Document:

Exhibit 10.1

 

Execution Version

 

3D SYSTEMS CORPORATION

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”)
is made on this 15th day of August, 2019 to become effective and commence upon September 3, 2019 (the “Effective
Date”), by and between 3D Systems Corporation, a corporation organized and existing under the laws of the State of Delaware
(“Company”), and Todd Booth (“Executive”).

 

RECITALS

 

WHEREAS, commencing on the Effective
Date, Company desires to employ Executive as Executive Vice President and Chief Financial Officer, subject to the terms and conditions
of this Agreement; and

 

WHEREAS, Executive desires to be employed
by Company in the aforesaid capacity subject to the terms and conditions of this Agreement.

 

NOW THEREFORE, in consideration of the
foregoing premises, of the mutual agreements and covenants contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows, effective as of the Effective Date:

 

AGREEMENT

 

		1.	Employment.

 

Company hereby agrees to employ Executive, and
Executive hereby accepts employment, as Executive Vice President and Chief Financial Officer, or such other position as mutually
agreed to between Executive and the Company pursuant to the terms of this Agreement, with such employment to commence as of the
Effective Date. Executive shall have the duties and responsibilities and perform such administrative and managerial services of
that position as are set forth by the Chief Executive Officer from time to time. Executive shall carry out Executive’s responsibilities
hereunder on a full-time basis for and on behalf of Company; provided that Executive shall be entitled to devote time to outside
boards of directors, personal investments, civic and charitable activities, and personal education and development, so long as
such activities do not interfere with or conflict with Executive’s duties hereunder in any material respect, and provided
that Executive notifies the Corporate Governance and Nominating Committee (the “Governance Committee”) of the
Board of Directors of the Company (the “Board”) of any outside boards of directors on which Executive intends
to serve, and the Governance Committee consents to such service, which consent may be granted or withheld in the sole discretion
of the Governance Committee. Notwithstanding the foregoing, Executive agrees that, during the term of this Agreement, Executive
shall not act as an officer or employee of any for profit business other than Company without the prior written consent of Company.

 

     

     

    

 

		2.	Term.

 

The term of Executive’s employment by
Company under this Agreement (the “Employment Period”) shall commence on the Effective Date and shall continue
in effect through the second (2nd) anniversary of the Effective Date, unless earlier terminated as provided herein.
Thereafter, unless Company or Executive shall elect not to renew the Employment Period upon the expiration of the initial term
or any renewal term, which election shall be made by providing written notice of nonrenewal to the other party at least thirty
(30) days prior to the expiration of the then current term, the Employment Period shall be extended for an additional twelve (12)
months. If Company elects not to renew the Employment Period at the end of the initial term or any renewal term, such nonrenewal
shall be treated as a termination of the Employment Period and Executive’s employment without Cause by Company for the limited
purpose of determining the payments and benefits available to Executive under this Agreement (e.g., Executive shall be entitled
to the severance benefits set forth in Section 4.5.1). If Executive elects not to renew the Employment Period, such nonrenewal
shall constitute a termination of Executive’s employment and the Employment Period by Executive without Constructive Discharge,
and Executive shall only be entitled to the payments and benefits set forth in Section 4.5.2.

 

		3.	Compensation and Benefits.

 

In consideration for the services Executive
shall render under this Agreement, commencing upon the Effective Date, Company shall provide or cause to be provided to Executive
the following compensation and benefits:

 

3.1             
Base Salary. During the Employment Period Company shall pay to Executive an annual base salary
of $475,000 per annum, subject to all appropriate federal and state withholding taxes and which shall be payable in accordance
with Company’s normal payroll practices and procedures. Executive’s base salary shall be reviewed annually, and may
be increased in the sole discretion of the Company, based on Executive’s performance during the preceding calendar year.
Executive’s base salary, as such base salary may be increased hereunder, is hereinafter referred to as the “Base
Salary.”

 

3.2             
Performance Bonus. Executive shall be eligible to receive cash bonuses in accordance with this
Section 3.2 (each a “Performance Bonus”). Payment of any Performance Bonus will be subject to the sole discretion
of the Company, and such Performance Bonus shall be determined in the sole discretion of the Company. Subject to the foregoing
exercise of discretion, Executive’s annual target Performance Bonus shall be not less than 50% of Executive’s Base
Salary (the “Target Performance Bonus”), provided that the actual Performance Bonus shall be based on performance,
which may be less than or exceed the Target Performance Bonus. Performance Bonuses, if any, shall be paid according to the terms
of the bonus plan or program in which Executive participates from time to time. Subject to Section 4.5.1 and Section 4.5.3
below, Executive must be employed to be entitled to any portion of any Performance Bonus, and the Performance Bonus shall not be
considered earned under this Agreement until such Bonus is paid.

 

3.3             
Signing Bonus. Company shall pay to Executive, not later than the first payroll date the Effective
Date, a signing bonus (the “Signing Bonus”) of $75,000, subject to all appropriate federal and state withholding
taxes. If Company terminates Executive’s employment for Cause or Executive terminates his employment for any reason other
than death, Disability, or Constructive Discharge, in either case within 12 months after the Effective Date, Executive shall repay
to Company the net (after tax) amount of the Signing Bonus by no later than 30 days after the date his employment terminates (the
“Repayment Deadline”). This repayment requirement shall not apply if Company terminates Executive’s employment
without Cause, or if Executive terminates his employment as a result of his death, Disability, or Constructive Discharge. Company
may, to the extent permitted by applicable law, recoup any amount of the Signing Bonus required to be repaid pursuant to the foregoing
by reducing or offsetting any compensation owed by Company to Executive.

 

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3.4             
Benefits. During the Employment Period and as otherwise provided hereunder, Executive shall be
entitled to the following:

 

3.4.1       
Vacation. Executive shall be entitled to participate in the Company’s vacation policy for
similarly-situated executives of the Company.

 

3.4.2       
Participation in Benefit Plans. Executive shall be entitled to health and/or dental benefits, including
immediate coverage for Executive and Executive’s eligible dependents, which are generally available to Company’s executive
employees and as provided by Company, subject to the terms of its group health insurance plan. In addition, Executive shall be
entitled to participate in any profit sharing plan, retirement plan, group life insurance plan or other insurance plan or medical
expense plan maintained by Company for its executives generally, in accordance with the general eligibility criteria therein and
subject to the terms of any applicable plan. Nothing in this Agreement shall be construed as a promise to provide any particular
benefit, should the Company decide to discontinue or amend any particular benefit plan for other executives.

 

3.4.3       
Relocation. Company shall provide or reimburse Executive for certain expenses relating to Executive’s
relocation from Florida to the San Diego, California area, in accordance with Company’s US Domestic Relocation Policy.

 

3.4.4       
Perquisites. Executive shall be entitled to such other benefits and perquisites that are generally
available to Company’s executive employees and as provided in accordance with Company’s plans, practices, policies
and programs for executive employees of Company.

 

3.5             
Expenses. Company shall reimburse Executive for proper and necessary expenses incurred by Executive
in the performance of Executive’s duties under this Agreement from time to time upon Executive’s submission to Company
of invoices of such expenses in reasonable detail and subject to all standard policies and procedures of Company with respect to
such expenses.

 

3.6             
Stock Awards. Executive shall be eligible to participate in any applicable stock bonus, restricted
stock award, restricted stock unit, stock option, or similar plan, if any, implemented by Company and generally available to its
executive employees. The amount of the awards, if any, made thereunder shall be in the sole discretion of the Board or Compensation
Committee of the Board. Any such award that may be granted shall be subject to the terms of any applicable plan or agreement, and
Executive shall not be entitled to any award if Executive does not sign, or comply with, the terms of any plan or agreement required
for the award.

 

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3.7             
New Hire Grant. Executive shall receive the following new hire equity grant under the terms of
the 2015 Incentive Plan of 3D Systems Corporation, the terms of which shall be reflected in an award agreement to be issued contemporaneously
with the commencement of Executive’s employment hereunder:

 

Restricted Stock Award with respect to 100,000
shares of the common stock, $0.001 par value per share, of the Company (“Common Stock”), which shall vest and
become exercisable in three equal annual installments during the continuation of Executive’s employment hereunder; provided,
however, that notwithstanding any provision of the foregoing to the contrary, the award listed above in this section shall
not become vested and exercisable prior to the expiration of six (6) months after the Effective Date and only if Executive’s
employment hereunder is continuing at that time. The award described above shall be subject to such additional terms and conditions
and documentation as may be determined by the Board or the Compensation Committee in its sole discretion.

