Document:

Stairmaster Asset Purchase Agreement dated as of December 5, 2009

 Exhibit 10.25 
 STAIRMASTER 
 ASSET PURCHASE AGREEMENT

 BETWEEN 
 FIT DRAGON INTERNATIONAL, LTD. 
 (Buyer) 
 AND 
 NAUTILUS, INC. 
 (Seller) 
 December 5, 2009. 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
		
	 ARTICLE 1 - DEFINITIONS
	  	1
		
	 ARTICLE 2 - BASIC TRANSACTION
	  	3
		
	 2.1        Purchase and Sale of Assets
	  	3
		
	 2.2        Assumption of Liabilities
	  	3
		
	 2.3        Purchase Price
	  	3
		
	 2.4        The Closing
	  	3
		
	 2.5        Deliveries at the Closing
	  	4
		
	 2.6        Allocation
	  	4
		
	 ARTICLE 3 - NAUTILUS’ REPRESENTATIONS AND WARRANTIES
	  	4
		
	 3.1        Organization of Nautilus
	  	4
		
	 3.2        Authorization of Transaction
	  	4
		
	 3.3        Non-contravention
	  	4
		
	 3.4        Brokers’ Fees
	  	5
		
	 3.5        Title to Assets
	  	5
		
	 3.6        Financial Information
	  	5
		
	 3.7        Inventory
	  	5
		
	 3.8        Contracts
	  	5
		
	 3.9        Terms of Sale
	  	5
		
	 3.10       Product Liability
	  	5
		
	 3.11       Customers and Suppliers
	  	6
		
	 ARTICLE 4 - BUYER’S REPRESENTATIONS AND WARRANTIES
	  	6
		
	 4.1        Organization of Buyer
	  	6
		
	 4.2        Authorization of Transaction
	  	6
		
	 4.3        Non-contravention
	  	6
		
	 4.4        Brokers’ Fees
	  	7
		
	 ARTICLE 5 - PRE-CLOSING COVENANTS
	  	7
		
	 5.1        General
	  	7
		
	 5.2        Notices and Consents
	  	7
		
	 5.3        Full Access
	  	7
		
	 5.4        Notice of Developments
	  	7
		
	 ARTICLE 6 - POST-CLOSING COVENANTS
	  	8

  

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 TABLE OF CONTENTS 
 (continued) 

					
	 	 	 	  	Page
		
	 6.1        General
	  	8
		
	 6.2        Litigation Support
	  	8
		
	 6.3        Transition
	  	8
		
	 6.4        Labor Warranty
	  	8
		
	 6.5        Post-Closing Manufacturing
	  	8
		
	ARTICLE 7 - CONDITIONS TO OBLIGATION TO CLOSE	  	9
		
	 7.1        Conditions to Buyer’s Obligation
	  	9
		
	 7.2        Conditions to Nautilus’ Obligation
	  	10
		
	ARTICLE 8 - REMEDIES FOR BREACHES OF THIS AGREEMENT	  	10
		
	 8.1        Survival of Representations and Warranties
	  	10
		
	 8.2        Indemnification Provisions for Buyer’s Benefit
	  	10
		
	 8.3        Indemnification Provisions for Nautilus’ Benefit
	  	11
		
	 8.4        Matters Involving Third Parties
	  	11
		
	 8.5        Determination of Adverse Consequences
	  	12
		
	 8.6        Exclusive Remedy
	  	12
		
	ARTICLE 9 - TERMINATION	  	13
		
	 9.1        Termination of Agreement
	  	13
		
	 9.2        Effect of Termination
	  	13
		
	ARTICLE 10 - MISCELLANEOUS	  	13
		
	 10.1        Press Releases and Public Announcements
	  	13
		
	 10.2        No Third-Party Beneficiaries
	  	14
		
	 10.3        Entire Agreement
	  	14
		
	 10.4        Succession and Assignment
	  	14
		
	 10.5        Counterparts
	  	14
		
	 10.6        Headings
	  	14
		
	 10.7        Notices
	  	14
		
	 10.8        Governing Law
	  	15
		
	 10.9        Amendments and Waivers
	  	15
		
	 10.10       Severability
	  	15
		
	 10.11       Expenses
	  	15

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page
			
	 10.12
	 	Construction	  	16
			
	 10.13
	 	Incorporation of Exhibits and Schedules	  	16
			
	 10.14
	 	Bulk Transfer Laws	  	16
			
	 10.15
	 	Governing Language	  	16
			
	 10.16
	 	Tax Disclosure Authorization	  	16

 Exhibit A—Disclosure Schedule

 Exhibit B—Form(s) of Assignment(s) 
 Exhibit C—Form of Assumption 
 Exhibit D—Allocation Schedule 
 Exhibit E—Financial Information 
 Exhibit F—StairMaster Technology Transfer and License
Agreement 
  

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 STAIRMASTER ASSET PURCHASE AGREEMENT 
 This StairMaster Asset Purchase Agreement (this “Agreement”) is entered into as of December 5, 2009, by and between Fit
Dragon International, Ltd., a British Virgin Islands corporation (“Buyer”), and Nautilus, Inc., a Washington corporation (“Nautilus”). Buyer and Nautilus are referred to collectively herein as the
“Parties.” 
 This Agreement contemplates a transaction in which Buyer will purchase certain assets (and assume
certain liabilities) of Nautilus in return for cash. 
 Now, therefore, in consideration of the premises and the mutual promises
herein made, and in consideration of the representations, warranties, and covenants herein contained, the Parties agree as follows. 
 ARTICLE 1 - DEFINITIONS 
 “Acquired Assets” means all right, title, and interest in and to the
following assets of Nautilus: (a) all customer purchase orders for StairMaster Products that are open as of the Closing Date (the “StairMaster Purchase Orders”); (b) the StairMaster finished goods and warranty parts
inventory; and (c) all owned production and tooling equipment used exclusively in the manufacture of StairMaster products. 
 “Adverse Consequences” means all actions, suits, proceedings, hearings, investigations, charges, complaints, claims, demands, injunctions, judgments, orders, decrees, rulings, damages, dues, penalties, fines, costs,
reasonable amounts paid in settlement, liabilities, obligations, taxes, liens, losses, expenses, and fees, including court costs and reasonable attorneys’ fees and expenses. 
 “Affiliate” has the meaning set forth in Rule 12b-2 of the regulations promulgated under the Securities Exchange Act.

 “Assumed Contracts” means all contracts set forth on Section 3.9 of the Disclosure Schedules.

 “Assumed Liabilities” means the following liabilities and obligations of Nautilus (whether known or unknown,
whether asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due): (a) all warranty liability for StairMaster products (subject to labor warranty
reimbursement as set forth in Section 6.4 hereto); (b) the liabilities and obligations set forth on Schedule 2.2 hereto; (c) the liabilities and obligations under the Assumed Contracts; and (d) all liabilities and obligations
arising or related to ownership or use of the Acquired Assets. 
 “Buyer” has the meaning set forth in the
preface above. 
 “Closing” has the meaning set forth in Section 2.6 below. 
  

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 “Closing Date” has the meaning set forth in Section 2.6 below.

 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Confidential Information” means any information concerning the terms of this Agreement, including the terms of the
Schedules and Exhibits hereto, and/or the business and affairs of Nautilus that is not already generally available to the public. Confidential Information does not include such information that subsequently becomes generally available to the public
through no fault of the Buyer. 
 “Disclosure Schedule” has the meaning set forth in Article 3 below.

 “Financial Information” has the meaning set forth in Section 3.6 below. 
 “GAAP” means United States generally accepted accounting principles as in effect from time to time, consistently applied.

 “Hart-Scott-Rodino Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

 “Indemnified Party” has the meaning set forth in Section 8.4 below. 
 “Indemnifying Party” has the meaning set forth in Section 8.4 below. 
 “Knowledge” means, with respect to Nautilus, actual knowledge of the following individuals: Kenneth Fish, Wayne Bolio, and
Tim Peters. 
 “Lien” means any mortgage, pledge, lien, encumbrance, charge, or other security interest other
than (a) liens for Taxes not yet due and payable, (b) purchase money liens and liens securing rental payments under capital lease arrangements, and (c) other liens arising in the Ordinary Course of Business and not incurred in
connection with the borrowing of money. 
 “Nautilus” has the meaning set forth in the preface above.

 “Ordinary Course of Business” means the ordinary course of business consistent with past custom and practice
(including with respect to quantity and frequency). 
 “Party” has the meaning set forth in the preface above.

 “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a
joint stock company, a trust, a joint venture, an unincorporated organization, any other business entity or a governmental entity (or any department, agency, or political subdivision thereof). 
 “Purchase Price” has the meaning set forth in Section 2.3 below. 
  

