Document:

ex10-1.htm

Exhibit 10.1

 

 

Steve Kenny

Tysoe

Warwickshire

United Kingdom

 

February 12, 2016 

 

Dear Steve 

 

Contract of employment 

 

This letter is your contract of employment and includes a statement of the applicable terms of your employment as required by section 1 of the Employment Rights Act 1996.

 

	
1.
	
Commencement of Employment

	 	 
	
1.1
	
Your employer is H.B. Fuller U.K. Limited (the “Company”). Your employment under this agreement commenced with effect from June 1, 2015. 

	 	 
	
1.2
	
Your previous employment counts towards your period of continuous employment with the Company which therefore began on 1 October 2009. 

	 	 
	
2.
	
Position and Duties 

	 	 
	
2.1
	
You are employed as Senior Vice President, Emerging Markets or in such other position as the Company may reasonably require. Your role will involve such duties as are consistent with your position and any other duties as may be assigned to you by the Company. You are also serving as an Executive Officer of H.B. Fuller Company, a Minnesota corporation, headquartered in Vadnais Heights, Minnesota, U.S.A.

	 	 
	
2.2
	
You will faithfully and diligently exercise such powers and perform such duties on behalf of the Company or any other Group Company as are consistent with your position and as may be assigned to you from time to time and you shall at all times act in the best interests of, and not do anything that is harmful to, the Company or any other Group Company.

	 	 
	
2.3
	
You will at all times comply with and shall not cause the Company or any other Group Company to breach any and all rules, regulations and requirements (including internal rules, policies and procedures and those of any regulatory body or stock exchange, code of conduct or statutory provision) to which you, the Company or any other Group Company are from time to time subject.

  

 

 

 

  

	
2.4
	
During your employment with the Company you will not hold any other offices, directorships or positions (whether paid or unpaid) or be directly or indirectly employed, engaged, concerned or interested in the conduct of any other business or undertaking whether or not competing in any respect with the Company or any other member of the Group save through your holding less than three per cent of the issued securities of any class of any company listed on a recognised stock exchange. 

	 	 
	
2.5
	
The Company reserves the right to appoint any other person to act jointly with you.

	 	 
	
3.
	
Place of Work

	 	 
	
3.1
	
You will be based at your home address in Tysoe, Warwickshire, although you agree to attend the Company’s offices and such other places as necessary for the proper performance of your duties. 

	 	 
	
3.2
	
You will also be required to travel both inside and outside the UK on Company business and you agree to make yourself available as necessary for business travel in accordance with Company instructions. If you are required to work outside the UK for more than one month, details will be provided to you prior to your departure. 

	 	 
	
4.
	
Remuneration

	 	 
	
4.1
	
Your annual basic salary is £279,657.88, subject to applicable deductions and payable monthly in arrears. 

	 	 
	
4.2
	
You are eligible to participate in a Short Term Incentive Plan (“STIP”) and a Long Term Incentive Plan (“LTIP”). Your participation in these plans is subject to and in accordance with the rules of the relevant plans from time to time in force, and otherwise in the absolute discretion of the Company. The Company reserves the right to review the STIP or LTIP to reflect changes in the needs of the business and the changing nature of the markets it serves. 

	 	 
	
4.3
	
You authorise the Company to deduct from your salary or any other payment due to you any amounts due from you to the Company or any other member of the Group including, without limitation, any overpayment of salary.

	 	 
	
4.4
	
Subject to production of appropriate receipts and compliance with any Company expense policy, the Company will reimburse you for reasonable out-of-pocket expenses which are wholly, properly and necessarily incurred in the performance of your duties for the Company. 

	 	 
	
5.
	
Pension and Benefits

	 	 
	
5.1
	
The Company provides access to a stakeholder pension scheme, details of which may be obtained from the Human Resources Department. You have been automatically enrolled into this scheme.

  

 

 

 

 

	
5.2
	
The Company will continue to pay subscriptions on your behalf to such:

 

	 	
(a)
	
private medical insurance scheme; 

 

	 	
(b)
	
life assurance scheme; and 

 

	 	
(c)
	
long term disability scheme,

  

	 	as the Company may from time to time elect. Your right to participate in these schemes and any other benefit schemes provided for you by the Company is subject to acceptance and continuation of cover for you by an appropriate insurer at rates acceptable to the Company and subject to any terms, conditions, exclusions or limitations which such insurer may impose. The Company may amend, vary or terminate such benefits at any time and will have no liability for failure or refusal by the insurer to pay benefits or for cessation of benefits on termination of your employment. Such benefits may also be taxable and subject to HM Revenue & Customs limits. 
	 	 
	
5.3
	
The Company will pay you a car allowance of £900 per month which shall be payable together with and in the same manner as your basic salary in accordance with clause 4.1 above. The car allowance shall not be treated as part of your basic salary for any purpose and shall not be pensionable.

	 	 
	
5.4
	
It is a condition of your employment that you have and keep a current driving licence. You must promptly notify the Company of (i) any accidents in which you are involved whilst driving your car on Company business; (ii) any driving offences with which you are charged and/or found guilty; (iii) any other driving related charges brought against you by the police or any other relevant authority (whether in the UK or overseas); and (iv) any endorsements to your driving licence. 

	 	 
	
5.5
	
You will be reimbursed up to a maximum of $7,500 per year for financial, estate and tax planning/preparation, subject to production of receipts or other proof of payment in a form acceptable to the Company. This is considered taxable income. 

	 	 
	
5.6
	
You are eligible to receive a Company paid annual preventative/diagnostic physical examination at the clinic of your choice, or at the Mayo Executive Health Clinic. 

	 	 
	
6.
	
Hours of Work 

	 	 
	
6.1
	
You agree to devote your full time and best efforts to promoting the business of the Company in the performance of your duties. 

	 	 
	
6.2
	
You are required to work a minimum of 37.5 hours per week. There are no normal hours of work applicable to your position, but you are expected to work during the Company’s normal business hours and to work such additional hours as may be necessary for the proper performance of your duties without extra remuneration. 

	 	 
	
6.3
	
You agree to opt out of the limit on weekly working hours contained in Regulation 4 of the Working Time Regulations 1998. The Company and you agree that your consent, for the purposes of this sub-clause, will continue indefinitely provided that you may withdraw such consent at any time by giving the Company three months’ written notice of your wish to do so. 

  

 

 

 

 

	
7.
	