 

		4.	Termination of Services Prior To Expiration of Agreement.

 

Executive’s employment and the Employment
Period may be terminated at any time as follows (the effective date of such termination hereinafter referred to as the “Termination
Date”):

 

4.1             
Termination upon Death or Disability of Executive.

 

4.1.1       
Executive’s employment and the Employment Period shall terminate immediately upon the death of Executive.
In such event, all rights of Executive and/or Executive’s estate (or named beneficiary) shall cease except for the right
to receive payment of the amounts set forth in Section 4.5.3 of the Agreement.

 

4.1.2       
Company may terminate Executive’s employment and the Employment Period upon the disability of Executive.
For purposes of this Agreement, Executive shall be deemed to be “disabled” if Executive, as a result of illness
or incapacity, shall be unable to perform substantially Executive’s required duties for a period of three (3) consecutive
months or for any aggregate period of three (3) months in any six (6) month period. In the event of a dispute as to whether Executive
is disabled, Company may refer Executive to a licensed practicing physician who is mutually acceptable to Executive and Company,
and Executive agrees to submit to such tests and examination as such physician shall deem appropriate to determine Executive’s
capacity to perform the services required to be performed by Executive hereunder. In such event, the parties hereby agree that
the decision of such physician as to the disability of Executive shall be final and binding on the parties. Any termination of
the Employment Period under this Section 4.1.2 shall be effected without any adverse effect on Executive’s rights to receive
benefits under any disability policy of Company, but shall not be treated as a termination without Cause and Executive shall be
entitled to no further benefits or compensation under this Agreement.

 

4.2             
Termination by Company for Cause. Company may terminate Executive’s employment and the Employment
Period for Cause (as defined herein) upon written notice to Executive, which termination shall be effective on the date specified
by Company in such notice; provided, however, that in respect of Sections 4.2.1 and 4.2.4 only, Executive shall have a period of
ten (10) days after the receipt of the written notice from Company to cure the particular action or inaction, to the extent a cure
is possible. For purposes of this Agreement, the term “Cause” shall mean:

 

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4.2.1       
The willful failure by Executive to perform Executive’s duties and obligations hereunder in any material
respect, as determined by the Chief Executive Officer of the Company in his reasonable judgment, other than any such failure resulting
from the disability of Executive;

 

4.2.2       
Executive’s commission of a crime or offense involving the property of Company, or any crime or offense
constituting a felony or involving fraud or moral turpitude;

 

4.2.3       
Executive’s violation of any law, which violation is materially injurious or could reasonably be expected
to be materially injurious to the operations, prospects or reputation of Company;

 

4.2.4       
Executive’s material violation of this Agreement or any generally recognized policy of Company or Executive’s
refusal to follow Company’s reasonable and lawful instructions;

 

4.2.5       
Executive’s commission, by act or omission, of any material act of dishonesty in performing employment
duties; or

 

4.2.6       
Executive’s use of alcohol or illegal drugs that interferes with performing employment duties, as determined
by the Company.

 

Any notice of termination for Cause provided to Executive pursuant
to Sections 4.2.1, 4.2.4 or 4.2.5 shall specify in reasonable detail specific facts regarding any such assertion.

 

4.3             
Termination by Company without Cause; Termination by Executive without Constructive Discharge.
Executive may terminate Executive’s employment and the Employment Period at any time for any reason upon thirty (30) days’
prior written notice to Company. Company may terminate Executive’s employment and the Employment Period without Cause effective
immediately upon written notice to Executive. Upon termination of Executive’s employment with Company for any reason, Executive
shall be deemed to have resigned from all positions with the Company and each of its subsidiaries and shall take all appropriate
steps and cooperate with Company to effect such terminations (provided, that any such deemed resignations shall not affect Executive’s
entitlement (if any) to severance pay and benefits hereunder).

 

4.4             
Termination by Executive for Constructive Discharge.

 

4.4.1       
Executive may terminate Executive’s employment and the Employment Period, in accordance with the process
set forth below, as a result of a Constructive Discharge. For purposes of this Agreement “Constructive Discharge”
shall mean the occurrence of any of the following:

 

(i)                
a failure of Company to meet its obligations in any material respect under this Agreement, including, without
limitation, (x) a greater than 10% reduction in Base Salary or (y) any failure to pay the Base Salary (other than, in
the case of clause (y), the inadvertent failure to pay a de minimis amount of the Base Salary, which payment is immediately
made by Company upon notice from Executive);

 

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(ii)        a
material diminution in or other substantial adverse alteration in the nature or scope of Executive’s responsibilities, authority,
or duties with Company from those in effect on the Effective Date; or

 

(iii)       without
Executive’s prior written agreement, Executive’s principal place of business is moved to a location that is more than
seventy-five (75) miles from the Company’s office located in San Diego, California.

 

In the event of the occurrence of
a Constructive Discharge, Executive shall have the right to terminate Executive’s employment hereunder and receive the benefits
set forth in Section 4.5.1 below, upon delivery of written notice to Company no later than the close of business on the sixtieth
(60th) day following the effective date of the Constructive Discharge; provided, however, that such termination shall not be effective
until the expiration of thirty (30) days after receipt by Company of such written notice if Company has not cured such Constructive
Discharge within the 30-day period. If Company so effects a cure, the Constructive Discharge notice shall be deemed rescinded and
of no force or effect. Notwithstanding the foregoing, such notice and lapse of time shall not be required with respect to any event
or circumstance which is the same or substantially the same as an event or circumstance with respect to which notice and an opportunity
to cure has been given within the previous six (6) months. The Termination Date due to Constructive Discharge shall be the date
of Executive’s “separation from service” (within the meaning of Treas. Reg. Section 1.409A-1(h)).

 

4.5             
Rights upon Termination. Upon termination of Executive’s employment and the Employment Period,
the following shall apply:

 

4.5.1       
Termination by Company Without Cause or for Constructive Discharge. If Company terminates Executive’s
employment and the Employment Period without Cause, or if Executive terminates Executive’s employment and the Employment
Period as a result of a Constructive Discharge, Executive shall be entitled to receive payment of any Base Salary amounts that
have accrued but have not been paid as of the Termination Date, and the unpaid Performance Bonus, if any, with respect to the calendar
year preceding the calendar year in which the Termination Date occurs (such Performance Bonus, if any, to be determined in the
manner that it would have been determined, and payable at the time it would have been payable, under Section 3.2 had there been
no termination of the Employment Period). In addition, subject to Sections 4.5.2 and 4.7, below, Company shall, subject to Sections
8.13, 8.14 and 8.15, be obligated to pay Executive (or provide Executive with) the following benefits as severance:

 

(i)                
an amount equal to Executive’s Base Salary, payable in twelve (12) equal monthly installments commencing
on the Termination Date, such amount to be payable regardless of whether Executive obtains other employment and is compensated
therefor (but only so long as Executive is not in violation of any provision of Section 5) (with the first two (2) installments
to be paid on the sixtieth (60th) day following the Termination Date and the remaining ten (10) installments being paid on the
ten (10) following monthly anniversaries of such date);

 

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(ii)             
any unused vacation time accrued in the calendar year in which the Termination Date occurs; and

 

(iii)           
if Executive elects to continue Executive’s then current enrollment (including family enrollment, if applicable)
in the health and/or dental insurance benefits set forth in Section 3.4.2 in accordance with COBRA, then for a period of up
to twelve (12) months following the Termination Date, the Company will continue to pay a portion of the premiums such that Executive’s
contribution to such plans will remain the same as if Executive were employed by Company, such contributions to be paid by Executive
in the same period (e.g., monthly, bi-weekly, etc.) as all other employees of Company (but deductions from Executive’s monthly
severance payments may be deemed acceptable for this purpose in the discretion of Company); provided, however that Company may
terminate such coverage if payment from Executive is not made within ten (10) days of the date on which Executive receives written
notice from Company that such payment is due; and provided, further, that such benefits shall be discontinued earlier to the extent
that Executive is no longer eligible for COBRA continuation coverage. In addition, this benefit is contingent upon timely election
of COBRA continuation coverage and will run concurrent with the COBRA period. Executive acknowledges and agrees that the amount
of any such premiums paid by the Company will constitute taxable wages for income and employment tax purposes; and

 

For purposes of Section 409A of the Code (including, without limitation,
for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Executive’s right to receive the foregoing payments shall
be treated as a right to receive a series of separate payments and, accordingly, each installment payment shall at all times be
considered a separate and distinct payment.

