Document:

ex10-1.htm

FS Energy and Power Fund 8-K

Exhibit 10.1

EXECUTION VERSION

 

FOURTH AMENDMENT TO CREDIT AGREEMENT

 

THIS FOURTH AMENDMENT TO CREDIT AGREEMENT, dated as of June 24, 2013 (together with all schedules and exhibits hereto, this “Fourth Amendment”), is entered into by and between FSEP TERM FUNDING, LLC, a Delaware limited liability company (the “Borrower”), and DEUTSCHE BANK AG, NEW YORK BRANCH (“DBNY”), as administrative agent (in such capacity, the “Administrative Agent”) and a Lender.  Capitalized terms used and not otherwise defined herein have the meanings assigned to such terms in the Credit Agreement described below.

 

RECITALS:

 

A.           The Borrower, the Administrative Agent and the Lender are parties to a Credit Agreement, dated as of June 24, 2011, as amended by the First Amendment to Credit Agreement, dated as of May 30, 2012, the Second Amendment to Credit Agreement, dated as of August 28, 2012, and the Third Amendment to Credit Agreement, dated as of October 18, 2012 (as so amended, the “Credit Agreement”, and the Credit Agreement, as further amended by this Fourth Amendment, the “Amended Credit Agreement”), which provides for, among other things, revolving Loans to be made by the Lender to the Borrower in an aggregate principal amount not exceeding $240,000,000.

 

B.           The Borrower, the Administrative Agent and the Lender desire to provide for (i) an extension of the Scheduled Commitment Termination Date to June 24, 2014 and (ii) the consolidation of the existing tranches of commitments into a single tranche.  In connection therewith, the Borrower, the Administrative Agent and the Lender acknowledge that, upon the effectiveness of this Fourth Amendment, the Commitments will represent Commitments that were previously extended in separate tranches each of which, among other things, had a distinct Applicable Margin.  This Fourth Amendment shall be effective with respect to the Loans and the Commitments on a prospective basis only.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

Section 1.     Amendment of Credit Agreement.  Effective as of the date hereof, the Credit Agreement is hereby amended as follows:

 

(a)          The following definitions are hereby deleted from Annex I to the Credit Agreement: “First Amendment Closing Date”, “Second Amendment Closing Date”, “Third Amendment Closing Date”, “Tranche A Commitment”, “Tranche A Lender”, “Tranche A Loan”, “Tranche B Commitment”, “Tranche B Lender”, “Tranche B Loan”, “Tranche C Commitment”, “Tranche C Commitment Rate”, “Tranche C Delayed Draw Term Loan”, “Tranche C Lender”, “Tranche D Commitment”, “Tranche D Commitment Rate”, “Tranche D Delayed Draw Term Loan” and “Tranche D Lender”.

 

(b)          The following definitions in Annex I to the Credit Agreement are hereby replaced in their entirety by the following:

 

“Applicable Margin” means 1.80% per annum.

 

“Commitment” means, as to each Lender, its obligation to make Loans to the Borrower pursuant to Section 2.01 (Commitment), in an aggregate principal amount at any one time outstanding not to exceed the Dollar amount set forth on the signature page for such Lender or in the Assignment Agreement pursuant to 

  

  

  

 

which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

 

“Commitment Fee” means, for each day, the Unused Amount as of such day multiplied by a fraction, the numerator of which is 0.75% and the denominator of which is 360.      

 

“Make Whole Fee” means with respect to any reduction in the Maximum Commitment, the difference of (1) the product of (a) the Commitment Reduction Amount multiplied by (b) 0.75% multiplied by (c) (i) the number of days remaining until the Scheduled Commitment Termination Date, divided by (ii) 360, less (2) any Make Whole Fee Rebate; provided that in no event shall the Make Whole Fee be less than zero.

 

“Scheduled Commitment Termination Date” means June 24, 2014.

