPLOYMENT AGREEMENT WHICH PROVIDES THAT
AN EMPLOYEE SHALL ASSIGN, OR OFFER TO ASSIGN, ANY OF HIS OR HER RIGHTS IN AN INVENTION TO HIS OR HER EMPLOYER SHALL NOT APPLY TO AN INVENTION THAT THE EMPLOYEE DEVELOPED ENTIRELY ON HIS OR HER OWN TIME WITHOUT USING THE EMPLOYER’S EQUIPMENT,
SUPPLIES, FACILITIES, OR TRADE SECRET INFORMATION EXCEPT FOR THOSE INVENTIONS THAT EITHER: (1) RELATE AT THE TIME OF CONCEPTION OR REDUCTION TO PRACTICE OF THE INVENTION TO THE EMPLOYER’S BUSINESS, OR ACTUAL OR DEMONSTRABLY ANTICIPATED
RESEARCH OR DEVELOPMENT OF THE EMPLOYER; OR (2) RESULT FROM ANY WORK 

  
 Employee Invention
Assignment and Confidentiality Agreement 201901 – Page 1 of 7 

 PERFORMED BY THE EMPLOYEE FOR THE EMPLOYER. TO THE EXTENT A PROVISION IN AN EMPLOYMENT
AGREEMENT PURPORTS TO REQUIRE AN EMPLOYEE TO ASSIGN AN INVENTION OTHERWISE EXCLUDED FROM BEING REQUIRED TO BE ASSIGNED UNDER CALIFORNIA LABOR CODE SECTION 2870(a), THE PROVISION IS AGAINST THE PUBLIC POLICY OF THIS STATE AND IS UNENFORCEABLE. 

I WILL ADVISE THE COMPANY PROMPTLY IN WRITING OF ANY INVENTIONS THAT I BELIEVE ARE EXCLUDED INVENTIONS TO PERMIT A DETERMINATION OF OWNERSHIP BY THE COMPANY.
ANY SUCH DISCLOSURE WILL BE RECEIVED IN CONFIDENCE. I will not incorporate, or permit to be incorporated, any Excluded Invention into a Company product, process, or service without the Company’s prior written consent. Notwithstanding the
foregoing sentence, if, in the course of my employment with the Company, I incorporate into a Company product, process, or service an Excluded Invention owned by me or in which I have an interest, the license with respect to Excluded Inventions set
forth in Section 3 applies to the Company’s exploitation of that Excluded Invention. 

5.    Assignment of Other Rights. In addition to the foregoing assignment of
Assigned Inventions to the Company, I hereby irrevocably transfer and assign to the Company: (i) all worldwide patents, patent applications, copyrights, mask works, trade secrets and other intellectual property rights, including but not limited
to rights in databases, in any Assigned Inventions, along with any registrations of or applications to register such rights; and (ii) any and all “Moral Rights” (as defined below) that I may have in or with respect to any Assigned
Inventions. I also hereby forever waive and agree never to assert any and all Moral Rights I may have in or with respect to any Assigned Inventions, even after termination of my work on behalf of the Company. “Moral
Rights” mean any rights to claim authorship of or credit on an Assigned Inventions, to object to or prevent the modification or destruction of any Assigned Inventions or Prior Inventions licensed to Company under
Section 3, or to withdraw from circulation or control the publication or distribution of any Assigned Inventions or Prior Inventions licensed to Company under Section 3, and any similar right, existing under judicial or statutory law of
any country or subdivision thereof in the world, or under any treaty, regardless of whether or not such right is denominated or generally referred to as a “moral right.” 

6.    Assistance. I agree to assist the Company in every proper way to obtain for the Company
and enforce patents, copyrights, mask work rights, trade secret rights and other legal protections for the Company’s Assigned Inventions in any and all countries. I will execute any documents that the Company may reasonably request for use in
obtaining or enforcing such patents, copyrights, mask work rights, trade secrets and other legal protections. My obligations under this paragraph will continue beyond the termination of my employment with the Company, provided that the Company will
compensate me at a reasonable rate after such termination for time and expenses actually spent by me at the Company’s request on such assistance. I appoint the Secretary of the Company as my attorney-in-fact to execute documents on my behalf for this purpose. 

