Document:

Exhibit 10.2

 

AGREEMENT

 

THIS AGREEMENT (this
“Agreement”), dated as of June 14, 2018, is among SAMSON OIL AND GAS USA, INC., a Colorado corporation
(“Borrower”), SAMSON OIL & GAS LIMITED, an Australian public company (the “Parent”),
SAMSON OIL AND GAS USA MONTANA, INC., a Colorado corporation (“Samson Montana”, and together with
the Parent, collectively, the “Guarantors”, and each, individually, a “Guarantor”),
the Lenders party hereto, and MUTUAL OF OMAHA BANK, as Administrative Agent for the Lenders (in such capacity, “Administrative
Agent”) and as L/C Issuer.

 

RECITALS

 

A.       Borrower,
the financial institutions party thereto, and Administrative Agent are parties to that certain Credit Agreement, dated as of January 27,
2014, as amended by (i) that certain First Amendment to Credit Agreement dated as of November 24, 2014, (ii) that certain
Second Amendment to Credit Agreement dated as of May 13, 2015, (iii) that certain Third Amendment to Credit Agreement dated as
of March 31, 2016, (iv) that certain Fourth Amendment to Credit Agreement dated as of June 30, 2016, (v) that certain Fifth Amendment
to Credit Agreement dated as of September 29, 2016, (vi) that certain Sixth Amendment to Credit Agreement dated as of May 5, 2017,
and (vii) that certain Seventh Amendment to Credit Agreement dated as of July 14, 2017 (such Credit Agreement, as so amended, the
“Credit Agreement”).

 

B.       In
connection with the Credit Agreement, Borrower, the Guarantors, the Lenders, the L/C Issuer and Administrative Agent have previously
entered into that certain Agreement, dated as of February 9, 2018 (as amended by (i) that certain First Amendment to Agreement,
dated as of March 28, 2018, and (ii) that certain Second Amendment to Agreement, dated as of May 18, 2018, the “Prior
Forbearance Agreement”), pursuant to which the Administrative Agent, the L/C Issuer and the Lenders agreed to forbear
from the exercise of their respective rights and remedies under the Loan Documents as a result of the Specified Defaults (as defined
therein). As of the date hereof, the Forbearance Period (as defined in the Prior Forbearance Agreement) has terminated, and the
Existing Defaults (as hereinafter defined) continue to exist.

 

C.       The
Borrower and the Guarantors have requested that the Administrative Agent, the L/C Issuer and the Lenders agree to forbear from
the exercise of their respective rights and remedies as a result of the Specified Defaults (as hereinafter defined). The Administrative
Agent, the L/C Issuer and the Lenders, subject to the terms and conditions herein, have agreed to forbear from the exercise of
their respective rights and remedies as a result of the Specified Defaults to the limited extent as hereinafter provided.

 

NOW, THEREFORE, in
consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

1.       Same
Terms. All terms used herein which are defined in the Credit Agreement shall have the same meanings when used herein, unless
the context hereof otherwise requires or provides. In addition, (a) all references in the Loan Documents to the “Credit
Agreement” or the “Agreement” shall mean the Credit Agreement, as the same shall hereafter be amended from time
to time, and (b) all references in the Loan Documents to the “Loan Documents” shall mean the Loan Documents, as
the same shall hereafter be amended from time to time. In addition, the following terms have the meanings set forth below:

 

“Credit
Agreement” has the meaning set forth in Recital A.

 

    	AGREEMENT
                                         – Page 1	 	 

     

    

  

“Eagle
Energy PSA” means that certain Purchase and Sale Agreement, executed on June 14, 2018, between Borrower, as seller,
and Eagle Energy Partners I, LLC, as purchaser, together with all modifications and Amendments thereof.

 

“Effective
Date” means the date when (a) all Lenders have executed this Agreement, and (b) the conditions set forth
in Section 2 of this Agreement have been complied with to the satisfaction of the Administrative Agent, unless waived
in writing by the Administrative Agent.

 

“Existing
Defaults” means, collectively, (a) the failure by the Borrower to maintain the minimum Current Ratio required pursuant
Section 7.12(a) of the Credit Agreement for each of the fiscal quarters ending June 30, 2017, September 30, 2017, December 31,
2017 and March 31, 2018, each of which is an Event of Default under Section 9.01(b) of the Credit Agreement; (b) the failure by
the Borrower to maintain the Leverage Ratio required pursuant Section 7.12(b) of the Credit Agreement for each of the Test Periods
ending June 30, 2017, September 30, 2017, December 31, 2017 and March 31, 2018, each of which is an Event of Default under Section
9.01(b) of the Credit Agreement; (c) the failure by the Borrower to maintain the minimum Interest Coverage Ratio required pursuant
Section 7.12(c) of the Credit Agreement for each of the Test Periods ending June 30, 2017, September 30, 2017, December 31, 2017
and March 31, 2018, each of which is an Event of Default under Section 9.01(b) of the Credit Agreement; (d) the failure by the
Borrower to maintain the minimum Liquidity required pursuant Section 7.12(d) of the Credit Agreement as of the end of each calendar
month during the period beginning with the calendar month ending June 30, 2017 through and including the calendar month ending
April 30, 2018, each of which is an Event of Default under Section 9.01(b) of the Credit Agreement; (e) the failure by the Borrower
to comply with Section 8.07 of the Credit Agreement, whereby Borrower was required to limit general and administrative expenses
to an amount not more than the amount set forth therein, for the 12-month periods ending June 30, 2017, September 30, 2017, December
31, 2017 and March 31, 2018, each of which is an Event of Default under Section 9.01(b) of the Credit Agreement; (f) the failure
by the Borrower to deliver the 13-Week Budget and other information required to be delivered pursuant to Section 7.02(n) of the
Credit Agreement for each of the calendar weeks ending November 17, 2017 and each calendar week thereafter through the Effective
Date, each which is an Event of Default under Section 9.01(b) of the Credit Agreement; (g) the failure by the Borrower to deliver
the monthly financial statements required to be delivered pursuant to Section 7.01(b) of the Credit Agreement for the calendar
months ending October 31, 2017 and November 30, 2017, each of which is an Event of Default under Section 9.01(b) of the Credit
Agreement; and (h) the failure by the Borrower to deliver the Excess Cash Flow Report required to be delivered pursuant to Section
7.02(m) of the Credit Agreement for the calendar months ending October 31, 2017 and November 30, 2017, each of which is an Event
of Default under Section 9.01(b) of the Credit Agreement.