Holidays

	 	 
	
7.1
	
You are entitled to 25 days’ paid holiday during each holiday year in addition to the usual public holidays in England and Wales. The holiday year runs from 1 January to 31 December each year and holiday entitlement may not be carried forward to the next holiday year. All holiday must be taken at times approved by the Company. Any holiday exceeding one week in duration must be approved by the Company at least four weeks in advance. 

	 	 
	
7.2
	
If your employment finishes part way through the holiday year, your holiday entitlement during that year will be calculated on a pro-rata basis. The Company will not pay in lieu of untaken holiday except on termination of your employment. If on termination of your employment you have exceeded your accrued holiday entitlement, the excess may be deducted from any sums due to you from the Company. The Company may require you to take any accrued holiday during any notice period or any period of Garden Leave. 

	 	 
	
8.
	
Sickness absence

	 	 
	
8.1
	
If you are absent from work for any reason, you must notify your manager and/or the Company of the reason for your absence as soon as possible and in any event before 9 a.m. on each day of absence. You may be required to complete a self-certification form for periods of absence of seven consecutive days or less. For periods of absence of more than seven consecutive days you must provide the Company with a doctor’s certificate covering your entire period of absence. If the Company deems it reasonably necessary you agree to undergo a medical examination (at the Company’s expense) by a doctor nominated by the Company and you consent to the doctor providing a copy of the medical report to the Company.

	 	 
	
8.2
	
If you are absent from work due to sickness or injury the Company will pay you statutory sick pay (“SSP”) provided that you satisfy the relevant requirements. Your qualifying days for SSP purposes are Monday to Friday. Details of the Discretionary Sick Pay Scheme can be obtained from HR. 

	 	 
	
8.3
	
If your incapacity is or appears to be occasioned by actionable negligence, nuisance or breach of any statutory duty on the part of a third party in respect of which damages are or may be recoverable, you must immediately notify the Company of that fact and of any claim, settlement or judgment made or awarded in connection with it and all relevant particulars that the Company may require. You shall, if required by the Company, cooperate in any related legal proceedings and refund to the Company that part of any damages or compensation recovered by you relating to the loss of earnings for the period of such incapacity as the Company may determine less any costs borne by you in connection with the recovery of such damages or compensation.

  

 

 

 

 

	
9.
	
Termination 

	 	 
	
9.1
	
Subject to the remaining provisions of this agreement, either you or the Company may terminate your employment by giving the other party 6 months’ prior written notice. 

	 	 
	
9.2
	
The Company may, in its sole and absolute discretion, terminate your employment at any time and with immediate effect by notifying you that it will pay a sum in lieu of notice equal to the basic salary (as at the date of termination) which you would have been entitled to receive under this agreement during the notice period referred to at clause 9.1 (or, if notice has already been given, during the remainder of the notice period), such termination to take effect on the date of notification. The Company may in its absolute discretion make such payment in equal monthly instalments until the date on which the notice period would have expired if notice had been served. You are obliged to seek alternative income during this period and to notify the Company of any income so received and the Company may reduce the instalment payments by the amount of such income. 

	 	 
	
9.3
	
If you or the Company give notice to terminate this agreement, the Company may in its discretion place you on “Garden Leave” for part or all of your notice period, during which time you may be required by the Company not to perform any or all of your duties under this agreement, to remain away from the premises of the Company and any other Group Company, to have no or limited contact with the clients, customers, suppliers and employees of the Group and such other requirements stipulated by the Company. For the avoidance of doubt, you shall remain bound by all your obligations in this agreement and otherwise and shall not do anything that is harmful to the Company or any other member of the Group. 

	 	 
	
9.4
	
Notwithstanding clause 9.1, the Company will be entitled to dismiss you at any time without notice or payment in lieu of notice if you: 

 

	 	
(a)
	
commit a serious breach of your obligations as an employee or under this agreement or if you persistently underperform; or 

	 	 	 
	 	
(b)
	
commit a serious breach of any policy of the Company or any other Group Company, including any H.B. Fuller Core Policy or Code of Business Conduct; or

	 	 	 
	 	
(c)
	
commit any act of serious or gross misconduct; or

	 	 	 
	 	
(d)
	
cease to be entitled to work in the United Kingdom or for the Company; or

	 	 	 
	 	
(e)
	
become bankrupt or make any arrangement or composition with your creditors; or

	 	 	 
	 	
(f)
	
engage in conduct which, in the opinion of the Company, is detrimental to the Company or any other member of the Group or brings you or the Company or any other member of the Group into disrepute; or

  

 

 

 

 

	 	
(g)
	
make any unauthorised use or disclosure of Confidential Information; or

	 	 	 
	 	
(h)
	
are convicted of any criminal offence other than an offence under road traffic legislation not punished by imprisonment; 

	 	 	 
	 	
(i)
	
are by reason of illness or incapacity (whether mental or physical) unable to manage your own affairs or become a patient under any mental health legislation or have been or are likely to be absent for a period of 3 months (whether consecutive or in aggregate), or if any report prepared by a doctor nominated by the Company states that you are medically unfit to carry out your obligations under this agreement; or

	 	 	 
	 	
(j)
	
cease to be qualified to act as a director or Executive Officer or (if so appointed) resign as a director or Executive Officer from the Company or any other Group Company without the prior written approval of the board of directors or Executive Officers of the Company or other Group Company.

   

	 	The above examples are non-exhaustive and are without prejudice to any other rights the Company may have at law to terminate your employment. Any delay by the Company in exercising its rights to terminate shall not constitute a waiver thereof.
	 	 
	
9.5
	
The Company is entitled to terminate your employment notwithstanding the existence or loss of any entitlement or prospective entitlement to sick pay, private medical cover, benefits under the long term disability scheme or any other benefits or payments, and the Company will not be liable for any loss arising from such termination. 

