Document:

Exhibit
10.1

 

December
21, 2021

 

VIA
EMAIL

Sean
Doherty

 

Dear
Sean:

 

The
purpose of this letter agreement (“Agreement”) is to set forth our mutual understanding and agreement with respect to your
transition and ultimate separation from employment with Minim, Inc. (the “Company”). In consideration of the mutual covenants
set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which you acknowledge, we have agreed
as follows:

 

	1.	Transition
                                            and Separation from Employment. Your separation from employment will occur on the earlier
                                            of March 31, 2022 or such other date that is mutually agreed between the Company and you
                                            (“Separation Date”). The period between the date of this letter agreement and
                                            the Separation Date is referred to in this letter agreement as your “Transition Period.”
                                            On your Separation Date, you will relinquish any and all positions that you have held with
                                            the Company and you will not be considered a Company employee for any purpose after that
                                            date.

 

	2.	Transition
                                            Period. During the Transition Period, your current terms and conditions of employment
                                            (such as your job title, compensation, and benefits) will remain the same or substantially
                                            the same in the aggregate. During the Transition Period, you are required to assist and support
                                            with the orderly transition of your duties to Dustin Tacker, as the newly appointed Interim
                                            Chief Accounting Officer and/or your replacement if such replacement is identified prior
                                            to the Separation Date. You will also be required to continue to comply with the Company’s
                                            policies and procedures.

 

	3.	Pay
                                            and Benefits. You agree that you have received all compensation and benefits, including
                                            but not limited to any non-monetary benefits such as leave time, to which you are entitled
                                            in connection with your employment with the Company. You further agree that the Company has
                                            satisfied in full any contractual obligations it may have to you, including pursuant to your
                                            Employment Agreement dated December 4, 2020 (the “Employment Agreement”) and
                                            this Agreement. You agree to make no claims for further compensation from the Company of
                                            any type, including bonus payments, commission payments, other than your earned an unpaid
                                            vacation pay which will be paid to you on your Separation Date. You acknowledge that, except
                                            to the extent provided in this Agreement pursuant to Section 4, the Company is under no obligation
                                            to provide you with any other benefits (monetary or otherwise).

 

	4.	Stock
                                            Options. If you timely sign, do not revoke, and comply with this letter agreement, the
                                            Company will:

 

		●	As
                                            of the Separation Date, vest all of your 180,238 Company stock options that are not already
                                            vested.

 

	5.	Equity.
                                            All of your stock options with the Company are governed by the applicable Company equity
                                            plans and grant agreements. You further acknowledge and agree that you will not vest in or
                                            receive any additional stock options, other than what is stated in this Agreement, or Company
                                            stock in connection with your employment (or the termination of that employment) with the
                                            Company.

 

	6.	Transfer
                                            of Responsibilities. You shall, through the Separation Date, cooperate fully and timely
                                            with the Company and its personnel with all of its reasonable requests, to provide an orderly
                                            transfer of your duties and responsibilities.

 

    	 

    	-2-

    

 

	7.	Confidential
                                            Information. During your employment with the Company, you had access to trade secrets
                                            and confidential and proprietary business and technical information of the Company, including
                                            data and information which would not otherwise have been available to you except by reason
                                            of your employment or position with the Company, and including, but not limited to, customer
                                            files and records, plans, developments, product information, pricing lists and information,
                                            customer lists and other customer information, marketing plans, methods and other marketing
                                            information, research methods and data, personnel information, computer discs and files,
                                            maps, sketches and other confidential, proprietary or secret information, and to documents
                                            and information from third parties which the Company is required to maintain in confidence
                                            (collectively “Confidential Information”). You agree that you will not, without
                                            the Company’s prior written consent, directly or indirectly disclose to any person,
                                            not an employee of the Company, any Confidential Information obtained in the course of your
                                            employment with the Company, nor will you use any Confidential Information for your own benefit
                                            to the detriment or intended or probable detriment of the Company.

