Document:

ANGI 2015.7.2 - 8K EXHIBIT 10.1

Exhibit 10.1

TRANSITION AND SEPARATION AGREEMENT

This Transition and Separation Agreement (“Agreement”), dated this ____ day of July, 2015, is entered into by and between Angie’s List, Inc. (“Company”), and William S. Oesterle (“Oesterle”).  In consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
Recitals

A.    Oesterle has decided to voluntarily resign from the Company to pursue outside interests.  
B.    Given Oesterle’s long tenure and history with the Company, as founder and Chief Executive Officer, and in order to promote a smooth and amicable transition of duties, Company has decided to offer severance compensation and the other consideration described herein, conditioned upon Oesterle’s compliance with the other terms and conditions described in this Agreement.
Agreement
1.    Transition.  
A.    Resignation as CEO.  Oesterle’s voluntarily resignation from the position of Chief Executive Officer is effective June 30, 2015 (the “Resignation Date”).  Between the date this Agreement is presented to Oesterle and the Resignation Date, Oesterle agrees he will not make any material changes to Company operations including but not limited to organizational structure, strategy, personnel, processes, and administrative policies without the express written consent of the Board of Directors.  Upon the Resignation Date, Oesterle will no longer be authorized or permitted to incur any expense, obligations or liabilities on behalf of Company or engage in any duties and responsibilities except the Transition Duties outlined below.
B.    Transition Duties.  After the Resignation Date and continuing to September 29, 2015 (the “Transition Period”)(September 29, 2015 is also referred to as the “Separation Date”), Oesterle shall continue as an at-will employee of Company to perform the transition duties outlined herein.  In recognition of Oesterle’s stated desire to pursue outside endeavors, it is anticipated that Oesterle’s transition duties will not require his full time attention, and Company understands and accepts that Oesterle can work remotely as necessary, although Company will provide secretarial support during the Transition Period.  Oesterle shall work at the direction of the Board of Directors, or its designee, towards achieving a smooth transition of authority and operations to an interim CEO and/or successor CEO, providing assistance and input concerning ongoing work-related matters in order to effectively transition matters to other staff, and performing other duties as reasonably directed by the Board or its designee.  Oesterle acknowledges and agrees that Company may shorten the Transition Period in its sole discretion upon notice to Oesterle.
2.    Consideration.  Company agrees to pay Oesterle the following severance and other consideration (the “Severance Compensation”), contingent upon Oesterle’s execution of this Agreement, and Oesterle’s continued full compliance with the terms of this Agreement.
A.    In consideration for his work during the Transition Period, Company will pay Oesterle the gross amount of Thirty Thousand Dollars ($30,000.00).
B.    In consideration for the Non-Competition and other provisions in this Agreement, Company will pay Oesterle the gross amount of One Hundred Fifty Thousand Dollars ($150,000.00).
C.    The payments described in Sections 2A and 2B will be minus deductions Company considers appropriate for any local, state and federal income taxes, Social Security, Medicare and other analogous withholdings and paid in one net, lump sum within five (5) business days of the Effective Date of this Agreement.

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D.    Oesterle’s health insurance benefits with Company will continue on the same terms and conditions during the Transition Period, and cease to be effective at the at the conclusion of the Transition Period.  Oesterle will be offered COBRA continuation to the extent required by law.  Oesterle’s other benefits will terminate effective upon the cessation of his employment as described above.
3.    No Admission of Liability.  The signing of this Agreement, the payment of Severance Compensation, and the conferring of any other consideration upon Oesterle is not an admission by Company of fault or potential liability on the part of the Company.  Rather, this Agreement is entered into in an effort to provide Oesterle with a severance package and to end the parties’ employment relationship on an amicable basis.  Oesterle agrees that neither this Agreement nor any of its terms shall be offered or admitted into evidence or referenced in any judicial or administrative proceedings for the purpose or with the effect of attempting to prove fault or liability on the part of Company, except as may be necessary to consummate or enforce the express terms of this Agreement.
4.    Confidentiality and Non-Disparagement.  
A.    Oesterle agrees not to disclose confidential, sensitive, or proprietary information concerning Company obtained by him during his employment with Company.  For purposes of this Agreement, “proprietary” or “confidential” information would include, without limitation, all materials and information (whether written or not) about Company’s services, products, processes, research, customers, personnel, finances, purchasing, sales, marketing, accounting, costs, pricing, improvements, discoveries, software, business methods and formulas, inventions, and other business aspects of Company which are not generally known and accessible to the public at large or which provide Company with a competitive advantage.
 