	 	 
	
9.6
	
You are party to a Severance Agreement (as defined below) under which you are eligible to receive various payments and benefits in certain circumstances. Notwithstanding any other term of this agreement, and as stated in Section 5(d) of the Severance Agreement, any payment or benefit otherwise due from the Company to you under Section 5 of the Severance Agreement will be reduced, dollar for dollar (or equivalent), by all and any amounts which, in the reasonable opinion of the Chief Executive Officer of the Company or H.B. Fuller Company, you receive or are entitled to receive from the Company or any other Group Company under any employment or services contract between you and the Company or any other Group Company (including under this agreement), or under any law, rule or regulation of any country, state or local jurisdiction relating to severance payments or notice of termination of your employment. The payments and benefits provided under the Severance Agreement shall be offset or reduced by any and all such amounts contractually or legally mandated, whether as severance pay, redundancy pay, periods of notice of termination, garden leave, continued benefits or similar payments or benefits. In no circumstances whatsoever shall there be any pyramiding, combination or duplication of any payments or benefits under the Severance Agreement with any such other contractually or legally required payment or payments which shall result in you receiving, because of or due to termination of employment or termination of executive office status, a combined total amount which is greater than the amount of payments or value of benefits to which you are entitled under the Severance Agreement, before accounting for such contractually or legally required other payment or payments (unless such legally required payments and benefits exceed the amounts payable under the Severance Agreement, in which case the amounts payable under the Severance Agreement shall be zero). Nothing in this agreement is intended to grant you any additional rights under the Severance Agreement or Change in Control Agreement.

  

 

 

 

  

	
9.7
	
For the avoidance of doubt, the Company reserves the right in its absolute discretion to enforce the terms of this clause 9 (including your notice period, the ability to put you on Garden Leave and/or pay you in lieu of notice and the ability to terminate your employment summarily) notwithstanding the existence of the Severance Agreement and/or Change in Control Agreement (each as defined below). 

	 	 
	
10.
	
Appointment as a Director and/or Executive Officer

	 	 
	
10.1
	
If you are currently, or if at a later date you are appointed as, a director or an Executive Officer of the Company or any other member of the Group your position or appointment as a director or an Executive Officer is not a term of your employment and you are not entitled to any additional remuneration in respect of such position or appointment. If during the continuance of this agreement you cease to be a director or Executive Officer of the Company or any other member of the Group for any reason, your employment will continue and all terms of this agreement (other than those relating to your position as a director or Executive Officer) will continue in full force and effect and you will have no claims in respect of such cessation of office. 

	 	 
	
10.2
	
You agree to abide by all statutory, fiduciary or common law duties that apply to you as a director or Executive Officer of the Company or any other member of the Group. You further agree that you will not resign as a director or Executive Officer without the prior written consent of the Board and if you so resign or if you are disqualified from acting as a director or Executive Officer the Company may terminate your employment under this agreement without notice. 

	 	 
	
10.3
	
On termination of your employment for any reason (or earlier if requested by the Company), you will immediately resign, without any claim for compensation, from any positions as a director or Executive Officer, and from any other offices held by you in the Company or any other member of the Group and you hereby irrevocably authorise the Company to appoint any other director or Executive Officer of the Company as your agent to sign any documents in your name and on your behalf and do anything necessary to give effect to such resignations. 

	 	 
	
11.
	
Disciplinary and Grievance Procedures 

	 	 
	
11.1
	
The Company’s disciplinary and grievance procedures and other policies regarding corrective action are available from the HR Department. These do not form part of your contract of employment and the Company may amend or vary them in its absolute discretion. If you have any grievance, or if you are dissatisfied with any disciplinary decision relating to you, please refer the issue in writing to the HR Department in the first instance. 

  

 

 

 

 

	
11.2
	
The Company reserves the right to suspend you with pay pending the investigation or resolution of any disciplinary or grievance issue.

	 	 
	
12.
	
Confidential Information

	 	 
	
12.1
	
For the purposes of this agreement, “Confidential Information” includes, but is not limited to, information (whether or not recorded in documentary form or on computer disk or tape), which may be imparted in confidence or which is of a confidential nature or which you or the Company may reasonably regard or ought reasonably to regard as being confidential or a trade secret, concerning the business, business performance or prospective business, financial information or arrangements, plans or internal affairs of the Company, any other Group Company or any of their respective customers, clients, suppliers or employees including, without prejudice to the generality of the foregoing, all client or customer lists, price sensitive information, technical information, reports, interpretations, forecasts, records, corporate and business plans and accounts, business methods, financial details, projections and targets, remuneration and personnel details, planned products, planned services, marketing surveys, research reports, market share and pricing statistics, budgets, fee levels, computer passwords, the contents of any databases, tables, know how documents or materials, commissions, commission charges, pricing policies and all information about research and development, the Company’s or any other Group Company’s suppliers’, customers’ and clients’ names, addresses (including email), telephone, fax or other contact numbers and contact names, the nature of their business operations, their requirements for services supplied by the Company or any other Group Company and all confidential aspects of their relationship with the Company or any other Group Company.

	 	 
	
12.2
	
You agree that you will not whether during your employment or at any time after it ends (except with the prior written consent of the Company or, during the continuance of this agreement, in the proper performance of your duties):

  

	 	
(a)
	
disclose or use any Confidential Information except (i) as required by law; or (ii) insofar as it is in or becomes part of the public domain other than through any act or default on your part; or (iii) pursuant to the protected disclosure provisions in section 43 of the Employment Rights Act 1996;

	 	 	 
	 	
(b)
	
copy or reproduce in any form or by or on any media or device or allow others to copy or reproduce any documents (including without limitation letters, faxes and emails), disks, memory devices, notebooks, tapes or other media whether or not eye-readable and copies thereof on which Confidential Information may from time to time be recorded or referred to (“Documents”); or

	 	 	 
	 	
(c)
	
remove or transmit from the Company or any Group Company’s premises any Documents on which Confidential Information may from time to time be recorded.

 

 

 

 

   

	
13.
	
Intellectual Property

	 	 
	
13.1
	
For the purposes of this clause 13, the term “Intellectual Property Rights” means patents, rights to Inventions, copyright and related rights, trademarks, trade names and domain names, rights in get-up, rights in goodwill or to sue for passing off, rights in designs, rights in computer software, database rights, rights in Confidential Information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all applications (or rights to apply) for, and renewals or extensions of, such rights and all similar or equivalent rights or forms of protection which may now or in the future subsist in any part of the world. The term “Inventions” means inventions, ideas and improvements, whether or not patentable, and whether or not recorded in any medium.

	 	 
	
13.2
	
You agree to give the Company full written details of all Inventions and of all works embodying Intellectual Property Rights made wholly or partially by you at any time during the course of your employment which relate to, or are reasonably capable of being used in, the business of the Company or any other Group Company. You acknowledge that all Intellectual Property Rights subsisting (or which may in the future subsist) in all such Inventions and works shall automatically, on creation, vest in the Company or, if applicable, any other Group Company absolutely. To the extent that they do not vest automatically, you hold them on trust for the Company and such other Group Company. You agree promptly to execute all documents and do all acts as may, in the opinion of the Company or any other member of the Group, be necessary to give effect to this clause 13.2.