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 “Securities Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 “StairMaster” means Nautilus with respect to its StairMaster brand operations, including the
manufacturing, marketing, and sales of products under the StairMaster Marks, as such term is defined in the Technology Transfer Agreement 
 “StairMaster Products” has the meaning as set forth in the Technology Transfer Agreement. 
 “Tax” or “Taxes” means any federal, state, local, or non-U.S. income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium,
windfall profits, environmental (including taxes under Code section 59A), customs duties, capital stock, franchise, profits, withholding, social security (or similar), unemployment, disability, real property, personal property, sales, use, transfer,
registration, value added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever, whether computed on a separate or consolidated, unitary or combined basis or in any other manner, including any interest, penalty, or addition
thereto, whether disputed or not. 
 “Technology Transfer Agreement” means the StairMaster Technology Transfer
and License Agreement in the form attached hereto as Exhibit F. 
 “Tax Benefit” has the meaning set
forth in Section 8.5 below. 
 “Third-Party Claim” has the meaning set forth in Section 8.4 below.

 ARTICLE 2 - BASIC TRANSACTION 
 2.1 Purchase and Sale of Assets. On and subject to the terms and conditions of this Agreement, Buyer agrees to purchase from Nautilus, and Nautilus agrees to sell, transfer, convey, and deliver to
Buyer, all of the Acquired Assets at the Closing for the consideration specified below in this Article 2. 
 2.2 Assumption
of Liabilities. On and subject to the terms and conditions of this Agreement, Buyer agrees to assume and become responsible for all of the Assumed Liabilities at the Closing. Buyer will not assume or have any responsibility, however, with
respect to any other obligation or liability of Nautilus not included within the definition of Assumed Liabilities. 
 2.3
Purchase Price. Buyer agrees to pay to Nautilus Three Million Eight Hundred Thousand Four Hundred Fourteen U.S. Dollars (the “Purchase Price”), which shall be paid to Nautilus at Closing in cash by wire transfer or delivery of
other immediately available funds. 
 2.4 The Closing. The closing of the transactions contemplated by this Agreement
(the “Closing”) shall take place at the offices of Garvey Schubert Barer, 1191 Second Avenue, Eighteenth Floor, Seattle, Washington, 98101, commencing at 9:00 a.m. local time on the second business day following the satisfaction or
waiver of all conditions to the obligations of the Parties to consummate the transactions contemplated hereby (other than conditions with respect to actions the respective Parties will take at the Closing itself) or such other date as the Parties
may mutually determine (the “Closing Date”). 
  

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 2.5 Deliveries at the Closing. At the Closing, (a) Nautilus will deliver to
Buyer the various certificates, instruments, and documents referred to in Section 7.1 below; (b) Buyer will deliver to Nautilus the various certificates, instruments, and documents referred to in Section 7.2 below; (c) Nautilus
will execute, acknowledge (if appropriate), and deliver to Buyer (i) assignments in the forms attached hereto as Exhibit B, and (ii) such other instruments of sale, transfer, conveyance, and assignment as Buyer and its counsel may
reasonably request; (d) Buyer will execute, acknowledge (if appropriate), and deliver to Nautilus (i) an assumption in the form attached hereto as Exhibit C and (ii) such other instruments of assumption as Nautilus and its
counsel may reasonably request; and (e) Buyer will deliver to Nautilus the consideration specified in Section 2.3 above. 
 2.6 Allocation. The Parties agree to allocate the Purchase Price (and all other capitalizable costs) among the Acquired Assets for all purposes (including financial accounting and tax purposes) in accordance with the allocation
schedule attached hereto as Exhibit D. 
 ARTICLE 3 - NAUTILUS’ REPRESENTATIONS AND WARRANTIES 
 Nautilus represents and warrants to Buyer that the statements contained in this Article 3 are correct and complete as of the date of this
Agreement and will be correct and complete as of the Closing Date (as though made then and as though the Closing Date were substituted for the date of this Agreement throughout this Article 3), except as set forth in the disclosure schedule
accompanying this Agreement as Exhibit A (the “Disclosure Schedule”). The Disclosure Schedule will be arranged in sections corresponding to the lettered and numbered sections contained in this Agreement. 
 3.1 Organization of Nautilus. Nautilus is a corporation duly organized, validly existing, and in good standing under the laws of the
State of Washington. 
 3.2 Authorization of Transaction. Nautilus has full power and authority (including full corporate
or other entity power and authority) to execute and deliver this Agreement and to perform its obligations hereunder. This Agreement constitutes the valid and legally binding obligation of Nautilus, enforceable in accordance with its terms and
conditions. 
 3.3 Non-contravention. Neither the execution and delivery of this Agreement, nor the consummation of the
transactions contemplated hereby (including the assignments and assumptions referred to in Article 2 above) by Nautilus, will (a) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other
restriction of any government, governmental agency, or court to which Nautilus is subject or any provision of the charter or bylaws of Nautilus or (b) conflict with, result in a breach of, constitute a default under, result in the acceleration
of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement, contract, lease, license, instrument, or other arrangement to which Nautilus is a party or by which it is bound or to which any
of its assets is subject (or result in the

  

 4 

 
imposition of any Lien upon any of its assets), except where the violation, conflict, breach, default, acceleration, termination, modification, cancellation, failure to give notice, or Lien would
not have a Material Adverse Effect. Nautilus need not give notice to, make any filing with, or obtain any authorization, consent, or approval of any government or governmental agency in order for the Parties to consummate the transactions
contemplated by this Agreement (including the assignments and assumptions referred to in Article 2 above), except where the failure to give notice, to file, or to obtain any authorization, consent, or approval would not have a Material Adverse
Effect. 
 3.4 Brokers’ Fees. Nautilus has no liability or obligation to pay any fees or commissions to any broker,
finder, or agent with respect to the transactions contemplated by this Agreement for which Buyer could become liable or obligated. 
 3.5 Title to Assets. Nautilus has good and marketable title to, or a valid leasehold interest in, the Acquired Assets, free and clear of all Liens or restriction on transfer. 
 3.6 Financial Information. Attached hereto as Exhibit E is selected historical financial information related to StairMaster
(collectively the “Financial Information”), including the value, as of November 30, 2009, of the StairMaster inventory and the StairMaster Open Purchase Orders. The Financial Information was derived from Nautilus financial
statements prepared in accordance with GAAP throughout the periods covered thereby. 
 3.7 Inventory. The inventory of
StairMaster included in the Acquired Assets consists of finished goods and warranty parts, all of which are merchantable and fit for the purpose for which such products were manufactured, as set forth on Section 3.7 of the Disclosure Schedules,
none of which is slow-moving, obsolete, damaged, or defective, subject only to the reserve for inventory writedown set forth in the Financial Information. 
 3.8 Contracts. With respect to the contracts and agreements set forth on Section 3.9 of the Disclosure Schedules (the “Assumed Contracts”), to the Knowledge of Nautilus:
(i) the agreement is legal, valid, binding, enforceable, and in full force and effect in all material respects; (ii) no party is in material breach or default, and no event has occurred that with notice or lapse of time would constitute a
material breach or default, or permit termination, modification, or acceleration, under the agreement; and (iii) no party has repudiated any material provision of the agreement. 
 3.9 Terms of Sale. Substantially all of the products manufactured, sold, leased, or delivered by StairMaster are subject to standard
terms and conditions of sale or lease, copies of which have been made available to Buyer. 
 3.10 Product Liability.
StairMaster has no material liability (whether known or unknown, whether asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due) arising out of any
injury to individuals or property as a result of the ownership, possession, or use of any product manufactured, sold, leased, or delivered by StairMaster. 
  

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 3.11 Customers and Suppliers. 
 (a) Section 3.11 of the Disclosure Schedule lists the ten (10) largest customers of StairMaster for each of the two (2) most
recent fiscal years and sets forth opposite the name of each such customer the percentage of consolidated net sales attributable to such customer. Section 3.11 of the Disclosure Schedule also lists any additional current customers that
StairMaster anticipates shall be among the ten (10) largest customers for the current fiscal year. 
 (b) Since the date of
the Most Recent Balance Sheet, no material supplier of StairMaster has indicated in writing that it shall stop, or materially decrease the rate of, supplying materials, products or services to StairMaster, and no customer listed on Section 3.11
of the Disclosure Schedule has indicated in writing that it shall stop, or materially decrease the rate of, buying materials, products or services from StairMaster. 
 ARTICLE 4 - BUYER'S REPRESENTATIONS AND WARRANTIES 
 Buyer represents and
warrants to Nautilus that the statements contained in this Article 4 are correct and complete as of the date of this Agreement and will be correct and complete as of the Closing Date (as though made then and as though the Closing Date were
substituted for the date of this Agreement throughout this Article 4). 
 4.1 Organization of Buyer. Buyer is a
corporation (or other entity) duly organized, validly existing, and in good standing under the laws of the jurisdiction of its incorporation (or other formation). 
 4.2 Authorization of Transaction. Buyer has full power and authority (including full corporate or other entity power and authority) to execute and deliver this Agreement and to perform its
obligations hereunder. This Agreement constitutes the valid and legally binding obligation of Buyer, enforceable in accordance with its terms and conditions. The execution, delivery and performance of this Agreement and all other agreements
contemplated hereby have been duly authorized by Buyer. 
 4.3 Non-contravention. Neither the execution and delivery of
this Agreement, nor the consummation of the transactions contemplated hereby (including the assignments and assumptions referred to in Article 2 above) by Buyer, will (a) violate any constitution, statute, regulation, rule, injunction,
judgment, order, decree, ruling, charge, or other restriction of any government, governmental agency, or court to which Buyer is subject or any provision of its charter, bylaws, or other governing documents or (b) conflict with, result in a
breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement, contract, lease, license, instrument, or other arrangement to
which Buyer is a party or by which it is bound or to which any of its assets are subject. Buyer need not give any notice to, make any filing with, or obtain any authorization, consent, or approval of any government or governmental agency in order
for the Parties to consummate the transactions contemplated by this Agreement (including the assignments and assumptions referred to in Article 2 above). 
  