 

4.5.2       
Termination With Cause by Company or Without Constructive Discharge by Executive. If Company terminates
Executive’s employment and the Employment Period with Cause, or if Executive terminates Executive’s employment and
the Employment Period other than as a result of a Constructive Discharge, (i) Company shall be obligated to pay Executive any Base
Salary amounts that have accrued but have not been paid as of the Termination Date, (ii) any unpaid Performance Bonus to which
Executive otherwise would be entitled shall be forfeited; and (iii) any unused vacation time accrued in the calendar year in which
the Termination Date occurs.

 

4.5.3       
Termination Upon Death or Disability. If Executive’s employment and the Employment Period
are terminated because of the death of Executive or because Executive is disabled, Company shall, subject to Sections 8.13 and
8.14, be obligated to pay Executive or, if applicable, Executive’s estate, the following amounts: (i) earned but unpaid
Base Salary; (ii) the unpaid Performance Bonus, if any, with respect to the calendar year preceding the calendar year in which
the Termination Date occurs (such Performance Bonus, if any, to be determined in the manner it would have been determined, and
payable at the time it would have been payable, under Section 3.2 had there been no termination of the Employment Period); and
(iii) any unused vacation time accrued in the calendar year in which the Termination Date occurs.

 

4.6             
Effect of Notice of Termination. Any notice of termination by Company, in the discretion of the
Company, whether for Cause or without Cause, may specify that, during the notice period, Executive need not attend to any business
on behalf of Company.

 

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4.7             
Requirement of a Release; Exclusivity of Severance Payments under this Agreement. As a condition
to the receipt of the severance payments and termination benefits to be provided to Executive pursuant to this Section 4 upon termination
of Executive’s employment without Cause or with Constructive Discharge, Executive shall execute and deliver to Company (without
revoking during any applicable revocation period specified in the release) a general release of claims against Company and its
affiliates in a customary form reasonably satisfactory to Company within forty-five (45) days following the Termination Date, which
shall be in form and substance satisfactory to the Company (provided, that Executive shall not be required to release any rights
under this Agreement or any other agreement with the Company or any of its affiliates with respect to any payments or obligations
of the Company or such affiliates that under the terms of the applicable agreement are to be made or satisfied after the Termination
Date, any rights to insurance coverage or any rights under benefit plans that by their terms survive the termination of Executive’s
employment, or any indemnification or related rights under Company’s certificate of incorporation or Bylaws or under any
indemnification agreement between Company and Executive or any rights under any director and officer liability insurance policy
maintained by Company for the benefit of Executive). In addition, the severance payments and termination benefits to be provided
to Executive pursuant to this Section 4 upon termination of Executive’s employment shall constitute the exclusive payments
in the nature of severance or termination pay or salary continuation which shall be due to Executive upon a termination of employment
and shall be in lieu of any other such payments under any severance plan, program, policy or other arrangement which has heretofore
been or shall hereafter be established by Company or any of its affiliates, other than payments to Executive under any indemnification
or related rights under Company’s certificate of incorporation or Bylaws or under any indemnification agreement between Company
and Executive or under any director and officer liability insurance policy maintained by Company for the benefit of Executive.
Without limiting Executive’s obligations under Section 5.10, Executive shall furthermore agree, as a condition to Company’s
obligation to pay severance payments and termination benefits, to return any and all Company property and to abide by any existing
restrictive covenant obligations set forth in this Agreement that survive the termination of this Agreement.

 

		5.	Restrictive Covenants.

 

The growth and development of Company and its
affiliates and subsidiaries (collectively, “3D Systems”) depends to a significant degree on the possession and
protection of its customer list, customer information and other confidential and proprietary information relating to 3D Systems’
products, services, methods, pricing, costs, research and development and marketing. All 3D Systems employees and others engaged
to perform services for 3D Systems have a common interest and responsibility in seeing that such customer information and other
Confidential Information, as that term is defined in Section 5.6 below, is not disclosed to any unauthorized persons or used other
than for 3D Systems’ benefit. This Section 5 expresses a common understanding concerning Company’s and Executive’s
mutual responsibilities. Therefore, in consideration for Company’s agreement to employ or continue to employ Executive and
grant Executive access to its Confidential Information, trade secrets, customer relationships and business goodwill, and for other
good and valuable consideration from Company, including, without limitation, compensation, benefits, raises, bonus payments or
promotions, the receipt and sufficiency of which are hereby acknowledged, and the severance benefits payable pursuant to Section
4.5, Executive covenants and agrees as follows, which covenant and agreement is essential to this Agreement and Executive’s
employment with Company:

 

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5.1             
Solicitation. Executive acknowledges that the identity and particular needs of 3D Systems’
customers are not generally known and were not known to Executive prior to Executive’s employment with 3D Systems; that 3D
Systems has relationships with, and a proprietary interest in the identity of, its customers and their particular needs and requirements;
and that documents and information regarding 3D Systems’ pricing, sales, costs and specialized requirements of 3D Systems’
customers are highly confidential and constitute trade secrets. Accordingly, Executive covenants and agrees that during the Employment
Period and for a period of twelve (12) months after the Termination Date, regardless of the reason for such termination, Executive
will not, except on behalf of 3D Systems during and within the authorized scope of Executive’s employment with 3D Systems,
directly or indirectly, use any Confidential Information to: (i) call on, sell to, solicit or otherwise deal with any accounts,
or customers of 3D Systems which Executive called upon, contacted, solicited, sold to, or about which Executive learned Confidential
Information while employed by 3D Systems, for the purpose of soliciting, selling and/or providing, to any such account or customer,
any products or services similar to or in competition with any products or services then being sold by 3D Systems; or (ii) solicit
the services of any person who is an employee of 3D Systems; or (iii) solicit, induce or entice any employee of 3D Systems to terminate
employment with 3D Systems or to work for anyone in competition with 3D Systems or its subsidiaries.

 

5.2             
Non-Interference with Business Relationships. Executive covenants and agrees that during the Employment
Period, Executive will not interfere with the relationship or prospective relationship between 3D Systems and any person or entity
with which 3D Systems has a business relationship, or with which 3D Systems is preparing to have a business relationship.

 

5.3             
Non-Competition. Executive agrees that during the Employment Period, Executive shall not, directly
or indirectly, for Executive’s own benefit or for the benefit of others, own any interest in, develop, manage, control, participate
in, consult, render services, organize, or in any manner engage (whether as an officer, director, employee, independent contractor,
partner, member, joint venturer, agent, representative, or otherwise, but in each instance, in a role similar to or the same as,
or with any of the same or similar duties and responsibilities as, any position or services held or rendered by Employee on behalf
of 3D Systems during Employee’s employment with 3D Systems) in any activity or enterprise providing 3D or additive manufacturing
content-to-print solutions, including 3D printers, print materials, on-demand custom parts services and 3D authoring solutions
for professionals and consumers anywhere in the United States or the world. Notwithstanding the terms of this Section 5.3,
Employee shall not be prohibited from (i) being a beneficial owner of not more than five percent (5%) of the outstanding stock
of any class of stock which is publicly traded and which enterprise is competitive with the Business of 3D Systems, so long as
Employee has no active participation in the business of such person or (ii) serving as a director or advisor to any non-profit
organization or governmental entity.

 

5.4             
Reasonableness of Restriction. Executive acknowledges that the foregoing non-solicitation, non-competition
and non-interference restrictions placed upon Executive are necessary and reasonable to avoid the improper disclosure or use of
Confidential Information, and that it has been made clear to Executive that Executive’s compliance with Section 5 of this
Agreement is a material condition to Executive’s employment by Company. Executive further acknowledges and agrees that, if
Executive breaches any of the requirements of Sections 5.1, 5.2 or 5.3, the restricted periods set forth therein shall be tolled
during the time of such breach, but not for longer than the length of the restricted periods set forth therein.

 

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Executive further acknowledges and agrees that
3D Systems has attempted to impose the restrictions contained hereunder only to the extent necessary to protect 3D Systems from
unfair competition and the unauthorized use or disclosure of Confidential Information. However, should the scope or enforceability
of any restrictive covenant be disputed at any time, Executive specifically agrees that a court may modify or enforce the covenant
to the full extent it believes to be reasonable under the circumstances existing at the time.