B.    Oesterle agrees that he will not:  (1) make any statements to representatives of any press or media, Company employee, government entity, customer or vendor, which is disparaging of Company, its reputation, or the character, competence or reputation of any officer, director, executive, employee, partner, or agent of Company or any of its affiliated entities; (2) directly or indirectly provide information, issue statements, or take any action that would be reasonably likely to damage Company’s reputation, cause Company embarrassment or humiliation, or otherwise cause or contribute to Company being held in disrepute (3) directly or indirectly seek to cause any person or organization to discontinue or limit their current employment or business relationship with Company; or, (4) encourage or assist others to issue such statements or take such actions prohibited of his in this Section.  

C.    Because confidentiality is so vital to this Agreement and damages from breach are not readily ascertainable, Oesterle agrees to pay the Company $5,000 in liquidated damages for each violation of Oesterle’s confidentiality obligation.  The parties agree that this amount of liquidated damages is a reasonable estimate of damages to the Company if Oesterle were to breach this paragraph 4(A-B), but such damages are not readily ascertainable.

D.    Notwithstanding anything herein to the contrary, any confidentiality, non-disclosure, non-disparagement or similar provision in this agreement does not prohibit or restrict Oesterle (or his attorney) from initiating communications directly with, or responding to any inquiry from, or providing testimony before, the SEC, FINRA, any other self-regulatory organization or any other state or federal regulatory authority, regarding this Agreement or its underlying facts or circumstances.

5.    Return of Property.  Oesterle agrees that no later than the Separation Date he will have returned all Company business records and property, including as applicable all financial files, notes, computer, cell phone, keys, contracts, employee records, files, correspondence, thumb drives, or the like containing information which was provided by Company or obtained as a result of Oesterle’s employment relationship with Company.

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6.    Future Assistance.  In partial consideration for receiving the Severance Compensation, Oesterle agrees that after the Transition Period, he will cooperate and make himself reasonably available to Company in the event his assistance is needed to locate, understand, or clarify work previously performed by him or other work-related issues relating to his employment.  Oesterle further agrees, upon the Company’s request, to cooperate, assist and make himself reasonably available to the Company or its attorneys, on an as-needed basis, to provide information related to the financials, as well as any lawsuits which are pending or which may arise in the future, related in any way to issues of which Oesterle had personal knowledge or involvement during the term of employment with the Company.  This may include, but is not limited to, providing information to the Company’s attorneys, providing truthful and accurate sworn testimony in the form of deposition, affidavit and/or otherwise requested by the Company or providing testimony to government agencies.  Given Oesterle’s position as an executive employee, if he is contacted by a governmental agency to provide information related to Company, he agrees to contact the Chief Legal Officer, at the Company prior to providing any information or response to the governmental agency in order to provide the Company with a meaningful opportunity to respond to such a request.  Oesterle also agrees to permit the Company’s attorneys to be present during any interview he may be required to give with any governmental entity.
7.    Non-Competition.  Given Oesterle’s position of trust and confidence, and the access Oesterle had to the highest levels of Company’s proprietary information, it is very important for the Company to protect in a reasonable and limited manner its legitimate business interests by reasonably restricting Oesterle’s ability to unfairly compete with the Company.  Accordingly, these prohibitions against unfair competition are drafted narrowly so as to be able to safeguard the Company’s legitimate business interests while not unreasonably interfering with Oesterle’s ability to obtain subsequent employment.  The Company does not intend, and Oesterle acknowledges, that this limited non-competition provision is not an attempt to prevent Oesterle from obtaining other employment in violation of Indiana Code § 22-5-3-1 or similar law(s).

A.    Because of Company's legitimate business interest as described herein and the good and valuable consideration offered to Oesterle described herein, beginning on the last day of the Oesterle’s employment with Company and for a period of eighteen (18) months thereafter, Oesterle agrees and covenants not to engage in Prohibited Activity within the local services industry and Daily Deal industry.

B.    For purposes of this non-compete clause:

(i). “Prohibited Activity” is activity in which Oesterle contributes his knowledge, directly or indirectly, in whole or in part, as an employee, employer, owner, operator, manager, advisor, consultant, agent, employee, partner, director, stockholder, officer, volunteer, intern or any other similar capacity to a Competitor of Company. Prohibited Activity also includes activity that may require or inevitably require disclosure of trade secrets, proprietary information or Confidential Information.

(ii).  “Competitor of Company” includes HomeAdvisor, Groupon, Yelp, ReachLocal, LivingSocial, Red Beacon, Houzz, Task Rabbit, FrontPorch, Amazon Local Services, Thumbtack and any other entity engaged in the same or similar business as the Company, including those engaged in the business of local service provider and e-commerce offerings.