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 4.4 Brokers’ Fees. Buyer has no liability or obligation to pay any fees or
commissions to any broker, finder, or agent with respect to the transactions contemplated by this Agreement. 
 ARTICLE 5 -
PRE-CLOSING COVENANTS 
 The Parties agree as follows with respect to the period between the execution of this Agreement and
the Closing: 
 5.1 General. Each of the Parties will use its reasonable best efforts to take all actions and to do all
things necessary, proper, or advisable in order to consummate and make effective the transactions contemplated by this Agreement (including satisfaction, but not waiver, of the Closing conditions set forth in Article 7 below). 
 5.2 Notices and Consents. Nautilus will give any notices to third parties, and Nautilus will use its commercially reasonable efforts
to obtain any third-party consents referred to in Section 3.3 above and the items set forth in Schedule 7.1(c) hereto. Each of the Parties will give any notices to, make any filings with, and use its commercially reasonable efforts to obtain
any authorizations, consents, and approvals of governments and governmental agencies in connection with the matters referred to in Sections 3.3 and 4.3 above. Without limiting the generality of the foregoing, each of the Parties will file any
Notification and Report Forms and related material that it may be required to file with the Federal Trade Commission and the Antitrust Division of the United States Department of Justice under the Hart-Scott-Rodino Act, will use its reasonable best
efforts to obtain a waiver of the applicable waiting period, and will make any further filings pursuant thereto that may be necessary, proper, or advisable in connection therewith. 
 5.3 Full Access. Nautilus will permit representatives of Buyer (including legal counsel and accountants) to have full access at all
reasonable times, and in a manner so as not to interfere with the normal business operations of Nautilus, to all premises, properties, personnel, books, records (including Tax records), contracts, and documents of or pertaining to StairMaster. Buyer
will treat and hold as such any Confidential Information it receives from Nautilus and its Subsidiaries (and their representatives) in the course of the reviews contemplated by this Section 5.3, will not use any of the Confidential Information
except in connection with this Agreement, and, if this Agreement is terminated for any reason whatsoever, will return to Nautilus all tangible embodiments (and all copies) of the Confidential Information that are in its possession. 
 5.4 Notice of Developments. Each Party will give prompt written notice to the other Party of any material adverse development causing
a breach of any of its own representations and warranties in Articles 3 and 4 above. No disclosure by any Party pursuant to this Section 5.4, however, shall be deemed to amend or supplement the Disclosure Schedule or to prevent or cure any
misrepresentation, breach of warranty, or breach of covenant. 
  

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 ARTICLE 6 - POST-CLOSING COVENANTS 
 The Parties agree as follows with respect to the period following the Closing: 
 6.1 General. In case at any time after the Closing any further actions are necessary to carry out the purposes of this Agreement,
each of the Parties will take such further actions (including the execution and delivery of such further instruments and documents) as the other Party may reasonably request, all at the sole cost and expense of the requesting Party (unless the
requesting Party is entitled to indemnification therefor under Article 8 below). 
 6.2 Litigation Support. In the event
and for so long as any Party actively is contesting or defending against any action, suit, proceeding, hearing, investigation, charge, complaint, claim, or demand in connection with (i) any transaction contemplated under this Agreement or
(ii) any fact, situation, circumstance, status, condition, activity, practice, plan, occurrence, event, incident, action, failure to act, or transaction on or prior to the Closing Date involving StairMaster, the other Party will cooperate with
the contesting or defending Party and its counsel in the contest or defense, make available its personnel, and provide such testimony and access to its books and records as shall be necessary in connection with the contest or defense, all at the
sole cost and expense of the contesting or defending Party (unless the contesting or defending Party is entitled to indemnification therefor under Article 8 below). 
 6.3 Transition. Nautilus will not take any action that is designed or intended to have the effect of discouraging any licensor, customer, supplier, or other business associate of StairMaster from
maintaining the same business relationships with Buyer after the Closing as it maintained with StairMaster prior to the Closing. 
 6.4 Labor Warranty. As part of the Assumed Liabilities, Buyer shall be responsible for all warranty liability for StairMaster products; provided, that Nautilus shall reimburse Buyer for any warranty-related labor liability up to $200
per documented service visit for a period of twelve (12) months following Closing. Buyer shall document all such direct out of pocket labor costs during such reimbursement period, and shall submit such costs to Nautilus on a quarterly basis.
Nautilus shall thereafter reimburse Buyer, within thirty (30) days of receipt of the cost submission from Buyer, for all such costs up to the $200 per documented service visit limit. 
 6.5 Post-Closing Manufacturing. From the Closing Date through January 31, 2010, Nautilus agrees to continue to manufacture
steppers and Step Mills, using its Closing Date inventory of components, parts, raw materials and work in progress for StairMaster Products (collectively, the “Closing Date Unfinished Goods Inventory”). Buyer agrees to purchase the
finished goods so manufactured by Nautilus at the price and on the terms set forth in the written memorandum executed and delivered by Buyer and Nautilus on or prior to the date of this Agreement. Any Closing Date Unfinished Goods Inventory
remaining as of January 31, 2010 shall be purchased by Buyer at the price and according to the terms set forth in the written memorandum described in the preceding sentence. 
  

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 ARTICLE 7 - CONDITIONS TO OBLIGATION TO CLOSE 
 7.1 Conditions to Buyer’s Obligation. The obligation of Buyer to consummate the transactions to be performed by it in connection
with the Closing is subject to satisfaction of the following conditions: 
 (a) the representations and warranties set forth in
Article 3 above shall be true and correct in all material respects at and as of the Closing Date, except to the extent that such representations and warranties are qualified by the term “material,” in which case such representations and
warranties (as so written, including the term “material”) shall be true and correct in all respects at and as of the Closing Date; 
 (b) Nautilus shall have performed and complied with all of its covenants hereunder in all material respects through the Closing, except to the extent that such covenants are qualified by the term
“material,” in which case Nautilus shall have performed and complied with all of such covenants (as so written, including the term “material”) in all respects through the Closing; 
 (c) Nautilus shall have procured the third-party consents specified in Schedule 7.1(c); 
 (d) no action, suit, or proceeding shall be pending before (or that could come before) any court or quasi-judicial or administrative agency
of any federal, state, local, or non-U.S. jurisdiction or before (or that could come before) any arbitrator wherein an unfavorable injunction, judgment, order, decree, ruling, or charge would (i) prevent consummation of any of the transactions
contemplated by this Agreement, (ii) cause any of the transactions contemplated by this Agreement to be rescinded following consummation, or (iii) adversely affect the right of Buyer to own the Acquired Assets or operate the former
business of StairMaster (and no such injunction, judgment, order, decree, ruling, or charge shall be in effect); 
 (e) Nautilus
shall have delivered to Buyer a certificate to the effect that each of the conditions specified above in Section 7.1(a)-(d) is satisfied in all respects; 
 (f) Nautilus and Buyer shall have received all material authorizations, consents, and approvals of governments and governmental agencies referred to in Sections 3.3 and 4.3 above; 
 (g) Nautilus shall have delivered to Buyer a certificate of the secretary or an assistant secretary of Nautilus, dated the Closing Date, in
form and substance reasonably satisfactory to Buyer, as to any resolutions of the board of directors (or a duly authorized committee thereof) of Nautilus relating to this Agreement and the transactions contemplated hereby; and 
 (h) Nautilus shall have executed and delivered the Technology Transfer Agreement. 
 Buyer may waive any condition specified in this Section 7.1 by executing a writing so stating at or prior to the Closing, or by consummating the
Closing. 
  

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 7.2 Conditions to Nautilus’ Obligation. The obligation of Nautilus to consummate
the transactions to be performed by it in connection with the Closing is subject to satisfaction of the following conditions: 
 (a) the representations and warranties set forth in Article 4 above shall be true and correct in all material respects at and as of the Closing Date, except to the extent that such representations and warranties are qualified by the term
“material,” in which case such representations and warranties (as so written, including the term “material”) shall be true and correct in all respects at and as of the Closing Date; 
 (b) Buyer shall have performed and complied with all of its covenants hereunder in all material respects through the Closing, except to the
extent that such covenants are qualified by the term “material,” in which case Buyer shall have performed and complied with all of such covenants (as so written, including the term “material”) in all respects through the Closing;

 (c) no action, suit, or proceeding shall be pending before any court or quasi-judicial or administrative agency of any
federal, state, local, or non-U.S. jurisdiction or before any arbitrator wherein an unfavorable injunction, judgment, order, decree, ruling, or charge would (i) prevent consummation of any of the transactions contemplated by this Agreement or
(ii) cause any of the transactions contemplated by this Agreement to be rescinded following consummation (and no such injunction, judgment, order, decree, ruling, or charge shall be in effect); 
 (d) Buyer shall have delivered to Nautilus a certificate to the effect that each of the conditions specified above in
Section 7.2(a)-(c) is satisfied in all respects; 
 (e) Nautilus and Buyer shall have received all material
authorizations, consents, and approvals of governments and governmental agencies referred to in Sections 3.3 and 4.3 above. Nautilus may waive any condition specified in this Section 7.2 by executing a writing so stating at or prior to the
Closing, or by consummating the Closing; and 
 (f) Buyer shall have executed and delivered the Technology Transfer Agreement.