	 	 
	
13.3
	
You hereby irrevocably waive all moral rights under the Copyright, Designs and Patents Act 1988 (and all similar rights in other jurisdictions) which you have or will have in any existing or future works referred to in clause 13.2.

	 	 
	
13.4
	
You hereby irrevocably appoint the Company to be your attorney to execute and do any such instrument or thing and generally to use your name for the purpose of giving the Company or the other Group Companies or its or their nominee the benefit of this clause 13 and acknowledge in favour of a third party that a certificate in writing signed by any director or Executive Officer or the secretary of the Company or any other member of the Group that any instrument or act falls within the authority conferred by this clause 13 shall be conclusive evidence that such is the case.

	 	 
	
14.
	
Data Protection

	 	 
	
14.1
	
You understand and agree that, where it is reasonably necessary for the Company or any other Group Company, for the purpose of your employment or for compliance with the Company’s (or any other member of the Group’s) contractual, statutory, management or other similar obligations, the Company or any other member of the Group or any other authorised person appointed on its or their behalf may hold and process (both electronically and manually) Personal Data or Sensitive Personal Data relating to you or your employment. The terms “process”, “Personal Data” and “Sensitive Personal Data” have the meaning given to them under the Data Protection Act 1998.

  

 

 

 

 

	
14.2
	
You are responsible for informing the Company and other Group Companies of all changes to your Personal Data, including but not limited to, your name, address, marital status, contact details, qualifications and next of kin. You are also responsible for ensuring that any Personal Data of other employees, including that which you may use or access during your employment or in accordance with your duties and responsibilities, is kept secure from unauthorised access or disclosure and must not be discussed or disclosed except in accordance with any data protection policy operated by the Company or other Group Companies from time to time and the Data Protection Act 1998.

	 	 
	
14.3
	
You agree that the Company may make Personal Data and Sensitive Personal Data relating to you available to any other member of the Group, those who provide products or services to the Company and any other member of the Group (such as advisers and payroll administrators), regulatory authorities, potential or future employers, governmental or quasi-governmental organisations and potential purchasers of the Company or any other member of the Group or the business in which you work, in all cases whether within or outside the European Economic Area even where the country or territory in question does not maintain adequate data protection standards.

	 	 
	
15.
	
Company Property

	 	 
	
15.1
	
All documents, manuals, hardware, equipment, property and software provided for your use by the Company or any other member of the Group, and any data or documents (including copies) produced, maintained or stored on its or their computer systems or other electronic equipment (including mobile phones and Blackberries), remain the property of the Company or such other member of the Group. 

	 	 
	
15.2
	
You must return to the Company at any time on request (and in any event prior to the termination of your employment with the Company) any property of the Company or any other Group Company (including Confidential Information and Documents) in your possession or under your control, including any original or copy documents obtained by you in the course of your employment.

	 	 
	
16.
	
Miscellaneous

	 	 
	
16.1
	
This agreement does not create any rights enforceable by any person who is not a party, except that the terms of the agreement may be enforced by any member of the Group, subject to and in accordance with the terms of this agreement and the Contracts (Rights of Third Parties) Act 1999.

	 	 
	
16.2
	
There is no collective agreement which affects your employment.

  

 

 

 

 

	
16.3
	
Each of the terms in this agreement is intended to be separate and severable. If any term is held to be void but would be valid if part of its wording were deleted or modified, such restriction shall apply with such deletion or modification as may be necessary to make it valid or effective.

	 	 
	
16.4
	
In this agreement the term “Group” or “Group Company” means the Company and any company which is from time to time a holding company of the Company, a subsidiary of the Company, or a subsidiary of a holding company of the Company and the words “holding company” and “subsidiary” have the meanings given to them under s1159 of the Companies Act 2006. For the avoidance of doubt, the term Group Company includes H.B. Fuller Company, a Minnesota corporation, headquartered in Vadnais Heights, Minnesota, U.S.A.

	 	 
	
16.5
	
The Company reserves the right to make reasonable changes to any terms of your employment. Where the changes are minor, such changes will take effect immediately. Where the changes are more than minor, subject to any greater legal entitlement, the Company will give you at least one month’s written notice, and such changes will be deemed to be accepted by you unless you notify the Company of any objection in writing before the changes are stated to take effect. All changes will be notified to you in writing by way of an individual notice or general notice. 

	 	 
	
16.6
	
The Company reserves the right to transfer your employment to any other Group Company at any time, such that this agreement has the effect after the transfer as if originally made between you and such other Group Company. 

	 	 
	
16.7
	
This agreement shall be governed by and interpreted in accordance with the laws of England. The courts of England and Wales shall have jurisdiction over any dispute arising from this agreement.

	 	 
	
17.
	
Entire Agreement

	 	 
	
17.1
	
Except as provided in clause 17.2 below, this agreement represents the entire agreement between the parties and supersedes all prior oral and written communications, contracts and understandings between them including the Terms and Conditions of Employment between you and the Company which commenced on 1 October 2009.

	 	 
	
17.2
	
This agreement does not supersede the terms and conditions of (i) the offer letter dated February 12, 2016 (ii) the change in control agreement between H.B. Fuller Company and you dated 1 October 2009 (the “Change in Control Agreement”); or (iii) the severance agreement between H.B. Fuller Company and you dated 1 October 2009, including its Exhibit “A” (Non-Disclosure and Non-Competition Agreement also signed by you on 1 October 2009) (collectively, the “Severance Agreement”). In the event of conflict between the Change in Control Agreement, the Severance Agreement and/or this agreement, the determination as to which terms apply will be made by the Company in its absolute discretion. 

  

 

 

 

 

Please indicate your acceptance of these terms by signing in the space provided below in the presence of a witness and returning to the Company.

 

 

EXECUTED AND DELIVERED as a Deed by the Company and Steve Kenny on the date stated at the start of this agreement.

 

	
Signed for and on behalf of 
	
)

	
the COMPANY
	
) 

	
as a Deed by
	
) 

	
 
	
)      /s/ Robert J. Martsching........... 

	
 
	
)       Director

	
 
	
 

	
in the presence of: 
	
 

	
 
	
 

	
Witness Signature: /s/ Colleen Peterson
	
 

	
Witness Name: Colleen Peterson
	
 

	
Witness Address: 1200 Willow Lake Blvd.
	
