Document:

Exhibit

LIFEVANTAGE CORPORATION CASH SETTLED
PERFORMANCE BASED LONG TERM INCENTIVE PLAN
PERFORMANCE UNIT AGREEMENT – FY2016 THROUGH FY2018
The Company hereby awards Performance Units to the Participant named below.  The terms and conditions of the Award are set forth in this cover sheet, in the attached Performance Unit Agreement and in the LifeVantage Corporation Cash Settled Performance Based Long Term Incentive Plan as it may be amended from time to time (the “Plan”).  This cover sheet is incorporated into and made a part of the attached Performance Unit Agreement (together, the “Agreement”).

Date of Award:     __________________, 2015
Name of Participant (“you”):     
Target Number of Performance Units Awarded:    
Maximum Number of Performance Units Achievable: [120% of target award]
Total Performance Units Consist of Following Three Groupings:
Target Performance Units Fiscal Year 2016: [1/3 of above target rounded to whole number]. Maximum Number of Performance Units Achievable: [FY14 target X 120%]
Target Performance Units Fiscal Year 2017: [1/3 of above target rounded to whole number]. Maximum Number of Performance Units Achievable: [FY15 target X 120%]
Target    Performance Units Fiscal Year 2018: [1/3 of above target rounded to whole number]. Maximum Number of Performance Units Achievable: [FY16 target X 120%]

By signing this cover sheet, you agree to all of the terms and conditions described in the Agreement and in the Plan.  You are also acknowledging receipt of this Agreement and a copy of the Plan.

Participant:     
(Signature)

Company:     
(Signature)

Title:    

Attachment 

LIFEVANTAGE CORPORATION CASH SETTLED
PERFORMANCE BASED LONG TERM INCENTIVE PLAN
PERFORMANCE UNIT AGREEMENT – FY2016 THROUGH FY2018

	
				
	 
	 
	The Plan and Other Agreements
	The text of the Plan is incorporated in this Agreement by reference.  You and the Company agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.  Unless otherwise defined in this Agreement, certain capitalized terms used in this Agreement are defined in the Plan.
This Agreement and the Plan constitute the entire understanding between you and the Company regarding this Award of Performance Units.  Any prior agreements, commitments or negotiations are superseded.
For purposes of this Agreement, the following terms have the below defined meanings:
“Performance Period” means the time period from July 1, 2015 through June 30, 2018 provided however that the Performance Period shall end earlier upon the date of any Change in Control.
“Qualifying Termination” means that Participant’s Service was terminated after July 1, 2016 due to either Participant’s death or Disability.
“Settlement Amount” means a cash amount that is equal to the sum (rounded to the nearest whole dollar) of: (i) Settlement Price FY16 multiplied by Vested Performance Units Fiscal Year 2016 plus (ii) Settlement Price FY17 multiplied by Vested Performance Units Fiscal Year 2017 plus (iii)  Settlement Price FY18 multiplied by Vested Performance Units Fiscal Year 2018.
“Settlement Price FY16” means the average of the Fair Market Values of a Share for the first ten trading days following the end of Fiscal Year 2016; provided however that if a Change in Control occurs on or before the tenth such trading day then “Settlement Price FY16” shall instead be the Fair Market Value of a Share as of the last trading day before the Change in Control.
“Settlement Price FY17” means the average of the Fair Market Values of a Share for the first ten trading days following the end of Fiscal Year 2017; provided however that if a Change in Control occurs (i) on or before the tenth such trading day and (ii) after Fiscal Year 2016, then “Settlement Price FY17” shall instead be the Fair Market Value of a Share as of the last trading day before the Change in Control.
“Settlement Price FY18” means the average of the Fair Market Values of a Share for the first ten trading days following the end of Fiscal Year 2018; provided however that if a Change in Control occurs (i) on or before the tenth such trading day and (ii) after Fiscal Year 2017, then “Settlement Price FY17” shall instead be the Fair Market Value of a Share as of the last trading day before the Change in Control.
“Settlement Time” means the time when a Vested Performance Unit is exchanged for cash and such event (if any) shall occur upon any date in the fourth calendar month after the end of the Performance Period or upon an earlier Change in Control. Participant must remain employed by the company through Settlement Time in order for the award to be earned.
“Vested Performance Unit” means, with respect to a Performance Unit subject to this Agreement, that such Performance Unit has become both Service-Based Vested and Performance-Based Vested as described below.  Participant must also remain employed by the company through Settlement Time in order for the award to be earned. 

	
				
	 
	 
	Award of Performance Units
	The Company awards Participant the number of Performance Units shown on the cover sheet of this Agreement.  The Award is subject to the terms and conditions of this Agreement and the Plan.