 ARTICLE 8 - REMEDIES FOR BREACHES OF THIS AGREEMENT 
 8.1 Survival of Representations and Warranties. All of the representations and warranties of Nautilus contained in Article 3 above
shall survive the Closing and continue in full force and effect for a period of six (6) months thereafter. All of the other representations and warranties of the Parties contained in this Agreement shall survive the Closing and continue in full
force and effect forever thereafter (subject to any applicable statutes of limitations). 
 8.2 Indemnification Provisions
for Buyer’s Benefit. 
 (a) In the event Nautilus breaches any of its representations, warranties, and covenants
contained in this Agreement, and, provided that Buyer makes a written claim for

  

 10 

 
indemnification against Nautilus pursuant to Section 10.7 below within the survival period (if there is an applicable survival period pursuant to Section 8.1 above), then Nautilus
agrees to indemnify Buyer from and against the entirety of any Adverse Consequences Buyer may suffer resulting from, arising out of, relating to, in the nature of, or caused by the breach; provided, however, that (i) Nautilus shall not have any
obligation to indemnify Buyer from and against any Adverse Consequences resulting from, arising out of, relating to, in the nature of, or caused by the breach of any representation or warranty of Nautilus contained in Article 3 above until Buyer has
suffered Adverse Consequences by reason of all such breaches in excess of a $150,000 aggregate deductible (after which point Nautilus will be obligated only to indemnify Buyer from and against further such Adverse Consequences) and (ii) there
will be a $2,000,000 aggregate ceiling on the obligation of Nautilus to indemnify Buyer from and against Adverse Consequences resulting from, arising out of, relating to, in the nature of, or caused by breaches of the representations and warranties
of Nautilus contained in Article 3 above. 
 (b) Nautilus further agrees to indemnify Buyer from and against the entirety of any
Adverse Consequences Buyer may suffer resulting from, arising out of, relating to, in the nature of, or caused by any liability of Nautilus that is not an Assumed Liability (including any liability of Nautilus that becomes a liability of Buyer under
any bulk transfer law of any jurisdiction, under any common law doctrine of de facto merger or successor liability, or otherwise by operation of law). 
 8.3 Indemnification Provisions for Nautilus’ Benefit. 
 (a) In the
event Buyer breaches any of its representations, warranties, and covenants contained in this Agreement, and, provided that Nautilus makes a written claim for indemnification against Buyer pursuant to Section 10.7 below within the survival
period (if there is an applicable survival period pursuant to Section 8.1 above), then Buyer agrees to indemnify Nautilus from and against the entirety of any Adverse Consequences suffered resulting from, arising out of, relating to, in the
nature of, or caused by the breach. 
 (b) Buyer further agrees to indemnify Nautilus from and against the entirety of any
Adverse Consequences suffered resulting from, arising out of, relating to, in the nature of, or caused by any Assumed Liability. 
 8.4 Matters Involving Third Parties. 
 (a) If any third party notifies any Party (the “Indemnified
Party”) with respect to any matter (a “Third-Party Claim”) that may give rise to a claim for indemnification against the other Party (the “Indemnifying Party”) under this Article 8, then the Indemnified
Party shall promptly notify the Indemnifying Party thereof in writing; provided, however, that no delay on the part of the Indemnified Party in notifying the Indemnifying Party shall relieve the Indemnifying Party from any obligation hereunder
unless (and then solely to the extent) the Indemnifying Party is thereby actually and materially prejudiced. 
 (b) The
Indemnifying Party will have the right to assume the defense of the Third-Party Claim with counsel of its choice reasonably satisfactory to the Indemnified Party at any time

  

 11 

 
within fifteen (15) days after the Indemnified Party has given notice of the Third-Party Claim; provided, however, that the Indemnifying Party must conduct the defense of the Third-Party
Claim actively and diligently thereafter in order to preserve its rights in this regard; and provided further that the Indemnified Party may retain separate co-counsel at its sole cost and expense and participate in the defense of the Third-Party
Claim. 
 (c) So long as the Indemnifying Party has assumed and is conducting the defense of the Third-Party Claim in accordance
with Section 8.4(b) above, (i) the Indemnifying Party will not consent to the entry of any judgment on or enter into any settlement with respect to the Third-Party Claim without the prior written consent of the Indemnified Party (not to be
unreasonably withheld) unless the judgment or proposed settlement involves only the payment of money damages by the Indemnifying Party and does not impose an injunction or other equitable relief upon the Indemnified Party and (ii) the
Indemnified Party will not consent to the entry of any judgment on or enter into any settlement with respect to the Third-Party Claim without the prior written consent of the Indemnifying Party (not to be unreasonably withheld). 
 (d) In the event the Indemnifying Party does not assume and conduct the defense of the Third-Party Claim in accordance with
Section 8.4(b) above, however, (i) the Indemnified Party may defend against, and consent to the entry of any judgment on or enter into any settlement with respect to, the Third-Party Claim in any manner it reasonably may deem appropriate
(and the Indemnified Party need not consult with, or obtain any consent from, the Indemnifying Party in connection therewith) and (ii) the Indemnifying Party will remain responsible for any Adverse Consequences the Indemnified Party may suffer
resulting from, arising out of, relating to, in the nature of, or caused by the Third-Party Claim to the fullest extent provided in this Article 8. 
 8.5 Determination of Adverse Consequences. The amount of any Adverse Consequences shall be determined net of any insurance proceeds for purposes of this Article 8. Indemnification payments under
this Article 8 shall be paid by the Indemnifying Party without reduction for any Tax Benefits available to the Indemnified Party. However, to the extent that the Indemnified Party recognizes Tax Benefits as a result of any Adverse Consequences, the
Indemnified Party shall pay the amount of such Tax Benefits (but not in excess of the indemnification payment or payments actually received from the Indemnifying Party with respect to such Adverse Consequences) to the Indemnifying Party as such Tax
Benefits are actually recognized by the Indemnified Party. For this purpose, the Indemnified Party shall be deemed to recognize a tax benefit (“Tax Benefit”) with respect to a taxable year if, and to the extent that, the Indemnified
Party’s cumulative liability for Taxes through the end of such taxable year, calculated by excluding any Tax items attributable to the Adverse Consequences from all taxable years, exceeds the Indemnified Party’s actual cumulative liability
for Taxes through the end of such taxable year, calculated by taking into account any Tax items attributable to the Adverse Consequences and the receipt of indemnification payment under this Article 8 for all taxable years (to the extent permitted
by relevant Tax law and treating such Tax items as the last items taken into account for any taxable year). All indemnification payments under this Article 8 shall be deemed adjustments to the Purchase Price. 
 8.6 Exclusive Remedy. Buyer and Nautilus acknowledge and agree that the foregoing indemnification provisions in this Article 8 shall
be the exclusive remedy of Buyer and Nautilus with

  

 12 

 
respect to StairMaster and the transactions contemplated by this Agreement. Without limiting the generality of the foregoing, Buyer and Nautilus hereby waive any statutory, equitable, or common
law rights or remedies relating to any environmental, health, or safety matters. 
 ARTICLE 9 - TERMINATION 
 9.1 Termination of Agreement. Certain of the Parties may terminate this Agreement as provided below: 
 (a) Buyer and Nautilus may terminate this Agreement by mutual written consent at any time prior to the Closing; 
 (b) Buyer may terminate this Agreement by giving written notice to Nautilus at any time prior to the Closing (i) in the event Nautilus
has breached any material representation, warranty, or covenant contained in this Agreement in any material respect, Buyer has notified Nautilus of the breach, and the breach has continued without cure for a period of thirty (30) days after the
notice of breach or (ii) if the Closing shall not have occurred on or before December 31, 2009, by reason of the failure of any condition precedent under Section 7.1 hereof (unless the failure results primarily from Buyer itself
breaching any representation, warranty, or covenant contained in this Agreement); and 
 (c) Nautilus may terminate this
Agreement by giving written notice to Buyer at any time prior to the Closing (i) in the event Buyer has breached any material representation, warranty, or covenant contained in this Agreement in any material respect, Nautilus has notified Buyer
of the breach, and the breach has continued without cure for a period of thirty (30) days after the notice of breach or (ii) if the Closing shall not have occurred on or before December 31, 2009, by reason of the failure of any
condition precedent under Section 7.2 hereof (unless the failure results primarily from Nautilus itself breaching any representation, warranty, or covenant contained in this Agreement). 
 9.2 Effect of Termination. If any Party terminates this Agreement pursuant to Section 9.1 above, all rights and obligations of
the Parties hereunder shall terminate without any liability of any Party to the other Party (except for any liability of any Party then in breach); provided, however, that the confidentiality provisions contained in Section 5.5 above shall
survive termination. 
 ARTICLE 10 - MISCELLANEOUS 
 10.1 Press Releases and Public Announcements. No Party shall issue any press release or public announcement relating to the subject
matter of this Agreement prior to the Closing without the prior written approval of the other Party; provided, however, that any Party may make any public disclosure it believes in good faith is required by applicable law or any listing or trading
agreement concerning its publicly traded securities (in which case the disclosing Party will use its reasonable best efforts to advise the other Party prior to making the disclosure), and provided further, that Buyer acknowledges that Nautilus will
need to publicly disclose this Agreement and the subject matter hereof to comply with rules and regulations of the Securities and Exchange Commission, and Buyer consents to such disclosure. 
  