 

(c)          Section 2.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“Section 2.01.  Commitment.  Subject to the terms and conditions of this Agreement, each Lender severally commits, from the Closing Date to the Commitment Termination Date, to make revolving loans (collectively, “Loans”) to the Borrower, in an aggregate amount not to exceed at any time the outstanding amount of such Lender’s Commitment with respect to the Loans; provided that the Lenders shall not be required to make any Loans hereunder if, after giving effect thereto and to the receipt and application by the Borrower of the proceeds of such Loans, the then aggregate outstanding principal amount of such Loans would exceed the lesser of (a) the Maximum Commitment and (b) the Maximum Advance Amount at such time.  Subject to the preceding limitation and the terms and conditions of this Agreement, the Borrower may from time to time and prior to the Commitment Termination Date borrow, prepay, repay and reborrow Loans.”

 

(d)          Section 2.02 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

“(a) Each Lender’s commitment to make Loans hereunder shall automatically terminate, and the Maximum Commitment shall be reduced to zero, upon the Commitment Termination Date. The Borrower may voluntarily, from time to time, permanently reduce the amount of the Maximum Commitment upon at least ten (10) Business Days’ prior written notice to the Administrative Agent specifying the amount of such reduction, which notice shall be irrevocable once given; provided that (i) no reduction may reduce the Maximum Commitment below $25,000,000 unless the Maximum Commitment is reduced to zero; (ii) any partial reduction of the Maximum Commitment shall be in a minimum amount of $10,000,000 and in an integral multiple of $1,000,000 for amounts in excess thereof; (iii) no such reduction shall reduce the Maximum Commitment to an amount less than the sum of the then aggregate outstanding Loans and (iv) any such reduction shall be applied to reduce pro rata each Lender’s Commitment. The Administrative Agent shall promptly notify each Lender of the receipt of any such notice and the pro rata reduction of such Lender’s Commitment.

 

  

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(b) Concurrently with any reduction in the Maximum Commitment or termination of the Lenders’ Commitment to make Loans hereunder prior to the Scheduled Commitment Termination Date for whatever reason (including following the occurrence of an Event of Default), the Borrower shall pay to the Administrative Agent, for the account of the Lenders, the applicable Make Whole Fee; provided that, in no event shall any Make Whole Fee be payable in connection with any reduction or termination of the Maximum Commitment by the Administrative Agent or the Lenders under Section 2.04.”

 

(e)          Section 3.01(a) of the Credit Agreement is hereby amended by deleting the words “tranche of” immediately prior to the words “Loan as well as such Lender’s Applicable Percentage of such Loan” in the second to last sentence of Section 3.01(a).

 

(f)          Section 3.03(b) of the Credit Agreement is hereby amended as follows:

 

(1)        by amending and restating clause (i) in its entirety to read as follows:

 

“(i) may, from time to time on any Business Day, make a voluntary prepayment, in whole or in part, of the aggregate outstanding principal amount of any Loans made as part of any particular Borrowing; provided that:

 

(A) no such prepayment may be made which, after giving effect thereto, would result in the aggregate outstanding principal amount thereof being less than $1,000,000 (unless repaid in full) or other than an integral multiple of $1,000 for amounts in excess thereof;

 

(B) each such voluntary prepayment shall require prior written notice specifying the date and amount of such prepayment (or telephonic notice promptly confirmed in writing) to the Administrative Agent, not later than 12:00 p.m. (New York time) at least two (2) Business Days’ prior to the date of such prepayment.  The Administrative Agent shall promptly notify each Lender of its receipt of such notice, and of the amount of such prepayment that will be applied to each Lender; and

 

(C) any such prepayment of principal shall be applied pro rata to each outstanding Loan.”

 

(2)        by deleting clause (iv) in its entirety.

 

(g)         Exhibit B to the Credit Agreement is deleted and replaced by Exhibit B to this Fourth Amendment.

 

(h)         Number 4 of Exhibit C to the Credit Agreement is deleted and replaced by the following:

 

“4.         Assigned Amount:  $[    ]”

 

Section 2. Conditions Precedent.  It shall be a condition precedent to the effectiveness of this Fourth Amendment that each of the following conditions are satisfied:

 

  

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(a)         Agreements.  The Administrative Agent shall have received an executed counterpart of this Fourth Amendment duly executed and delivered by an Authorized Representative of the Borrower.