 

“Forbearance
Termination Date” means August 10, 2018.

 

“Specified
Defaults” means, collectively, the Existing Defaults and the anticipated failure by the Borrower to comply with the
covenants set forth in Section 7.12 of the Credit Agreement during the Forbearance Period.

 

2.       Conditions
Precedent. The obligations, agreements and forbearance of the Administrative Agent, L/C Issuer and the Lenders as set forth
in this Agreement are subject to the satisfaction (in the opinion of Administrative Agent), unless waived in writing by Administrative
Agent, of each of the following conditions (and upon such satisfaction, this Agreement shall be deemed to be effective as of the
Effective Date):

 

  (a)       Forbearance
Agreement. This Agreement shall be in full force and effect.

 

    	AGREEMENT
                                         – Page 2	 	 

     

    

  

  (b)       Eagle
Energy PSA. Administrative Agent shall have received a true, correct and complete copy of the Eagle Energy PSA, fully executed
by the parties thereto.

 

  (c)       Fees
and Expenses. Administrative Agent shall have received payment of all out-of-pocket fees and expenses (including reasonable
attorneys’ fees and expenses) incurred by Administrative Agent in connection with the preparation, negotiation and execution
of this Agreement.

 

3.       Postponement
of Fall 2017 Determination of the Borrowing Base. Section 4.02 of the Credit Agreement requires the Lenders to determine
the Borrowing Base as of April 30 and October 31 of each year. Notwithstanding anything in the Credit Agreement to the contrary,
including Section 4.02 thereof, the parties hereto acknowledge and agree that the determination of the Borrowing Base as of October
31, 2017 pursuant to Section 4.02 of the Credit Agreement shall be waived, and the determination of the Borrowing Base as of April
30, 2018 pursuant to Section 4.02 of the Credit Agreement shall be postponed until the Forbearance Termination Date (or, if earlier,
the termination of the Forbearance Period). In connection with such redetermination of the Borrowing Base, upon the Administrative
Agent’s request, the Borrower shall deliver to Administrative Agent an updated Reserve Report and the other information required
to be delivered in connection with such redetermination pursuant to Section 7.02(c) of the Credit Agreement.

 

4.       Forbearance.

 

  (a)       Forbearance
Period. Unless the Forbearance Period (as hereinafter defined) is sooner terminated as provided in Section 4(f) below,
the Administrative Agent, the L/C Issuer, and the Lenders hereby agree to forbear from the exercise of any of their rights and
remedies under the Credit Agreement, the other Loan Documents and/or applicable law as a result of the Specified Defaults for a
period (the “Forbearance Period”) beginning effective as of the Effective Date through and including
the Forbearance Termination Date, subject to the terms and conditions set forth herein.

 

  (b)       Forbearance
Limited to Specified Defaults. The Administrative Agent’s, the L/C Issuer’s and the Lenders’ forbearance
shall be limited solely to the exercise of their rights and remedies arising under the Loan Documents or otherwise as a result
of the Specified Defaults, and the Administrative Agent, the L/C Issuer and the Lenders shall not be deemed to have waived any
rights or remedies they may have with respect to any other existing breach or Default occurring thereunder during the Forbearance
Period, or any breach of this Agreement.

 

  (c)       Notice
Requirements Satisfied. Each of the Borrower and the Guarantors acknowledges that all notice requirements embodied in the Loan
Documents and imposed by the Loan Documents upon the Administrative Agent, the L/C Issuer, or any Lender in connection with the
Specified Defaults, and the exercise of rights and remedies therefor (together with all applicable cure and/or grace periods) have
been satisfied (or shall be deemed to have been satisfied by this Agreement) without exception, and that upon the expiration or
earlier termination of the Forbearance Period, the Administrative Agent, the L/C Issuer and the Lenders shall have the full right
and power to exercise all rights and remedies granted to them without further notice to the Borrower or any other Loan Party and
subject to no other conditions precedent.