C.    Nothing herein shall prohibit Oesterle from purchasing or owning less than five percent (5%) of the publicly traded securities of any Competitor of Company, provided that such ownership represents a passive investment and that Oesterle is not a controlling person of, or a member of a group that controls such corporation.

D.    This Section 7, Non-Competition, shall be construed as independent of any other provision of this Agreement and shall survive the termination of this Agreement.  The existence of any alleged claim or cause of action by Oesterle against Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by Company of the non-competition provisions of this Agreement.

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E.    The parties agree the terms of this Section 7 are reasonable, valid and enforceable.  However, in the unlikely event a court of competent jurisdiction determines any of the terms, provisions, or covenants of this Section 7 are unreasonable or overbroad, the court shall limit, modify or rewrite such term, provision or covenant and proceed to enforce those terms as so limited or modified to the fullest extent permissible under the law.

8.    Section 409A.  Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Oesterle on account of non-compliance with Section 409A.
9.      Standard Conditions.
A.    Oesterle shall pay all damages (including, but not limited to, litigation and/or defense costs, expenses, prejudgment interest, and reasonable attorneys’ fees) incurred by Company as a result of Oesterle’s material breach of this Agreement.  The Company shall pay all damages (including, but not limited to, litigation and/or defense costs, expenses, prejudgment interest, and reasonable attorneys’ fees) incurred by Oesterle as a result of Company’s material breach of this Agreement
B.    Oesterle agrees that Company shall have no other obligations or liabilities to him except as provided herein.  This Agreement shall be construed as a whole in accordance with its fair meaning and the laws of the State of Indiana.  Any dispute under this Agreement shall be adjudicated by a court of competent jurisdiction in the state or federal courts of Marion County, Indiana.  Except as otherwise provided for herein, this Agreement constitutes the entire agreement between Company and Oesterle on the matters described herein and it shall not be modified unless in writing and executed by a duly authorized officer of Company.  The provisions of this Agreement are severable and if any provision is held to be invalid or unenforceable, it shall not affect the validity or enforceability of any other provision.
This Agreement shall have no effect on Oesterle’s entitlement to stock options or other benefits earned and vested prior to the Separation Date except to the extent such benefits are affected by his Separation Date by the terms of the respective plans governing such benefits.  Such benefits shall be governed by their respective plan terms outside the terms of this Agreement. This Agreement shall have no effect on Oesterle’s entitlement to benefits provided under the Indemnification Agreement previously executed between Oesterle and the Company.
C.    Oesterle represents that Oesterle has entered into this Agreement KNOWINGLY and VOLUNTARILY and with full knowledge and understanding of the provisions of this Agreement and agrees to be bound by its terms.
D.    Oesterle further represents that by entering into this Agreement, Oesterle is not relying on any statements or representations made by  Company, its officers, directors, agents, or employees, which are not specifically incorporated in this Agreement; rather, Oesterle is relying upon Oesterle’s own judgment and the advice of Oesterle’s attorney, if applicable.  
E.    The rights and obligations of Company under this Agreement shall inure to the benefit of, and shall be binding upon the successors and assigns of Company and by this Paragraph, Oesterle expressly consents to Company’s right to assign this agreement.  This Agreement cannot be assigned by Oesterle.
F.    This Agreement may be signed in counterparts or transmitted by electronic means, but shall be considered duly executed if so signed by the parties.

    

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IN WITNESS WHEREOF, the parties hereby represent that they have carefully read and reviewed the foregoing Agreement, acknowledge its contents, and agree to be bound by the terms and conditions set forth herein.  The parties acknowledge that they have voluntarily entered into this Agreement and caused this Agreement to be executed on the day, month and year written below. 

AFFIRMATION OF OESTERLE

I, William S. Oesterle, warrant that this Agreement reflects the entire agreement between Company and me.  I have read this Agreement carefully, and I have been encouraged to and given the opportunity to consult with an attorney concerning its terms and effect and concerning my rights.  I execute this Agreement voluntarily and of my own choice with full and complete knowledge and understanding of its significance and effect.