 

5.5             
Non-Disclosure. Executive further agrees that, other than as needed to fulfill the authorized scope
of Executive’s duties with 3D Systems, Executive will not during the Employment Period or thereafter use for Executive’s
benefit or for others or divulge or convey to any other person (except those persons designated by 3D Systems) any Confidential
Information obtained by Executive during the period of Executive’s employment with 3D Systems. Executive agrees to observe
all Company policies and procedures concerning such Confidential Information. Executive agrees that, except as may be permitted
by written Company policies, Executive will not remove from Company’s premises any of such Confidential Information without
the written authorization of Company. Executive’s obligations under this Agreement will continue with respect to Confidential
Information until such information becomes generally available from public sources through no fault of Executive’s. During
the Employment Period and thereafter Executive shall not disclose to any person the terms and conditions of Executive’s employment
by 3D Systems, except: (i) to close family members, (ii) to legal and accounting professionals who require the information to provide
a service to Executive, (iii) as required by law or (iv) to the extent necessary to inform a prospective or actual subsequent employer
of Executive’s duties and obligations under this Agreement. If Executive is requested, becomes legally compelled by subpoena
or otherwise, or is required by a regulatory body to make any disclosure that is prohibited by this Section 5.5, Executive will,
except to the extent prohibited by law, promptly notify Company so that 3D Systems may seek a protective order or other appropriate
remedy if 3D Systems deems such protection or remedy necessary under the circumstances. Subject to the foregoing, Executive may
furnish only that portion of Confidential Information that Executive is legally compelled or required to disclose. The restrictions
set forth herein are in addition to and not in lieu of any obligations Executive may have by law with respect to Confidential Information,
including any obligations Executive may have under the Uniform Trade Secrets Act and/or similar statutes as applicable in the state
of Executive’s residence and/or the state of Executive’s primary work location. Despite the foregoing, nothing in this
Agreement shall be deemed to restrict Executive from communicating with any member of the United States Congress, from giving truthful
testimony in any legal proceeding instituted or maintained, or from fully and candidly cooperating in connection with any investigation,
inquiry or proceeding undertaken by, any agency or representative of the United States government, any State, or any of their respective
political subdivisions having authority over any aspect of Company’s business operations, nor shall any such provision be
deemed to require any party to seek the authority of the other in connection therewith. Further, the Executive is hereby notified
in accordance with the Defend Trade Secrets Act of 2016 that the Executive will 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 that is filed under seal in a lawsuit
or other proceeding.

 

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5.6             
Definition of Confidential Information. As used herein, “Confidential Information”
shall include, but is not limited to, the following categories of information, knowledge, or data currently known or later developed
or acquired relating to 3D Systems’ business or received by 3D Systems in confidence from or about third parties, in each
case when the same is not in the public domain or otherwise publicly available (other than as result of a wrongful act of an agent
or employee of 3D Systems):

 

5.6.1       
Any information concerning 3D Systems’ products, business, business relationships, business plans or strategies,
marketing plans, contract provisions, actual or prospective suppliers or vendors, services, actual or anticipated research or development,
new product development, inventions, prototypes, models, solutions, discussion guides, documentation, techniques, actual or planned
patent applications, technological or engineering data, formulae, processes, designs, production plans or methods, or any related
technical or manufacturing know-how or other information;

 

5.6.2       
Any information concerning 3D Systems’ financial or profit data, pricing or cost formulas, margins, marketing
information, sales representative or distributor lists, or any information relating to corporate developments (including possible
acquisitions or divestitures);

 

5.6.3       
Any information concerning 3D Systems’ current or prospective customer lists or arrangements, equipment
or methods used or preferred by 3D Systems’ customers, or the customers or patients of customers;

 

5.6.4       
Any information concerning 3D Systems’ use of computer software, source code, object code, or algorithms
or architecture retained in or related to 3D Systems’ computer or computer systems;

 

5.6.5       
Any personal or performance information about any 3D Systems’ employee;

 

5.6.6       
Any information supplied to or acquired by 3D Systems under an obligation to keep such information confidential,
including without limitation Protected Health Information (PHI) as that term is defined by the Health Insurance Portability and
Accountability Act (HIPAA);

 

5.6.7       
Any information, whether or not designated as confidential, obtained or observed by Executive or other 3D Systems
employees during training sessions related to Executive’s work for 3D Systems;

 

5.6.8       
Any “trade secrets” as such term is defined by California law; and

 

5.6.9       
Any other information treated as trade secrets or otherwise confidential by 3D Systems.

 

    11

     

    

 

Executive hereby acknowledges that some of this
information may not be a “trade secret” under applicable law. Nevertheless, Executive agrees not to disclose it.

 

5.7             
Inventions, Discoveries, and Work for Hire. Executive recognizes and agrees that all ideas, works
of authorship, inventions, patents, copyrights, designs, processes (e.g., development processes), methodologies (e.g., development
methodologies), machines, manufactures, compositions of matter, enhancements, and other developments or improvements and any derivative
works based thereon, including, without limitation, potential marketing and sales relationships, research, plans for products or
services, marketing plans, computer software (including source code and object code), computer programs, original works of authorship,
characters, know-how, trade secrets, information, data, developments, discoveries, improvements, modifications, technology and
algorithms, whether or not subject to patent or copyright protection (the “Inventions”) that (i) were made,
conceived, developed, authored or created by Executive, alone or with others, during the time of Executive’s employment,
whether or not during working hours, that relate to the business of 3D Systems or to the actual or demonstrably anticipated research
or development of 3D Systems, (ii) were used by Executive or other personnel of 3D Systems during the time of Executive’s
employment, even if such Inventions were made, conceived, developed, authored or created by Executive prior to the start of Executive’s
employment, (iii) are made, conceived, developed, authored or created by Executive, alone or with others, within one (1) year
from the Termination Date and that relate to the business of 3D Systems or to the actual or demonstrably anticipated research or
development of 3D Systems, or (iv) result from any work performed by Executive for 3D Systems (collectively with (i)-(iii),
the “Company Inventions”) are the sole and exclusive property of Company.

 

Notwithstanding the foregoing, Company Inventions
do not include any Inventions made, conceived, developed, authored or created by Executive, alone or with others, for which no
equipment, supplies, facility or trade secret information of 3D Systems was used and which were developed entirely on Executive’s
own time, unless (1) the Invention relates (A) to the business of 3D Systems, or (B) to the actual or demonstrably anticipated
research or development of 3D Systems, or (2) the Company Invention results from any work performed by Executive for 3D Systems.
Employee understands that 3D Systems agrees that notwithstanding anything to the contrary in this Section 5.7, nothing in this
Agreement shall apply to any Inventions that qualify fully under the provisions of Section 2870 of the California Labor Code.

 

For the avoidance of doubt, Executive expressly
disclaims any and all right title and interest in and to all Company Inventions. Executive acknowledges that Executive has and
shall forever have no right, title or interest in or to any patents, copyrights, trademarks, industrial designs or other rights
in connection with any Company Inventions.

 

Executive hereby assigns to Company all present
and future right, title and interest Executive has or may have in and to the Company Inventions. Executive further agrees that
(i) Executive will promptly disclose all Company Inventions to 3D Systems; and (ii) all of the Company Inventions, to
the extent protectable under copyright laws, are “works made for hire” as that term is defined by the Copyright Act,
17 U.S.C. § 101, et seq.

 

    12

     

    

 

At the request of and without charge to Company,
Executive will do all things deemed by Company to be reasonably necessary to perfect title to the Company Inventions in Company
and to assist in obtaining for Company such patents, copyrights or other protection in connection therewith as may be provided
under law and desired by Company, including but not limited to executing and signing any and all relevant applications, assignments,
or other instruments. Executive further agrees to provide, at Company’ request, declarations or affidavits and to give testimony,
in depositions, hearings or trials, in support of inventorship. These obligations continue even after the Termination Date. Company
agrees that Executive will be reimbursed for reasonable expenses incurred in providing such assistance to Company. In the event
Company is unable, after reasonable effort, to secure Executive’s signature on any document or documents needed to apply
for or prosecute any patent, copyright or other right or protection relating to any Company Invention, for any reason whatsoever,
Executive hereby irrevocably designates and appoints Company and its duly authorized officers and agents as Executive’s agent
and attorney-in-fact to act for and on Executive’s behalf to execute and file any such application or other document and
to do all other lawfully permitted acts to further the prosecution and issuance of patents, copyrights, or similar protections
thereon with the same legal force and effect as if executed by Executive.