 

    	AGREEMENT
                                         – Page 3	 	 

     

    

  

  (d)       Agreement
in the Nature of Forbearance Only; Reservation of Rights. Each Loan Party hereby acknowledges that the Administrative Agent’s,
the L/C Issuer’s and the Lenders’ obligations under this Agreement are in the nature of a conditional forbearance only,
and that the Administrative Agent, the L/C Issuer, and the Lenders have not made any agreement or commitment to modify or extend
the Loan Documents beyond the Forbearance Period, and that, upon the expiration or earlier termination of the Forbearance Period,
the Administrative Agent, the L/C Issuer, and the Lenders shall have the immediate and unconditional right to exercise their rights
and remedies under the Loan Documents, and the Loan Parties will not take any action to inhibit or otherwise interfere with any
such exercise of rights and remedies. In accordance with the terms of this Agreement, the Administrative Agent, the L/C Issuer,
and the Lenders hereby reserve all rights and remedies available to them.

 

  (e)       No
New Loans or Letters of Credit. Each Loan Party acknowledges that (i) the Lenders have, and shall have, no further commitment
or obligation to make any further Loans or provide any further financing or loans to the Borrower, and (ii) the L/C Issuer has
no further commitment or obligation to issue any Letters of Credit for the benefit of any Loan Party.

 

  (f)       Termination
of the Forbearance Period. The Forbearance Period shall end on the first to occur of the following:

 

      (i)       the
occurrence of the Forbearance Termination Date;

 

      (ii)       a
breach by the Loan Parties, or any one of them, of any of the conditions, covenants, agreements, terms, representations and/or
warranties set forth in this Agreement;

 

      (iii)       the
occurrence of any Event of Default under the Loan Documents, other than the Specified Defaults;

 

      (iv)       any
creditor(s) of any Loan Party take(s) any enforcement action against any of the Loan Parties which, in the Administrative Agent’s
judgment, would materially interfere with the operation of the Loan Parties’ business or the Administrative Agent’s
ability to collect the Obligations under the Loan Documents;

 

      (v)       a
proceeding shall be commenced by or against any of the Loan Parties seeking liquidation, reorganization, bankruptcy or other relief
with respect to its debts under the Bankruptcy Code or any other reorganization, arrangement, adjustment of debt, relief of debtors,
dissolution, insolvency, administration or liquidation or similar law of any jurisdiction whether now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian, or other similar official with respect to any of the Loan
Parties or any of their respective assets;

 

      (vi)       any
Loan Party initiates any judicial, administrative or arbitration proceeding against the Administrative Agent, the L/C Issuer, or
any Lender

 

      (vii)       the
termination of the Eagle Energy PSA prior to the closing of the sale contemplated thereby; or

 

      (viii)       a
determination by the Administrative Agent or the Borrower that the net cash proceeds of the sale contemplated by the Eagle Energy
PSA are or will not be sufficient to fully discharge all of the Obligations.

 

    	AGREEMENT
                                         – Page 4	 	 

     

    

  

Upon the termination of the Forbearance
Period, the Administrative Agent’s, the L/C Issuer’s, and the Lenders’ agreement hereunder to forbear shall terminate
automatically without further act or action by the Administrative Agent, the L/C Issuer, or any Lender, and the Administrative
Agent, the L/C Issuer and the Lenders shall be entitled to exercise any and all rights and remedies available under the Loan Documents
and this Agreement, at law, in equity, or otherwise, without any further lapse of time, expiration of applicable grace periods,
or requirements of notice, all of which are hereby expressly waived by each Loan Party.

 

5.       Conditions
of Forbearance. The agreement by the Administrative Agent, the L/C Issuer and the Lenders to forbear from exercising any
of their remedies as a result of the Specified Defaults during the Forbearance Period shall be subject to and conditioned upon
each of the following:

 

  (a)       Forbearance
Fee. As consideration for the forbearance and agreements contained herein and in the Prior Forbearance Agreement, the Borrower
shall pay the Administrative Agent, for the benefit of the Lenders, a forbearance fee of $250,000, which fee shall be fully earned
on the Effective Date and shall be due and payable in full on June 18, 2018, and a portion of which fee constitutes the forbearance
fee that was due and payable under the Prior Forbearance Agreement but was not paid.

 

  (b)       Reporting.
Notwithstanding the agreement by the Administrative Agent, the L/C Issuer and the Lender to forbear from exercising their respective
rights and remedies as a result of any default under Section 7.12 of the Credit Agreement during the Forbearance Period, each of
the Borrower and the Guarantors acknowledges and agrees that it shall deliver all financial and other reporting required pursuant
to the Credit Agreement within the time periods specified therein.

 

  (c)       Payment
of Interest. Borrower shall continue to make regular interest payments as provided in Section 2.07 of the Credit Agreement.

 

  (d)       Concerning
the Eagle Energy PSA. Borrower shall keep Administrative Agent fully apprised of all matters with respect to the Eagle Energy
PSA including, without limitation, (i) reductions to the purchase price made for any reason, including the amount of the reduction
and the reason therefor, (ii) properties being excluded from the sale contemplated by the Eagle Energy PSA for any reason,
(iii) all modifications, amendments, renewals, extensions of the Eagle Energy PSA (copies of which shall be provided to, and
shall be in form and substance satisfactory to, the Administrative Agent), (iv) the occurrence of any event, which, with the
giving of notice or lapse of time, will entitle the purchaser under the Eagle Energy PSA to terminate the Eagle Energy PSA, or
(v) the existence of any fact that entitles the purchaser to the return of the escrow deposit paid to Borrower. For avoidance of
doubt, Administrative Agent shall be under no obligation to release its liens against properties covered by the Eagle Energy PSA
if the net proceeds of sale thereof are not sufficient to repay the Obligations in full.