	
				
	 
	 
	Vesting
	As of the Date of Award, none of the Performance Units subject to this Agreement are Vested Performance Units.  Only Vested Performance Units are eligible to be exchanged for cash consideration. For any Performance Unit to become a Vested Performance Unit, two separate vesting requirements must each be satisfied as specified below.  
Service-Based Vested Requirement:  Subject to the next sentence, the Service-Based Vested requirements will be satisfied upon the end of the Performance Period only if Participant has continuously remained in Service from the Date of Award through the end of the Performance Period.  If there is a Qualifying Termination before the end of the Performance Period then the following number of Performance Units (rounded to the nearest whole number) shall become Service-Based Vested at the end of the Performance Period (and those Performance Units that do not become Service-Based Vested shall be forfeited without consideration):  the sum of (i) the quotient of the number of days elapsed in the Fiscal Year of the Qualifying Termination (determined as of the Termination Date) divided by the total number of days in that Fiscal Year (provided that if the Performance Period ends before the end of that Fiscal Year then only the total number of days in that Fiscal Year that occurred before the end of the Performance Period shall be used in the denominator),  multiplied by (ii) the total number of Performance Units subject to the Fiscal Year of the Termination Date, plus (iii) the total number of Performance Units subject to all prior completed Fiscal Years in the Performance Period.   No unvested Performance Units can become Service-Based Vested after Participant’s Service has terminated for any reason and any Performance Units that are not Service-Based Vested shall be forfeited without consideration on the Participant’s Termination Date. No unvested Performance Units for a future Fiscal Year can become Service-Based Vested after a Change in Control and any Performance Units that are not Service-Based Vested shall be forfeited without consideration upon such Change in Control.
Performance-Based Vested Requirement:  The Performance-Based Vested requirements are described in this section.  The Performance Units shall be subject to achievement of Performance Goals that will annually be prescribed by the Committee for one or more of each of the then remaining Fiscal Years that are contained within the Performance Period.  The Performance Goals for Fiscal Year 2016 are set forth below and it is expected that the Performance Goals for Fiscal Years 2017 and 201, respectively, will be provided by the Company to you in writing within the first 90 days of each such Fiscal Year (and you must timely execute such writing as a condition of this Award and such writing will then become a part of this Agreement).   Each respective set of annual Performance Goals will apply to the number of Performance Units designated above for the corresponding Fiscal Year in the Performance Period.  After the end of each Fiscal Year in the Performance Period, the Committee will determine the degree of satisfaction for that Fiscal Year’s Performance Goals and will determine what number of the Performance Units subject to that Fiscal Year’s Performance Goals will no longer be eligible to become Performance-Based Vested and which are therefore forfeited without consideration upon such Committee determination.  Additionally, after the end of the Performance Period, the Committee will make a cumulative determination as to what number (if any) of then outstanding Performance Units from any or all of the Fiscal Years in the Performance Period will be forfeited without consideration based on overall considerations and factors that the Committee elects to apply in its discretion notwithstanding the degree of attainment of the various Performance Goals over the Performance Period.  Notwithstanding the foregoing, the Committee will make all such performance vesting determinations no later than immediately before the occurrence of any Change in Control.  The number of remaining Performance Units (if any) that have not been forfeited after the Committee’s final determinations under this section shall then become Performance-Based Vested.
Fiscal Year 2016 Performance Goals: [INSERT]

	
				
	 
	 
	Settlement
	To the extent any Performance Units become Vested Performance Units and subject to satisfaction of any tax withholding obligations as discussed below, such Vested Performance Units will entitle you to receive payment in cash of the Settlement Amount at the Settlement Time.  Payment of the Settlement Amount shall be in complete satisfaction of such Vested Performance Units.  Such settled Vested Performance Units shall be immediately cancelled and no longer outstanding and you shall have no further rights or entitlements related to those settled Performance Units. Participant must be employed by the company at the Settlement Time in order for the award to be earned.

	 
	 
	Leaves of Absence
	For purposes of this Award, your Service does not terminate when you go on a bona fide leave of absence that was approved by the Company in writing, if the terms of the leave provide for Service crediting, or when Service crediting is required by applicable law.  Your Service terminates in any event when the approved leave ends unless you immediately return to active work.
The Company determines which leaves count for this purpose (along with determining the effect of a leave of absence on vesting of the Award), and when your Service terminates for all purposes under the Plan.