 

(b)         Amendment Fee Agreement.  The Administrative Agent shall have received an executed counterpart of the Amendment Fee Agreement, dated as of the date hereof, by and between the Borrower and DBNY, duly executed and delivered by an Authorized Representative of the Borrower.

 

(c)         Evidence of Authority.  The Administrative Agent shall have received:

 

(1)                 a certificate of an Authorized Representative of the Borrower and a Responsible Officer (which could be the same person as the Authorized Representative), dated as of the date hereof, as to:

 

(i)        the authority of the Borrower to execute and deliver this Fourth Amendment and to perform its obligations under the Credit Agreement and the Notes, in each case as amended by this Fourth Amendment and each other Credit Document to be executed by it in connection with this Fourth Amendment and each other instrument, agreement or other document to be executed in connection with the transactions contemplated in connection herewith and therewith;

 

(ii)       the authority and signatures of those Persons authorized on behalf of the Borrower to execute and deliver this Fourth Amendment and the other Credit Documents to be executed and delivered in connection with this Fourth Amendment and to act with respect to this Fourth Amendment and each other Credit Document executed or to be executed by the Borrower, upon which certificate each Lender, including each assignee (whether or not it shall have then become a party to the Amended Credit Agreement), may conclusively rely until it shall have received a further certificate of the Borrower canceling or amending such prior certificate; and

 

(iii)      the absence of any changes in the Organic Documents of the Borrower since the copies delivered to the Administrative Agent in connection with the closing of the Credit Agreement; and

 

(2)                 such other instruments, agreements or other documents (certified if requested) as the Administrative Agent may reasonably request.

 

(d)        Notes.  Upon the request of any Lender to the Borrower made in accordance with Section 3.02 of the Amended Credit Agreement, such Lender shall have received a Note substantially identical to Exhibit B to the Amended Credit Agreement duly executed and delivered by an Authorized Representative of the Borrower.  Upon each requesting Lender’s receipt of such Note, such Lender shall promptly return to the Borrower the Note delivered by the Borrower to such Lender on the Closing Date.

 

(e)        Certificate as to Conditions, Warranties, No Default, Agreements etc.  The Administrative Agent shall have received a certificate of an Authorized Representative of the Borrower and a Responsible Officer (which could be the same person as the Authorized Representative), in each case on behalf of the Borrower dated as of the date hereof, in form and substance reasonably satisfactory to the Administrative Agent, to the effect that, as of such date:

 

(1)                 all conditions set forth in this Section 2 (CONDITIONS PRECEDENT) have been fulfilled;

 

  

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(2)                 all representations and warranties of the Borrower set forth in Article 5 of the Credit Agreement (REPRESENTATIONS AND WARRANTIES) are true and correct in all material respects as if made on the date hereof (unless expressly made as of a certain date, in which case such representation or warranty shall be true and correct in all material respects as of such date);

 

(3)                 all representations and warranties set forth in each of the Collateral Documents are true and correct in all material respects as if made on the date hereof (unless expressly made as of a certain date, in which case such representation or warranty shall be true and correct in all material respects as of such date); and

 

(4)                 no Default or Event of Default shall be continuing.

 

(f)          Opinions of Counsel.  The Administrative Agent shall have received a customary opinion letter, dated as of the date hereof and addressed to the Lenders and the Administrative Agent, from Dechert LLP, counsel to the Borrower, the Manager and FS Advisor, which shall be reasonably satisfactory in form and substance to the Administrative Agent and the Lenders.

 

(g)         Manager Letter.  The Administrative Agent shall have received from the Manager a letter in the form of Exhibit G-2 hereto addressed to the Administrative Agent and the Lenders.  All representations and warranties of the Manager set forth therein shall be true and correct in all material respects as of the date hereof with the same effect as if then made.

 

(h)         FS Advisor Letter.  The Administrative Agent shall have received from FS Advisor a letter in the form of Exhibit I-2 hereto addressed to the Administrative Agent and the Lenders.  All representations and warranties of FS Advisor set forth therein shall be true and correct in all material respects as of the date hereof with the same effect as if then made.