 

	8.	Intellectual
                                            Property. You agree you have disclosed promptly, completely, and in writing, and will
                                            in the future disclose promptly, completely and in writing to the Company any original works
                                            of authorship (including all copyrights with respect thereto), any discovery, process, design,
                                            improvement, innovation, development, improvement or invention, whether or not patentable
                                            and whether reduced to writing or practice or not, which you discovered, conceived and/or
                                            developed, in whole or in part, either individually or jointly with others (whether on or
                                            off the Company’s premises or during or after working hours) during the period you
                                            were employed with the Company, and which was or is directly or indirectly related to the
                                            business or proposed business of the Company, or which resulted or results from or was suggested
                                            by any work performed by any employee or agent of the Company during your period of employment
                                            or for one year thereafter (“Inventions”). You hereby assign, and agree to assign
                                            to the Company, without any separate or additional remuneration, your entire right, title
                                            and interest in all such Inventions, together with any and all United States and foreign
                                            rights thereto. You also agree that all Inventions and all works of authorship, literary
                                            works (including computer programs), audiovisual works, translations, compilations, and any
                                            other written materials, including but not limited to, copyrightable works (the “Works”)
                                            which were originated or produced by you (solely or jointly with others), in whole or in
                                            part, within the scope of, or in connection with, your employment will be considered “works
                                            made for hire” as defined by the U.S. Copyright Act (17 USC §101, as amended)
                                            and further acknowledge that you are an employee as defined under that Act. All such works
                                            made for hire are and will be the exclusive property of the Company, and you agree to treat
                                            any such works as Proprietary Information. In the event that any Works are not deemed to
                                            be “works made for hire,” you hereby assign all of your right, title, and interest
                                            in and to such Works, including but not limited to, the copyrights therein, to the Company.
                                            You also agree to cooperate with the Company to execute all instruments including patent
                                            and copyright applications and assignments therefor, and to do all other things reasonably
                                            necessary to fully vest, and perfect, in the Company the ownership rights contemplated herein.
                                            In the event the Company is unable, after reasonable effort, to secure your signature on
                                            any document or instrument necessary to secure trademarks, letters patent, copyrights or
                                            other analogous protection relating to any Works, whether because of your physical or mental
                                            capacity or for any other reason whatsoever, you hereby irrevocably designate and appoint
                                            the Company and its duly authorized officers and agents as your agent and attorney-in-fact,
                                            to act for and in his behalf and stead to execute and file any such application or applications
                                            and to do all other lawfully permitted acts.

 

	9.	Non-Disparagement.
                                            Unless as required by law or valid subpoena, you further agree, that you will not, at any
                                            time after the date hereof, make any remarks or comments, orally, in writing, or via social
                                            media, which remarks or comments reasonably could be construed to be derogatory or disparaging
                                            to the Company or any of its shareholders, officers, directors, employees, attorneys or agents,
                                            or which reasonably could be anticipated to be damaging or injurious to the Company’s
                                            reputation or good will or to the reputation or good will of any person associated with the
                                            Company.

 

	10.	Return
                                            of Property. You acknowledge that you will return to the Company immediately after your
                                            Separation Date all property of the Company that is in your possession or under your control,
                                            including, without limitation, any and all files, documents and other information with respect
                                            to the Company’s management, business operations or customers, including all files,
                                            documents, or other information containing Confidential Information. If any Company property
                                            is on your personal electronics, you agree to delete the same and such action will satisfy
                                            this request.

 

    	 

    	-3-

    

 

