Document:

Exhibit

Exhibit 10.3

THIRD AMENDMENT TO
SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT

THIS THIRD AMENDMENT TO SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), is made and entered into as of April 7, 2017, by and among Vail Holdings, Inc., a Colorado corporation (“Borrower”), Bank of America, N.A., as Administrative Agent, a Swing Line Lender, a L/C Issuer and Lender (in its capacity as administrative agent, “Administrative Agent”), and the other Lenders, Swing Line Lenders and L/C Issuers named on the signature pages hereto.

R E C I T A L S

A.    Borrower has entered into that certain Seventh Amended and Restated Credit Agreement dated as of May 1, 2015, with Administrative Agent and the Lenders (as amended by the First Amendment to Seventh Amended and Restated Credit Agreement dated as of December 4, 2015, as amended by the Second Amendment to Seventh Amended and Restated Credit Agreement dated as of October 14, 2016, as amended hereby, and as further amended, restated, or otherwise modified from time to time, the “Credit Agreement”), providing for revolving credit loans, letters of credit, and swing line loans.  

B.    Borrower has requested certain amendments to the Credit Agreement.

Subject to the terms and conditions set forth herein, the Borrower, the Required Lenders party hereto, the Guarantors, and Administrative Agent agree as follows:

1.Definitions.  Unless otherwise defined in this Amendment, each capitalized term used but not otherwise defined herein has the meaning given such term in the Credit Agreement.  
2.    Amendments to the Credit Agreement.  
2.01.    Section 10.9(d)(iii) of  Credit Agreement is hereby amended and restated in its entirety as follows:
(iii)   if no Default or Potential Default exists or arises, then VRI may pay dividends in an amount not to exceed, for any fiscal quarter, the greater of (a) $55,000,000, or (b) an amount equal to twenty percent (20%) of Adjusted EBITDA for the trailing twelve month period ended on the last day of the most-recently ended fiscal quarter (as calculated in the Compliance Certificate most-recently delivered pursuant to Section 9.1(a) or (b)); 
2.02.    Clause (xiv) of Section 10.9(d) of Annex A to Exhibit D to the Credit Agreement is hereby amended and restated in its entirety as follows:

16211499_3

	
			
	(xiv)
	If Distribution #1 is a dividend, does any Default or Potential Default exist under the Credit Agreement or would any Default or Potential Default arise after giving effect to Distribution #1?
	Yes/No

	 
	 (If No, then VRI may pay dividends in an amount not to exceed greater of (a) $55,000,000, or (b) an amount equal to twenty percent (20%) of Adjusted EBITDA for the trailing twelve month period ended on the last day of the most-recently ended fiscal quarter)
	 

	 
	(A)       Are the dividends paid during the Subject Period under Section 10.9(d)(iii) of the Credit Agreement greater than the greater of (a) $55,000,000, or (b) an amount equal to twenty percent (20%) of Adjusted EBITDA for the trailing twelve month period ended on the last day of the most-recently ended fiscal quarter?
	Yes/No

3.    Guarantors’ Consent.  Each of the undersigned Guarantors hereby (a) consents to this Amendment, (b) acknowledges and agrees that its obligations and liabilities under and pursuant to its Guaranty are not released, diminished, impaired, or otherwise adversely affected by this Amendment, and that all such obligations and liabilities are, and shall continue to be, in full force and effect, and (c) agrees that its Guaranty is hereby ratified in all respects. 
4.    Execution and Delivery of this Amendment.  This Amendment shall be effective, and shall constitute a binding agreement among the parties hereto, on the date that each of the following conditions precedent has been satisfied:
(a)Receipt by Administrative Agent of counterparts of this Amendment executed by Required Lenders, Borrower, the Swing Line Lenders and L/C Issuers; and

(b)payment of all fees payable on or prior to the Execution Date to Administrative Agent, any Related Party of Administrative Agent, and any Lender as provided for in Section 5 of the Credit Agreement, and unless waived by Administrative Agent, payment in full of all reasonable fees, expenses, and disbursements of Haynes and Boone, LLP. 

