Document:

EX-4.1

 Exhibit 4.1 

Execution Draft 
 FIRST
AMENDMENT TO THE RIGHTS AGREEMENT 
 This First Amendment (this “First Amendment”), dated as of August 3, 2016, to
the Rights Agreement, dated as of June 27, 2016 (the “Rights Agreement”), is between Skullcandy, Inc., a Delaware corporation (the “Company”), and Computershare Trust Company, N.A., a federally chartered trust
company (the “Rights Agent”). 
 WHEREAS, the Company and the Rights Agent have heretofore executed and entered into the
Rights Agreement;
 WHEREAS, pursuant to Section 26 of the Rights Agreement, the Company may from time to time supplement or amend the
Rights Agreement in accordance with the terms of Section 26 thereof and the Company desires and directs the Rights Agent to so amend the Rights Agreement as set forth below; and

WHEREAS, all acts and things necessary to make this First Amendment a valid agreement according to its terms have been done and performed, and
the execution and delivery of this First Amendment by the Company and the Rights Agent have been in all respects authorized by the Company and the Rights Agent. 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual agreements set forth in the Rights Agreement and this First
Amendment, the parties hereto agree as follows: 
 1. The first paragraph of Section 1.3.5 of the Rights Agreement is hereby amended
and restated to read in its entirety as follows: 
 “No Person shall be deemed to be the ‘Beneficial Owner’ of, to have
‘Beneficial Ownership’ of or to ‘Beneficially Own’ any securities which such Person or any of such Person’s Related Persons would otherwise be deemed to ‘Beneficially Own’ pursuant to this Section 1.3 solely as a
result of any merger or other acquisition agreement between the Company and such Person (or one or more of such Person’s Related Persons) or the consummation of any transactions contemplated thereby, or any tender, voting or support agreement
entered into by such Person (or one or more of such Person’s Related Persons) in connection therewith or the consummation of any transactions contemplated thereby, if, prior to such Person becoming an Acquiring Person, the Board has approved
such merger or other acquisition agreement, or such tender, voting or support agreement.” 
 2. Except as expressly amended hereby, the
Rights Agreement is not being amended or modified and it remains in full force and effect in accordance with its terms. By executing this First Amendment below, the Company certifies that this First Amendment has been executed and delivered in
compliance with the terms of Section 26 of the Rights Agreement. 
 3. This First Amendment shall be deemed to be a contract made under the
internal laws of the State of Delaware and for all purposes shall be governed by and construed in 

 
accordance with the laws of such State applicable to contracts to be made and performed entirely within such State; provided, however, that all provisions regarding the rights, duties,
liabilities and obligations of the Rights Agent shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within the State of New York. 

4. This First Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an
original, and all such counterparts shall together constitute but one and the same instrument. A signature to this First Amendment executed and/or transmitted electronically shall have the same authority, effect and enforceability as an
original signature. 
 5. Except as expressly set forth herein, this First Amendment shall not by implication or otherwise alter, modify,
amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Rights Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect. 

6. If any term, provision, covenant or restriction of this First Amendment is held by a court of competent jurisdiction or other authority to
be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this First Amendment shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 

7. Capitalized terms used herein but not defined shall have the meanings given to them in the Rights Agreement. 

[Signature page follows.] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to the Rights Agreement
to be duly executed as of the day and year first above written. 
  

					
	SKULLCANDY, INC.
		
	By:	 	 /s/ Patrick Grosso

		 	Name:	 	Patrick Grosso
		 	Title:	 	CLO
	
	COMPUTERSHARE TRUST COMPANY, N.A.
		
	By:	 	 /s/ Patrick Hayes

		 	Name:	 	Patrick Hayes
		 	Title:	 	Vice President & Manager

 [Signature Page to First Amendment to Rights Agreement]Exhibit

Exhibit 10.1

Terms and Conditions of Fixed Allowance (UK), as amended

		
	1.1
	With effect from 1 January 2016 or, if later, the date your employment with the Company or assignment to or employment in the UK commenced, you are eligible to receive a fixed allowance (the Allowance) subject to the payment terms set out below. The annual amount and denominated currency of the Allowance has been communicated to you separately. The Allowance replaces any other similar fixed allowance(s) that you are currently eligible to receive.