 

	
  St. Paul, MN 55110
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
SIGNED by
	
) 

	
STEVE KENNY
	
)

	
as a Deed 
	
)/s/ Steve Kenny .................................

	
 
	
)    Steve Kenny 

	in the presence of: 	 
	 	 
	Witness Signature: /s/ Heather Campe	 
	Witness Name: Heather Campe	 
	Witness Address: Shanghai, ChinaExhibit 10.1

 

SEPARATION AGREEMENT

 

THIS SEPARATION AGREEMENT (the “Agreement”)
is entered into on February 18, 2016 (the “Agreement Date”), by and between EVINE Live Inc., a Minnesota
corporation (the “Company”), and Mark C. Bozek (“Executive”). The Company and Executive may
be referred to individually, as a “Party” and collectively, as the “Parties”.

 

WHEREAS, Executive serves as Chief
Executive Officer for the Company pursuant to the terms and conditions of the Executive Employment and Severance Agreement dated
November 17, 2014 (the “Employment Agreement”), by and between Executive and the Company; and

 

WHEREAS, at the Company’s request,
Executive has, subject to the terms of this Agreement, tendered his resignation from the Company and from the Board of Directors
of the Company (the “Board”) and from all other positions he holds with the Company, and the Company and the
Board have accepted Executive’s resignation; and

 

WHEREAS, the Company and Executive
agree that Executive’s separation from the Company is a termination for reasons other than “Cause,” as defined
in Section 2(f) of the Employment Agreement; and

 

WHEREAS, the Parties desire to amicably
resolve any dispute arising out of Executive’s employment and resignation thereof, with the understanding that such resolution
shall not constitute evidence of or be an admission of wrongful conduct, liability, or fault on the part of Executive or the Company.

 

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

 

		1.	Resignation of Employment.

 

Executive hereby resigns effective February
8, 2016 from his position as Chief Executive Officer, as an employee, as a member of the Board and all other titles, positions
and appointments Executive may hold with the Company or any of its subsidiaries or affiliates (the “Resignation Date”).
The Company shall promptly pay to Executive all accrued but unpaid base salary, as well as all outstanding expense reimbursements
in accordance with the Employment Agreement and consistent with the Company’s normal expense reimbursement policies.

 

2.             Severance Pay and Benefits. In return
for the execution of this Agreement and Executive honoring all of the terms and conditions of this Agreement, the Company shall
provide to Executive the following severance pay and benefits:

 

(a)          Severance
Pay of $937,500, which is one and one-half (1.5) times Executive’s annual Base Salary of $625,000 (the “Severance
Pay”). Subject to Section 2(g), the Company shall pay such amount in substantially equal installments in accordance
with its payroll policies from time to time in effect over a period of eighteen months following the Resignation Date, with the
first such installment to be paid on the Company’s first pay period following the expiration of all applicable rescission
periods as set forth in the Release of Claims in favor of the Company attached as Exhibit A hereto (the “Release
of Claims”), provided Executive has complied with the requirements of Section 2(e).

 

     

     

    

  

(b)          Severance
Bonus Pay of $286,386.75, which is one and one-half (1.5) times the average of the annual bonus plan payments made to Executive
over the two fiscal years during which he was employed by the Company prior to the Resignation Date (the “Severance Bonus
Pay”). Subject to Section 2(g), the Company shall pay such amount in substantially equal installments in accordance
with its payroll policies from time to time in effect over a period of eighteen months following the Resignation Date, with the
first such installment to be paid on the Company’s first pay period following the expiration of all applicable rescission
periods, provided Executive has complied with the requirements of Section 2(e).

 

(c)          Executive’s
health coverage under the Company’s group health plan will terminate on the last day of the calendar month in which Executive’s
resignation date occurred. Provided Executive elects continuation coverage pursuant to COBRA or similar state laws and timely completes
and returns to the Company the documents required for such election, the Company shall pay or reimburse the costs with respect
to such COBRA premiums for Executive’s medical and/or dental insurance for Executive and his dependents (as applicable) and
the basic life insurance coverage under the employer-provided group life insurance plan, for a period of eighteen (18) months after
the Resignation Date (the “Severance Benefits”). Nothing herein shall be construed to extend the period of time
over which such COBRA continuation coverage may be provided to Executive and/or his dependents beyond that mandated by law and,
provided further, that Executive shall be required to pay the entire cost of COBRA continuation coverage for any time following
the date on which the Company’s payment obligation hereunder ceases. The foregoing notwithstanding, the Company’s obligation
to make the COBRA payments hereunder shall be subject to the terms of Section 5(d)(iii) of the Employment Agreement, including,
without limitation, the Company’s right to discontinue such payments should Executive obtain new employment during the 18
month severance pay period in a position which provides benefits which, in the aggregate, are comparable to such continued benefits,
and Executive’s notice and cooperation obligations thereunder.

 

(d)          Notwithstanding
any provision to the contrary set forth in the Company’s 2011 Omnibus Incentive Plan, as amended (the “Plan”),
Executive and the Company agree that:

 

(i)          On
November 17, 2014, Executive was granted 199,790 Restricted Stock Units (“RSUs”) under the Plan pursuant to
a Restricted Stock Unit Award Agreement (the “RSU Award”). Executive acknowledges and agrees that as of the
Resignation Date, none of the RSUs are vested. In accordance with the terms of Section 2(b) of the RSU Award, Executive
shall be eligible to earn a pro-rated portion of the RSUs in an amount equal to 54.33% of any portion of such RSUs that otherwise
vest as of the end of the performance period in accordance with the terms of the RSU Award;

 

(ii)         In
March of 2015, Executive was awarded an incentive stock option (the “Option”) under the Plan to purchase 107,344
shares of the Company’s common stock. In accordance with the terms of Section 5(d)(iv) of the Employment Agreement,
the Option shall be vested as to 31,860 shares as of the Resignation Date. The remaining 75,484 shares subject to the Option shall
be unvested as of the Resignation Date and shall be forfeited in their entirety as of such date. The 31,860 shares that are vested
shall continue to be exercisable for a period of 90 days following the Resignation Date; and

 

     2

     

    

  

(iii)        In
March of 2015, Executive was granted 64,923 Performance Stock Units (“PSUs”) under the Plan pursuant to a Performance
Stock Unit Award Agreement (the “PSU Award”). In accordance with the terms of Section 5(d)(iv) of the
Employment Agreement, Executive shall be eligible to earn a pro-rated portion of the PSUs in an amount equal to 34% of any portion
of such PSUs that otherwise vest at the end of the performance period in accordance with the terms of the PSU Award.