	11.	Non-Solicitation:
                                            During the Transition Period and for six (6) months thereafter, you shall not, directly or
                                            indirectly, as an individual proprietor, partner, stockholder, officer, employee, director,
                                            joint venturer, investor, lender, consultant, independent contractor, or in any other capacity
                                            whatsoever: (i) recruit, solicit, or hire any employee, consultant, agent, director or officer
                                            of the Company or contact, recruit, solicit or induce, or attempt to contact, recruit, solicit
                                            or induce, any employee, consultant, agent, director or officer of the Company to terminate
                                            his/her employment with, or otherwise adversely change, reduce, or cease any relationship
                                            with, the Company; or (ii) contact, solicit, divert, take away, or attempt to contact, solicit,
                                            divert or take away, any clients, customers or accounts, or prospective clients, customers
                                            or accounts, of the Company, or any of the Company’s business with such clients, customers
                                            or accounts, except as agreed upon in writing signed by a duly authorized officer of the
                                            Company. If any restriction set forth in this paragraph is found by any court to be unenforceable
                                            because it is overbroad in any manner, such restriction shall be interpreted to extend only
                                            over the maximum period of time, range of activities, or geographic area which the court
                                            finds to be enforceable. You acknowledge that the restrictions contained in this paragraph
                                            are necessary for the protection of the business and goodwill of the Company and are considered
                                            by you to be reasonable for such purpose. You acknowledge that the restrictions contained
                                            in this paragraph extend to and expressly prohibit conduct via social media that would violate
                                            this paragraph. You further acknowledge that the restrictions set forth in this paragraph
                                            do not prevent you from earning a livelihood nor unreasonably impose limitations on your
                                            ability to earn a living. As used in this agreement the term “client,” “customer,”
                                            or “accounts” shall include: (i) any person or entity that is a client, customer
                                            or account of the Company on the date hereof or becomes a client, customer or account of
                                            the Company during the covered period; (ii) any person or entity that was a client, customer
                                            or account of the Company at any time during the two-year period preceding the date of your
                                            termination; and (iii) any prospective client, customer or account to whom the Company has
                                            made a presentation (or similar offering of services) within a period of 180 days preceding
                                            the date of the termination of your employment.

 

	12.	Cooperation
                                            in Litigation. At the Company’s reasonable request, you agree to assist, consult
                                            with, and cooperate with the Company in any litigation or administrative procedure or inquiry
                                            that involves the Company, subject to reimbursement for your reasonable out of pocket expenses,
                                            such as travel, meals, or lodging.

 

	13.	Breach
                                            of Agreement. You understand and agree that any material breach of your obligations under
                                            this letter agreement will immediately render the Company’s obligations and agreements
                                            hereunder null and void, all payments pursuant to this letter agreement shall immediately
                                            cease, you shall repay to the Company all sums you have been paid or sums paid on your behalf
                                            pursuant to this letter agreement, and you shall indemnify the Company Released Parties (as
                                            defined below) for the full and complete costs of enforcing this letter agreement, including
                                            reasonable attorneys’ fees, court costs, and other related expenses.

 

	14.	General
                                            Release of Company. You, for yourself and your heirs, legal representatives, beneficiaries,
                                            assigns and successors in interest, hereby knowingly and voluntarily release the Company,
                                            its affiliates, and its and their successors, assigns, former or current shareholders, officers,
                                            directors, employees, agents, insurers, attorneys and representatives (“Company Released
                                            Parties”) from any and all causes of action, in law or equity, you now have, may have
                                            or ever had, whether known or unknown, from the beginning of the world to this date, including,
                                            without limitation, any claims under the Age Discrimination in Employment Act, 29 U.S.C.
                                            §621 et seq.; claims for breach of contract or based on tort; claims for employment
                                            discrimination and wrongful termination; statutory wage and hour claims under Massachusetts
                                            law, including but not limited to, claims for violation of the Massachusetts Wage Act, and
                                            any other statutory, regulatory or common law causes of action (“the Released Claims”).
                                            You understand that you are releasing claims pursuant to M.G.L., Chapter 149 including, but
                                            not limited to, claims for untimely, underpayment, or non-payment of wages, discrimination
                                            and/or retaliation for seeking to enforce your wage and hour rights, misclassification as
                                            an independent contractor, improper withholdings or deductions, tip or service charge related
                                            claims, and claims pursuant to M.G.L., Chapter 151 relating to minimum wage, discrimination
                                            and/or retaliation for seeking to enforce your rights under Chapter 151, and/or overtime
                                            pay. You hereby acknowledge and understand that this is a General Release, and that
                                            this means you are giving up your right to sue the Company Released Parties for any and all
                                            claims, including but not limited to the specific claims mentioned in this paragraph. Notwithstanding
                                            the following, under no circumstances are you releasing any rights or claims to vested 401K
                                            benefits, any rights or claims you may have to indemnification and defense, including, but
                                            not limited to, any rights you may have under the Company D&O insurance and the Company’s
                                            D&O Side A DIC insurance, and your rights to vested equity. 