5.    Representations and Warranties.  In order to induce Administrative Agent, the Lenders, the Swing Line Lenders and the L/C Issuers to enter into this Amendment, Borrower represents and warrants to Administrative Agent, the Lenders, the Swing Line Lenders and the L/C Issuers as follows:
(a)This Amendment and each Loan Paper has been duly authorized, executed, and delivered by Borrower and constitutes its legal, valid, and binding obligations enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium, and similar laws affecting creditors’ rights generally and to general principles of equity).

(b)The representations and warranties set forth in the Loan Papers are true and correct in all material respects (except to the extent qualified by materiality, in which case they shall be true and correct). 

(c)Before and after giving effect to this Amendment, no Event of Default exists.

6.    Effect of Amendment.  Except as specifically set forth herein, this Amendment shall not impair the validity or enforceability of the Credit Agreement or any other Loan Paper, or alter, modify, or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, all of which are hereby ratified and affirmed in all respects.  Nothing herein shall act as a waiver of any Default or of any of Administrative Agent’s or any Lender’s rights under the Loan Papers (except as 

16211499_3    2

specifically set forth herein), or prejudice any right which Administrative Agent or any Lender may have under or in connection with the Credit Agreement.
7.    Miscellaneous.  This Amendment is a “Loan Paper” as defined in the Credit Agreement.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.  The captions in this Amendment are for convenience of reference only and shall not define or limit the provisions hereof.  This Amendment may be executed in separate counterparts, each of which when so executed and delivered shall be an original, but all of which together shall constitute one instrument.  In proving this Amendment, it shall not be necessary to produce or account for more than one such counterpart.  Delivery of an executed counterpart of this Amendment by telecopier or other electronic means shall be effective as delivery of a manually executed counterpart of this Amendment.
8.    Entire Agreement.  The Credit Agreement, this Amendment and the other Loan Papers represent the final agreement between 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 between the parties. 
Remainder of Page Intentionally Blank.
Signature Pages to Follow.

16211499_3    3

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their proper and duly authorized officers as of the date and year first above written.

VAIL HOLDINGS, INC., 
as Borrower

By:        /s/ Michael Z. Barkin             
Michael Z. Barkin 
Executive Vice President and Chief  Financial          Officer

Signature Page to Third Amendment to
Seventh Amended and Restated Credit Agreement

BANK OF AMERICA, N.A., 
as Administrative Agent 

By:        /s/ Cindy Jordan             
    Cindy Jordan 
    Assistant Vice President

Signature Page to Third Amendment to
Seventh Amended and Restated Credit Agreement

BANK OF AMERICA, N.A., 
as an L/C Issuer, a  Swing Line Lender, a Revolver Lender and a Term Loan Lender 
    
By:        /s/ David McCauley     
    David McCauley 
    Senior Vice President

Signature Page to Third Amendment to
Seventh Amended and Restated Credit Agreement

U.S. BANK NATIONAL ASSOCIATION, 
as a Swing Line Lender, a Revolver Lender and a Term Loan Lender 

By:        /s/ Greg Blanchard         
    Greg Blanchard 
    Vice President

Signature Page to Third Amendment to
Seventh Amended and Restated Credit Agreement

WELLS FARGO BANK, NATIONAL ASSOCIATION, as an L/C Issuer, a Revolver Lender and a Term Loan Lender 

By:        /s/ Jason Powers             
    Name:    Jason Powers 
    Title:    VP

Signature Page to Third Amendment to
Seventh Amended and Restated Credit Agreement

SUNTRUST BANK,  
as a Revolver Lender and a Term Loan Lender

By:        /s/ Justin Lien                 
    Name:    Justin Lien 
    Title:    Director
 

Signature Page to Third Amendment to
Seventh Amended and Restated Credit Agreement

BOKF, N.A. DBA COLORADO STATE BANK & TRUST, as a Revolver Lender and a Term Loan Lender

By:        /s/ Chris Golec                 
    Name:    Chris Golec 
    Title:    Vice President

    
    

Signature Page to Third Amendment to
Seventh Amended and Restated Credit Agreement

GUARANTORS:

Vail Resorts, Inc.
All Media Associates, Inc.
All Media Holdings, Inc.
Arrabelle at Vail Square, LLC
By:  Vail Resorts Development Company
Beaver Creek Associates, Inc. 
Beaver Creek Consultants, Inc.
Beaver Creek Food Services, Inc.
Booth Creek Ski Holdings, Inc.
BCRP Inc.
Breckenridge Resort Properties, Inc.
Colorado Mountain Express, Inc.
Colter Bay Café Court, LLC
By:  Grand Teton Lodge Company
Colter Bay Convenience Store, LLC
By:  Grand Teton Lodge Company
Colter Bay Corporation
Colter Bay General Store, LLC
By:  Grand Teton Lodge Company
Colter Bay Marina, LLC
By:  Grand Teton Lodge Company
Crystal Peak Lodge of Breckenridge, Inc.
DTPC, LLC
By: Rockresorts International, LLC
By: Vail RR, Inc.
EpicSki, Inc.
Flagg Ranch Company
Gillett Broadcasting, Inc.
Grand Teton Lodge Company
Heavenly Valley, Limited Partnership
By:  VR Heavenly I, Inc.
HPK, LLC
By: Rockresorts International, LLC
By: Vail RR, Inc. 
HVLP Kirkwood Services, LLC
By:  Heavenly Valley, Limited Partnership
By:  VR Heavenly I, Inc.
Jackson Hole Golf and Tennis Club, Inc.
Jackson Hole Golf & Tennis Club Snack Shack, LLC
By:  Grand Teton Lodge Company
Jackson Lake Lodge Corporation
Jenny Lake Lodge, Inc.
Jenny Lake Store, LLC
By:  Grand Teton Lodge Company
JHL&S LLC
By:  Teton Hospitality Services, Inc.
Keystone Conference Services, Inc.

Signature Page to Third Amendment to
Seventh Amended and Restated Credit Agreement

Keystone Development Sales, Inc.
Keystone Food & Beverage Company
Keystone Resort Property Management Company
Lake Tahoe Lodging Company 
Lodge Properties Inc.
Lodge Realty, Inc.
La Posada Beverage Service, LLC
By:  Rockresorts International, LLC
By:  Vail RR, Inc.    
National Park Hospitality Company
Northstar Group Commercial Properties LLC
By:  VR Acquisition, Inc.
Northstar Group Restaurant Properties, LLC
By:  VR Acquisition, Inc.  
One Ski Hill Place, LLC
By:  Vail Resorts Development Company
Property Management Acquisition Corp., Inc.
RCR Vail, LLC
By:  Vail Resorts Development Company
Rockresorts Arrabelle, LLC
By:  Rockresorts International, LLC
By:  Vail RR, Inc.    
Rockresorts Cordillera Lodge Company, LLC
By:  Rockresorts International, LLC
By:  Vail RR, Inc.    
Rockresorts DR, LLC
By:  Rockresorts International, LLC
By:  Vail RR, Inc.    
Rockresorts Equinox, Inc.
Rockresorts Hotel Jerome, LLC
By:  Rockresorts International, LLC
By:  Vail RR, Inc.    
Rockresorts International, LLC
By:  Vail RR, Inc.    
Rockresorts LLC
By:  Rockresorts International, LLC
By:  Vail RR, Inc.    
Rockresorts International Management Company
By:  Rockresorts International, LLC
By:  Vail RR, Inc.    
Rockresorts Ski Tip, LLC
By:  Rockresorts International, LLC
By:  Vail RR, Inc.    
Rockresorts Wyoming, LLC
By:  Rockresorts International, LLC
By:  Vail RR, Inc.    
Soho Development, LLC
By:  Vail Associates Holdings, Ltd.
SSI Venture LLC

Signature Page to Third Amendment to
Seventh Amended and Restated Credit Agreement