 

(i)          Closing Fees, Expenses, etc.  The Administrative Agent shall have received for its own account, or for the account of the Lenders, as the case may be, all fees, costs and expenses then due and payable to it under the Amended Credit Agreement.  The fees and expenses of Cadwalader, Wickersham & Taft LLP, counsel to the Administrative Agent and the Lenders, to the extent payable under the Amended Credit Agreement, shall be payable promptly upon execution of this Fourth Amendment.

 

(j)          Federal Reserve Form U-1.  Each Lender shall have received a Federal Reserve Form U-1 duly completed and executed by the Borrower and the relevant Lender reflecting the Maximum Commitment as amended by this Fourth Amendment.

 

(k)          After giving effect to any requested Borrowing on the date hereof (1) the aggregate principal amount of all Loans outstanding will not exceed the Maximum Commitment and (2) the Overcollateralization Test is satisfied.

 

(l)          Satisfactory Legal Form.  All limited liability company and other actions or proceedings taken or required to be taken in connection with the transactions contemplated hereby and by the Amended Credit Agreement and all agreements, instruments, documents and opinions of counsel executed, submitted, or delivered pursuant to or in connection with this Fourth Amendment by or on behalf of the Borrower shall be reasonably satisfactory in form and substance to the Administrative Agent and its counsel; all certificates and opinions delivered pursuant to this Fourth Amendment shall be addressed to the Administrative Agent and the Lenders, or the Administrative Agent and the Lenders shall be expressly entitled to rely thereon; the Lenders and their counsel shall have received all information, and such number of counterpart originals or such certified or other copies of such information, as the 

  

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Administrative Agent or its counsel may reasonably request; and all legal matters incident to the transactions contemplated by this Fourth Amendment and the Amended Credit Agreement shall be reasonably satisfactory to counsel to the Administrative Agent.

 

Section 3.     Miscellaneous.

 

(a)          GOVERNING LAW.  THIS FOURTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.

 

(b)          Amendments, Etc.  None of the terms of this Fourth Amendment may be changed, waived, discharged or terminated unless such change, waiver, discharge or termination is in writing signed by the Borrower, the Administrative Agent and the Lender, and each such change, waiver, discharge or termination shall be effective only in the specific instance and for the specific purpose for which given.

 

(c)          Severability.  If any one or more of the covenants, agreements, provisions or terms of this Fourth Amendment shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Fourth Amendment and shall in no way affect the validity or enforceability of the other provisions of this Fourth Amendment.

 

(d)          Counterparts.  This Fourth Amendment may be executed by the parties hereto in separate counterparts, including by .pdf attachment to a transmission by electronic mail or by facsimile transmission, which counterparts shall together constitute one and the same instrument; provided that it is understood and agreed that each of the parties hereto shall deliver to the other party manually executed originals promptly following the date of this Fourth Amendment.

 

(e)          Successors and Assigns.  All covenants and agreements contained herein shall be binding upon, and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

(f)           Captions.  The captions and section headings appearing herein are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Fourth Amendment.

 

(g)          Entire Agreement.  This Fourth Amendment constitutes a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall (together with the Credit Agreement and the Security Agreement) constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all previous oral statements and other writings with respect thereto.

 

[Signature pages follow]

 

  

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

 

	 	BORROWER
	 	 	 
	 	FSEP TERM FUNDING, LLC, as Borrower
	 	 	 
	 	 	 
	 	
By:

	/s/ Gerald F. Stahlecker
	 	 	
Name:  Gerald F. Stahlecker

	 	 	
Title:    Executive Vice President

	 	 	 
	 	 	 
	 	ADMINISTRATIVE AGENT
	 	 	 
	 	
DEUTSCHE BANK AG, NEW YORK BRANCH 

    as Administrative Agent

	 	 	 
	 	 	 
	 	
By:

	
/s/ Ian R. Jackson

	 	 	
Name:  Ian R. Jackson

	 	 	
Title:    Director

	 	 	 
	 	 	 
	 	
By:

	
/s/ Satish Ramakrishna

	 	 	
Name:  Satish Ramakrishna

	 	 	
Title:    Managing Director

 

  

  

  

 

	 	LENDER
	 	 	 
	 	
 DEUTSCHE BANK AG, NEW YORK BRANCH 

    as Lender

	 	 	 
	 	 	 
	 	
By:

	
/s/ Ian R. Jackson

	 	 	
Name:  Ian R. Jackson

	 	 	
Title:    Director

	 	 	 
	 	 	 
	 	
By:

	
/s/ Satish Ramakrishna

	 	 	
Name:  Satish Ramakrishna

	 	 	
Title:    Managing Director

 

The Commitment of Deutsche Bank AG, New York Branch, as Lender is as follows:

	

Amount of Commitment

	 	

Percentage

	
$240,000,000

	 	
100%10.1 Seperation Agreement

SEPARATION AGREEMENT AND GENERAL RELEASE

This Separation Agreement and General Release (hereinafter “Agreement”) is offered to Dr. Joe McCord (hereinafter “Employee”) this 18th day of June, 2013, by LifeVantage Corporation (hereinafter “Employer”).

RECITAL

		
	A.
	Employee and Employer entered into an Employment Agreement dated June 20, 2011, which was amended July 21, 2011 (the “Employment Agreement”).  Employee is hereby retiring from his service with Employer and this Agreement hereby terminates the Employment Agreement except as otherwise provided in the Employment Agreement and after the date hereof, Employee will no longer be deemed an employee of Employer.  

		
	B.
	In exchange for the consideration described herein, Employer is willing to provide Employee with severance compensation which Employee is not otherwise entitled to receive as set forth below and under the terms and conditions of this Agreement.

AGREEMENT

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

		
	1.
	Severance Pay and Ongoing Obligations.  In addition to any compensation otherwise due Employee as of the date hereof, Employee shall receive severance compensation in the gross amount of one million seven hundred thousand dollars ($1,700,000) (the “Severance Payment”).  The Severance Payment shall be payable in twelve equal installments (less all customary federal, state and local taxes and other withholdings), on the twentieth day of each month over the twelve-month period beginning on the date hereof.  Employee shall not be entitled to accrue any additional leave or other benefits subsequent to date of termination.  During the period of Severance Payments to Employee, Employee shall make himself reasonably available to Employer to consult on matters relating to Employee's past actions as an employee and consultant of Employer.  Notwithstanding the foregoing, Employee shall not be obligated to consult on any projects or matters relating to new product opportunities, new formulations of existing products or other projects with respect to which Employee is not currently engaged.  It is anticipated that Employees obligations to consult will not continue beyond nine (9) months after the date hereof.  Employer agrees that during the consulting term described herein, it will not, without the prior consent of Employee, provide material, non-public information to Employee.

		
	2.
	Release.  In exchange for the Severance Payments described in paragraph 1 above, Employee hereby fully and forever unconditionally releases and discharges LifeVantage Corporation, all of its past, present and future parent, subsidiary, affiliated and related corporations, their predecessors, successors and assigns, together with their divisions and departments, and all past or present officers, directors, employees, insurers and agents of any of them (hereinafter referred to collectively as “Releasees”), from any and all claims, administrative complaints, demands, actions and causes of action, of every kind and nature whatsoever, whether at law or in equity, and both negligent and intentional, arising from or in any way related to Employee's employment by Employer or Employee's separation from Employer, based in whole or in part upon any act or omission, occurring on or before the date of this general release, without regard to Employee's present actual knowledge of the act or omission, which Employee may now have, or which he, or any person acting on Employee's behalf may at any future time have or claim to have, including specifically, but not by way of limitation, matters which may arise at common law or under federal, state or local laws, including but not limited to the Fair Labor Standards Act, the Employee Retirement Income Security Act, the National Labor Relations Act, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Equal Pay Act, the Family and Medical Leave Act, the Utah Labor Code and any other state or federal laws arising from any source or jurisdiction, excepting only any claim for worker's compensation, unemployment compensation, COBRA rights, and any vested rights under any ERISA benefit plan.  Employee specifically waives any rights arising from any statute in any jurisdiction limiting a release to the Releasee's present actual knowledge of the 

facts or circumstances given rise to the claims released. Employee does not waive or release any rights arising after the date of execution of this Agreement.

		
	3.
	Protection of Confidential Information.  Employee hereby acknowledges that Employee remains subject to and agrees to abide by any and all existing duties and obligations respecting confidential and/or proprietary information of Employer.