 

The pro-rated vesting to which Executive
is entitled as described under the terms of this Section 2(d) is referred to herein as the “Pro-Rated Vesting Rights”.

 

(e)          Notwithstanding
the foregoing provisions of this Section 2, the Company shall not be obligated to provide to Executive any Severance Pay,
Severance Bonus Pay, Severance Benefits or Pro-Rated Vesting Rights under this Section 2 unless (i) Executive signs and
delivers the Release of Claims; (ii) Executive has not revoked the Release of Claims; (iii) the rescission periods provided by
law have expired; and (iv) Executive is in compliance with the terms of this Agreement and the Employment Agreement as of the dates
of the payments. The Parties agree that Executive, through his counsel, received this Agreement and Release of Claims on February 4,
2016, and any requested changes or modifications by Executive shall not extend the 21 day consideration period referenced in Section
5(b) of the Release of Claims.

 

(f)          If
Executive is in breach of any covenant in Section 7 of the Employment Agreement, then, in addition to other available
remedies provided in the Employment Agreement or under applicable law, Executive shall cease to be eligible for the Severance Pay,
Severance Bonus Pay, Severance Benefits and Pro-Rated Vesting Rights under this Section 2 and, upon the Company’s
written request, must promptly repay to the Company any Severance Pay, Severance Bonus Pay, Severance Benefits and/or Pro-Rated
Vesting Rights previously received under this Section 2. Notwithstanding and without limiting the foregoing, Executive shall
retain $5,000.00 of the Severance Pay previously paid to Executive as good and valuable consideration for Executive’s execution
of the Release of Claims. The Company hereby further acknowledges its continuing obligations under Section 7(i) of the Employment
Agreement.

 

(g)          Executive
acknowledges and agrees that Executive is considered a “specified employee” within the meaning of Section 409A as of
the Resignation Date. As a result, notwithstanding the foregoing, the payment of any amounts under this Section 2 that is
considered deferred compensation subject to 409A and is to be paid on account of Executive’s separation from service shall
be deferred, as required by Section 409A(a)(2)(B)(i) of the Code, for six (6) months after the Resignation Date or, if earlier,
Executive’s death (the “409A Deferral Period”). To the fullest extent permissible under 409A, the Company
shall make any payments to Executive under this Section 2 prior to expiration of the 409A Deferral Period. Any payments
that otherwise would have been made during the 409A Deferral Period shall be paid in a lump sum on the date after the 409A Deferral
Period expires, and the balance of any payments shall be made as described herein.

 

     3

     

    

 

		3.	Continued Obligations.

 

The payments to be made under this Agreement
shall continue to be subject to the terms of Section 6 of the Employment Agreement. In addition, following the Resignation Date,
Executive shall continue to adhere to the terms and conditions set forth in Section 7 (Covenants by Executive) of the Employment
Agreement. Executive agrees that such terms and conditions are reasonable and necessary to protect the legitimate interests of
the Company and that any violation of these sections of the Employment Agreement by Executive may cause substantial and irreparable
harm to the Company. Executive agrees that the Company may seek any relief set forth in Section 7(e) of the Employment Agreement
should Executive violate Section 7 of the Employment Agreement. The Parties specifically agree that Section 7 of the Employment
Agreement is incorporated hereto by reference and integrated herein.

 

		4.	Miscellaneous.

 

(a)          Defined
Terms. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Employment Agreement.
For the sake of clarity, references to “Section(s)” herein without more shall refer to the Sections of this Agreement;
references to sections of the Employment Agreement, including those integrated into this agreement, include a reference to the
Employment Agreement.

 

(b)          Retained
Property. Executive shall be entitled to retain his Company provided cellphone, laptop and iPad, provided, however, that Executive
agrees that he will forward his laptop to Jaime Nielsen at the address set forth in Section 5(b) of the Release of Claims by no
later than February 24, 2016 so that the Company may remove from such device all documents and electronic files belonging
to the Company from the hard drive. Executive agrees to cooperate with the Company in the removal of such materials, including
providing any passwords as may be requested to access the device. The Company agrees to return the laptop to Executive within ten
(10) business days after it has received it from Executive in accordance with the terms of this Agreement.

 

(c)          Tax
Matters. Executive acknowledges that the Company shall deduct from any compensation payable to Executive or payable on his
behalf under this Agreement all applicable federal, state, and local income and employment taxes and other taxes and withholdings
required by law.

 

(d)          No
Mitigation. In no event shall Executive be obligated to seek other employment or take any other action to mitigate the amounts
payable to Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by
any compensation earned as a result of Executive’s employment by another employer.

 

(e)          Beneficiary.
If Executive dies before receiving all of the amounts payable to him in accordance with the terms and conditions of this Agreement,
such amounts shall be paid to the beneficiary (“Beneficiary”) designated by Executive in writing to the Company
during his lifetime, or if no such Beneficiary is designated, to Executive’s estate. Executive may change his designation
of Beneficiary or Beneficiaries at any time or from time to time without the consent of any prior Beneficiary, by submitting to
the Company in writing a new designation of Beneficiary.

 

     4

     

    

  

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

 

(g)          Jurisdiction;
Venue. Because (i) the Company is a Minnesota corporation based in Hennepin County, Minnesota, (ii) its significant contracts
are governed by Minnesota law, and (iii) it is mutually agreed that it is in the best interests of the Company customers, vendors,
suppliers and employees that a uniform body of law consistently interpreted be applied to the relationships that the Company has
with other such persons and entities, this Agreement is deemed entered into in the State of Minnesota between the Company and Executive.
The Hennepin County District Court or the United States District Court for the District of Minnesota will have exclusive jurisdiction
and venue over any disputes between the Company and Executive in any action arising out of or related to either Executive’s
or the Company’s obligations under this Agreement. Executive and the Company consent to jurisdiction of those courts and
hereby waive any defense of lack of personal jurisdiction or forum non conveniens.

 

(h)          Entire
Agreement. Except as otherwise provided herein, this Agreement contains the entire agreement of the parties relating to the
subject matter hereof and supersedes all prior agreements and understandings with respect to such subject matter.

 

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

 

(j)          No
Waiver. No term or condition of this Agreement shall be deemed to have been waived, except by a statement in writing signed
by the party against whom enforcement of the waiver is sought. Any written waiver shall not be deemed a continuing waiver unless
specifically stated, shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term
or condition for the future or as to any act other than that specifically waived.