	 
	 
	Withholding Taxes
	You will be solely responsible for payment of any and all applicable taxes, including without limitation any penalties or interest based upon such tax obligations, associated with this Award.
Any payments to be provided to you under this Agreement shall be subject to applicable tax withholding as determined by the Company and the Company shall have the right to effect withholding from such payments in amounts that it determines in accordance with applicable laws. 

	 
	 
	Code Section 409A
	This Award will be administered and interpreted to comply with Code Section 409A.  Section 4(d) of the Plan will apply to this Award to the extent needed.

	 
	 
	Transfer of Award
	You cannot gift, transfer, assign, alienate, pledge, hypothecate, attach, sell, or encumber this Award.  If you attempt to do any of these things, this Award will immediately become invalid.  You may, however, dispose of this Award in your will or it may be transferred by the laws of descent and distribution.  Regardless of any marital property settlement agreement, the Company is not obligated to recognize your spouse’s interest in your Award in any other way.

	 
	 
	Retention Rights
	Your Award or this Agreement does not give you the right to be retained by the Company (or any Parent or any Subsidiaries or Affiliates) in any capacity.  The Company (or any Parent and any Subsidiaries or Affiliates) reserves the right to terminate your Service at any time and for any reason.
This Award is not intended to replace any compensation and is not to be considered compensation of a continuing or recurring nature, or part of your normal or expected compensation, and in no way represents any portion of your salary, compensation or other remuneration for any purpose.

	
				
	 
	 
	Shareholder Rights
	As a holder of Performance Units, you shall have no rights other than those of a general creditor of the Company.  A holder of outstanding Performance Units has none of the rights and privileges of a shareholder of the Company, including no right to vote or to receive dividends (if any).  Performance Units create no fiduciary duty of the Company to you and only represent an unfunded and unsecured contractual obligation of the Company.  The Performance Units shall not be treated as property or as a trust fund of any kind.

	 
	 
	Adjustments
	In the event of a stock split, a stock dividend or a similar change in the Company stock, the number of outstanding Performance Units covered by this Award may be adjusted (and rounded down to the nearest whole number) pursuant to the Plan. Your Performance Units shall be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate activity.

	 
	 
	Clawback Policy
	The Company may (i) cause the cancellation of this Award, (ii) require reimbursement of this Award and (iii) effect any other right of recoupment of equity or other compensation provided under the Plan or otherwise in accordance with the Company's Clawback Policy and/or applicable law.  In addition, you may be required to repay to the Company certain previously paid compensation, whether provided under the Plan or this Agreement or otherwise, in accordance with the Clawback Policy.  By accepting this Award, you are also agreeing to be bound by the Company’s Clawback Policy which may be amended from time to time by the Company in its discretion (including without limitation to comply with applicable laws or stock exchange requirements) and are further agreeing that this Award may be unilaterally amended by the Company to the extent needed to comply with the Clawback Policy.

	 
	 
	Applicable Law
	This Agreement will be interpreted and enforced under the laws of the State of Utah without reference to the conflicts of law provisions thereof and any action relating to this Agreement must be brought in state or federal courts located in Salt Lake County, Utah.

	 
	Binding Effect; No Third Party Beneficiaries
	This Agreement shall be binding upon and inure to the benefit of the Company and you and any respective heirs, representatives, successors and permitted assigns.  This Agreement shall not confer any rights or remedies upon any person other than the Company and you and any respective heirs, representatives, successors and permitted assigns.  The parties agree that this Agreement shall survive the settlement or termination of the Award.

	 
	 
	Voluntary Participant

	You acknowledge that you are voluntarily participating in the Plan.

	 
	 
	No Rights to Future Awards
	Your rights, if any, in respect of or in connection with this Award or any other Awards are derived solely from the discretionary decision of the Company to permit you to participate in the Plan and to benefit from a discretionary future Award.  By accepting this Award, you expressly acknowledge that there is no obligation on the part of the Company to continue the Plan and/or grant any additional Awards to you or benefits in lieu of other Awards even if Awards have been granted repeatedly in the past.  All decisions with respect to future Awards, if any, will be at the sole discretion of the Committee.

	
				
	 
	 
	Future Value
	The future value of the underlying Shares is unknown and cannot be predicted with certainty.  If the underlying Shares do not increase in value after the Date of Award or if the Shares decrease in value, the Award could have little or no value.

	 
	 
	No Advice Regarding Award
	The Company has not provided any tax, legal or financial advice, nor has the Company made any recommendations regarding your participation in the Plan.  You are hereby advised to consult with your own personal tax, legal and financial advisors regarding your participation in the Plan.