		
	4.
	Confidentiality of Agreement. Employee agrees to keep the facts and terms of this Agreement confidential, except Employee may disclose the substance of this Agreement to his legal counsel and financial or tax advisor, upon condition that such persons be advised by Employee of employee's confidentiality obligations hereunder and advise such persons that any disclosure by them will be deemed a disclosure by Employee.  Employee acknowledges that Employer may be required to file this Agreement as part of its ongoing obligations under regulatory law.

		
	5.
	Return of Company Property and Continued Interaction with Distributors. Employee agrees to immediately return to Employer, and not retain, all of Employer's property, including documents, data (and any copies thereof), equipment, computer equipment, video equipment, audio equipment and cameras of any nature and in whatever medium, including all Employer data, files and images that are stored on Employee's personal computers and equipment. Employee will also return to Employer any building key(s), security cards, credit cards and any information he has regarding the Employer's practices, procedures, trade secrets, customer or distributor lists or employee lists.  Any outstanding expense reports that Employee intends to complete should be submitted to Employer within seven (7) days of the execution of this Agreement.   Employee also agrees that he will refer all inquiries, questions or requests for information to Employer and will not provide information to Employer's distributors or employees without the prior written consent of Employer.  

		
	6.
	Non-Disparagement. Employee agrees that he will not make or publish any negative or disparaging comments whatsoever concerning Releasees, or any of them, including Employer, its products or services, its business methods, or any of its officers, employees, or agents.  This obligation includes oral statements and written statements made by or caused to be published by Employee in any forum or through any medium, including every electronic medium.  

		
	7.
	Intellectual Property Use.  Both parties hereby acknowledge that, as provided in the Employment Agreement, Employer is the sole owner of the Intellectual Property (as defined in the Employment Agreement) created, developed or produced pursuant to or as a result of Employee's services with the Company.  Notwithstanding such ownership, the parties agree that Employee shall have the right to consent to future uses of Employee's likeness, in advance of such use, to the extent that such use is inconsistent with the use as of the date hereof.  

		
	8.
	Compliance with Older Workers Benefits Protections Act.

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

		
	b.
	Employee acknowledges and agrees that the release of claims under the Age Discrimination in Employment Act contained in this Agreement is given by Employee in exchange for consideration in addition to anything of value to which Employee may already be entitled.  Employee does not waive any rights or claims that may arise after the execution date of this Agreement.

		
	c.
	The Company hereby informs Employee in writing, and Employee acknowledges and represents that 

Employee has been informed that Employee has twenty-one (21) days within which to consider this Agreement and that this Agreement will remain available for acceptance by Employee for this twenty-one day period, commencing on the date this Agreement is provided to Employee, as indicated in the first paragraph of this Agreement.  Employee may accept this Agreement by signing the Agreement and returning it to Michelle Oborn: 9815 S. Monroe Street, Suite 100, Sandy, UT 84070 within the 21-day consideration period.

		
	d.
	The Company hereby informs Employee in writing, and Employee acknowledges and represents that Employee has been informed that Employee has the right to rescind this Agreement for a period of seven (7) days following the date upon which Employee executes this Agreement.  Should Employee choose to exercise this right, Employee agrees that any such notice must be provided to and received by Employer in writing prior to lapse of the seven-day revocation period.  Any such revocation must be in writing and delivered to Michelle Oborn, VP Human Resources, 9815 S. Monroe Street, Suite 100, Sandy, UT 84070.

		
	e.
	It is understood and agreed by the parties hereto that if Employee timely exercises Employee's right of revocation under paragraph 4d. that Employer shall have no obligations whatsoever under this Agreement to Employee and that all of the obligations, representations and warranties made by Employer in this Agreement shall be null and void.

GENERAL PROVISIONS

		
	9.
	No Admission.  The parties expressly agree and acknowledge that this Agreement cannot be construed as an admission of or evidence of wrongdoing with respect to the termination of Employee, nor is it an admission of or evidence that Employee or any employee of Employer is other than an at-will employee.

		
	10.
	Non-Assignment of Rights.  Employee warrants that he has not assigned or transferred any right or claim described in the general release given in paragraph 2 above.