By:  SSV Holdings, Inc.
SSV Online Holdings, Inc.
SSV Online LLC
By:  SSV Holdings, Inc.
SSV Holdings, Inc.
Stampede Canteen, LLC
By:  Grand Teton Lodge Company
Teton Hospitality Services, Inc.
The Chalets at the Lodge at Vail, LLC
By:  Vail Resorts Development Company
The Vail Corporation (D/B/A “Vail Associates, Inc.”)
The Village at Breckenridge Acquisition Corp., Inc.
Trimont Land Company
VA Rancho Mirage I, Inc.
VA Rancho Mirage II, Inc.
VA Rancho Mirage Resort, L.P. 
By:  VA Rancho Mirage I, Inc.
Vail/Arrowhead, Inc.
Vail Associates Holdings, Ltd.
Vail Associates Investments, Inc.
Vail Associates Real Estate, Inc.
Vail/Beaver Creek Resort Properties, Inc.
Vail Food Services, Inc.
Vail Hotel Management Company, LLC
By:  Rockresorts International, LLC
By:  Vail RR, Inc.    
Vail Resorts Development Company
Vail Resorts Lodging Company
Vail RR, Inc.
Vail Summit Resorts, Inc.
Vail Trademarks, Inc.
VAMHC, Inc.
VR Acquisition, Inc.
VR CPC Holdings, Inc.
VR CPC Services, LLC
VR Heavenly Concessions, Inc.
VR Heavenly I, Inc.
VR Heavenly II, Inc.
VR Holdings, Inc.
VR US Holdings, Inc.
VR WM Holdings, LLC
By:  VR US Holdings, INC.

		
	By: 
	    /s/ Ryan H. Siurek            

Ryan H. Siurek
Vice President, Controller and Chief Accounting Officer

Signature Page to Third Amendment to
Seventh Amended and Restated Credit Agreementveev-ex101_22.htm

 

Exhibit 10.1

Veeva Systems Inc.

 

January 14, 2016

Frederic Lequient

San Francisco, CA

 

Dear Frederic,

Veeva Systems Inc. (the “Company”) is pleased to offer you employment on the following terms:

1.Position.  Your initial title will be SVP, Global Customer Services, and you will initially report to the Chief Executive Officer.  This is a full-time position.  While you render services to the Company, you will not engage in any other employment, consulting or other business activity (whether full-time or part-time) that would create a conflict of interest with the Company.  By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company.

2.Cash Compensation.  The Company will pay you a starting salary at the rate of $275,000 per year, payable in accordance with the Company’s standard payroll schedule.  This salary will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time and in consideration of your positions on-target earnings. You may be eligible to receive cash bonus and/or sales commissions in accordance with the Company’s bonus and commission policies in effect from time to time.  

3.Employee Benefits.  As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits.  In addition, you will be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect from time to time.  

4.Proprietary Information and Inventions Agreement.  Like all Company employees, you will be required, as a condition of your employment with the Company, to sign the Company’s standard Proprietary Information and Inventions Agreement, a copy of which is attached hereto as Exhibit A.

5.Employment Relationship.  Employment with the Company is for no specific period of time.  Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause.  Any contrary representations that may have been made to you are superseded by this letter agreement.  This is the full and complete agreement between you and the Company on this term.  Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you).

 

 

6.Taxes.  All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law.  You agree that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or its Board of Directors related to tax liabilities arising from your compensation.

7.Interpretation, Amendment and Enforcement.  This letter agreement and Exhibit A constitute the complete agreement between you and the Company, contain all of the terms of your employment with the Company and supersede any prior agreements, representations or understandings (whether written, oral or implied) between you and the Company.  This letter agreement may not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company.  The terms of this letter agreement and the resolution of any disputes as to the meaning, effect, performance or validity of this letter agreement or arising out of, related to, or in any way connected with, this letter agreement, your employment with the Company or any other relationship between you and the Company (the “Disputes”) will be governed by California law, excluding laws relating to conflicts or choice of law.  You and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in Alameda County, California in connection with any Dispute or any claim related to any Dispute.

* * * * *

Frederic Lequient

January 14, 2016

 

We hope that you will accept our offer to join the Company.  You may indicate your agreement with these terms and accept this offer by signing and dating both the enclosed duplicate original of this letter agreement and the enclosed Proprietary Information and Inventions Agreement and returning them to me (either PDF/e-mail or fax – 925-397-6537).  This offer, if not accepted, will expire at the close of business on Thursday, January 21, 2016   As required by law, your employment with the Company is contingent upon completion of a successful background check and providing legal proof of your identity and authorization to work in the United States.  Your employment is also contingent upon your starting work with the Company on or before February 15, 2016

If you have any questions, please call me at 925-271-4556.