 

6.       Covenant
of Lenders Not to Assign During Forbearance Period. The provisions of Section 11.06(b) of the Credit Agreement notwithstanding,
each of the Lenders covenants and agrees with Borrower that, without the consent of Borrower (such consent not to be unreasonably
withheld, delayed or conditioned), such Person will not assign all or any portion of its rights and obligations under the Credit
Agreement to any Person prior to the expiration or termination of the Forbearance Period. This covenant shall expire and be of
no further force or effect upon the end of the Forbearance Period.

 

    	AGREEMENT
                                         – Page 5	 	 

     

    

  

7.        Certain
Representations. Each of Borrower and Guarantors represents and warrants that, as of the Effective Date: (a) each
Loan Party has full power and authority to execute this Agreement, and this Agreement constitutes the legal, valid and binding
obligation of such Loan Party enforceable against such Loan Party in accordance with its terms, except as enforceability may be
limited by general principles of equity and applicable bankruptcy, insolvency, reorganization, moratorium, and other similar laws
affecting the enforcement of creditors’ rights generally; and (b) no authorization, approval, consent or other action
by, notice to, or filing with, any Governmental Authority or other Person is required for the execution, delivery and performance
by any Loan Party of this Agreement. In addition, each of Borrower and Guarantors represents that after giving effect to this Agreement,
all representations and warranties contained in the Credit Agreement and the other Loan Documents to which such Person is a party
are true and correct in all material respects (provided that any such representations or warranties that are, by their terms, qualified
by reference to materiality or a Material Adverse Effect shall be true and correct in all respects) on and as of the Effective
Date as if made on and as of such date, except to the extent that any such representation or warranty expressly relates solely
to an earlier date, in which case such representation or warranty is true and correct in all material respects (or, with respect
to any such representations or warranties that are, by the terms, qualified by reference to materiality or a Material Adverse Effect,
are true and correct in all respects) as of such earlier date.

 

8.        No
Further Amendments. Except as previously amended in writing or as amended hereby, the Credit Agreement shall remain unchanged
and all provisions shall remain fully effective between the parties hereto.

 

9.        Acknowledgments
and Agreements. Each of Borrower and Guarantors (a) acknowledges that on the date hereof all outstanding Obligations are
payable in accordance with their terms, and (b) waives any defense, offset, counterclaim or recoupment with respect thereto. Borrower,
Guarantors, Administrative Agent, L/C Issuer and each Lender do hereby adopt, ratify and confirm the Credit Agreement, as
previously amended in writing and as amended hereby, and acknowledge and agree that the Credit Agreement is and remains in full
force and effect. Each of Borrower and Guarantors acknowledges and agrees that its liabilities and obligations under the Credit
Agreement and under the other Loan Documents are not impaired in any respect by this Agreement. Any breach of any representations,
warranties and covenants under this Agreement shall be a Default or an Event of Default, as applicable, under the Credit Agreement.

 

10.       Limitation
on Agreements. The modifications set forth herein are limited precisely as written and shall not be deemed (a) to
be a consent under or a waiver of or an amendment to any other term or condition in the Credit Agreement or any of the other Loan
Documents, or (b) to prejudice any right or rights that Administrative Agent now has or may have in the future under or in
connection with the Credit Agreement and the other Loan Documents or any of the other documents referred to herein or therein.
This Agreement shall constitute a Loan Document for all purposes.

 

11.       Confirmation
of Security. Each of Borrower and Guarantors hereby confirms and agrees that all of the Collateral Documents that presently
secure the Obligations shall continue to secure, in the same manner and to the same extent provided therein, the payment and performance
of the Obligations.

 

12.       Counterparts.
This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be deemed an original,
but all of which constitute one instrument. In making proof of this Agreement, it shall not be necessary to produce or account
for more than one counterpart thereof signed by each of the parties hereto. Delivery of an executed counterpart of this Agreement
by facsimile or other electronic means shall be deemed effective as delivery of a manually executed counterpart.

 

13.       Incorporation
of Certain Provisions by Reference. The provisions of Section 11.15 of the Credit Agreement captioned “Governing
Law, Jurisdiction; Etc.” and Section 11.16 of the Credit Agreement captioned “Waiver of Right to Trial by Jury”
are incorporated herein by reference for all purposes.

 

    	AGREEMENT
                                         – Page 6	 	 

     

    

  

14.      Release.
In consideration of the agreements set forth in this Agreement, each of Borrower and Guarantors represents and warrants that as
of the date of this Agreement, there are no claims, offsets, defenses or counterclaims to the obligations of such Person under
the Loan Documents to which it is a party, and in accordance therewith, each of Borrower and Guarantors:

 

    (a)       waives
any and all such claims, offsets, defenses or counterclaims, whether known or unknown, arising under the Loan Documents prior to
the Effective Date; and

 

    (b)       releases
and discharges each of the Administrative Agent and the Lenders and their respective officers, directors, employees, agents, shareholders,
affiliates and attorneys (the “Released Parties”) from any and all obligations, indebtedness, liabilities,
claims, rights, causes of action or other demands whatsoever, whether known or unknown, suspected or unsuspected, in law or equity,
which such Person ever had, now has or claims to have or may have against any Released Party arising prior to the Effective Date
and from or in connection with the Loan Documents or the transactions contemplated thereby, except, with respect to any Released
Party, those resulting from the gross negligence or willful misconduct of such Released Party, as determined by a court of competent
jurisdiction by a final and non-appealable judgment.