		
	1.2 
	The Allowance will be payable in cash and in your local currency converted, if necessary, at an exchange rate determined by the Company. The Allowance will be subject to all applicable statutory deductions, including income tax and social security contributions (and, if you are on an expatriate assignment, any applicable hypothetical tax deductions). 

		
	1.3 
	Up until and excluding the date the Company elects to transition to monthly payment of the Allowance (the Transition Date) (such date to be notified to you in writing by the Company), the Allowance will be payable in two (2) equal instalments (each a Bi-Annual Instalment) in the next available payroll after the end of the second quarter (in respect of the period from 1 January to 30 June) and fourth quarter (in respect of the period from 1 July to 31 December) of the Company’s financial year (each a Bi-Annual Payment Period).  

		
	1.4
	From and including the Transition Date, the Allowance will be payable in twelve (12) equal instalments (each a Monthly Instalment), with one Monthly Instalment payable in respect of each calendar month (each a Monthly Payment Period) in the next available payroll after the end of the relevant calendar month. For the purposes of these terms and conditions: (a) each of a Bi-Annual Instalment and a Monthly Instalment are an Instalment; and (b) each of a Bi-Annual Payment Period and a Monthly Payment Period are a Payment Period. Subject to 1.5 and 1.6 below, in the event that the Transition Date falls part way through a Bi-Annual Payment Period the Company will pay you such additional Monthly Instalments required to ensure that you are compensated for any period in which you are eligible to receive the Allowance between the start of that Bi-Annual Payment Period and the Transition Date.  

		
	1.5
	In order to be eligible for and to receive a full Instalment of the Allowance you must be in employment on the last day of the applicable Payment Period (the Relevant Date). If, on or before the Relevant Date for that Instalment, your employment has been terminated (with or without notice) by you or by the Company, subject to 1.6 below, the Allowance will be pro-rated to reflect the number of calendar days during the applicable Payment Period you were employed.

		
	1.6
	In the event that your role or organisational responsibility (i.e. job description) materially changes, the Company has the express right to determine that you are not eligible to receive payment of the part of the Instalment relating to the period during which your role or organisational responsibility has materially changed, subject to the Company’s regulatory obligations.

		
	1.7
	The Company reserves the right to review from time to time the terms of the Allowance (including the quantum of the Allowance). In undertaking such a review, the Company would not take account of your personal performance but may take account of such other factors as it thinks fit including but not limited to:

		
	(a)
	changes in the Company’s regulatory obligations;

		
	(b)
	any change in the size and/or scope of your role, responsibilities or experience including but not limited to if you are designated as having senior management functions for the purposes of the FCA’s and PRA’s Senior Managers Regime or cease to be Identified Staff / Code Staff; and

		
	(c)
	you starting or ending an expatriate assignment.

For the avoidance of doubt, if you and the Company agree a permanent change to the terms and conditions of your employment (and/or, if applicable, any expatriate assignment), this may result in a change to the terms and conditions of the Allowance (including the quantum of the Allowance).
		
	1.8
	The Allowance shall not be taken into account for any other purpose, including sickness or severance pay, pension, life assurance cover, permanent health insurance or personal accident cover (in each case whether discretionary or otherwise) and any references to salary in any policy or other document shall not include the Allowance.

		
	1.9
	For the avoidance of doubt, the Allowance is part of your fixed compensation and paid in addition to your salary (or, if applicable, any Foreign Assignment Pay which you may receive if you are on expatriate assignment). The Allowance is not calculated, paid, referable to, nor will it be adjusted to reward your personal performance.

		
	1.10
	In the event of any conflict between the terms of your employment contract (and/or, if applicable, any assignment letter if you are on expatriate assignment) and these terms and conditions, these terms and conditions shall prevail.

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