	 
	 
	No Right to Damages
	You will have no right to bring a claim or to receive damages if any portion of the Award is cancelled or expires.  The loss of existing or potential profit in the Award will not constitute an element of damages in the event of the termination of your Service for any reason, even if the termination is in violation of an obligation of the Company or a Parent or a Subsidiary or an Affiliate to you.

	 
	 
	Data Privacy
	You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this document by the Company for the exclusive purpose of implementing, administering and managing your participation in the Plan.  You understand that the Company holds certain personal information about you, including, but not limited to, name, home address and telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Awards for the purpose of implementing, managing and administering the Plan (“Data”).  You understand that the Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in your country or elsewhere and that the recipient country may have different data privacy laws and protections than your country.  You authorize the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data.

	 
	Other Information
	You agree to receive shareholder information, including copies of any annual report, proxy statement and periodic report, from the Company’s website at www.com, if the Company wishes to provide such information through its website.  

	
				
	 
	Nondisclosure of Confidential Information
	You acknowledge that the businesses of the Company is highly competitive and that the Company’s strategies, methods, books, records, and documents, technical information concerning their products, equipment, services, and processes, procurement procedures and pricing techniques, the names of and other information (such as credit and financial data) concerning former, present or prospective customers and business affiliates, all comprise confidential business information and trade secrets which are valuable, special, and unique assets which the Company uses in their business to obtain a competitive advantage over competitors.  You further acknowledge that protection of such confidential business information and trade secrets against unauthorized disclosure and use is of critical importance to the Company in maintaining its competitive position.  You acknowledge that by reason of your duties to and association with the Company, you have had and will have access to and have and will become informed of confidential business information which is a competitive asset of the Company.  You hereby agree that you will not, at any time during or after employment, make any unauthorized disclosure of any confidential business information or trade secrets of the Company, or make any use thereof, except in the carrying out of services responsibilities.  You shall take all necessary and appropriate steps to safeguard confidential business information and protect it against disclosure, misappropriation, misuse, loss and theft.  Confidential business information shall not include information in the public domain (but only if the same becomes part of the public domain through a means other than a disclosure prohibited hereunder).  The above notwithstanding, a disclosure shall not be unauthorized if (i) it is required by law or by a court of competent jurisdiction or (ii) it is in connection with any judicial, arbitration, dispute resolution or other legal proceeding in which your legal rights and obligations as a service provider or under this Agreement are at issue; provided, however, that you shall, to the extent practicable and lawful in any such events, give prior notice to the Company of your intent to disclose any such confidential business information in such context so as to allow the Company an opportunity (which you will not oppose) to obtain such protective orders or similar relief with respect thereto as may be deemed appropriate. Any information not specifically related to the Company would not be considered confidential to the Company. 

The Company will be entitled to enforce its rights under this Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights to which it may be entitled.  You agree and acknowledge that money damages may not be an adequate remedy for breach of the provisions of this Agreement and that the Company may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement.

	 
	Further Assistance
	You agree to provide assistance reasonably requested by the Company in connection with actions taken by you while providing services to the Company, including but not limited to assistance in connection with any lawsuits or other claims against the Company arising from events during the period in which you rendered service to the Company.

	
				
	 
	Notice
	All notices, requests, demands, claims, and other communications under this Agreement shall be in writing. Any notice, request, demand, claim, or other communication under this Agreement shall be deemed duly given if (and then two business days after) it is sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient at the address set forth below the recipient’s signature to this Agreement. Either party to this Agreement may send any notice, request, demand, claim, or other communication under this Agreement to the intended recipient at such address using any other means (including personal delivery, expedited courier, messenger service, telecopy, ordinary mail, or electronic mail), but no such notice, request, demand, claim, or other communication shall be deemed to have been duly given unless and until it actually is received by the intended recipient. Either party to this Agreement may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other party notice in the manner set forth in this section.

In consideration of the Company granting you this Award, please acknowledge your agreement to fully comply with all of the terms and conditions described above and in the Plan by signing this Agreement in the space provided in the cover sheet and returning it promptly to:
LIFEVANTAGE CORPORATION
Attention: Vice President of Human Resources
9785 South Monroe Street, Suite 300
SANDY, UT 84070Exhibit