 13 

 10.2 No Third-Party Beneficiaries. This Agreement shall not confer any rights or
remedies upon any Person other than the Parties and their respective successors and permitted assigns. 
 10.3 Entire
Agreement. This Agreement (including the documents referred to herein) constitutes the entire agreement between the Parties and supersedes any prior understandings, agreements, or representations by or between the Parties, written or oral, to
the extent they relate in any way to the subject matter hereof. 
 10.4 Succession and Assignment. This Agreement shall
be binding upon and inure to the benefit of the Parties named herein and their respective successors and permitted assigns. No Party may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written
approval of the other Party; provided, however, that Buyer may (a) assign any or all of its rights and interests hereunder to one or more of its Affiliates and (b) designate one or more of its Affiliates to perform its obligations
hereunder (in any or all of which cases Buyer nonetheless shall remain responsible for the performance of all of its obligations hereunder). 
 10.5 Counterparts. This Agreement may be executed in one or more counterparts (including by means of facsimile), each of which shall be deemed an original but all of which together will constitute
one and the same instrument. 
 10.6 Headings. The section headings contained in this Agreement are inserted for
convenience only and shall not affect in any way the meaning or interpretation of this Agreement. 
 10.7 Notices. All
notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim, or other communication hereunder shall be deemed duly given (a) when delivered personally to the recipient,
(b) one (1) business day after being sent to the recipient by reputable overnight courier service (charges prepaid), (c) one (1) business day after being sent to the recipient by facsimile transmission or electronic mail, or
(d) four (4) business days after being mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid, and addressed to the intended recipient as set forth below: 
  

			
	If to Nautilus:	  	Nautilus, Inc.
		  	16400 SE Nautilus Drive
		  	Vancouver, Washington 98683
		  	Attn: Wayne Bolio
		  	Facsimile: (360) 694-7755
		  	E-mail: wbolio@nautilus.com

  

 14 

			
	with a copy to:	  	Garvey Schubert Barer
		  	1191 Second Avenue, 18th Floor
		  	Seattle, Washington 98101-2939
		  	Attn: Bruce A. Robertson
		  	Facsimile: (206) 464-0125
		  	E-mail: brobertson@gsblaw.com
		
	If to Buyer:	  	Fit Dragon International, Ltd.
		  	Attn: Michael Bruno
		  	1st Floor CNAC Group Building
		  	no. 10 Queens Road Central
		  	Facsimile: 011 86 592-621-8275
		  	E-mail: bruno@laxiamen.com
		
	with a copy to:	  	C. Reed Brown
		  	1232 West Lexington Street
		  	Washington, Utah 84780
		  	Facsimile: (435) 216-1176
		  	E-mail: reed.crb@gmail.com

 Any Party may change
the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other Party notice in the manner herein set forth. 
 10.8 Governing Law. This Agreement shall be governed by and construed in accordance with the domestic laws of the State of Washington
without giving effect to any choice or conflict of law provision or rule (whether of the State of Washington or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Washington. 

10.9 Amendments and Waivers. No amendment of any provision of this Agreement shall be valid unless the same shall be in writing
and signed by Buyer and Nautilus. No waiver by any Party of any provision of the Agreement or any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, shall be valid unless the same shall be in writing
and signed by the Party making such waiver nor shall such waiver be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or
subsequent such occurrence. 
 10.10 Severability. Any term or provision of this Agreement that is invalid or
unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any
other jurisdiction. 
 10.11 Expenses. Each of Buyer and Nautilus will bear its own costs and expenses (including legal
fees and expenses) incurred in connection with this Agreement and the transactions contemplated hereby. 
  

 15 

 10.12 Construction. The Parties have participated jointly in the negotiation and
drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring
any Party by virtue of the authorship of any of the provisions of this Agreement. Any reference to any federal, state, local, or non-U.S. statute or law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the
context requires otherwise. The word “including” shall mean including without limitation. 
 10.13
Incorporation of Exhibits and Schedules. The Exhibits and Schedules identified in this Agreement are incorporated herein by reference and made a part hereof. 
 10.14 Bulk Transfer Laws. Buyer acknowledges that Nautilus will not comply with the provisions of any bulk transfer laws of any jurisdiction in connection with the transactions contemplated by this
Agreement. 
 10.15 Governing Language. This Agreement has been negotiated and executed by the Parties in English. In the
event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail. 
 10.16 Tax Disclosure Authorization. Notwithstanding anything herein to the contrary, the Parties (and each Affiliate and Person acting on behalf of any Party) agree that each Party (and each
employee, representative, and other agent of such Party) may disclose to any and all Persons, without limitation of any kind, the transaction’s tax treatment and tax structure (as such terms are used in regulations promulgated under Code
section 6011) contemplated by this agreement and all materials of any kind (including opinions or other tax analyses) provided to such Party or such Person relating to such tax treatment and tax structure, except to the extent necessary to comply
with any applicable federal or state securities laws; provided, however, that such disclosure may not be made until the earlier of date of (i) public announcement of discussions relating to the transaction, (ii) public announcement of the
transaction, or (iii) execution of an agreement (with or without conditions) to enter into the transaction. This authorization is not intended to permit disclosure of any other information including (without limitation) (i) any portion of
any materials to the extent not related to the transaction’s tax treatment or tax structure, (ii) the identities of participants or potential participants, (iii) the existence or status of any negotiations, (iv) any pricing or
financial information (except to the extent such pricing or financial information is related to the transaction’s tax treatment or tax structure), or (v) any other term or detail not relevant to the transaction’s tax treatment or the
tax structure. 
 (Signatures on following page) 
  

 16 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
above written. 
  

					
		 	BUYER
		
		 	FIT DRAGON INTERNATIONAL, LTD.
		
	By:	 	 /s/ Michael Bruno

		 	Signature	 	

					
		 	Print Name:	 	 Michael Bruno

					
		 	Title:	 	 CEO

					
		
		 	SELLER
		
		 	NAUTILUS, INC.
		
	By:	 	 /s/ Kenneth L. Fish

		 	Signature	 	

					
		 	Print Name:	 	 Kenneth L. Fish

					
		 	Title:	 	 CFO

  

 17Technology Transfer and License Agreement dated as of December 29, 2009

 Exhibit 10.26 
 STAIRMASTER TECHNOLOGY TRANSFER 
 AND LICENSE
AGREEMENT 
 THIS STAIRMASTER TECHNOLOGY TRANSFER AND LICENSE AGREEMENT (hereinafter
“Stairmaster Technology Agreement” or “Agreement”) relates to technology connected with the Nautilus Stairmaster business and is effective as of the date of signing by the last of the parties to sign below and is by and between
Xiamen World Gear Sports Goods Co., Ltd. a corporation organized under the laws of the People’s Republic of China (“Buyer”), having a place of business at 27-29 North 2nd Road, Xinglin, Jimei District, Xiamen City, Fujian Province, People’s Republic of China and Nautilus, Inc.
(“Nautilus”), a Washington corporation, having a place of business at 16400 SE Nautilus Drive, Vancouver, WA. 98683. Buyer and Nautilus are referred to collectively herein as the “Parties”. This Stairmaster Technology Agreement
is an exhibit to a Stairmaster Asset Purchase Agreement relating to the Nautilus Stairmaster business entered into on the same date between Buyer and Nautilus. The parties agree as follows: 
 1. Definitions and Schedule 
 A. Unless expressly otherwise defined herein, the terms used in this Stairmaster Technology Agreement that are defined in the Stairmaster Asset Purchase Agreement shall have the same meaning as defined in
the Stairmaster Asset Purchase Agreement. 
 B. “And/or” shall mean “and”, “or” and both
“and” and “or”. 
 C. “Affiliate” shall have the meaning set forth in rule 12b-2 of the regulations
promulgated under the Securities Exchange Act in force as of the effective date of this Stairmaster Technology Agreement. 
 D.
“Stairmaster Asset Purchase Agreement” shall mean an agreement entered into between the Parties to which this Stairmaster Technology Agreement is an exhibit. 
 E. “Commercial Channel” shall mean bona fide sales to commercial, corporate, and government entities that are not Affiliates of Buyer and that provide access to the Stairmaster Products to
multiple users, including fitness centers, gyms, health clubs, studios, hotels, resorts, schools, military, and corporate employee centers. The Commercial Channel does not include and excludes all other sales or distributions of Stairmaster
Products, including but not limited to sales and other distributions: (a) to end users (non-commercial users, typically home use) and