 

15.       Entirety,
Etc. This Agreement and all of the other Loan Documents embody the entire agreement between the parties. THIS AGREEMENT
AND ALL OF THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

[This space is left intentionally
blank. Signature pages follow.]

 

    	AGREEMENT
                                         – Page 7	 	 

     

    

 

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

 

	BORROWER:
	 
	SAMSON OIL AND GAS USA, INC.

 

	By:   	/s/ Terry Barr
	 	Terry Barr
	 	President, Treasurer and CEO

 

	GUARANTORS:
	 
	SAMSON OIL & GAS LIMITED

 

	By:   	/s/ Terry Barr
	 	Terry Barr
	 	Managing Director, CEO & President

 

	SAMSON OIL AND GAS USA MONTANA, INC.

 

	By:   	/s/ Terry Barr
	 	Terry Barr
	 	President, Treasurer and CEO

 

    	AGREEMENT
                                         – Signature Page	 	 

     

    

 

	ADMINISTRATIVE AGENT:
	 
	MUTUAL OF OMAHA BANK,
	as Administrative Agent

 

	By:   	/s/ J. Keith Miller
	 	J. Keith Miller
	 	Senior Energy Lender

 

	LENDERS:
	 
	MUTUAL OF OMAHA BANK

 

	By:   	/s/ J. Keith Miller
	 	J. Keith Miller
	 	Senior Energy Lender

 

    	AGREEMENT
                                         – Signature Pagea20180615fitbitconsultin

              199 Fremont Street, 14th Floor  info@fitbit.com  San Francisco, CA 94105  www.fitbit.com                        June 15, 2018    William Zerella   [Address]       RE:  Consulting Agreement    Dear Bill:           This letter agreement (this “Agreement”) sets forth the terms and conditions whereby you   agree  to  provide  certain consulting services  to Fitbit,  Inc.,  a  Delaware  corporation  (the   “Company”).     1.    SERVICES          1.1   The Company hereby engages you, and you hereby accept such engagement, as an   independent contractor, to provide certain services to the Company and its affiliates on the terms   and conditions set forth in this Agreement following the effective date of your resignation as the   Company’s Chief Financial Officer.            1.2   You shall provide the services to the Company as requested by the Company from   time to time (the “Services”).  Such Services shall not be less than ten (10) hours in total.            1.3   You will be an independent contractor.  The Company will not control the manner   or means by which you perform the Services.  Unless otherwise agreed in writing, you will furnish,   at your own expense, the equipment, supplies and other materials used to perform the Services.    The Company will provide you with access to its premises and equipment to the extent necessary   for the performance of the Services.  To the extent you perform any Services on the Company’s   premises or using the Company’s equipment, you will comply with all applicable policies of the   Company relating to business and office conduct, health and safety and use of the Company’s   facilities, supplies, information technology, equipment, networks and other resources.       2.    TERM          The  term  of  this  Agreement  shall  commence on  June  16,  2018  (the  “Commencement   Date”) and will continue through September 15, 2018, unless extended or earlier terminated in   accordance with paragraph 10.1 (the “Term”).  Any extension of the term will be subject to mutual   written agreement between the parties.      3.    FEES AND EXPENSES          3.1   As full compensation for the Services and the rights granted to the Company in this   Agreement, the Company shall:         

 

                                                                                            (a)   Pay you a rate of $375 per hour; provided however, that the Company will  pay you no less than a total of $3,750 for the Services you provide during the Term.  Additionally,  you shall not provide more than ten (10) hours of service per month, without the Company’s prior  written approval. The Company will pay such fees within thirty (30) days of the Company’s receipt  of an undisputed invoice from you.                 (b)   Permit any vested options to be exercised through the date 90 days or three  months after the end of Term (as applicable as set forth in such equity grant) or such longer period  as set forth in such equity grant upon your death or Disability pursuant to the terms of such grants  with any incentive stock options under the Company’s Amended and Restated 2007 Stock Plan  ceasing  to  be  incentive  stock  options  if  they  are  not  exercised  within  90  days  following  your  termination as an employee.           3.2   Within ten days following the Commencement Date as additional consideration for  your agreeing to enter into this Agreement, the Company will grant you 15,833 restricted stock  units  under  the  Company’s  2015  Equity  Incentive  Plan,  which  shall  be  fully  vested  upon  the  Commencement Date.  Such restricted stock units will be settled by the Company no later than  June 23, 2018.         3.3   You acknowledge that notwithstanding any provisions in the Company’s equity  plans or in any arrangement with the Company to the contrary, the vesting of any unvested equity  awards held by you (not including the restricted stock units awarded to you pursuant to Section  3.2 above) shall terminate and such unvested awards shall be forfeited to the Company on the  Commencement Date.         3.4   You  acknowledge  that  you  will  receive  an  IRS  Form  1099-MISC  from  the  Company, and that you shall be solely responsible for all federal, state and local taxes on your  monthly consulting payments and the restricted stock units granted to you pursuant to Section 3.2  above.   The  Company  shall  withhold  on  any  nonqualified  stock  options  exercised  and  other  restricted stock units settled on or after the Commencement Date, in either case, if granted prior to  the Commencement Date.   4.    RELATIONSHIP OF THE PARTIES           4.1   You are an independent contractor of the Company, and this Agreement shall not  be construed to create any association, partnership, joint venture, employee or agency relationship  between you and the Company for any purpose.  Other than as approved by the Chief Executive  Officer of the Company, you have no authority (and shall not hold yourself out as having authority)  to bind the Company and you shall not make any agreements or representations on the Company’s  behalf without the Company’s prior written consent.           4.2   Without  limiting  paragraph  4.1,  you  will  not  be  eligible  to  participate  in  any  vacation, group medical or life insurance, disability, profit sharing or retirement benefits or any  other fringe benefits or benefit plans offered by the Company to its employees, and the Company  will not be responsible for withholding or paying any income, payroll, Social Security or other  federal,  state  or  local  taxes,  making  any  insurance  contributions,  including  unemployment  or   disability, or obtaining worker’s compensation insurance on your behalf.  You shall be responsible  for, and shall indemnify the Company against, all such taxes or contributions, including penalties  and interest.  Any persons employed or engaged by you in connection with the performance of the                                         2    