SEPARATION AGREEMENT AND GENERAL RELEASE

This Separation Agreement and General Release (“Agreement”) is entered into by and between David Colbert (“Employee”) and LifeVantage Corporation, a Colorado corporation (the “Company” or “Employer”) (together the “Parties”), in consideration for and as condition precedent to Employer providing the separation benefits to Employee as set forth below.  It is understood and agreed that Employer is not obligated to provide any such separation benefits under the terms of the Employment Agreement (as defined below) and that Employer is providing such separation benefits as a direct result of Employee’s willingness to agree to the terms hereof.  Certain terms, not otherwise defined herein, shall have the meaning ascribed to them in the Employment Agreement.  
In order for this Agreement to become effective, Employee must deliver to Employer (to the attention of Michelle Oborn, VP Human Resources at 9785 S. Monroe Street, Suite 300, Sandy, UT 84070) this properly signed and dated Agreement before 5:00 pm Mountain Time on July 27, 2015 (21 days from the date this agreement is received) or else it will be irrevocably determined that Employee has decided to not execute this Agreement and this Agreement shall be of no force or effect.  This Agreement will become effective only if it has been timely executed by the Employee and the revocation period has expired without revocation by Employee as set forth in Section 15(d) below.  By signing below and timely delivering a signed Agreement to Employer, Employee acknowledges and agrees to each of the following terms and conditions:

RECITALS

A.Employee was an employee of the Company and most recently served as its Chief Financial Officer, pursuant to an employment agreement with the Company with an effective date of August 1, 2012 (the “Employment Agreement”).

B.Employee and Employer agreed to terminate Employee’s employment with Employer, which termination was effective on July 3, 2015 (the “Termination Date”).

C.Notwithstanding such mutual agreement to terminate Employee’s employment with Employer and in consideration of Employee’s timely signature on this Agreement and lapse of the revocation period prescribed herein without revocation of Employee’s signature, Employer shall provide the compensation as set forth in Section 7(c) of the Employment Agreement.  

AGREEMENT

NOW THEREFORE, in consideration of the mutual covenants and conditions set forth below, and intending to be legally bound thereby, Employer and Employee covenant and agree as follows:

1.Effect of Termination. Employee and Employer acknowledge and agree that the employment of Employee is terminated as of the Termination Date, Employee shall be deemed to have immediately resigned from all positions as an officer and/or director with the Employer and with any of Employer’s affiliates or subsidiaries, to include Employer’s foreign entities and 401(k) Plan. 

2.Severance Pay.  In addition to any Accrued Pay due Employee for actual work performed up to and including the Termination Date, in consideration for Employee entering into this Agreement, Employee shall receive severance compensation as outlined in Section 7(c) of the Employment Agreement (the “Severance Pay”).  Pursuant to Section 7(c) of the Employment Agreement, Employee will receive payments equal in the aggregate to $325,000 (the “Base Salary”), less all applicable withholdings. The payments shall be paid to Employee in cash, in substantially equal bi-monthly installments payable over the twelve (12) month period following the Termination Date, provided, however, the first payment shall be made after the revocation period following the Termination Date. As a condition to receiving (and continuing to receive) the payments provided in this Section 2, Employee must: (a) within not later than twenty-one (21) days after the Termination Date, execute (and not revoke) and deliver to Employer this Agreement and (b) remain in full compliance with this Agreement.  Employee shall not be entitled to accrue any employee benefits subsequent to the Termination Date.  Additionally, Employee shall be entitled to 20,500 shares of unrestricted stock which are scheduled to vest on August 1, 2015, less any shares to be held for taxes (amount to be determined by the value of the shares on the vesting date).

3.Consulting Relationship.  In consideration of the Severance Pay, Employee hereby agrees to provide consulting services on an as needed basis for up to six (6) months following the Termination Date (such six month period, the “Consulting Term”) in order to assist in promoting a smooth transition of his duties to employees designated by Employer’s Chief Executive Officer.  Employee agrees and understands that he will provide these consulting services as an independent contractor.    Employee may provide these consulting services from his residence, unless requested by Employer’s Chief Executive Officer, or his designee, to travel within the United States, or appear in the Employer's offices, in the ordinary course of completing assignments, which the Employer may assign with reasonable notice and expectations consistent with Employee's experience and expertise.  Employer will reimburse Employee for all reasonable expenses incurred in performing his duties under this Agreement; provided that Employee has obtained prior approval from Employer’s Chief Executive Officer or his designee for such expenses.