 

(k)          Assignment.
This Agreement shall not be assignable, in whole or in part, by Executive without the written consent of the Company. The Company
may, without the written consent of Executive, assign its rights and obligations under this Agreement to any corporation or other
business entity (i) with which the Company may merge or consolidate, or (ii) to which the Company may sell or transfer all or substantially
all of its assets or capital stock.

 

(l)          Separate
Representation. Executive hereby acknowledges that he has sought and received independent advice from counsel of Executive’s
own selection in connection with this Agreement and has not relied to any extent on any director, officer, or stockholder of, or
counsel to, the Company in deciding to enter into this Agreement.

 

(m)          Notices.
Any notice hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand, sent by reliable next-day
courier, or sent by registered or certified mail, return receipt requested, postage prepaid, to the party to receive such notice
addressed as follows:

 

     5

     

    

  

If to the Company:

 

EVINE Live Inc.

6740 Shady Oak Road

Eden Prairie, MN 55344-3433

Attention: Board of Directors

 

If to Executive:

 

Mark C. Bozek

c/o Norris McLaughlin & Marcus, P.A.

875 Third Avenue, 8th Floor

New York, NY 10022

Attn: David T. Harmon, Esq.

 

or addressed to such other address as may have been furnished
to the sender by notice hereunder. All notices shall be deemed given on the date on which delivered if delivered by hand or on
the date sent if sent by overnight courier or certified mail, except that notice of change of address will be effective only upon
receipt by the other party.

 

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

 

(o)          Severability.
If any provision of this Agreement shall be found by a court of competent jurisdiction to be invalid or unenforceable, in whole
or in part, then such provision shall be construed and/or modified or restricted to the extent and in the manner necessary to render
the same valid and enforceable, or shall be deemed excised from this Agreement, as the case may require, and this Agreement shall
be construed and enforced to the maximum extent permitted by law, as if such provision had been originally incorporated herein
as so modified or restricted, or as if such provision had not been originally incorporated herein, as the case may be. The Parties
further agree to seek a lawful substitute for any provision found to be unlawful; provided, that, if the Parties are unable to
agree upon a lawful substitute, the Parties desire and request that a court or other authority called upon to decide the enforceability
of this Agreement modify the Agreement so that, once modified, the Agreement will be enforceable to the maximum extent permitted
by the law in existence at the time of the requested enforcement.

 

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

 

[Signature page immediately following]

 

     6

     

    

 

IN WITNESS WHEREOF, Executive and the Company
have executed this Separation Agreement as of the Agreement Date.

 

	 	EVINE Live INC.
	 	 	 
	 	By:	/s/ Jaime B. Nielsen
	 	 	 
	 	By:	/s/ Mark C. Bozek  2/18/16
	 	 	Mark C. Bozek

 

     

     

    

 

EXHIBIT A

 

RELEASE OF CLAIMS

 

This Release of Claims (“Agreement”)
is made and entered into by and between EVINE Live Inc. (the “Company”) and Mark C. Bozek (the “Executive”).

 

BACKGROUND

 

A.           The
Company and Executive are parties to a Separation Agreement, dated February 18, 2016, that, among its terms, provides that
the Company will pay Executive certain severance benefits (the “Severance”) upon the termination of Executive’s
employment under certain circumstances (the “Separation Agreement”).

 

B.           Under
the Separation Agreement, the Company is not obligated to pay the Severance unless Executive has signed a release of claims in
favor of the Company. The parties intend this Agreement to be that release of claims.

 

NOW, THEREFORE, based on the
foregoing and the terms and conditions below, the Company and Executive, desiring to amicably resolve any and all existing and
potential disputes between them as of the date each executes this Agreement, and in consideration of the obligations and undertakings
set forth below and intending to be legally bound, agree as follows.

 

1.          Company’s
Obligations. In return for “Executive’s Obligations” (as defined in Section 2 below), and provided that
Executive signs this Agreement and does not exercise Executive’s rights to revoke or rescind Executive’s waivers of
certain discrimination claims (as described in Section 5 below), the Company will pay to Executive the Severance.

 

2.          Executive’s
Obligations. In return for the Company’s Obligations in Section 1 above, Executive knowingly and voluntarily agrees
to the following:

 

(a)          Executive
hereby fully, finally and forever releases, waives, and discharges, to the maximum extent that the law permits, any and all legal
and equitable claims against the Company that Executive has through the date on which Executive signs this Agreement. This full
and final release, waiver, and discharge extends to all and each of every legal and equitable claim(s) of any kind or nature whatsoever
including, without limitation, the following:

 

(i)          All
claims that Executive has now, whether Executive now knows about or suspects such claims;

 

(ii)         All
claims for attorney’s fees;

 

(iii)        All
rights and claims of age discrimination and retaliation under the Age Discrimination in Employment Act (“ADEA”)
as amended by the Older Workers Benefit Protection Act of 1990 (“OWBPA”); and discrimination and retaliation
claims of any kind or nature whatsoever under federal, state, or local law, including, for example, claims of discrimination and
retaliation under Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act (“ADA”), and
the Minnesota Human Rights Act (“MHRA”);

 

     

     

    

  

(iv)        All
claims arising under the Executive Employment and Severance Agreement between Executive and the Company dated November 17,
2014, except as contemplated in the Separation Agreement;

 

(v)         All
claims arising out of Executive’s employment and Executive’s separation from employment with the Company including,
for example, any alleged breach of contract, breach of implied contract, wrongful or illegal termination, defamation, invasion
of privacy, fraud, promissory estoppel, and infliction of emotional distress;

 

(vi)        All
claims for any other compensation, including vacation pay, other paid time off, severance pay, other severance benefits, incentive
opportunity or bonus pay, other grants of incentive compensation, grants of stock, stock options or other equity based compensation;

 

(vii)       All
claims under the Employee Retirement Income and Security Act of 1974, as amended (“ERISA”); and

 

(viii)      All
claims for any other alleged unlawful employment practices arising out of or relating to Executive’s employment or separation
from employment with the Company.

 

(b)          Executive
will not commence any civil actions against the Company except as necessary to enforce its obligations under this Agreement. The
Severance that Executive is receiving in this Agreement has a value that is greater than anything to which Executive is entitled.
Other than what Executive is receiving in this Agreement, the Company owes Executive nothing else in return for Executive’s
Obligations.