7.    Proprietary Information. I understand that my employment by the Company creates a
relationship of confidence and trust with respect to any information of a confidential or secret nature that may be disclosed to me by the Company or a third party that relates to the business of the Company or to the business of any parent,
subsidiary, affiliate, customer or supplier of the Company or any other party with whom the Company agrees to hold information of such party in confidence (the “Proprietary Information”). Such Proprietary Information
includes, but is not limited to, Assigned Inventions, marketing plans, product plans, business strategies, financial information, forecasts, personnel information, customer lists and data (including, but not limited to, customers of the Company on
which I called or with which I may become acquainted during the term of my employment), domain names, software, developments, discoveries, ideas, processes, formulas, technology, designs, drawings, engineering, hardware configuration information,
and other business information disclosed by the Company either directly or indirectly in writing, orally or by drawings or inspection of premises, parts, equipment, or other Company property, or disclosed by any parent, subsidiary, affiliate,
customer or supplier of the Company or any other party with whom the Company agrees to hold information of such party in confidence (“Associated Third Parties”). Notwithstanding the foregoing, Proprietary Information shall
not include any such information which I can establish (i) was publicly known or made generally available prior to the time of disclosure by the Company or Associated Third Parties to me; (ii) becomes publicly known or made generally
available after disclosure by the Company or Associated Third 

  
 Employee Invention
Assignment and Confidentiality Agreement 201901 – Page 2 of 7 

 
Parties to me through no wrongful action or omission by me; or (iii) is in my rightful possession, without confidentiality obligations, at the time of disclosure by the Company or Associated
Third Parties as shown by my then-contemporaneous written records; provided that any combination of individual items of information shall not be deemed to be within any of the foregoing exceptions merely because one or more of the individual items
are within such exception, unless the combination as a whole is within such exception. I understand that nothing in this Agreement is intended to limit my rights to discuss the terms, wages, and working conditions of my employment, as protected by
applicable law. 
 8.    Confidentiality. At all times, throughout my entire employment and
after its termination, I will keep and hold all such Proprietary Information in strict confidence and trust. I will not use or disclose any Proprietary Information without the prior written consent of the General Counsel, except as may be necessary
to perform my duties as an employee of the Company for the benefit of the Company. I understand that nothing in this Agreement prohibits me communicating with, or responding to any inquiry from, or providing testimony before, any state or federal
regulatory agencies (including under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010) with regard to such information without first obtaining permission from the Company. However, I agree to notify such agency of the
confidential nature of the information provided and request that necessary steps be taken to maintain its confidentiality. I further understand that I am not permitted to disclose the Company’s attorney-client privileged communications or
attorney work product. In addition, I hereby acknowledge that the Company has provided me with notice in compliance with the Defend Trade Secrets Act of 2016 regarding immunity from liability for limited disclosures of trade secrets. The full text
of the notice is attached in Exhibit B. Upon termination of my employment with the Company or upon earlier request by the Company, I will promptly deliver to the Company any and all Company property, including but not limited to
all documents, data, equipment, and materials (whether tangible or electronic) of any nature pertaining to my work with the Company and, upon Company request, will execute a document confirming my agreement to honor my responsibilities contained in
this Agreement. Upon termination of my employment with the Company, I will not take with me or retain any Company property, including but not limited to any documents, data, equipment, or materials or copies thereof containing any Proprietary
Information. 
 9.    No Breach of Prior Agreement. I represent that my performance of all
the terms of this Agreement and my duties as an employee of the Company will not breach any invention assignment, proprietary information, confidentiality or similar agreement with any former employer or other party. I represent that I will not
bring with me to the Company or use in the performance of my duties for the Company any documents or materials or intangibles of a former employer or third party that are not generally available to the public or have not been legally transferred to
the Company. 
 10.    Efforts; Duty Not to Compete. I understand that my employment
with the Company requires my undivided attention and effort during normal business hours. While I am employed by the Company, I will not provide services to, or assist in any manner, any business or third party that competes with the current or
planned business of the Company, nor will I, without the prior written approval of (i) the Legal Ethics and Compliance team, or (ii) the Board of Directors of the Company if I am an executive officer of the Company, engage in any other
professional employment or consulting. 
 11.    Notification. I hereby authorize the
Company to notify third parties, including, without limitation, customers and actual or potential employers, of the terms of this Agreement and my responsibilities hereunder. 

12.    Non-Solicitation of Employees/Consultants.
During my employment with the Company and for a period of one (1) year thereafter, I will not directly or indirectly solicit away employees or consultants of the Company for my own benefit or for the benefit of any other person or entity.

 13.    Injunctive Relief. I understand that in the event of a breach or threatened breach
of this Agreement by me the Company may suffer irreparable harm and will therefore be entitled to injunctive relief to enforce this Agreement. 

14.    Governing Law; Severability. This Agreement will be governed by and construed in
accordance with the laws of the State of California, without giving effect to its laws pertaining to conflict of laws that would result in the application of the laws of another jurisdiction. To the extent my agreements with the Company permit any
lawsuit, I hereby expressly consent to the personal and exclusive jurisdiction and venue 

  
 Employee Invention
Assignment and Confidentiality Agreement 201901 – Page 3 of 7 

 
of the state and federal courts located in California for any lawsuit filed against me by the Company. If any provision of this Agreement is determined by any court or arbitrator of competent
jurisdiction to be invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision cannot be so enforced, such provision shall be
stricken from this Agreement and the remainder of this Agreement shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Agreement. 

15.    Counterparts. This Agreement may be executed in any number of counterparts, each of
which when so executed and delivered will be deemed an original, and all of which together shall constitute one and the same agreement. 