4.Litigation Support. In addition to his transition support and other undertakings in this Agreement, Employee hereby agrees to cooperate voluntarily, as requested, in any of the Employer’s legal matters now pending or that may be filed in the future, including but not limited to the pending litigation involving Jason Domingo and Nancy Leavitt.  Employee’s cooperation includes but is not limited to making himself available for interviews with attorneys and for depositions, searching for, identifying and producing documents, electronic media and information, providing truthful testimony as a witness or in affidavits and participating in legal discovery at the request of Employer or its attorneys without the necessity of subpoenas or formal legal process. Employee agrees that, as requested by Employer’s Chief Executive Officer or his designee, Employee will travel within the United States to perform these duties. Employer shall give reasonable notice for any such travel.  Employer will reimburse Employee for all reasonable expenses incurred in performing his duties under this paragraph 4; provided that Employee has obtained prior approval from Employer’s Chief Executive Officer or his designee for such expenses.  Employee shall retain and shall not destroy or delete any documents, including electronic documents, text messages, e-mails, letters and other communications related to any pending or future legal matter until 

Employer notifies Employee that the legal matters have terminated and that Employee is then free to destroy such documents. Employee shall strictly maintain all information related to any pending or future legal matter related to Employee in confidence, including the information Employee provides to Employer or its counsel in connection with Employee’s agreement to cooperate.  Employee shall not, without the express consent and direction from Employer or its counsel, disclose any attorney client communication, work product or other information related to any legal matter in which Employer is or may become involved. Employer shall not waive any applicable privilege related to the Employer, or Employee’s cooperation with Employer, except as expressly directed by Employer or its counsel.

5.Counsel for Employee.  To the extent Employer determines that Employee should be represented by counsel in any legal matter related to Employer, Employer shall provide to Employee at Employer’s expense counsel of its choosing, to represent Employee.  Employee may be represented in any such matter by the same counsel that is representing Employer provided such joint representation is allowed under applicable Rules of Professional Responsibility applicable to counsel.

6. In consideration of the Severance Pay, Employee hereby agrees to participate, as requested, in any of Employer’s legal matters that were ongoing as of the Termination Date or that may arise in the future and relate to matters alleged to have occurred during the time period during which Employee served as the Company’s Chief Financial Officer.  Such participation may include, without limitation, interviews with attorneys, depositions, acting as a witness and legal discovery.  Employee agrees that, as requested by Employer’s Board of Directors, the Chairman of the Board of Directors or its Chief Executive Officer, Employee will travel within the United States to perform these duties.  Employer shall give reasonable notice for any such travel.  Employer will reimburse Employee for all reasonable expenses incurred in performing his duties under this Agreement; provided that Employee has obtained prior approval from Employer’s Chief Executive Officer or his designee for such expenses.

7.Communications.  Employee hereby agrees that any communications, written or oral, regarding his service at Employer and his departure therefrom shall be wholly consistent with messaging provided by Employer.  Employer will provide Employee with a reasonable opportunity to participate in the development of such messaging.  Employee agrees that he will not proactively communicate with investors, employees or distributors regarding his departure, but will respond appropriately to any inquiries with respect thereto.  

8.Release and Covenant Not to Sue.  In exchange for the Severance Pay described in paragraph 2 above, to the fullest extent permitted by applicable law, Employee hereby fully and forever unconditionally releases and discharges Employer, all of its past, present and future parent, subsidiary, affiliated and related corporations, their predecessors, successors and assigns, together with their divisions and departments, and all past or present officers, directors, employees, insurers, attorneys and agents of any of them (hereinafter referred to collectively as "Releasees"), and Employee covenants not to sue or assert against Releasees in any forum, for any purpose, any or all claims, administrative complaints, demands, actions and causes of action, of every kind and nature whatsoever, whether at law or in equity, and both negligent and intentional, arising from or in any way related to Employee's employment or separation from Employer, based in whole or in part upon any act or omission, occurring on or before the 

date of this general release, without regard to Employee's present actual knowledge of the act or omission, which Employee may now have, or which he, or any person acting on Employee's behalf may at any future time have or claim to have, including specifically, but not by way of limitation, matters which may arise at common law or under federal, state or local laws, including but not limited to the Fair Labor Standards Act, the Employee Retirement Income Security Act, the National Labor Relations Act, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Equal Pay Act, the Family and Medical Leave Act, the Utah Labor Code and any other state or federal laws, excepting only any claim for worker's compensation, unemployment compensation, COBRA rights, and any vested rights under any ERISA benefit plan.  Employee does not waive or release any rights arising after the date of execution of this Agreement.  Employee further agrees that he will not in any manner encourage, counsel, participate in or otherwise assist any other party in the presentation or prosecution of any disputes, differences, grievances, claims, charges or complaints by any third party against any of the Releasees, unless Employee is legally required to participate in any such matter pursuant to an enforceable subpoena or other court order to do so.  Employee also agrees both to immediately notify the Employer’s Board of Directors upon receipt of any such subpoena or court order, and to furnish, within three (3) business days of its receipt, a copy of such subpoena or other court order to the Employer’s Board of Directors.  If approached by anyone for counsel or assistance in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints against any of the Releasees, Employee shall state no more than that Employee cannot provide any counsel or assistance.
    