Signature of Oesterle

	
				
	Dated:
	 
	 
	 

	 
	 
	 
	William S. Oesterle

Signature of Board of Directors

	
				
	Dated:
	 
	 
	 

	 
	 
	 
	Signature

	 
	 
	 
	 

	 
	 
	 
	Printed Name and Title

5Exhibit 10.1

 

	 	RENTAL CONTRACT FOR SPACE	Rental contract number
	 	 	1000-848-2109

 

	Undersigned has this day drawn up the following rental contract:	A checkmark in this box means that the text following it is
	.	valid

 

	Landlord	
        Name and address

        HSB Uppsala economic organization
	
        ID number/organization number

        717600-4641

	Tenant	
        Name

        Oasmia Pharmaceutical AB
	
        ID number/organization number

        556332-6676

	 	Address 
	 	Zip code and mailing address

	Space address	Apartment number	
        Property designation

        Libroback 9:2 in Uppsala
	House	Entryway	
        Level

        1

	 	
        Address

        1 Vallon road

	Space condition and use	
        The space and the associated spaces, unless otherwise noted,
        as it is to be used as:

        Production facility

	Space size and extent	
        Retail space

        Level     m2
	
        Office space

        Level   m2 Level   m2
	
        Storage space

        Level   m2
	
        Attic space

        Level   m2
	
        Basement space

        Level   m2
	
        Other space

        Level    m2

        1           ca 1010

								 

	                                    	x The extent of the rented spaces has been marked on an attached plan(s).	
        Annex

        1

	 ̈
    driveway for car for loading and unloading  	 ̈ Place for sign	 ̈
    Place for display cabinets/

dispensers	 ̈
    Parking spot(s) for car(s)	 ̈
    Garage space for car(s)	 ̈
    Outhouse
	 	 	 	 	 	 	 

	Interior                        	
        The space is rented out x without
        specifics for the establishment intended interior
	
         ̈ with specifics for the establishment
        intended interior according to annex

         
	At termination the tenant, unless a separate agreement is made, remove interiors and reset the space to an acceptable condition	Annex

	Contract period	
        As of

        01/01/2009
	
        Until

        12/31/2013

	
        Notice period

        Extension period
	
        Notice period for this contract will be in writing at least

        9 months
	
        Before the agreed contract period termination or the contract
        will be extended

        3 years every time

	Rent	
        Sek

        712,050            per
        year
	 ̈ Total rent	x Rent excluding the additions marked below

 

    	 

    	 

    

 

	Index clause	x Changes to the above stated rent occurs in accordance with the attached clause, annex 2 
	Heat and hot water	
        Necessary heating of the space provided by

        x
        Landlord                 ̈
        Tenant
	
        Hot water provided

        x
        Entire year               ̈
        Not at all             ̈

	Cost and Va-cost	 ̈ Va-addition deleted in accordance with attached clause, annex 
	Air conditioning	 ̈ Costs for running special cooling/ventilation equipment is replaced in accordance with attached clause, annex 
	Electricity	 ̈ Included in rent                        x Tenant has their own service
	Staircase cleaning	x Included in rent                        ̈ Arrangements and costs by the tenant

	Packaging and trash pick up	 ̈ Included in rent      	
         ̈ Arrangements and costs by the tenant (however the landlord
        is responsible for maintenance of trashcans and attached trash rooms)

         

	Snow plowing and sanding	 ̈ Included in rent	 ̈ Arrangements and costs by the tenant 
	Property tax	 ̈ Included in rent      	x Compensation therefore reimbursed in accordance with specific agreement, annex 3
	Unpredictable costs	
        If after the signing of the contract - for contracts lasting
        more than 3 years - unexpected costs arise for the property due to:

        a.    Introduction
        or increasing of certain things for the property regarding taxes, fees, or charge from parliament, government, county or authority
        can decide,

        b.    general
        rebuilding measures or similar for the property that not only covers the space and that the landlord is imposed to complete following
        a decision by the parliament, government, county or authority

        the tenant shall with effect from the onset cost increase provide
        compensation to the landlord for the accruing yearly increase in costs for the property.

        The space share is percent (if the share is not given it will
        be calculated in relation to the property rent at the time of the cost increase).

        With tax according to a) above VAT is not provided and property
        tax compensation insofar therefore is paid with the specific agreement above.

        Compensation is paid in accordance to the below rules for rent
        payment.

	
        Value added tax

        (VAT)
	
        x The property owner/landlord is tax responsible for VAT
        for the renting out of the space. The tenant shall pay the VAT at every opportunity in addition to rent.

         ̈ If the property owner/landlord, after a decision by
        the IRS, becomes liable for VAT for the renting out of the space the tenant shall pay the VAT at every opportunity in addition
        to rent.

         

        This which is paid at the same time as the rent shall be calculated
        using the given rent amount plus, at every point regarding the rules for VAT on rent, on anticipated cases in accordance with the
        rental contract outgoing additions and other compensations.