 

                                                                                Services shall be your employees or contractors and you shall be fully responsible for them and  indemnify the Company against any claims made by or on behalf of any such employee and/or  contractor.     5.    INTELLECTUAL PROPERTY RIGHTS           5.1   You agree that any and all deliverables shall be the sole and exclusive property of  Company. You will and hereby do irrevocably assign to Company all right, title and interest in  and to the deliverables and all related intellectual property rights.           5.2   Any assignment of copyrights under this Agreement includes all rights of paternity,  integrity, disclosure and withdrawal and any other rights that may be known as “moral rights”  (collectively,  “Moral  Rights”). You  hereby  irrevocably  waive,  to  the  extent  permitted  by  applicable law, any and all claims you may now or hereafter have in any jurisdiction to any Moral  Rights.           5.3   You  will  and  hereby  are  obligated  to  make  full  and  prompt  disclosure  to  the  Company of any inventions or processes, as such terms are defined in 35 U.S.C. § 100 (the “Patent  Act”),  made  or  conceived  by  you  alone  or  with  others  during  the  Term,  whether  or  not  such  inventions  or  processes  are  patentable  or  protected  as  trade  secrets  and  whether  or  not  such  inventions or processes are made or conceived during normal working hours or on the premises of  the Company.  You shall not disclose to any third party the nature or details of any such inventions  or processes without the prior written consent of the Company.           5.4   Upon the request of the Company, you shall promptly take such further actions,  including  execution  and  delivery  of  all  appropriate  instruments  of  conveyance,  as  may  be  necessary to assist the Company to prosecute, register, perfect, record or enforce its rights in any  Moral Rights.  In the event the Company is unable, after reasonable effort, to obtain your signature  on any such documents, you hereby irrevocably designate and appoint the Company as your agent  and attorney-in-fact, to act for and on your behalf solely to execute and file any such application  or other document and do all other lawfully permitted acts to further the prosecution and issuance  of patents, copyrights or other intellectual property protected related to the Moral Rights with the  same legal force and effect as if you had executed them.  You agree that this power of attorney is  coupled with an interest.           5.5   You have no right or license to use the Company’s trademarks, service marks, trade  names, trade names, logos, symbols or brand names.     6.    CONFIDENTIALITY          6.1   You  acknowledge  that  you  will  have  access  to  information  that  is  treated  as  confidential and proprietary by the Company, whether spoken, written, printed, electronic or in  any other form or medium (collectively, the “Confidential Information”).  You agree, consistent  with your other obligations to the Company and its affiliates, to treat all Confidential Information  as strictly confidential, not to disclose Confidential Information or permit it to be disclosed, in  whole or part, to any third party without the prior written consent of the Company in each instance,  and not to use any Confidential Information for any purpose except as required in the performance  of the Services.  You will notify the Company immediately in the event you become aware of any  loss or disclosure of any Confidential Information.  You understand and acknowledge that your                                         3    

 

                                                                                obligations  under  this  Agreement  or  otherwise  with  regard  to  any  particular  Confidential  Information  commence  immediately  and  shall  continue  in perpetuity,  notwithstanding  the  termination of this Agreement, until such time as such Confidential Information has been disclosed  publicly by the Company.           6.2   You  acknowledge  and  agree  that  during  the  Term,  you  will  not  engage  in  any  activity that could reasonably be expected to result in a breach of any covenant or agreement you  have with the Company. You further acknowledge and agree that this Agreement does not and will  not result in a breach of any covenant or agreement you have with another party for the provision  of services by you.         6.3   Pursuant to the Defend Trade Secrets Act (18 U.S.C. § 1833(b)), you acknowledge  that you understand that you will not be held criminally or civilly liable under any federal or state  trade secret law for the disclosure of a trade secret of the Company or its affiliates that (i) is made  (A) in confidence to a federal, state, or local government official, either directly or indirectly, or  to your attorney and (B) solely for the purpose of reporting or investigating a suspected violation  of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other  proceeding.  You further acknowledge that you understand that if you file a lawsuit for retaliation  for reporting a suspected violation of law, you may disclose the trade secret to your attorney and  use the trade secret information in the court proceeding if you (x) file any document containing  the trade secret under seal, and (y) do not disclose the trade secret, except pursuant to court order.   Nothing in this Agreement, or any other agreement with or policy of the Company or its affiliates,  is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets  that  are  expressly  allowed  by  such  section.   Further, nothing  in  this  Agreement  or  any  other  agreement that  you have with  the Company or its  affiliates  shall prohibit or restrict  you from  making any voluntary disclosure of information or documents concerning possible violations of  law to, or seek a whistleblower award from, any governmental agency or legislative body, or any  self-regulatory organization, in each case, and you may do so without notifying the Company.   7.    REPRESENTATIONS AND WARRANTIES           7.1   The Company hereby represents and warrants to you that it has the full right, power  and authority to enter into this Agreement and to perform its obligations hereunder.          7.2   You will ensure that the Services (including all deliverables) and your performance  of its obligations under this Agreement are in compliance at all times with all applicable foreign,  federal, state and local laws, statutes, ordinances, orders, regulations and other legal obligations.   You hereby represent and warrant to the Company that you have the full right and power to enter  into this Agreement and to perform your obligation hereunder without the consent of any third  party.      8.    INDEMNIFICATION                                            4    