		
	11.
	No Reliance on Extraneous Information.  Employee acknowledges that, in signing this Agreement, Employee is not relying on any information provided to Employee by Employer, nor is Employee relying upon Employer to provide any information.

		
	12.
	Modification.  No provision of this Agreement shall be amended, waived or modified except by an instrument in writing signed by the parties hereto.

		
	13.
	Voluntary Execution.  Employee hereby represents that Employee has read and understands the contents of this Agreement, that no representations other than those contained herein have been made to induce Employee or to influence Employee to execute this Agreement, but that Employee executes this Agreement knowingly and voluntarily, after having been advised to seek independent legal counsel of Employee's own choosing.

		
	14.
	Severability.  If any provision of this Agreement is held to be invalid, illegal, or unenforceable by any court of competent jurisdiction for any reason, the invalid or unenforceable portion shall be deemed severed from this Agreement and the balance of this Agreement shall remain in full force and effect and be enforceable in accordance with the non-severed provisions of this Agreement.

		
	15.
	Integration.  This Agreement contains the entire agreement between the parties and supersedes all prior agreements.  This Agreement shall not be amended or otherwise modified in any manner except in a writing executed by the parties hereto.  The parties further acknowledge that they are not relying on any information or representations other than those recited in this Agreement.

		
	16.
	Rights of Non-Parties.  All persons or entities against whom claims are released or waived by this Agreement are either party to or intended beneficiaries of this Agreement and shall have the same right and ability to enforce the release or waiver provided by this Agreement as though a party and signatory hereto.

		
	17.
	Governing Law; Arbitration.  To the extent not preempted by federal law, this Agreement will be deemed a contract made under, and for all purposes shall be construed in accordance with, the laws of Utah.  Any controversy or claim relating to this Agreement or any breach thereof, and any claims you may have arising from or relating to this Agreement with the Company, will be settled solely and finally by arbitration in Salt Lake City, Utah before a single arbitrator and judgment upon such award rendered by the arbitrator may be entered in any court having jurisdiction thereof, provided that this Section shall not be construed to eliminate or reduce any right the Company or you may otherwise have to obtain a temporary restraining order or a preliminary or permanent injunction to enforce any of the covenants contained in this Agreement before the matter can be heard in arbitration. As a condition precedent to the filing of any claim to initiate an arbitration proceeding, the party that believes that a breach (i.e. a default) of this Agreement has occurred, shall provide notice of the breach and fifteen (15) calendar days, opportunity to cure the breach or otherwise satisfy the complaining party that no claim is necessary.   If the party giving the notice is not satisfied, either party may then file an arbitration claim.  The notice shall be in sufficient detail to fairly and reasonably apprise the other of each alleged material default.  

		
	18.
	Attorney's Fees.  In any action to interpret or enforce the terms of this Agreement, the prevailing party shall be entitled to recover its costs, including reasonable attorney's fees, in addition to any other relief to which such party may be entitled.

		
	19.
	Binding Against Heirs.  This Agreement is binding upon the parties hereto and their heirs, successors and assigns.

		
	20.
	Non-Waiver.  No failure to exercise or enforce or delay in exercising or enforcing, or partial exercise or enforcement of, any right, obligation or commitment under this Agreement shall constitute a waiver thereof, nor shall it preclude any other or further exercise or enforcement of any right, obligation or commitment under this Agreement.

		
	21.
	Signature by Counterparts.  This Agreement may be executed in one or more counterpart(s), each of which shall be valid and enforceable as an original signature as though all original signatures had been obtained on the signature page of this Agreement. 

		
	22.
	Facsimile Signatures.  A fully executed facsimile copy and/or photocopy of this Agreement is legally enforceable and binding the same as the original Agreement.

		
	23.
	Incorporation of Recitals.  The recitals set forth on page 1 hereof are hereby made a part of this Agreement and are incorporated by this reference.

ACCEPTED AND AGREED:

Date: June 18, 2013                    /s/  Joe McCord    
Dr. Joe McCord

LifeVantage Corporation

Date: June 18, 2013                    By: /s/  Douglas C. Robinson
                
Its: President and CEO

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