 
resellers, such as retailers and online resellers; and/or (b) to any entity where there is reason to know that such entity is selling or distributing to end users and/or resellers (except as
used equipment following normal use in the entity’s facility). 
 F. “IBD and SF Retail Channel” shall mean bona
fide sales of Stairmaster Products to Independent Bicycle Dealers (IBDs) and Specialty Fitness (SF) Retailers that are not Affiliates of Buyer. Specialty Fitness Retailers shall mean retailers selling fitness equipment and fitness accessories and
the sales of fitness equipment and accessories constitutes at least 90% of the retailer’s total sales. By way of example only, and not of limitation, Specialty Fitness Retailers do not include Dick’s Sporting Goods, Cabelas, Sports
Authority, or other retailers having greater than 10% sales of non-fitness equipment. The IBD and SF Retail Channel is a subset of the Stairmaster Permitted Retail Channel. 
 G. “Channel” shall mean the Commercial Channel and the Stairmaster Permitted Retail Channel. 
 H. “Gross Sales” shall mean the total invoice price of Stairmaster Products, and all related charges of any type whether separately
invoiced (including, but not limited to, installation charges, shipping charges, taxes, and delivery charges) and whether the Stairmaster Products are sold, leased or otherwise distributed. 
 I. “Net Sales” means “Gross Sales” less allowances for: (a) returns of Stairmaster Products actually received;
(b) refunds by Buyer to customers and cancellation of orders from Buyer by customers for Stairmaster Products; (c) local, State and federal sales, VAT, and use and excise taxes required to be charged by Buyer for sales of Stairmaster
Products, if separately stated on an invoice; and (d) freight charges and delivery fees, if separately stated on an invoice, and provided that any such separately stated freight charges and delivery fees do not exceed one hundred and ten
(110) percent of the actual costs incurred by Buyer for freight and delivery. 
 J. “Sales” means sales, leases
and any other types of distribution of goods and services. 
 K. “Other Retail Channel” shall mean those portions of
the Permitted Retail Channel that excludes the IBD and SF Retail Channel. 
 L. “ Permitted Retail Channel” shall mean
bona fide sales to third parties (who are not Affiliates of a Party) who resell the purchased products as new, in-box to retail customers including in-store sales and online sales. The Permitted Retail Channel consists of the (1) IBD and SF
Retail Channel and (2) Other Retail Channel. 

 M. “Direct Channel” shall mean bona fide sales by a Party directly to customers
(end users) who are not in the Commercial Channel or Permitted Retail Channel, such as to individuals who will use or gift the products, and will not make the products available to additional users in a commercial, business, or government setting.

 N. “Restricted Parties” shall mean the following listed parties: ICON Health & Fitness, Inc., Amer Sports
(includes Precor whether or not affiliated with Amer), Johnson Fitness Co. (includes Matrix, Vision, and Horizon whether or not affiliated with Johnson), Brunswick Corporate (including Lifefitness whether or not affiliated with Brunswick), Cybex
International, Inc., Technogym SpA, and TRUE Fitness Technology, and affiliates thereof. 
 O. “Stairmaster Copyrighted
Works” shall mean tangible works of authorship previously used by Nautilus, and/or previously created for use by Nautilus, in connection with selling products under one or more of the Stairmaster Trademarks, and for which Nautilus owns or has
exclusive rights to relevant copyrights, regardless of whether the copyright for any such Copyrighted Works are registered with any copyright office. 
 P. “Stairmaster Products” shall mean products sold under one or more of the Stairmaster Trademarks. 
 Q. “Stairmaster Know How” shall mean technical information that may not be confidential, but that is required to efficiently manufacture Stairmaster Products. Stairmaster Know How includes
tooling for Stairmaster Products and components thereof obtained by Buyer from Nautilus. 
 R. “Stairmaster Confidential
Information” shall mean Confidential Information relating to manufacturing and marketing of Stairmaster Products. 
 S.
“ Stairmaster Domain Names” shall mean the following domain names: 
 stairmaster.com 
 stairmasterfitness.com 
 stairmastercanada.com 
 stairmaster.us 
 stairmaster.tv 
 stairmaster.org 
 stairmaster.mobi 
 stairmaster.info 
 stairmaster.biz 
 stair-master.com 

 T. “Stairmaster Patents” shall mean: 
 US 5,374,227 – Linkage system to move the foot pedal to match a user’s motion 
 US 5,749,807 – Using rheological resistance system for Stepper 
 US D373,805 – Design patent for a stepper platform 
 US D376,828 – Design patent for a shrouding 
 U. “Stairmaster Marks”
and Stairmaster Trademarks” shall mean the following trademarks (registrations for which are listed in Schedule A to this Stairmaster Technology Agreement): 
 STAIRMASTER word mark 
 STAIRMASTER stylized 
 STAIRMASTER HEALTH AND FITNESS PRODUCTS word 
 STEPMILL word 
 “S” design 
 CLUBSTRIDE word 
 CROSSROBICS word 
 FREECLIMBER word 
 V. “Stairmaster Trade Secrets” means information, including a formula, pattern, compilation, program, device, method, technique, or process that is necessary for the manufacture of Stairmaster
Products and that: 
 (a) Derives independent economic value, actual or potential, from not being generally known to, and not
being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and 
 (b) Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. 
 W.
“Stairmaster Intellectual Property” or “Stairmaster IP” means Stairmaster Confidential Information, Stairmaster Copyrighted Works, Stairmaster Domain Names, Stairmaster Know How, Stairmaster Marks, Stairmaster Patents and
Stairmaster Trade Secrets. 
 X. This Stairmaster Technology Agreement incorporates the attached schedules A, B, C and D, listed
below: 
 Schedule A:     Registrations of Stairmaster Marks 
 Schedule B:     Patent Assignment (for recordation purpose) 
 Schedule C:     Trademark Assignment (for recordation purposes) 
 Schedule D:     Electronic Payment Instructions 

 2. Transfer of Rights 
 A. Patent Assignment. 
 Subject to the terms of this Stairmaster Technology Agreement, Nautilus hereby assigns and transfers to Buyer all of Nautilus’ rights and interests in the Stairmaster Patents. To confirm this
assignment of patent rights, simultaneously with the execution of this Stairmaster Technology Agreement, Nautilus agrees to execute the Patent Assignment of Schedule B to this Stairmaster Technology Agreement. 
 B. Trademark Assignment. 
 (i) Subject to the terms of this Stairmaster Technology Agreement, Nautilus hereby assigns to Buyer all of Nautilus right title and interest in and to: (i) the Stairmaster Trademarks; (ii) the
registrations of Schedule A; and (iii) the goodwill of the Nautilus Stairmaster business associated with the Stairmaster Trademarks. Nautilus agrees to execute the trademark assignment of Schedule C to this Stairmaster Technology Agreement to
confirm this assignment. 
 (ii) Notwithstanding Section 2.B.(i), Buyer agrees it shall not sublicense any
of the Stairmaster Marks to any Restricted Parties or allow any one or more of the Restricted Customers to use any one or more of the Stairmaster Marks. 
 C. Trademark Licenses to Nautilus 
 (i) Direct Channel: Buyer
hereby grants to Nautilus an exclusive, irrevocable, worldwide, royalty-free, license to the Stairmaster Marks, and variations thereof, solely for use in connection with products sold or otherwise distributed by or for Nautilus in the Direct
Channel. Nautilus grants back to Buyer, a non-exclusive, irrevocable, worldwide, royalty-free license to the Stairmaster Marks, and variations thereof, for non-targeted sales in the Direct Channel. Non-targeted shall mean that Buyer shall not
publish advertising directed to the Direct Channel. Buyer agrees it shall limit it gross sales in the Direct Channel to less than ten (10) percent of its total gross sales for all Stairmaster Products. 
 (ii) Nautilus agrees that all Stairmaster Products it sells in the Direct Channel shall be products Nautilus obtains from
Buyer or an affiliate of Buyer: the parties expressly agree that Land America Life & Fitness Co., Ltd. is such an affiliate. 

 (ii) Other Retail Channel: For 18 months from the effective date of this
Stairmaster Technology Agreement, Nautilus shall have the exclusive license to, and Buyer shall have no right to, use the Stairmaster Marks in the Other Retail Channel. 
 (iii) These licenses are non-assignable and non-transferable except that Nautilus may transfer/assign this license to a
successor-in-interest of Nautilus. For purpose of clarification, Nautilus has no license to use any of the Stairmaster Marks in the Commercial Channel. Any and all usage of the Stairmaster marks by Nautilus will be for products meeting Buyer’s
quality standards. The Parties agree that products having a quality that is at least equal to the quality of products currently being sold by Nautilus under the Stairmaster Marks meet Buyer’s quality standards. Any use by Nautilus of the
Stairmaster Trademarks under the license to Nautilus of this Section 2.B of the Stairmaster Technology Agreement shall be in accordance with Buyer’s Trademark usage guidelines that are applicable to Buyer’s own Stairmaster Products.
The Parties agree that any usage by Nautilus of the Stairmaster Trademarks in the manner currently being used by Nautilus meet Buyer’s Trademark Usage Guidelines. 
 D. Copyright Transfer. 
 Subject to the terms of this Stairmaster
Technology Agreement, Nautilus hereby assigns to Buyer all of Nautilus’ rights in Copyrighted Works that are currently being used by Nautilus solely in connection with manufacturing and/or selling of Stairmaster Products. To the extent Nautilus
has any rights in Copyrighted Works being used by Nautilus in connection with making and selling both Stairmaster Products and non-Stairmaster Trademarked Products (“Other Copyrighted Works”), and thus that are not being used by Nautilus
solely in connection with manufacturing and/or selling Stairmaster Products, and that are necessary to manufacture and sell Stairmaster Products, Nautilus grants to Buyer a non-exclusive, non-transferable, non-assignable, non-sublicensable,
worldwide, license to reproduce, distribute, perform and make derivative works of any such Other Copyrighted Works solely in connection with Stairmaster Products in the Commercial Channel and/or the Permitted Retail Channel. 
 E. Domain Name Transfer. 
 Subject to the terms of this Stairmaster Technology Agreement, Nautilus hereby assigns the Stairmaster Domain Names to Buyer. Buyer agrees to only use the domain names in connection with websites selling
Stairmaster Products in the Commercial Channel and/or the Permitted Retail Channel. 