 

For purposes of this Agreement, a Company Invention
shall be deemed to have been made during Executive’s employment if, during such period, the Company Invention was conceived,
in part or in whole, or first actually reduced to practice or fixed in a tangible medium during Executive’s employment with
Company. Executive further agrees and acknowledges that any patent or copyright application filed within one (1) year after
the Termination Date shall be presumed to relate to a Company Invention made during the term of Executive’s employment unless
Executive can provide evidence to the contrary.

 

5.8             
Covenants Are Independent Elements. The parties acknowledge that the restrictive covenants contained
in this Section 5 are essential independent elements of this Agreement and that, but for Executive agreeing to comply with them,
Company would not continue to employ Executive and would not provide the compensation herein. Accordingly, the existence or assertion
of any claim by Executive against Company, whether based on this Agreement or otherwise, shall not operate as a defense to Company’s
enforcement of the covenants this Section 5. An alleged or actual breach of the Agreement by the Company will not be a defense
to enforcement of the provisions of Section 5 or other obligations of Executive to the Company.

 

5.9             
Prior Employment. Executive hereby agrees that during the course and scope of the employment relationship
with Company, Executive shall neither disclose nor use any confidential information, invention, or work of authorship derived from,
developed or obtained in any prior employment relationship, and understands that any such disclosure or use would be injurious
to the economic and legal interests of Company. Executive represents that Executive has informed Company of any non-competition,
non-solicitation, confidentiality, work-for-hire or similar agreements to which Executive is subject or may be bound, and has provided
Company with copies of any such non-competition and non-solicitation agreements.

 

5.10         
Return of Data. In the event of the termination of Executive’s employment with Company for
any reason whatsoever, Executive agrees to deliver promptly to Company all formulas, correspondence, reports, computer programs
and similar items, customer lists, marketing and sales data and all other materials pertaining to Confidential Information, and
all copies thereof, obtained by Executive during the period of Executive’s employment with Company which are in Executive’s
possession or under his control. Executive further agrees that Executive will not make or retain any copies of any of the foregoing
and will so represent to Company upon termination of his employment.

 

    13

     

    

 

5.11         
Non-Disparagement. Executive agrees that during the Employment Period and at all times thereafter,
Executive will not make any statement, nor imply any meaning through Executive’s action or inaction, if such statement or
implication would be adverse to the interests of 3D Systems, its customers or its vendors or may reasonably cause any of the foregoing
embarrassment or humiliation; nor will Executive otherwise cause or contribute to any of the foregoing being held in disrepute
by the public or any other 3D Systems customer(s), vendor(s) or employee(s). Company agrees to instruct its officers, directors
and agents speaking regarding Executive with the prior knowledge and the express approval of an executive officer or director of
the Company not to disparage Executive to future employers of the Executive or others; provided, however, that nothing contained
in this Section 5.11 will restrict or impede Company from (i) complying with any applicable law, legal process, regulation or stock
exchange requirement, including disclosure obligations under securities laws and regulations, or a valid order of a court of competent
jurisdiction or an authorized government agency or entity; (ii) making any statement required or reasonably desirable in connection
with the enforcement or defense of any claim, legal proceeding or investigation involving Executive or the Company or any of their
respective Affiliates; or (iii) providing information to any future employer or prospective employer of Executive regarding Executive’s
obligations under this Agreement or any other agreement to which Executive is a party. Nothing herein prevents disclosure, in the
sole discretion of the Company and its employees, of this Agreement, or discussion of Executive’s employment with, and separation
of employment from, the Company, by and among employees and other agents of Company with a business need to know such information.
The restrictions of this Section 5.11 shall apply to, but are not limited to, communication via the Internet, any intranet, or
other electronic means, such as social media web sites, electronic bulletin boards, blogs, email messages, text messages or any
other electronic message. The restrictions of this Section 5.11 shall not be construed to prohibit or limit Executive, Company
or any other Person from testifying truthfully in any proceeding, arbitration or governmental investigation.

 

5.12         
Injunctive Relief and Additional Remedies for Breach. Executive further expressly acknowledges
and agrees that any breach or threatened breach of the provisions of this Section 5 shall entitle 3D Systems, in addition to any
other legal remedies available to it, to obtain injunctive relief, to prevent any violation of this Section 5 without the necessity
of 3D Systems posting bond or furnishing other security and without proving special damages or irreparable injury. Executive recognizes,
acknowledges and agrees that such injunctive relief is necessary to protect 3D Systems’ interest. Executive understands that
in addition to any other remedies available to 3D Systems at law or in equity or under this Agreement for violation of this Agreement,
other agreements or compensatory or benefit arrangements Executive has with 3D Systems may include provisions that specify certain
consequences thereunder that will result from Executive’s violation of this Agreement, which consequences may include repaying
3D Systems or foregoing certain equity awards or monies, and any such consequences shall not be considered by Executive or any
trier of fact as a forfeiture, penalty, duplicative remedy or exclusive remedy. Notwithstanding Section 8.9, the exclusive venue
for any action for injunctive or declaratory relief with respect to this Section 5 shall be the state or federal courts located
in San Diego County, California. Company and Executive hereby irrevocably consent to any such courts’ exercise of jurisdiction
over them for such purpose.

 

    14

     

    

 

5.13         
Notification to Third Parties. Company may, at any time during or after the termination of Executive’s
employment with Company, notify any person, corporation, partnership or other business entity employing or engaging Executive or
evidencing an intention to employ or engage Executive as to the existence and provisions of this Agreement.

 

5.14         
Cooperation. The parties agree that certain matters in which the Executive will be involved during
the Employment Period may necessitate the Executive’s cooperation in the future. Accordingly, following the termination of
the Executive’s employment for any reason, to the extent reasonably requested by the Company, the Executive shall cooperate
with the Company in connection with matters arising out of the Executive’s service to the Company; provided that, the Company
shall make reasonable efforts to minimize disruption of the Executive’s other activities. The Company shall reimburse the
Executive for reasonable expenses incurred in connection with such cooperation and, to the extent that the Executive is required
to spend substantial time on such matters, the Company shall compensate the Executive at an hourly rate based on the Executive’s
Base Salary on the Termination Date.

 

		6.	No Mitigation.

 

In no event shall Executive be obligated to
seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions
of this Agreement and, except as otherwise provided herein, such amounts shall not be reduced whether or not Executive obtains
other employment.

 

		7.	Clawback.

 

All incentive compensation paid to Executive
pursuant to this Agreement or otherwise in connection with Executive’s employment with Company shall be subject to forfeiture,
recovery by Company or other action pursuant to any clawback or recoupment policy which Company may adopt from time to time.

 

		8.	Miscellaneous.

 

8.1             
Valid Obligation. This Agreement has been duly authorized, executed and delivered by Company and
has been duly executed and delivered by Executive and is a legal, valid and binding obligation of Company and of Executive, enforceable
in accordance with its terms.

 

8.2             
No Conflicts. Executive represents and warrants that the performance by Executive of the duties
that are reasonably expected to be performed hereunder will not result in a material breach of any agreement to which Executive
is a party.

 

8.3             
Applicable Law. This Agreement shall be construed in accordance with the laws of the State of South
Carolina (the “Applicable State Law”), without reference to South Carolina’s choice of law statutes or
decisions.

 

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8.4             
Severability. The provisions of this Agreement shall be deemed severable, and the invalidity or
unenforceability of any one or more of the provisions hereof shall not affect the validity or enforceability of any other provision.
If any provision of this Agreement shall be prohibited by or invalid under the Applicable State Law, the prohibited or invalid
provision(s) shall be deemed severed herefrom and shall be unenforceable to the extent of such prohibition or invalidity without
invalidating the remainder of such provision or the remaining provisions of this Agreement. In the event any clause of this Agreement
is deemed to be invalid, the parties shall endeavor to modify that clause in a manner which carries out the intent of the parties
in executing this Agreement.

 

8.5             
No Waiver. The waiver of a breach of any provision of this Agreement by any party shall not be
deemed or held to be a continuing waiver of such breach or a waiver of any subsequent breach of any provision of this Agreement
or as nullifying the effectiveness of such provision, unless agreed to in writing by the parties.