9.Protection of Confidential Information.  Employee hereby acknowledges that Employee remains subject to and agrees to abide by any and all existing duties and obligations respecting confidential and/or proprietary information of Employer, including any Confidentiality Agreement as referenced in Section 9 of the Employment Agreement. 

10.Confidentiality of Agreement. Employee agrees to keep the facts and terms of this Agreement confidential, except Employee may disclose the substance of this Agreement to his spouse, legal counsel, and financial or tax advisor, upon condition that such persons be advised by Employee of employee's confidentiality obligations hereunder and advise such persons that any disclosure by them will be deemed a disclosure by Employee.

11.Return of Company Property. Employee represents that he has returned to Employer, and has not retained, all of Employer's property, including documents, data (and any copies thereof), equipment, computer equipment, video equipment, audio equipment and cameras of any nature and in whatever medium, including all Employer data, files and images that are stored on Employee’s personal computers and equipment. Employee also represents that he has returned to Employer any building key(s), security cards, credit cards and any information he has regarding the Employer's practices, procedures, trade secrets, customer or distributor lists or employee lists.  Employee understands and agrees that any outstanding expense reports that Employee intends to complete must be submitted to Employer within thirty (30) days of the Termination Date.

12.Non-Disparagement: Employee hereby acknowledges and agrees to not make or publish any negative or disparaging comments whatsoever about Employer, its products or services, or any of its directors, officers, employees, or agents, except as expressly required by applicable law. This obligation includes verbal or written statements made by or caused to be published by Employee in any forum or through any medium, including every electronic medium.

13.Non-Competition and Non-Solicitation.  Employee hereby acknowledges and agrees to abide by any and all existing duties and obligations regarding non-competition and solicitation of Employer’s employees, independent distributors, customers and consultants, including those set forth in Section 14 of the Employment Agreement.

14.Obligation to Honor Covenants in the Employment Agreement.  Employee acknowledges and agrees that Employee remains bound by and is obligated to honor and fulfill all of Employee’s covenants and obligations in the Employment Agreement, without regard to whether such covenants and obligations are rehearsed or referenced in this Agreement, including, without limitation the covenants delineated in Sections 14 and 15 of the Employment Agreement.

15.Compliance with Older Workers Benefits Protections Act.

a.    Employer hereby advises Employee in writing, and Employee acknowledges and represents that Employee is hereby advised to consult with an attorney of his own choice prior to executing this Agreement.  Employee acknowledges and represents that Employee has had the opportunity to consult with an attorney before signing this Agreement, and Employee either has done so, or has voluntarily chosen not to consult with an attorney.  Employee acknowledges and represents that this Agreement is written in a manner which is understandable and that this Agreement is entered into under Employee’s own free will and without duress or coercion from any person or entity.

b.    Employee acknowledges and agrees that the release of claims under the Age Discrimination in Employment Act contained in this Agreement is given by Employee in exchange for consideration provided by this Agreement which is in addition to anything of value to which Employee would otherwise be entitled without this Agreement.  Employee does not waive any rights or claims that may arise after the execution date of this Agreement.
    
c.    Employer hereby informs Employee in writing, and Employee acknowledges and represents that Employee has been informed that Employee has twenty-one (21) days within which to consider this Agreement and that this Agreement will remain available for acceptance by Employee for this twenty-one day period, commencing on the date this Agreement is provided to Employee, as indicated in the first paragraph of this Agreement.  Employee may accept this Agreement by signing the Agreement and returning it to the attention of Michelle Oborn, VP Human Resources, at 9785 S. Monroe Street, Suite 300, Sandy, UT 84070 within the 21-day consideration period.

d.    Employer hereby informs Employee in writing, and Employee acknowledges and represents that Employee has been informed that Employee has the right to rescind this Agreement for a period of seven (7) days following the date upon which Employee executes this Agreement.  Should Employee choose to exercise this right, Employee agrees that any such notice must be provided to and received by Employer in writing prior to lapse of the seven-day revocation period.  Any such revocation 

must be in writing and delivered by certified mail to Michelle Oborn, VP Human Resources, at 9785 S. Monroe Street, Suite 300, Sandy, UT 84070.

e.    It is understood and agreed by the Parties hereto that if Employee timely exercises Employee’s right of revocation, Employer shall have no obligations to Employee whatsoever under the Employment Agreement or this Agreement and that all of the obligations, representations and warranties made by Employer in this Agreement shall be null and void.