 F. Trade Secrets, Know How and Confidential Information. 
 Subject to the terms of this Stairmaster Technology Agreement, Nautilus hereby grants to Buyer a non-exclusive,
non-transferable, non-assignable, non-sublicensable, and worldwide license to Stairmaster Know How, Stairmaster Trade Secrets and Stairmaster Confidential Information solely for use in connection with sales and marketing of Stairmaster Products in
the Commercial Channel and/or the Permitted Retail Channel. 
 G. Covenant Not to Sue 
 Buyer hereby covenants not to sue Nautilus for any violations of any of the Stairmaster Intellectual Property for any
Nautilus acts outside of the Commercial Channel. 
 3. Registration, Filings and Enforcement. 
 A. Registrations and Filings. Buyer shall maintain the Registrations of Schedule A that include the word Stairmaster for at least ten
(10) years from the effective date of this Stairmaster Technology Agreement. 
 4. Payments 
 A. Royalty on Net Sales of Stairmaster Products in the Commercial Channel. 
 (i) For the Trademark rights granted by this License Agreement to Buyer for Stairmaster Products sold in the Commercial
Channel, Buyer shall pay Nautilus a fixed Royalty of US$83,333.33 per quarter for each of the Calendar Years 2010, 2011 and 2012. Thereafter, there shall be no Royalty for Net Sales of Stairmaster Products in the Commercial Channel. 
 B. Royalty on Net Sales of Stairmaster Products in the IBD and SF Channel. 
 (i) For the Trademark rights granted by this License Agreement to Buyer for Stairmaster Products sold in the IBD and SF
Channel, Buyer shall pay Nautilus a Royalty which is equal to three (3) percent of Net Sales of Stairmaster Products in the IBD and SF Retail Channel. The Royalty of this Section 4.B.(i) shall continue for so long as Buyer is selling
Stairmaster Products in the IBD and SF Retail Channel and shall have no applicable Minimum Annual Payment or Royalty Cap. 
 C.
Royalty on Net Sales of Stairmaster Products in the Other Retail Channel. 
 (i) For the Trademark License rights
granted by this License Agreement to Buyer for Stairmaster Products sold in the Other Retail Channel, Buyer shall pay Nautilus a Royalty which is equal to five (5) percent of Net Sales of Stairmaster Products in the Other Retail Channel. The
Royalty of this Section 4.C.(i) shall continue for so long as Buyer is selling Stairmaster Products in the Other Retail Channel and shall have no applicable Minimum Annual Payment or Royalty Cap. 

 (ii) Buyer shall have no rights in the Other Retail Channel for eighteen
(18) months from the execution of this Agreement per section 2.C.(ii). 
 D. Because of the difficulty of allocating
royalties and the different types of intellectual property being licensed by this License, the Parties agree that a Royalty based on Net Sales of products that bear and/or are marketed in connection with any one or more of the Licensed Marks is an
appropriate and convenient manner of establishing the Royalty. 
 E. Payment Schedule. The Royalties of this
Stairmaster Technology Agreement will accrue upon the earlier of the invoice date, or the shipping date for the goods by Buyer. The Royalty amounts set forth in sections 4.A.; 4.B. and 4.C. are payable quarterly from Buyer to Nautilus within thirty
(30) days after each March 31st, June 30th, September 30
th, and December 31st, beginning January 1. 2010. The quarterly royalty payments
shall accompany the required reports of Section 4.G. 
 F. Methods of Payments to Nautilus. All payments under this
Agreement to Nautilus shall be made in U.S. Dollars and made by electronic payment as set out in Schedule D to this Agreement. Buyer shall not be permitted to pay money in escrow or to any entity other than Nautilus, unless pursuant to a final court
order that is not subject to appeal. 
 G. Reports and Records. Buyer shall keep and preserve accurate records of all of its
operations within the scope of this Agreement. With each payment by Buyer to Nautilus, and for the Calendar Quarter for which a payment is being paid, Buyer shall provide to Nautilus a report stating the Gross Sales, Net Sales, Net Sales in the
Commercial Channel, Net Sales in the IBD and SF Channel, Net Sales for the Other Channel and returns by channel and product number (preferably SKU identifiers), Royalty calculations, and Royalty due. Nautilus and its agents (e.g., accountants) shall
have the right to inspect and copy such records at reasonable times. 
 H. Costs of Inspection and Copying. The cost of any
inspection and copying of records under Section 4/G/. shall be borne by Nautilus unless a discrepancy is discovered in Nautilus’ favor in an amount that is greater than five (5) percent of the Royalty due versus the Royalty paid, in
which case such costs shall be borne by Buyer. 
 I. Record Retention. Buyer and Nautilus are not required to retain any records
relating to this License Agreement for longer than five (5) years from the date of their creation. 

 J. Pricing. All pricing for products sold by Buyer shall be determined by and be under the
sole control of Buyer. 
 K. Currency. All amounts set forth in this License are in U.S. dollars. 
 5. Written Notice. Any Written Notice that is required under this Stairmaster Technology Agreement shall be as provided as set forth
in the Stairmaster Asset Purchase Agreement. 
 6. Entire Agreement. This Stairmaster Technology Agreement and Schedules
A, B and C hereto, which are incorporated by reference herein, contain the entire agreement of the parties relating to the assignment, transfer and/or licensing of Nautilus Stairmaster business related intellectual property rights from Nautilus to
Buyer, and supersedes all existing agreements and all other oral, written or other communications between the parties relating to its subject matter. This Stairmaster Technology Agreement cannot be modified except in a writing signed by all of the
parties and that expressly recites that the writing is an amendment to or a modification of this Stairmaster Technology Agreement. 
 7. Compliance with Laws. Buyer shall at all times comply with all applicable laws, statutes, rules, regulations and ordinances, including without limitation those governing wages, hours, desegregation, employment discrimination,
health and safety, and equal opportunity laws and regulations to the extent that they are applicable. 
 8. Confidential
Information 
 Confidential Information shall be as defined in the Stairmaster Asset Purchase Agreement. Buyer agrees to
maintain the confidentiality of the Confidential Information, otherwise neither party shall have any obligations of confidence with respect to any Stairmaster Intellectual Property. 
 9. Termination and Default. 
 A. Material Breach Due to Improper Sublicense: If Buyer breaches section 2.B.(ii) of this Agreement (improper sublicense) and fails to, or refuses to, cure such breach within 60 days of written notice by
Nautilus, Nautilus may terminate this Agreement and require reassignment of the Stairmaster Trademarks to Nautilus. 
 B. Other
Material Breach: It shall be a default of this Stairmaster Technology Agreement for Buyer or Nautilus to fail to perform any material term or condition of this Stairmaster Technology Agreement within a sixty (60) day cure time period following
written notice setting forth such failure or alleged failure by Buyer to Nautilus and/or by Nautilus to Buyer. In the event of a default of this Agreement by Buyer that is not cured within the sixty (60) day cure period, the Parties shall
follow the dispute resolution provisions of Section 13 below. 

 C. Events Upon Termination or Expiration. 
 (i) In the event of any termination or expiration of this Agreement for any reason: All payments from Buyer to Nautilus that have accrued
under the Stairmaster Asset Purchase Agreement and/or under the Stairmaster Technology Agreement as of the date of termination or expiration shall immediately become due and payable. 
 (ii) In the event of any Termination of this Stairmaster Technology Agreement is based in whole or in part upon default by Buyer of
Section 2.B.(ii), then any and all rights assigned, transferred and/or licensed to Buyer under this Stairmaster Technology Agreement shall automatically revert back to Nautilus and all use of the Stairmaster Marks by Buyer, as well as of any
marks, names or domain names confusingly similar thereto, shall immediately cease except that Buyer may complete all unfinished goods (work-in-progress) and sell all inventory for up to six (6) months after termination. Buyer may not acquire
any additional parts or materials to complete unfinished goods after termination of this Stairmaster Technology Agreement for this reason. Any and all use by Buyer of any Stairmaster Patents and of any other rights Buyer has received under this
Stairmaster Technology Agreement from Nautilus shall immediately cease upon sale of such outstanding inventory. 
 D. Additional
Relief. The Parties shall be entitled to such other relief as may be determined by a court of law as selected under Section 13.A. below. 
 10. Term. This Stairmaster Technology Agreement, unless terminated in accordance with its terms, shall continue in force. 
 11. Disclaimer. 
 Disclaimer. ALL RIGHTS ASSIGNED, TRANSFERRED AND/OR LICENSED BY NAUTILUS TO BUYER ARE PROVIDED “AS IS” AND WITHOUT ANY WARRANTY OF ANY KIND. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, NAUTILUS HEREBY DISCLAIMS ALL
WARRANTIES, EXPRESS AND/OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND/OR WARRANTIES AGAINST INFRINGEMENT. THE MAXIMUM LIABILITY OF NAUTILUS TO BUYER RELATING TO THIS
STAIRMASTER TECHNOLOGY AGREEMENT SHALL BE NO GREATER THAN $100,000 . 