 

(c)          The
Parties agree that this Section 2 does not prohibit Executive from enforcing the terms and obligations imposed upon the Company
under the Separation Agreement should the Company be in breach or threatened breach of said Separation Agreement.

 

3.          Certain
Definitions. For purposes of Section 2, “Executive” means Mark C. Bozek and any person or entity that has or
obtains any legal rights or claims through Mark C. Bozek. Further, the “Company” means EVINE Live Inc.; and any parent,
subsidiary, and affiliated organization or entity in the present or past related to EVINE Live Inc.; and past and present officers,
directors, members, stockholders, attorneys, employees, agents, insurers, successors, and assigns of, and any person who acted
on behalf of or instruction of EVINE Live Inc.

 

		4.	Other Provisions.

 

(a)          The
Company has paid or will pay Executive in full for all reimbursable business expenses, earned annualized salary, and any other
earnings through the last day of Executive’s employment.

 

    2 

     

    

  

(b)          This
Agreement does not prohibit Executive from filing an administrative charge of discrimination with, or cooperating or participating
in an investigation or proceeding conducted by, the Equal Employment Opportunity Commission or other federal or state regulatory
or law enforcement agency.

 

(c)          Nothing
in this Agreement affects Executive’s rights in any benefit plan or program in which Executive was a participant while employed
by the Company. The terms of such plans and programs control Executive’s rights.

 

(d)          The
Company will indemnify Executive as permitted by and pursuant to any agreement or policy that the Company has adopted relating
to indemnification of directors, officers, and employees; and as permitted by and pursuant to any provision of the Company’s
articles or by-laws relating to such indemnification. Executive will continue to be covered as permitted by and pursuant to any
policy of directors and/or officers liability insurance policy on the terms and conditions of the applicable policy documents and
nothing in this Agreement requires Executive to waive any right or claim for coverage under such insurance.

 

		5.	Executive’s Rights to Counsel, Consider, Revoke
and Rescind.

 

(a)          The
Company hereby advises Executive to consult with an attorney prior to signing this Agreement.

 

(b)          Executive
further understands that Executive has 21 days to consider Executive’s release of rights and claims of age discrimination
under the ADEA and OWBPA, beginning on the date on which Executive receives this Agreement. Executive agrees that he was provided
this Agreement on February 4, 2016 for consideration. If Executive signs this Agreement, Executive understands that Executive
is entitled to revoke Executive’s release of any rights or claims under the ADEA and OWBPA within seven days after Executive
has executed it, and Executive’s release of any rights or claims under the ADEA and OWBPA will not become effective or enforceable
until the seven-day period has expired. If Executive delivers the rescission by mail it must be by hand or mail within the 7-day
period. If Executive delivers the rescission by mail it must be: (i) Postmarked within 7 calendar days after the date on which
Executive signs this Agreement; (ii) addressed to the Company, c/o Jaime Nielsen, SVP of Human Resources, 6740 Shady Oak Road,
Eden Prairie, MN 55344-3433; and (iii) sent by certified mail return receipt requested.

 

(c)          Executive
understands that Executive may rescind Executive’s waiver of discrimination claims under the MHRA within 15 calendar days
after the date on which Executive signs this Agreement. To rescind this waiver, Executive must put the rescission in writing and
deliver it to the Company by hand or mail within the 15-day period. If Executive delivers the rescission by mail it must be: (i)
Postmarked within 15 calendar days after the date on which Executive signs this Agreement; (ii) addressed to the Company, c/o Jaime
Nielsen, SVP of Human Resources, 6740 Shady Oak Road, Eden Prairie, MN 55344-3433; and (iii) sent by certified mail return receipt
requested.

 

If Executive revokes or rescinds Executive’s
waivers of discrimination claims as provided above, this Agreement will be null and void.

 

    3 

     

    

  

6.          Non-Admission.
The Company and Executive enter into this Agreement expressly disavowing fault, liability and wrongdoing, liability at all times
having been denied. Neither this Agreement, nor anything contained in it, will be construed as an admission by either of them of
any liability, wrongdoing or unlawful conduct whatsoever. If this Agreement is not executed, no term of this Agreement will be
deemed an admission by either party of any right that he/it may have with or against the other.

 

7.          No
Oral Modification or Waiver. This Agreement may not be changed orally. No breach of any provision hereof can be waived
by either party unless in writing. Waiver of any one breach by a party will not be deemed to be a waiver of any other breach of
the same or any other provision hereof.

 

8.          Governing
Law. This Agreement will be governed by the substantive laws of the State of Minnesota without regard to conflicts of law
principles.

 

9.          Forum
Selection-Jurisdiction and Venue. Any disputes arising out of or related to this Agreement or any breach or alleged breach
hereof shall be exclusively decided by the Hennepin County District Court in Minnesota. Executive hereby irrevocably consents to
the personal jurisdiction of this court in connection with any dispute related to this Agreement, and he expressly waives any defense
of inconvenient forum. He further waives any bond, surety, or other security that might be required of the Company with respect
to any such dispute.

 

10.         Counterparts.
This Agreement may be executed in any number of counterparts, and each such counterpart will be deemed to be an original instrument,
and all such counterparts together will constitute but one agreement.

 

11.         Blue
Pencil Doctrine. In the event that any provision of this Agreement is unenforceable under applicable law, the validity
or enforceability of the remaining provisions will not be affected. To the extent any provision of this Agreement is judicially
determined to be unenforceable, a court of competent jurisdiction may reform any such provision to make it enforceable. The provisions
of this Agreement will, where possible, be interpreted so as to sustain its legality and enforceability.

 

12.         Agreement
Freely Entered Into. Executive and the Company have voluntarily and free from coercion entered into this Agreement. Each
has read this Agreement carefully and understands all of its terms, and has had the opportunity to discuss this Agreement with
his/its own attorney prior to its execution. In agreeing to sign this Agreement, neither party has relied on any statements or
explanations made by the other party, their respective agents or attorneys except as set forth in this Agreement. Both parties
agree to abide by this Agreement.

 

    4 

     

    

  

	Dated	2/18/16	 	/s/ Mark C. Bozek
	 	 	 	Mark C. Bozek
	 	 	 	 
	Dated	February 18, 2016	 	EVINE Live Inc.
	 	 	 	 
	 	 	 	By:	/s/ Jaime B. Nielsen
	 	 	 	 	Name:	Jaime Nielsen
	 	 	 	 	Title:	SVP, Human Resources

 

    5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00254-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00254-of-00352.parquet"}]]