 

	
 
	
 
	
Very truly yours,

	
 
	
 
	
 

	
 
	
 
	
Veeva Systems Inc.

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
/s/Tim Cabral

	
 
	
 
	
By:
	
 
	
Tim Cabral

	
 
	
 
	
Title:
	
 
	
CFO

 

I have read and accept this employment offer:

 

	
/s/Frederic Lequient
	
 
	
 

	
Signature of Frederic Lequient
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
Dated:
	
 
	
January 15, 2016
	
 
	
 

 

Attachment

Exhibit A: Proprietary Information and Inventions Agreement

Frederic Lequient

January 14, 2016

 

Exhibit A

PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT

The following confirms and memorializes an agreement that Veeva Systems Inc., a Delaware corporation (the “Company”) and I, Frederic Lequient, have had since the commencement of my employment (which term, for purposes of this agreement, shall be deemed to include any relationship of service to the Company that I may have had prior to actually becoming an employee) with the Company in any capacity and that is and has been a material part of the consideration for my employment by Company:

	
 
	
1.
	
I have not entered into, and I agree I will not enter into, any agreement either written or oral in conflict with this Agreement or my employment with Company.  I will not violate any agreement with or rights of any third party or, except as expressly authorized by Company in writing hereafter, use or disclose my own or any third party’s confidential information or intellectual property when acting within the scope of my employment or otherwise on behalf of Company.  Further, I have not retained anything containing any confidential information of a prior employer or other third party, whether or not created by me.

	
 
	
2.
	
Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, sui generis database rights and all other intellectual property rights of any sort  throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by me during the term of my employment with Company to and only to the fullest extent allowed by California Labor Code Section 2870 (which is attached as Appendix A) (collectively “Inventions”) and I will promptly disclose all Inventions to Company.  Without disclosing any third party confidential information, I will also disclose anything I believe is excluded by Section 2870 so that the Company can make an independent assessment.  I hereby make all assignments necessary to accomplish the foregoing.  I shall further assist Company, at Company’s expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights specified to be so owned or assigned.  I hereby irrevocably designate and appoint Company as my agent and attorney-in-fact, coupled with an interest and with full power of substitution, to act for and in my behalf to execute and file any document and to do all other lawfully permitted acts to further the purposes of the foregoing with the same legal force and effect as if executed by me.  If I wish to clarify that something created by me prior to my employment that relates to Company’s actual or proposed business is not within the scope of the foregoing assignment, I have listed it on Appendix B in a manner that does not violate any third party rights or disclose any confidential information.  Without limiting Section 1 or Company’s other rights and remedies, if, when acting within the scope of my employment or otherwise on behalf of Company, I use or disclose my own or any third party’s confidential information or intellectual property (or if any Invention cannot be fully made, used, reproduced, distributed and otherwise exploited without using or violating the foregoing), Company will have and I hereby grant Company a perpetual, irrevocable, worldwide royalty-free, non-exclusive, sublicensable right and license to exploit and exercise all such confidential information and intellectual property rights. 

Frederic Lequient

January 14, 2016

 

	
 
	
3.
	
To the extent allowed by law, paragraph 2 includes all rights of paternity, integrity, disclosure and withdrawal and any other rights that may be known as or referred to as “moral rights,” “artist’s rights,” “droit moral,” or the like (collectively “Moral Rights”).  To the extent I retain any such Moral Rights under applicable law, I hereby ratify and consent to any action that may be taken with respect to such Moral Rights by or authorized by Company and agree not to assert any Moral Rights with respect thereto.  I will confirm any such ratifications, consents and agreements from time to time as requested by Company.  

	
 
	
4.
	
I agree that all Inventions and all other business, technical and financial information (including, without limitation, the identity of and information relating to customers or employees) I develop, learn or obtain during the term of my employment that relate to Company or the business or demonstrably anticipated business of Company or that are received by or for Company in confidence, constitute “Proprietary Information.”  I will hold in confidence and not disclose or, except within the scope of my employment, use any Proprietary Information.  However, I shall not be obligated under this paragraph with respect to information I can document is or becomes readily publicly available without restriction through no fault of mine.  Upon termination of my employment, I will promptly return to Company all items containing or embodying Proprietary Information (including all copies), except that I may keep my personal copies of (i) my compensation records, (ii) materials distributed to shareholders generally and (iii) this Agreement.  I also recognize and agree that I have no expectation of privacy with respect to Company’s telecommunications, networking or information processing systems (including, without limitation, stored computer files, email messages and voice messages) and that my activity and any files or messages on or using any of those systems may be monitored at any time without notice.  