 

8.6             
Notices. All demands, notices, requests, consents and other communications required or permitted
under this Agreement shall be in writing and shall be personally delivered or sent by facsimile machine (with a confirmation copy
sent by one of the other methods authorized in this Section), or by commercial overnight delivery service, to the parties at the
addresses set forth below:

 

	 	To Company:	3D Systems Corporation
	 	 	333 Three D Systems Circle
	 	 	Rock Hill, South Carolina 29730
	 	 	Attention: Chief Executive Officer
	 	 	 
	 	With a copy to the Chief Legal Officer

 

	 	 To Executive:	At the address and/or
fax number most recently contained in Company’s records

 

Notices shall be deemed given upon the earliest to occur of (i) receipt
by the party to whom such notice is directed, if hand delivered; (ii) if sent by facsimile machine, on the day (other than
a Saturday, Sunday or legal holiday in the jurisdiction to which such notice is directed) such notice is sent if sent (as evidenced
by the facsimile confirmed receipt) prior to 5:00 p.m. Central Time and, if sent after 5:00 p.m. Central Time, on the
day (other than a Saturday, Sunday or legal holiday in the jurisdiction to which such notice is directed) after which such notice
is sent; or (iii) on the first business day (other than a Saturday, Sunday or legal holiday in the jurisdiction to which such
notice is directed) following the day the same is deposited with the commercial carrier if sent by commercial overnight delivery
service. Each party, by notice duly given in accordance therewith may specify a different address for the giving of any notice
hereunder.

 

8.7             
Assignment of Agreement. This Agreement shall be binding upon and inure to the benefit of Executive
and Company, their respective successors and permitted assigns and Executive’s heirs and personal representatives. Executive
may not assign any rights or obligations hereunder to any person or entity without the prior written consent of Company. This Agreement
shall be personal to Executive for all purposes.

 

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8.8             
Entire Agreement; Amendments. Except as otherwise provided herein, this Agreement contains the
entire understanding between the parties, and there are no other agreements or understandings between the parties with respect
to Executive’s employment by Company and Executive’s obligations thereto other than Executive’s indemnification
or related rights under Company’s certificate of incorporation or Bylaws or under any indemnification agreement between Company
and Executive and Executive’s rights under any equity incentive plans or bonus plans of Company. Subject to applicable law,
Executive will be provided indemnification to the maximum extent permitted by the Company’s Bylaws and certificate of incorporation,
including, if applicable, any directors and officers insurance policies, with such indemnification to be on terms determined by
the Board or any of its committees, but on terms no less favorable than provided to any other Company executive officer or director
and subject to the terms of any separate written indemnification agreement. Executive acknowledges that Executive is not relying
upon any representations or warranties concerning Executive’s employment by Company except as expressly set forth herein.
No amendment or modification to the Agreement shall be valid except by a subsequent written instrument executed by the parties
hereto.

 

8.9             
Dispute Resolution and Arbitration. The following procedures shall be used in the resolution of
disputes:

 

8.9.1       
Dispute. In the event of any dispute or disagreement between the parties under this Agreement (excluding
an action for injunctive or declaratory relief as provided in Section 5.12), the disputing party shall provide written notice to
the other party that such dispute exists. The parties will then make a good faith effort to resolve the dispute or disagreement.
If the dispute is not resolved upon the expiration of fifteen (15) days from the date a party receives such notice of dispute,
the entire matter shall then be submitted to arbitration as set forth in Section 8.9.2.

 

8.9.2       
Arbitration. Should any legal claim (other than those excepted below) arising out of or in any
way relating to this Agreement or Executive's employment or the termination of Executive's employment not be resolved by negotiation
or mediation, it shall be subject to binding and final arbitration in Rock Hill, South Carolina, which is in York County. The fees
of the arbitrator and any other fees for the administration of the arbitration that would not normally be incurred if the action
were brought in a court of law shall be paid by Company.  However, Executive shall be required to pay the amount of those
fees equal to that which Executive would have been required to pay to file a lawsuit in court. Any demand for arbitration shall
be in writing and must be communicated to the other party prior to the expiration of the applicable statute of limitations. Unless
otherwise provided herein, the arbitration shall be conducted by a single arbitrator in accordance with the Employment Arbitration
Rules and Mediation Procedures published by the American Arbitration Association. If the arbitrator selected as set forth herein
determines that this location constitutes a significant hardship on the Executive and constitutes an impermissible barrier to Executive’s
efforts to enforce Executive’s statutory or contractual rights, such arbitration may be conducted in some other place determined
to be reasonable by the arbitrator. The arbitrator shall be selected by mutual agreement of the parties. If the parties cannot
agree on an arbitrator within thirty (30) days after written request for arbitration is made by one party to the controversy, a
neutral arbitrator shall be appointed according to the procedures set forth in the American Arbitration Association Employment
Arbitration Rules and Mediation Procedures. In rendering the award, the arbitrator shall have the authority to resolve only the
legal dispute between the parties, shall not have the authority to abridge or enlarge substantive rights or remedies available
under existing law, and shall determine the rights and obligations of the parties according to the substantive laws of the Applicable
State Law and any applicable federal law. In addition, the arbitrator's decision and award shall be in writing and signed by the
arbitrator, and accompanied by a concise written explanation of the basis of the award. The award rendered by the arbitrator shall
be final and binding, and judgment on the award may be entered in any court having jurisdiction thereof. The arbitrator is authorized
to award any party a sum deemed proper for the time, expense, and trouble of arbitration, including arbitration fees and attorneys’
fees.

 

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8.9.3       
Types of Claims. All legal claims brought by Executive or Company related to this Agreement, the
employment relationship, terms and conditions of Executive’s employment, and/or termination from employment are subject to
this dispute resolution procedure. These include, by way of example and without limitation, any legal claims based on alleged discrimination
or retaliation on the basis of race, sex (including sexual harassment), religion, national origin, age, disability or other protected
classification, whether based on state or federal law; payment of wages, bonuses, or commissions; workers’ compensation retaliation;
defamation; invasion of privacy; infliction of emotional distress and/or breach of an express or implied contract. Disputes and
actions excluded from Section 8.9 are: (1) claims for workers’ compensation or unemployment benefits; (2) claims for benefits
under a Company plan or program that provides its own process for dispute resolution; (3) claims for declaratory or injunctive
relief (any such proceedings will be without prejudice to the parties’ rights under Section 8.9 to obtain additional relief
in arbitration with respect to such matters); (4) claims for unfair labor practices filed with the National Labor Relations Board;
and (5) actions to compel arbitration or to enforce or vacate an arbitrator's award under Section 8.9, such action to be governed
by the Federal Arbitration Act (“FAA”) and the provisions of Section 8.9. Nothing in this Agreement shall be
interpreted to mean that Executive is precluded from filing complaints with the Equal Employment Opportunity Commission, the National
Labor Relations Board or any similar state or federal agency. Any controversy over whether a dispute is arbitrable or as to the
interpretation of Section 8.9 with respect to such arbitration will be determined by the arbitrator.

 

8.10         
Survival. For avoidance of doubt, the provisions of Sections 4.5, 5, 7 and 8 of this Agreement
shall survive the expiration or earlier termination of the Employment Period.

 

8.11         
Headings. Section headings used in this Agreement are for convenience of reference only and shall
not be used to construe the meaning of any provision of this Agreement.

 

8.12         
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an
original, but both of which together shall constitute one and the same instrument. Signatures delivered via facsimile or electronic
file shall be the same as original signatures.

 

8.13         
Taxes. Executive shall be solely responsible for taxes imposed on Executive by reason of any compensation
and benefits provided under this Agreement and all such compensation and benefits shall be subject to applicable withholding.

 

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8.14         
Section 409A of the Code. It is intended that this Agreement will comply with Section 409A of the
Code (and any regulations and guidelines issued thereunder) to the extent the Agreement is subject thereto, and the Agreement shall
be interpreted on a basis consistent with such intent. If an amendment of the Agreement is necessary in order for it to comply
with Section 409A, the parties hereto will negotiate in good faith to amend the Agreement in a manner that preserves the original
intent of the parties to the extent reasonably possible. No action or failure by Company in good faith to act, pursuant to this
Section 8.14, shall subject Company to any claim, liability, or expense, and Company shall not have any obligation to indemnify
or otherwise protect Executive from the obligation to pay any taxes pursuant to Section 409A of the Code.