 

                                                                                      8.1   You shall defend, indemnify and hold harmless the Company and its affiliates and  their officers, directors, employees, agents, successors and assigns from and against all losses,  damages, liabilities, deficiencies, actions, judgments, interest, awards, penalties, fines, costs or  expenses of whatever kind (including reasonable attorneys’ fees) arising out of or resulting from:                 (a)   bodily injury, death of any person or damage to real or tangible, personal  property resulting from your acts or omissions; and                 (b)   your  breach  of  this  Agreement,  including,  without  limitation,  any  representation, warranty or obligation.     9.    RELEASE            9.1   In exchange for the consideration provided in this Agreement, you and your heirs,  executors, administrators and assigns  (collectively  the “Releasors”) forever waive,  release and  discharge  the  Company,  its  current  and  former  officers,  directors,  shareholders,  corporate  affiliates,  subsidiaries,  insurers,  attorneys,  successors  and  assigns,  agents,  subscribers  and  employees (each in their individual and corporate capacities) (collectively, “Releasees”), from any  and all claims, demands, causes of actions, fees, damages, liabilities and expenses (inclusive of  attorneys’  fees)  of  any  kind  whatsoever,  whether  known  or  unknown,  that  you  have  ever  had  against  the Releasees by  reason  of  any  actual  or  alleged  act,  omission,  transaction,  practice,  conduct,  occurrence  or  other  matter  up  to  and  including  the  date  of  your  execution  of  this  Agreement, including, but not limited to (i) any claims under Title VII of the Civil Rights Act, as  amended, the Americans with Disabilities Act, as amended, the Family and Medical Leave Act, as  amended, the Fair Labor Standards Act, the Equal Pay Act, as amended, the Employee Retirement  Income Security Act, as amended (with respect to unvested benefits), the Civil Rights Act of 1991,  as amended, Section 1981 of U.S.C. Title 42, the Sarbanes-Oxley Act of 2002, as amended, the  Worker  Adjustment  and  Retraining  Notification  Act,  as  amended,  the  Uniform  Services  Employment  and Reemployment  Rights  Act,  as  amended,  ALL  STATE  AND  LOCAL  STATUTES  THAT  MAY  BE  LEGALLY  WAIVED  THAT  EMPLOYEES  COULD  BRING  EMPLOYMENT  CLAIMS  UNDER,  INCLUDING  ANY  STATE  OR  LOCAL  ANTI- DISCRIMINATION STATUTE, WAGE AND HOUR STATUTE, LEAVE STATUTE, EQUAL  PAY STATUTE AND WHISTLEBLOWER STATUTE and/or any other Federal, state or local  law (statutory, regulatory or otherwise) that may be legally waived and released and (ii) any tort  and/or  contract  claims,  including  any  claims  of  wrongful  discharge,  defamation,  emotional  distress,  tortious  interference  with  contract,  invasion  of  privacy,  nonphysical  injury,  personal  injury or sickness or any other harm.  However, this general release of claims excludes the filing  of an administrative charge or complaint with the Equal Employment Opportunity Commission or  other administrative agency, although you waive any right to monetary relief related to such a  charge.  Nothing in this Agreement, or any other agreement with or policy of the Company or its  affiliates, is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade  secrets that are expressly allowed by such section.  Further, nothing in this Agreement or any other  agreement  that  you have with  the Company or its  affiliates  shall prohibit or restrict  you from  making any voluntary disclosure of information or documents concerning possible violations of  law to, or seek a whistleblower award from, any governmental agency or legislative body, or any  self-regulatory organization, in each case, and you may do so without notifying the Company.   This general release of claims also excludes any claims made under state workers’ compensation  or unemployment laws, and/or any claims that cannot be waived by law and any rights that you                                         5    

 