	
 
	
5.
	
Until one year after the term of my employment, I will not encourage or solicit any employee or consultant of Company to leave Company for any reason (except for the bona fide firing of Company personnel within the scope of my employment).

	
 
	
6.
	
I agree that during the term of my employment with Company (whether or not during business hours), I will not engage in any activity that is in any way competitive with the business or demonstrably anticipated business of Company, and I will not assist any other person or organization in competing or in preparing to compete with any business or demonstrably anticipated business of Company.  

	
 
	
7.
	
I agree that this Agreement is not an employment contract for any particular term and that I have the right to resign and Company has the right to terminate my employment at will, at any time, for any or no reason, with or without cause.  In addition, this Agreement does not purport to set forth all of the terms and conditions of my employment, and, as an employee of Company, I have obligations to Company which are not set forth in this Agreement.  However, the terms of this Agreement govern over any inconsistent terms and can only be changed by a subsequent written agreement signed by the President of Company.

Frederic Lequient

January 14, 2016

 

	
 
	
8.
	
I agree that my obligations under paragraphs 2, 3, 4 and 5 of this Agreement shall continue in effect after termination of my employment, regardless of the reason or reasons for termination, and whether such termination is voluntary or involuntary on my part, and that Company is entitled to communicate my obligations under this Agreement to any future employer or potential employer of mine.  My obligations under paragraphs 2, 3 and 4 also shall be binding upon my heirs, executors, assigns, and administrators and shall inure to the benefit of Company, it subsidiaries, successors and assigns.

	
 
	
9.
	
Any dispute in the meaning, effect or validity of this Agreement shall be resolved in accordance with the laws of the State of California without regard to the conflict of laws provisions thereof.  I further agree that if one or more provisions of this Agreement are held to be illegal or unenforceable under applicable California law, such illegal or unenforceable portion(s) shall be limited or excluded from this Agreement to the minimum extent required so that this Agreement shall otherwise remain in full force and effect and enforceable in accordance with its terms. This Agreement is fully assignable and transferable by Company, but any purported assignment or transfer by me is void. I also understand that any breach of this Agreement will cause irreparable harm to Company for which damages would not be an adequate remedy, and, therefore, Company will be entitled to injunctive relief with respect thereto in addition to any other remedies and without any requirement to post bond. 

Frederic Lequient

January 14, 2016

 

 

I HAVE READ THIS AGREEMENT CAREFULLY AND I UNDERSTAND AND ACCEPT THE OBLIGATIONS WHICH IT IMPOSES UPON ME WITHOUT RESERVATION.  NO PROMISES OR REPRESENTATIONS HAVE BEEN MADE TO ME TO INDUCE ME TO SIGN THIS AGREEMENT.  I SIGN THIS AGREEMENT VOLUNTARILY AND FREELY, IN DUPLICATE, WITH THE UNDERSTANDING THAT THE COMPANY WILL RETAIN ONE COUNTERPART AND THE OTHER COUNTERPART WILL BE RETAINED BY ME.

 

	
January 15, 2016
	
(Date)
	
 
	
Employee

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
/s/Frederic Lequient

	
 
	
 
	
 
	
Signature of Frederic Lequient

 

	
/s/Tim Cabral
	
 
	
 

	
Signature of Tim Cabral,
	
 
	
 

	
CFO Veeva Systems Inc.
	
 
	
 

 

 

Frederic Lequient

January 14, 2016

 

APPENDIX  A

California Labor Code Section 2870.  Application of provision providing that employee shall assign or offer to assign rights in invention to employer.

	
 
	
1.
	
Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either:

	
 
	
a)
	
Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or

	
 
	
b)
	
Result from any work performed by the employee for his employer.

	
 
	
2.
	
To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable.

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