16.D&O Coverage.  Notwithstanding anything to the contrary in Section 8 of this Agreement, to the extent provided by Employer’s D&O Policy, or as required by the Company's Articles of Incorporation, bylaws or applicable law, Employer shall pay loss (including, without limitation, reasonable legal fees) for claims against Employee which derived from his responsibilities during the period in which Employee served as Employer’s Chief Financial Officer.  

GENERAL PROVISIONS

17.Compliance with Code Section 409A.  This Agreement is intended to comply with the applicable requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) 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 Employee will be exempt from or comply with Code Section 409A, Employer makes no representation or covenant to ensure that the payments under this Agreement are exempt from or compliant with Code Section 409A.  Employer will have no liability to Employee 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 the Termination Date, Employee is 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, Employer shall defer payment of “nonqualified deferred compensation” subject to Code Section 409A payable as a result of and within six (6) months following the Termination Date until the earlier of (i) the first business day of the seventh (7th) month following the Termination Date or (ii) ten (10) days after Employer receives written confirmation of Employee’s death. Any such delayed payments shall be made without interest.

18.No Admission.  The Parties expressly agree and acknowledge that this Agreement cannot be construed as an admission of or evidence of wrongdoing with respect to the termination of Employee, nor is it an admission of or evidence that Employee or any employee of Employer is other than an at-will employee.

19.Non-Assignment of Rights.  Employee warrants that he has not assigned or transferred any right or claim described in the general release above.

20.No Reliance on Extraneous Information.  Employee acknowledges that, in signing this Agreement, Employee is not relying on any information provided to Employee by Employer, nor is Employee relying upon Employer to provide any information other than as contained in this Agreement.

21.Modification.  No provision of this Agreement shall be amended, waived or modified except by an instrument in writing signed on the Company’s behalf by its Chairman of the Board of Directors and by Employee.

22.Voluntary Execution.  Employee hereby represents that Employee has read and understands the contents of this Agreement, that no representations other than those contained herein have been made to induce Employee or to influence Employee to execute this Agreement, but that Employee executes this Agreement knowingly and voluntarily, after having been advised to seek independent legal counsel of Employee's own choosing.

23.Severability.  If any provision of this Agreement is held to be invalid, illegal, or unenforceable by any court of competent jurisdiction for any reason, the invalid or unenforceable portion shall be deemed severed from this Agreement and the balance of this Agreement shall remain in full force and effect and be enforceable in accordance with the non-severed provisions of this Agreement.

24.Integration.  This Agreement contains the entire agreement and supersedes all prior agreements between the Parties relating to the subject matter hereto. This Agreement shall not be amended or otherwise modified in any manner except in a writing executed by the Parties hereto.  The Parties further acknowledge that they are not relying on any information or representations other than those recited in this Agreement.

25.Rights of Non-Parties.  All persons or entities against whom claims are released or waived by this Agreement are either party to or intended beneficiaries of this Agreement and shall have the same right and ability to enforce the release or waiver provided by this Agreement as though a party and signatory hereto.

26.Governing Law; Arbitration.  This Agreement shall be subject to the same provisions of governing law and arbitration as set forth in Section 11 of the Employment Agreement. Employee hereby acknowledges and agrees to the exclusive jurisdiction of the courts located in the State of Utah for any matter related to this Agreement or the Package and agrees that in all cases, this Agreement shall be interpreted according to the laws of the State of Utah, without regards to conflict of laws provisions.  

27.Attorney's Fees.  In any action to interpret or enforce the terms of this Agreement, the prevailing Party shall be entitled to recover its costs, including reasonable attorney's fees, in addition to any other relief to which such Party may be entitled.

28.Binding Against Heirs.  This Agreement is binding upon the Parties hereto and their heirs, successors and assigns.

29.Non-Waiver.  No failure to exercise or enforce or delay in exercising or enforcing, or partial exercise or enforcement of, any right, obligation or commitment under this Agreement shall constitute a waiver thereof, nor shall it preclude any other or further exercise or enforcement of any right, obligation or commitment under this Agreement.

30.Signature by Counterparts.  This Agreement may be executed in one or more counterpart(s), each of which shall be valid and enforceable as an original signature as though all original signatures had been obtained on the signature page of this Agreement. 

31.Facsimile or Electronic Signatures.  A fully executed facsimile or electronic copy and/or photocopy of this Agreement is legally enforceable and binding the same as the original Agreement.
32.Incorporation of Recitals.  The recitals set forth on page 1 hereof are hereby made a part of this Agreement and are incorporated by this reference.

ACCEPTED AND AGREED:

David Colbert:

__________________________________

Date: ______________________________

LIFEVANTAGE CORPORATION:

__________________________________
Darren Jensen, Chief Executive Officer

Date: ______________________________

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