                                                                                may have under any indemnification agreement under the Company’s bylaws or other agreements  or under any fiduciary insurance policy.  You and the Company acknowledge that you have read  and understand Section 1542 of the California Civil Code, which reads as follows: “A general  release does not extend to claims which the creditor does not know or suspect to exist in his or her  favor at the time of executing the release, which if known by him or her must have materially  affected his or her settlement with the debtor.” You hereby knowingly, intentionally, and expressly  waive and relinquish all rights and benefits under that section and any law of any jurisdiction of  similar effect with respect to your release of any unknown or unsuspected claims you may have  against the Releasees.     10.   TERMINATION           10.1  The Company may terminate this Agreement, effective immediately upon written  notice to you, at any time with or without reason.           10.2  Upon  expiration  or  termination  of  this  Agreement  for  any  reason,  you  shall  promptly and in no event later than thirty (30) days following such termination:                 (a)   deliver to the Company all hardware, software, tools, equipment or other  materials provided for your use by the Company;                 (b)   deliver  to  the  Company  all  tangible  documents  and  materials  (and  any  copies) containing, reflecting, incorporating or based on the Confidential Information;                 (c)   permanently erase all of the Confidential Information from your computer  systems; and                 (d)   certify  in  writing  to  the  Company  that  you  have  complied  with  the  requirements of this paragraph.           10.3  The terms and conditions of paragraphs 4, paragraph 5, paragraph 6, paragraph 7,  paragraph 8, paragraph 9, paragraph 10, paragraph 13 and paragraph 14 shall survive the expiration  or termination of this Agreement.     11.   OTHER BUSINESS ACTIVITIES           During the Term, you may be engaged or employed in any other business, trade, profession  or other activity that does not place you in a conflict of interest with the Company; provided, that,  during the Term, you shall not be engaged in any business activities that do or may compete with  the business of the Company without the Company’s prior written consent, to be given or withheld  in its sole discretion.     12.   KNOWING AND VOLUNTARY ACKNOWLEDGMENT           12.1  You specifically agree and acknowledge that: (a) you have read this Agreement in  its entirety and understands all of its terms; (b) you have been advised of and have availed yourself  of your right to consult with an attorney prior to executing this Agreement; (c) you knowingly,  freely and voluntarily assent to all of the terms and conditions of this Agreement including, without  limitation,  the  waiver,  release  and  covenants  contained  herein;  (d)  you  are  executing  this                                         6    

 

                                                                                Agreement, including the waiver and release, in exchange for good and valuable consideration in  addition to anything of value to which you are otherwise entitled; and that (e) you understand that  the waiver and release in this Agreement is being requested in connection with the cessation of  your employment with the Company.           12.2  This Agreement shall be effective immediately after you and the Company execute  this Agreement.  Such date shall be the “Effective Date” of this Agreement.  No payments due to  you under this Agreement will be made or begin before the Effective Date.   13.   ASSIGNMENT           You  shall  not  assign  any  rights,  or  delegate  or  subcontract  any  obligations,  under  this  Agreement without the  Company’s prior written consent.  Any assignment  in  violation of the  foregoing shall be deemed null and void.  The Company may freely assign its rights and obligations  under this Agreement at any time.  Subject to the limits on assignment stated above, this Agreement  will inure to the benefit of, be binding on, and be enforceable against, each of the parties hereto  and their respective successors and assigns.     14.   MISCELLANEOUS           14.1  You shall not export, directly or indirectly, any technical data acquired from the  Company, or any products utilizing any such data, to any country in violation of any applicable  export laws or regulations.           14.2  All  notices,  requests,  consents,  claims,  demands,  waivers  and  other  communications hereunder (each, a “Notice”) shall be in writing and addressed to the parties at  the addresses set forth on the first page of this Agreement (or to such other address that may be  designated by the receiving party from time to time in accordance with this section).  All Notices  shall be delivered by personal delivery, nationally recognized overnight courier (with all fees pre- paid), facsimile or e-mail of a PDF document (with confirmation of transmission) or certified or  registered  mail  (in  each  case,  return  receipt  requested,  postage  prepaid).  Except  as  otherwise  provided in this Agreement, a Notice is effective only if (a) the receiving party has received the  Notice and (b) the party giving the Notice has complied with the requirements of this Section.           14.3  This  Agreement,  together  with  any  other  documents  incorporated  herein  by  reference,  and  related  exhibits  and  schedules,  constitutes  the  sole  and  entire  agreement  of  the  parties to this Agreement with respect to the subject matter contained herein, and supersedes all  prior  and  contemporaneous  understandings,  agreements,  representations  and  warranties,  both  written and oral, with respect to such subject matter, including, but not limited to, that certain  Retention Agreement by and between you and the Company dated as of June 15, 2015; provided  that  you  are  bound  and  will  continue  to  be  bound  by  your  obligations  under  your  Employee  Confidential Information and Inventions Agreement (the “IP Agreement”), previously executed  by you.         14.4  This Agreement may only be amended, modified or supplemented by an agreement  in writing signed by each party hereto, and any of the terms thereof may be waived, only by a  written document signed by each party to this Agreement or, in the case of waiver, by the party or  parties waiving compliance.                                           7    

 

                                                                                      14.5  This Agreement shall be governed by and construed in accordance with the internal  laws of the state of Delaware without giving effect to any choice or conflict of law provision or  rule.  Each party irrevocably submits to the exclusive jurisdiction and venue of the federal and  state courts located in San Francisco County, California in any legal suit, action or proceeding  arising out of or based upon this Agreement or the Services provided hereunder.           14.6  If any term or provision of this Agreement is invalid, illegal or unenforceable in  any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or  provision of this Agreement or invalidate or render unenforceable such term or provision in any  other jurisdiction.           14.7  This  Agreement  may  be  executed  in  multiple  counterparts  and  by  facsimile  signature, each of which shall be deemed an original and all of which together shall constitute one  instrument.                                         [SIGNATURE PAGE FOLLOWS]                                          8    

 

199 Fremont St. Floor 14 info@fitbit.com  San Francisco, CA 94105 www.fitbit.com                  If this letter accurately sets forth our understanding regarding the terms of  our arrangement, kindly execute the enclosed copy of this letter and return it to the  undersigned.                                                                                                     Sincerely,                                                 /s/ James Park                                         Chief Executive Officer                                          Fitbit, Inc.                ACCEPTED AND AGREED:          /s/ Bill Zerella                                         9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00284-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00284-of-00352.parquet"}]]