 12. Export Restrictions. Buyer agrees to comply with all applicable international and
national laws that apply to products, including U.S. Export Administration Regulations, as well as End-User, End-Use and Destination restrictions issued by the United States and other governments. Nothing in the preceding sentence shall be construed
to grant Buyer any rights to in any manner for any purpose not expressly recited by this Stairmaster Technology Agreement. 
 13. Controlling Law, Venue and Dispute Resolution. 
 A. Court and Law. This Stairmaster Technology Agreement
shall be interpreted in accordance with and governed by the substantive and procedural laws of the State of Washington, without regard to choice-of-law principles. The parties hereby irrevocably consent to the exclusive jurisdiction of the courts of
the State of Washington, Clark County, or of a U.S. District Court for the Western District of Washington, USA in connection with any dispute relating to this Stairmaster Technology Agreement and/or to any alleged breach of this Stairmaster
Technology Agreement. Each party hereby irrevocably waives any objection that the party may now or hereafter have regarding this choice of forum. 
 B. Resolution Procedures. The parties agree to follow procedures set forth in sub-sections 13.C. – 13.E. for the resolution of any dispute, whether this Stairmaster Technology Agreement specifically
recites the applicability of these dispute resolution procedures to the dispute. 
 C. Negotiated Resolution. Buyer and Nautilus
wish to avoid disputes. In the event of any dispute, the parties shall first attempt to resolve the matter by an in-person meeting between executive level managers of Buyer and Nautilus to review a presentation by each of them concerning the
dispute. The meeting will be held in Seattle, Washington unless otherwise agreed. Unless otherwise agreed by Buyer and Nautilus, only if the executive level managers are unable to resolve the dispute within the shorter of thirty (30) days of
the first such meeting or forty-five (45) days from the first Written Notice by either Party requesting such meeting, shall any party be free to proceed under Section 13.D. 
 D. Mediation. Any dispute that has not been resolved under Section 13.C. shall be the subject of non- binding mediation before a single
impartial mediator selected by mutual agreement of Buyer and Nautilus. This mediator shall be an attorney with at least 15 years experience in intellectual property licensing issues. Buyer and Nautilus agree to make a good faith effort to select a
mediator within thirty (30) days from the date that the mediation is first requested by Written Notice by either Buyer or Nautilus. Unless otherwise agreed to by the parties, the mediation will be held in Seattle, Washington and shall be
completed within sixty days of any such Written Notice of a request for mediation. A party shall not be entitled to

 
request mediation until after the end of the negotiation and resolution procedure of Section 13.C. Each party shall bear its own costs, including attorney fees of any mediation and shall
share equally the costs of the mediator. Unless otherwise agreed by the parties, only if mediation does not resolve the alleged claim or controversy, shall any party be free to proceed under sub-section 13.E. 
 E. Litigation. Any dispute that is not resolved pursuant to the procedures of Section 13.C. and 13.D. shall be subject to litigation by
either party, subject to Section 13.A. The Parties agree that neither party shall be liable to the other party for any attorney fees in connection with any dispute, whether at trial, upon appeal, and/or otherwise; provided, however that, to the
extent a dispute relates to the failure by Buyer to make any payments under this Stairmaster Technology Agreement when due, Buyer shall pay Nautilus’ reasonable attorney fees in connection therewith, including at trial, upon appeal and/or
otherwise. 
 14. General. 
 A. Nonwaiver. No failure on the part of Buyer or Nautilus to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by Buyer
or Nautilus of any right hereunder preclude any further exercise thereof of such right or of any other right. 
 B. Severability.
Any provision of this Stairmaster Technology Agreement that is prohibited or rendered unenforceable by any law shall be ineffective only to the extent of the prohibition or unenforceability without invalidating the remaining provisions of this
Stairmaster Technology Agreement. 
 C. Force Majeure. Neither party shall be liable for delays due to any cause beyond the
control and without the fault or negligence of the Party incurring the delay, including, to the extent it satisfies the above description, any fire, unusual weather conditions, riot, act of God, act of the public enemy, death or incapacity of an
individual who is to perform work, or other similar event. However, both Parties agree to seek to mitigate the potential impact of any such delay. The Party incurring the delay shall within thirty (30) business days from the beginning of the
delay, notify the other Party in writing of the causes of the delay and its probable extent. The notification of delay shall not be the basis for a request for additional compensation. In the event of any such delay, any required completion date may
be extended by a reasonable period not exceeding the time actually lost by reason of the delay. 
 D. No Other Representations.
Buyer and Nautilus hereby acknowledge that they have not been induced to enter into this Stairmaster Technology Agreement by any representation or warranty not set forth in this Stairmaster Technology Agreement. 

 E. Headings. The headings and subheadings of this Stairmaster Technology Agreement are
intended for convenience of reference only and shall not be used to interpret this Stairmaster Technology Agreement or affect the construction of this Stairmaster Technology Agreement. 
 F. Construction. Words importing the singular include the plural, words importing any gender include every gender and words importing persons
include entities, corporate and otherwise; and (in each case) vice versa. Whenever the terms “including” or “include” are used in this Stairmaster Technology Agreement in connection with a single item or a list of items within a
particular classification (whether or not the term is followed by the phrase “but not limited to” or words of similar effect) that reference shall be interpreted to be illustrative only, and shall not be interpreted as a limitation on, or
an exclusive enumeration of the items within that classification. 
 G. Survival. The terms, provisions and representations
contained in this Stairmaster Agreement shall survive any termination or expiration of this Stairmaster Technology Agreement to the extent that such survival is necessary to give effect to their full meaning and intent. Without limiting the
foregoing, the parties expressly agree that the following Sections (including all sub-parts, unless a specific sub-part is specified) of this Stairmaster Technology Agreement shall survive termination and expiration of this Stairmaster Technology
Agreement: 1; 2.B,(ii); 2.C., exclusive license back to Nautilus, unless ownership of the Stairmaster Trademarks returned to Nautilus; 2.G; 3.A unless ownership of the Stairmaster Trademarks is returned to Nautilus; 5; 6; 7; 8; 9; 10; 11; 12; and
13. 
 H. No Third Party Beneficiaries. This Stairmaster Technology Agreement is intended solely for the benefit of the parties
hereto. Except as expressly set forth in the Stairmaster Technology Agreement, nothing in the Stairmaster Technology Agreement shall be construed to create any liability to or any benefit for any person not a party to this Stairmaster Technology
Agreement. 
 I. Successors and Assigns. This Stairmaster Technology Agreement is personal to Buyer and shall not be assigned by
Buyer, except to an Affiliate of Buyer, with the written consent of Nautilus, which consent shall not be unreasonably withheld. Except as provided in the preceding sentence, none of the rights granted to Buyer under this Stairmaster Technology

 
Agreement are assignable, transferable, or sub-licensable in any way. Nautilus shall have the right to assign this Stairmaster Technology Agreement and its rights hereunder to a successor in
interest. 
 J. Effective Date. This Stairmaster Technology Agreement shall be effective on the date of the last signature by the
Parties as indicated on the signature page hereto (“Effective Date”). 
 K. Counterparts. This Stairmaster Technology
Agreement may be executed in any number of counterparts, which together will constitute one instrument. 
 L. Independent
Contractors. Buyer and Nautilus are independent contractors and are not the agent(s) of one another for any purpose. Neither Buyer nor Nautilus shall have any authority to bind or obligate one another. 
 M. Ethical Conduct. Buyer and Nautilus shall use the highest ethical standards in their business activities and shall each not do anything to
bring the other into an unfavorable light. 
 N. Determining Time Periods. Time periods for Written Notice under this Stairmaster
Technology Agreement, such as a time period for taking action upon Written Notice, shall not count the day the Written Notice is effective and shall end at midnight Vancouver, Washington time of the last day of the time period. 
 In agreement hereto the parties have signed below. 
  

					
	Xiamen World Gear Sports Goods Co., Ltd.	 		 	Nautilus, Inc.
			
	(Buyer)	 		 	(Nautilus)
			
	 /s/ Michael Bruno
	 		 	 Kenneth L. Fish

	Signature	 		 	Signature
			
	 Michael Bruno
	 		 	 Kenneth L. Fish

	Printed Name	 		 	Printed Name
			
	 CEO
	 		 	 CFO

	Title	 		 	Title
			
	 December 5, 2009
	 		 	 12/5/2009

	Date	 		 	Date

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