16.    Entire Agreement. This Agreement and the documents referred to herein
constitute the entire agreement and understanding of the parties with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, whether oral or written, between or among the parties hereto with respect
to the specific subject matter hereof. 
 17.    Amendment and Waivers. This Agreement may
be amended only by a written agreement executed by each of the parties hereto. No amendment of or waiver of, or modification of any obligation under this Agreement will be enforceable unless set forth in a writing signed by the party against which
enforcement is sought. Any amendment effected in accordance with this section will be binding upon all parties hereto and each of their respective successors and assigns. No delay or failure to require performance of any provision of this Agreement
shall constitute a waiver of that provision as to that or any other instance. No waiver granted under this Agreement as to any one provision herein shall constitute a subsequent waiver of such provision or of any other provision herein, nor shall it
constitute the waiver of any performance other than the actual performance specifically waived. 

18.    Successors and Assigns; Assignment. Except as otherwise provided in this Agreement,
this Agreement, and the rights and obligations of the parties hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors, administrators and legal representatives. The Company may assign any of
its rights and obligations under this Agreement. No other party to this Agreement may assign, whether voluntarily or by operation of law, any of its rights and obligations under this Agreement, except with the prior written consent of the Company.

 19.    Further Assurances. The parties agree to execute such further documents and
instruments and to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Agreement. 

20.     “At Will” Employment. I understand that this Agreement
does not constitute a contract of employment or obligate the Company to employ me for any stated period of time. I understand that I am an “at will” employee of the Company and that my employment can be terminated at any time, with or
without notice and with or without cause, for any reason or for no reason, by either the Company or myself. I acknowledge that any statements or representations to the contrary are ineffective, unless put into a writing signed by the Chief Executive
Officer. I further acknowledge that my participation in any stock option or benefit program is not to be construed as any assurance of continuing employment for any particular period of time. This Agreement shall be effective as of the first day of
my employment by the Company, but subject to Section 21. 
 21.    Applicability to Past
Activities. The Company and I acknowledge that I have been engaged to provide services by the Company or one of its affiliates for a period of time prior to the date of this Agreement (the “Prior Engagement Period”).
Accordingly, I agree that if and to the extent that, during the Prior Engagement Period: (i) I received access to any information from or on behalf of the Company that would have been Proprietary Information if I received access to such
information during the period of my employment with the Company under this Agreement; or (ii) I conceived, created, authored, invented, developed or reduced to practice any item, including any intellectual property rights with respect thereto,
that would have been an Assigned Invention if conceived, created, authored, invented, developed or reduced to practice during the period of my employment with the Company under this Agreement (subject to Section 4); then any such information
shall be deemed Proprietary Information hereunder and any such item shall be deemed an Assigned Invention hereunder (subject to Section 4), and this Agreement shall apply to such information or 

  
 Employee Invention
Assignment and Confidentiality Agreement 201901 – Page 4 of 7 

 
item as if conceived, created, authored, invented, developed or reduced to practice under this Agreement. For purposes of Section 4, to the extent allowed under applicable law, references to
“employer” or “the Company” will be construed to include any affiliates of Company that I have been previously employed by. 
  

	
	 Agreed:
  

  Employee:

	
	 /s/ Luis Felipe Visoso

	  Signature
	
	 Luis Felipe Visoso

	  Name (Please Print)
	
	 6/19/2020

	  Date

  
 Employee Invention
Assignment and Confidentiality Agreement 201901 – Page 5 of 7 

 EXHIBIT A 

SCHEDULE OF PRIOR INVENTIONS 
  

	1.	 The following is a complete list of all Prior Inventions relevant to the subject matter of my employment by the
Company that have been made or discovered or conceived or first reduced to practice by me or jointly with others prior to my employment by the Company that I desire to remove from the operation of the Company’s Employee Invention Assignment and
Confidentiality Agreement: 

  

					
		 	    X    	  	No inventions or improvements.
			
		 	           	  	Additional sheets attached.
			
		 		  	See below:

  

	2.	 I propose to bring to my employment the following materials and documents of a former employer:

  

					
		 	    X    	  	No materials or documents.
			
		 	           	  	Additional sheets attached.
			
		 		  	See below:

  

			
	/s/ Luis Felipe Visoso	  	6/19/2020
	  

	Employee Signature	  	Date

  
 Employee Invention
Assignment and Confidentiality Agreement 201901 – Page 6 of 7 

 EXHIBIT B 

SECTION 7 OF THE DEFEND TRADE SECRETS ACT OF 2016 

“ . . . An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a
trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation
of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal        An individual who files a lawsuit for retaliation by an employer
for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual—(A) files any document containing the trade secret under
seal; and (B) does not disclose the trade secret, except pursuant to court order.” 

  
 Employee Invention
Assignment and Confidentiality Agreement 201901 – Page 7 of 7

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