 

In addition, notwithstanding any provision to
the contrary in this Agreement, if Executive is deemed on the date of Executive’s “separation from service”
(within the meaning of Treas. Reg. Section 1.409A-1(h)) to be a “specified employee” (within the meaning of
Treas. Reg. Section 1.409A-1(i)), then with regard to any payment that is required to be delayed pursuant to Section 409A(a)(2)(B)
of the Code (the “Delayed Payments”), such payment shall not be made prior to the earlier of (i) the expiration
of the six (6) month period measured from the date of Executive’s “separation from service” and (ii) the date
of Executive’s death. Any payments due under this Agreement other than the Delayed Payments shall be paid in accordance with
the normal payment dates specified herein. In no case will the delay of any of the Delayed Payments by Company constitute a breach
of Company’s obligations under this Agreement. For the provision of payments and benefits under this Agreement upon termination
of employment, reference to Executive’s “termination of employment” (and corollary terms) with Company shall
be construed to refer to Executive’s “separation from service” from Company (as determined under Treas. Reg.
Section 1.409A-1(h), as uniformly applied by Company) in tandem with Executive’s termination of employment with Company.

 

In addition, to the extent that any reimbursement
or in-kind benefit under this Agreement or under any other reimbursement or in-kind benefit plan or arrangement in which Executive
participates during the term of Executive’s employment under this Agreement or thereafter provides for a “deferral
of compensation” within the meaning of Section 409A of the Code, (i) the amount eligible for reimbursement or in-kind
benefit in one calendar year may not affect the amount eligible for reimbursement or in-kind benefit in any other calendar year
(except that a plan providing medical or health benefits may impose a generally applicable limit on the amount that may be reimbursed
or paid), (ii) the right to reimbursement or an in-kind benefit is not subject to liquidation or exchange for another benefit,
and (iii) subject to any shorter time periods provided herein, any such reimbursement of an expense or in-kind benefit must
be made on or before the last day of the calendar year following the calendar year in which the expense was incurred.

 

If the sixty (60)-day period following a “separation
from service” begins in one calendar year and ends in a second calendar year (a “Crossover 60-Day Period”),
then any severance payments that would otherwise occur during the portion of the Crossover 60-Day Period that falls within the
first year will be delayed and paid in a lump sum during the portion of the Crossover 60-Day Period that falls within the second
year.

 

8.15         
Limitation on Payments.

 

8.15.1   
Parachute Payments. In the event that the payments and benefits provided for in this Agreement
or other payments and benefits payable or provided to Executive (i) constitute “parachute payments” within the meaning
of Section 280G of the Code and (ii) but for this Section 8.15, would be subject to the excise tax imposed by Section 4999 of the
Code, then Executive’s payments and benefits under this Agreement and other payments or benefits (the “280G Amounts”)
will be either:

 

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(i)                
delivered in full, or

 

(ii)             
delivered as to such lesser extent which would result in no portion of such payments or benefits being subject
to excise tax under Section 4999 of the Code,

 

whichever of the foregoing amounts, taking into account the applicable
federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt by Executive on an after-tax
basis, of the greatest amount of 280G Amounts, notwithstanding that all or some portion of the 280G Amounts may be taxable under
Section 4999 of the Code.

 

8.15.2   
Reduction Order. In the event that a reduction of 280G Amounts is being made in accordance with
Section 8.15.1, the reduction will occur, with respect to the 280G Amounts considered parachute payments within the meaning of
Section 280G of the Code, in the following order:

 

(i)                
reduction of cash payments in reverse chronological order (that is, the cash payment owed on the latest date
following the occurrence of the event triggering the excise tax will be the first cash payment to be reduced);

 

(ii)             
cancellation of equity awards that were granted “contingent on a change in ownership or control”
within the meaning of Code Section 280G in the reverse order of date of grant of the awards (that is, the most recently granted
equity awards will be cancelled first);

 

(iii)           
reduction of the accelerated vesting of equity awards in the reverse order of date of grant of the awards (that
is, the vesting of the most recently granted equity awards will be cancelled first); and

 

(iv)            
reduction of employee benefits in reverse chronological order (that is, the benefit owed on the latest date following
the occurrence of the event triggering the excise tax will be the first benefit to be reduced).

 

In no event will Executive have any discretion with respect to the
ordering of payments.

 

8.15.3   
Accounting or Valuation Firm. Unless the Company and Executive otherwise agree in writing, any
determination required under this Section 8.15 will be made in writing by a nationally recognized accounting or valuation firm
(the “Firm”) selected by the Company, whose determination will be conclusive and binding upon Executive and
the Company for all purposes. For purposes of making the calculations required by this Section 8.15, the Firm may make reasonable
assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the
application of Sections 280G and 4999 of the Code. The Company and Executive will furnish to the Firm such information and documents
as the Firm may reasonably request in order to make a determination under this Section 8.15. The Company will bear all costs and
make all payments for the Firm’s services relating to any calculations contemplated by this Section 8.15.

 

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8.16         
Payment by Subsidiaries. Executive acknowledges and agrees that Company may satisfy its obligations
to make payments to Executive under this Agreement by causing one or more of its subsidiaries to make such payments to Executive.
Executive agrees that any such payment made by any such subsidiary shall fully satisfy and discharge Company’s obligation
to make such payment to Executive hereunder (but only to the extent of such payment).

 

 

[ Signature Page to Follow ]

 

 

 

 

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Execution Version

 

 

IN WITNESS WHEREOF, the parties have
executed this Agreement as of the date and year first above written, to be effective at the Effective Date.

 

	 	 	 	 
	 	EXECUTIVE	 
	 	 	 	 
	 	/s/ Todd Booth	 
	 	Todd Booth	 
	 	 	 	 
	 	 	 	 
	 	3D SYSTEMS CORPORATION	 
	 	 	 	 
	 	/s/ Andrew M. Johnson	 
	 	By:	Andrew M. Johnson	 
	 	Title:	Executive Vice President, Chief Legal Officer and SecretaryExhibit 10.1

 

	 	
        3000 John Deere Road, Toano, VA  23168

        Phone: (757) 259-4280.● Fax (757) 259-7293

        www.lumberliquidators.com

 

August 5, 2019

 

VIA EMAIL (__________)

 

Nancy A. Walsh

__________

__________

__________

 

		Re:	Offer Letter (Revised)

 

Dear Nancy:

 

This letter confirms our offer of employment
to you with Lumber Liquidators Holdings, Inc. or one of its subsidiaries (individually and collectively, as applicable, “Lumber
Liquidators” or the “Company”) and replaces all previous offer letters sent to you. The details of our offer
are as follows:

 

		·	Title: Chief Financial Officer (CFO)

 

		·	Location: Toano/Richmond, Virginia

 

		·	Reports to: Dennis Knowles, President and CEO

 

		·	Start Date: September 9, 2019 (or as determined based upon mutual agreement between you and Dennis Knowles).

 

		·	Annual Base Salary: $500,000. Lumber Liquidators currently processes payroll on a weekly
basis.  This is subject to change.  We strongly encourage employees to receive their pay via direct deposit.

 

		·	Sign-on Bonus: To assist you in your transition, you will receive a one-time sign-on bonus
in the amount of $50,000 (gross before taxes and applicable withholdings). This amount is payable to you within thirty (30)
days of your start date. In the event you voluntary resign your employment from Lumber Liquidators for any reason prior to completing
your first year of employment, full re-payment of this sign-on bonus will be due to Lumber Liquidators within 30-days of your termination
date.

 

		·	Incentive Plan: You will be eligible to participate in the Annual Bonus Plan for Executive
Management (the “Bonus Plan”). Your 100% target payout under the Bonus Plan will be equal to 60% of your annual
base salary, with the opportunity to earn a maximum of 200% of your target payout based on Lumber Liquidators’ performance
against certain financial objectives. For 2019, any earned bonus payout will be pro-rated for your date of hire in 2019. Notwithstanding
the foregoing, the awarding (or decision not to award) a payment under the Bonus Plan and the amount thereof, is a decision left
to the sole discretion of Lumber Liquidators. Further, the Bonus Plan is subject to amendment, modification and/or termination
by Lumber Liquidators in its sole and absolute discretion. To the extent there is any conflict between this Offer Letter and the
language of the Bonus Plan, the Bonus Plan shall control.