 

    	 

    	-4-

    

 

	15.	Participation
                                            in Agency Proceeding. You understand that nothing contained in this letter agreement
                                            limits your ability to file a charge or complaint with the Equal Employment Opportunity Commission,
                                            the National Labor Relations Board, the Occupational Safety and Health Administration, the
                                            Securities and Exchange Commission or any other federal, state or local governmental agency
                                            or commission (each a “Government Agency”). You further understand that this
                                            letter agreement does not limit your ability to communicate with any Government Agency or
                                            otherwise participate in any investigation or proceeding that may be conducted by any Government
                                            Agency, including providing documents or other information, without notice to the Company.
                                            However, you understand and agree that that although you may engage in such activities, you
                                            will not be entitled to receive any award or damages, to the extent consistent with applicable
                                            law.

 

	16.	Acknowledgment.
                                            By signing this letter agreement, you acknowledge and agree that you understand the meaning
                                            of this letter agreement and that you freely and voluntarily enter into it and the General
                                            Release contained herein. You agree that no fact, evidence, event, or transaction, whether
                                            known or unknown, shall affect in any manner the final and unconditional nature of the agreements
                                            and release set forth herein.

 

	17.	Miscellaneous.
                                            This letter agreement shall be construed in accordance with the laws of the Commonwealth
                                            of Massachusetts without regard to choice or conflict of law principles. In the event that
                                            any provision contained in this letter agreement is declared invalid, illegal or unenforceable
                                            for any reason by any court of competent jurisdiction, and cannot be modified to be enforceable,
                                            excluding the general release language, such provision shall immediately become null and
                                            void, leaving the remainder of this letter agreement in full force and effect. However, if
                                            any portion of the general release language is ruled to be unenforceable for any reason,
                                            this entire letter agreement shall be deemed null and void. To avoid any possible misunderstanding,
                                            the Company and you intend this letter agreement to be a comprehensive statement of the terms
                                            of your separation and supersede: (i) all prior understandings or statements made to you
                                            by the Company regarding your arrangements with the Company after your Separation Date; and
                                            (ii) all agreements you previously executed with the Company, including your Employment Agreement.
                                            It does not, however, supersede your equity agreements with the Company. Any modifications
                                            or waiver of the terms set forth in this letter agreement must be in writing and signed by
                                            you and by me on behalf of the Company. This letter agreement is binding on the company’s
                                            successors and assigns.

 

    	 

    	-5-

    

 

Please
indicate your agreement to the terms of this letter agreement by signing and dating the last page of the enclosed copy of this letter
agreement, and return it to me at your earliest convenience.

 

	 	Sincerely,
	 	 
	 	/s/
    Gray Chynoweth
	 	Gray
    Chynoweth
	 	Chief
    Executive Officer

 

By
signing this letter agreement, I acknowledge and agree that I understand the meaning of this letter agreement and that I freely and voluntarily
enter into it and the General Release contained herein. I agree that no fact, evidence, event, or transaction, whether known or unknown,
shall affect in any manner the final and unconditional nature of the agreements and releases set forth herein.

 

AGREED
TO AND EXECUTED UNDER SEAL THIS 21st day of December, 2021.

 

	 	/s/
    Sean Doherty
	 	Sean
    DohertyDocument

Exhibit 10.2
November 22, 2021

Hamilton E. James 
Chairman of the Board 
Costco Wholesale Corporation 

RE: Executive Employment Agreement 

Dear Tony: 

As provided for under section 7(b) of the Executive Employment Agreement, effective January 1, 2017, between Costco Wholesale Corporation and me, this letter will confirm an extension of the term through and including December 31, 2022. Consistent with the decisions of the Compensation Committee: section 1(a) is amended to change the Annual Base Salary to $1,100,000; and section 1(h) is amended to change the Target Bonus to $500,000. Please countersign below to indicate acceptance on behalf of  the Company. 

Very truly yours, 

			
	By: /s/ W. Craig Jelinek
	W. Craig Jelinek
	President and CEO
	
	
	Costco Wholesale Corporation 
	By: /s/ Hamilton James
	Hamilton E. James
	Chairman of the Board
	

cc: John Stanton

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