	Rent payment 	
        The rent is paid without demand for an advance at the latest
        the last business day before every

        x
        Calendar quarter start by deposit into 

         ̈
        Calendar month start by deposit into 
	
        Postgiro number

         

        931204-2
	Bank account number

 

7.5.1.3-012R-1/2004-05-21/Rental contract for space - Form

 

    	 

    	 

    

 

	 	Rental contract number
	 	1000-848-2109

 

	Rent payment reminder	At delayed rental payment the tenant shall pay partial rent according to the rent laws, partial payment for written payment reminder according to the law for compensation for collection costs etc. Payment for reminder is deleted with the amount that at every opportunity according to the regulation about compensation for collection costs etc. 
	Maintenance etc.	 ̈ The landlord shall perform and pay for the necessary maintenance for the spaces and from him the provided interior. 	Although the tenant is responsible for	Annex 
	 	x The tenant will perform and pay for the required maintenance for the surface of floors, walls and ceiling along with interiors provided by the landlord.	The tenant’s maintenance obligations comprises beyond it. 	Annex
	 	 ̈ The division of maintenance responsibility 	Annex
	 	
        The tenant will not receive a decrease in rent for barriers
        or usufruct for a time when the tenant allows conventional maintenance of the property or the rented spaces. However it remains
        on the landlord to notify the tenant with plenty of notice regarding the type of work being performed and the extent as well as
        when and for how long the work will be performed.

        In the event that the rental covers retail space/workshop with
        an activity dependent on customer access the clause should cover it only if a special agreement has been made.

	 	
        It is incumbent upon

         ̈
        Landlord              ̈
        Tenant
	to on their own accord and own expense answer for the measures that could be demanded by the insurance company, building department, environment and health protection department, fire department or other authority in order for the space to be used for the intended purpose, including responsibility for refrigerants. The tenant shall take council with the landlord before measures are taken. 
	 	If the tenant makes changes to the spaces without the proper building permits, the landlord will be forced to, in accordance with the rules in PBL, demand building fee or addition fee from the tenant commensurate to the cost. 
	
        Signs

        Awnings

        Windows

        Doors

        etc.
	
        After council with the landlord, the tenant owns any signage
        put up for the business provided that the landlord has not refused and that the tenant has the required permits from the relevant
        authorities. When vacating it is the tenant's responsibility to restore the building facade to an acceptable condition.

        During more extensive property maintenance, such as facade renovation,
        it is the responsibility of the tenant to at own expense and without reimbursement take down and put up any signage, awnings and
        antennas.

        The landlord does not commit to put up dispensers and display
        cases on the outer walls of the tenant’s rented spaces without the tenant’s approval as well as giving the tenant the
        option of putting up dispensers and display cases on the walls in question.

	 	 ̈  Landlord     x Tenant           Is responsible for damage due to window fronts, entry doors and signs.
	 	 ̈ The landlord is responsible to sign and maintain glass insurance concerning all the windows and entry doors belonging to the space. 

	Locks	
        It is the

         ̈
        Landlord’s x
        Tenant’s
	responsibility to equip the space with the locks and alarm systems required for the tenant’s business insurance.
	Force majeure	The landlord absolves itself from responsibility to complete their part of the contact and responsibility for reimbursing damages if his commitments are not at all or to an abnormally high cost can be fulfilled by war or riots, due to stoppage of work, blockade, fire, explosion or intervention from official authorities that the landlord is not in control of and could not predict. 

 

    	 

    	 

    

 

	Security	
        The provision for this contract’s validity is secured
        in the form of

         ̈
        Bank guarantee  ̈
        guaranty  ̈ submitted
        by 
	Annex
	Special agreements	This contract replaces contract number 22134-3004.	Annex
	Signatures	
        This contract, which may not be written without specific consent,
        has been written in two identical examples, both parties have theirs.

        Previous contracts between the parties regarding this space
        ceases to be valid as of this contracts validation.

	 	
        City/date

        Uppsala 12/17/2008
	
        City/date

        Uppsala 12/29/2008

	 	
        Landlord

        HSB Uppsala economic organization

         

         
	
        Tenant

        Oasmia Pharmaceutical AB

         

	 	
        Printed name

        Tomas Eriksson
	
        Printed name

        Julian Aleksov

	Agreement regarding vacating	
        Due to an agreement made on this day the contract will terminate

        As of                            
        To the day the tenant commits to vacate

	 	City/date	Landlord	Tenant

 

 

 
	Transference	The above rental contract is transferred to                         on 

 

 

	 	Departing tenant	Incoming tenant

 

 
	 	Printed name	Printed name

 

 
	The above transference approved by	City/date	Landlord

 

7.5.1.3-012R-1/2004-05-21/Rental contract for space –
Form

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