 

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		·	Equity: Lumber Liquidators has recommended to the Compensation Committee of its Board of
Directors that you receive an award of equity with a total cumulative value of $750,000.  The Company has recommended
that 50% of such award be options and 50% be restricted stock.  The valuation of the options will be made using the Black-Scholes-Merton
method as of the date of award and the valuation of the restricted stock will be made using the fair market value of the shares
on the grant date.   If approved by the Compensation Committee, any award will be granted under, subject to and governed
by the Lumber Liquidators Holdings, Inc. Amended and Restated 2011 Equity Compensation Plan, and shall be evidenced by a grant
agreement.  The agreement will specify, among other things, the vesting schedule, consequences of termination of employment
and other applicable terms and conditions.  The vesting schedule of the grant will be as follows: beginning on the first anniversary
of the grant date, 25% of the grant will vest on anniversary of the grant date for a period of four (4) years. While it is expected
that the Compensation Committee will next award equity three (3) business days after the Company publicly announces its financial
results for Q3-2019, the timing and amount of any such award to you is subject to your actual start date of employment and
to the absolute discretion of the Compensation Committee and the Board of Directors. 

 

		·	Annual Equity: You may be eligible for future annual equity awards determined by an approved
equity grant matrix based on your role in the organization and on an assessment of your job performance and recommendation made
by the CEO. All awards require approval at the absolute discretion of the Compensation Committee and the Board of Directors. As
an employee, you will be subject to the expectations and restrictions of Lumber Liquidators’ Insider Trading Policy, a copy
of which is provided at the time of hire and is available upon request to Human Resources.

 

		·	Director and Officer Stock Ownership Guidelines: In order to align the financial interests
of executives with those of the Company’s stockholders and to further promote the Company’s commitment to sound corporate
governance, you will be subject to the following stock ownership requirement:

 

	Position	 	Value of Shares	 
	Chief Financial Officer (CFO)	 	2 times base salary	 

 

The participants in the Ownership Guidelines are
expected to meet the applicable guideline no more than five (5) years after first becoming subject to them and are expected
to continuously own sufficient shares to meet the applicable guideline once attained. Stock that may be considered in
determining compliance with the Ownership Guidelines includes:

 

Shares owned directly by the participant
or indirectly by the participant through (i) his or her immediate family members (as defined in the Ownership Guidelines) residing
in the same household or (ii) trusts for the benefit of the participant or his or her immediate family members;

 

    	 	2	 

     

    

 

		i.	Vested shares of restricted stock held by the participant;

 

		ii.	Shares underlying vested stock options held by the participant
that are “in the money”; and

 

		iii.	Shares held pursuant to the Lumber Liquidators Holdings,
Inc. Outside Director Deferral Plan (the “Deferral Plan”) (i.e., deferred stock units).

 

The Compensation Committee shall
be responsible for monitoring the application of the Ownership Guidelines and has sole discretion to alter or change these requirements
at any time.

 

		·	Relocation Expense Reimbursement: This position is based in the corporate offices in Toano
and Richmond, VA. Financial support will be provided to cover reasonable relocation expenses from your current residence to the
Toano/Richmond, VA area. You will be provided with up to $200,000 (relocation expenses that are not tax deductible will
be grossed up at 35%) in relocation expense reimbursement in accordance with the company’s relocation policy provided you
sign and return to us a Relocation Expense Agreement. In the event you voluntarily resign your employment from Lumber Liquidators
for any reason prior to completing two (2) full years of employment, you shall be obligated to repay this relocation payment and
any related gross up (together, the “relocation payment”) to Lumber Liquidators as follows: (i) before one (1) year,
full repayment of the relocation payment, or (ii) after one (1) year but before two (2) years, 50% repayment of the relocation
payment; that such repayment shall be due within thirty (30) days of the termination of your employment; and that you acknowledge
that Lumber Liquidators has the right to reduce any final compensation payment to you by the amount owed to Lumber Liquidators
under this section. Your final relocation date will be determined as mutually agreed upon between Dennis Knowles and you.

 

		·	Temporary Living Expenses: You are eligible for up to four, economy class round trip airline
tickets from your current home to Richmond, VA and to reasonable and necessary temporary housing and living expenses for up to180
days from your date of employment.

 

		·	Severance Benefit: In consideration of the Employee’s continued employment with the
Company and its subsidiaries, the Company desires to provide the Employee with certain compensation and benefits set forth in the
Severance Agreement in order to ameliorate the financial and career impact on the Employee if the Employee’s employment with
the Company and its subsidiaries is terminated under certain circumstances.

 

		·	Performance Review and Merit Increase: Your performance will be reviewed periodically with
you by your supervisor, but no less than annually. Merit increases are discretionary based on performance and business considerations.
You will be eligible for consideration for a merit increase in the first quarter of 2020.

 

		·	Benefits Eligibility: You will be eligible to participate in benefit plans offered through
Lumber Liquidators per the terms and conditions of those plans. During your orientation, you will be given more information regarding
these plans and a copy of our 2019/2020 benefits summary if you did not previously receive one.  Following your first day
of employment, you will also be able to access the full 2019/2020 Benefits Guide on our Company intranet.

 

    	 	3	 

     

    

 

		·	Paid Time Off (PTO): Per the terms and conditions of the Lumber Liquidators Paid Time Off
(“PTO”) Policy, you will be eligible to accrue up to a maximum of 200 hours of PTO annually and thereafter.
Your 2019 accrual will be pro-rated based on your actual date of hire.

 

		·	Holidays: Lumber Liquidators observes six scheduled holidays each year. Those holidays currently
are New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. The holiday schedule
is established in advance of each year and is subject to change.

 

This offer of employment is contingent
on (1) satisfactory completion of all pre-hire assessments and evaluations, (2) satisfactory results of a drug screening test,
(3) executive background verification, (4) your executing the Confidentiality, Non-Solicitation and Non-Competition Agreement,
and (5) your ability to show that you are eligible to work in the United States. 

 

On your first day of employment, you will
be required to provide your social security card for payroll purposes, and proof of identity and employment eligibility in order
to complete an Employment Eligibility Verification (I-9) form. A list of acceptable documents is enclosed. Please note that, if
you do not have one document from List A, you must bring one document from List B and one document from List C.

 

Please ensure that you bring the proper
documentation with you on your first day of employment. Your subsequent failure to provide the necessary documentation as required
by federal law may result in the termination of your employment. Please note that your name for payroll purposes must match exactly
with your social security records. To expedite the orientation process, please complete the attached forms and bring these with
you your first day.

 

Please acknowledge your acceptance of this
offer by signing and returning a copy of this letter and any Incorporated Documents, all in their entirety, no later than the close
of business August 7, 2019 to me via email to __________. By signing this offer, you are, among other things, representing
to Lumber Liquidators that there are no legal or equitable agreements or restrictions that would prevent, limit, impair or otherwise
compromise your ability to comply with the terms of this offer and perform on behalf of Lumber Liquidators.

 

Please note that your employment with Lumber
Liquidators is at-will and neither this document nor any other oral or written representations may be considered a contract of
employment for any specific length of time. You retain the option, as does Lumber Liquidators, of ending your employment with Lumber
Liquidators at any time, with or without notice and with or without cause.

 

If you have questions regarding any of
the above, please feel free to contact me by telephone at __________ (office) or __________ (mobile), or by email.

 

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We look forward to you joining the Lumber
Liquidators team and working with you to further our success.

 

	Sincerely,	 
	 	 
	/s/ Jay L. Keith	 
	 	 
	Jay L Keith	 
	Vice President, Human Resources	 

 

ACKNOWLEDGEMENT and AGREEMENT: As indicated
by my signature below on this letter, I acknowledge its receipt and my understanding and acceptance of its contents. I agree that
should I terminate employment with Lumber Liquidators or if my employment is terminated for cause, any monies owed for reimbursement
of expenses or other sums under this offer letter will be deducted from my final paychecks.

 

	Signature:	/s/ Nancy Walsh	 	Date:	8/9/19
	 	Nancy Walsh	 	 	 

 

		cc:	Dennis Knowles, President and CEO

 

Attachments: Confidentiality,
Non-Solicitation and Non-Competition Agreement; Relocation Overview; Healthcare Benefits Summary 

 

    	 	5

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