Document:

Exhibit

Exhibit 10.1

SEPARATION AND RELEASE AGREEMENT
This Separation and Release Agreement (the "Agreement") is between Gary W. Willingham (hereafter the "Individual") and Noble Energy, Inc. (hereafter the "Company").
RECITALS
WHEREAS, the Individual has been employed by the Company or another Released Party (defined below) on an at-will basis.
WHEREAS, the parties desire to enter into this Agreement to reflect their mutual undertakings, promises, and agreements concerning the Individual's separation from employment with the Company or another Released Party effective on the Separation Date (as defined below) and the Separation Benefits (as defined below) offered by the Company to the Individual by reason of such separation.
NOW THEREFORE, in exchange for the valuable consideration paid or given under this Agreement, the receipt, adequacy, and sufficiency of which is acknowledged, the parties knowingly and voluntarily agree to the following terms:

TERMS

		
	1.
	Separation Date. The Individual's employment with the Company or another Released Party (defined below) shall end effective October 26, 2018 (the "Separation Date"). As of the Separation Date, the Individual shall be permanently relieved of all further duties pursuant to his employment.

		
	2.
	Final Pay and Benefits. Whether or not the Individual signs this Agreement, he shall receive the following payments and benefits in accordance with the Company's existing policies, or at the Company's sole discretion, pursuant to his employment and his participation in the Company's employee benefit plans:

		
	a.
	Final Pay. Payment of his regular base salary and any accrued unused vacation through the Separation Date. These payments are subject to applicable taxes and withholdings and shall be delivered to the Individual as required by applicable law.

		
	b.
	Vested 401(k) Plan Benefits and Vested Equity Awards. In accordance with the terms of the applicable plan or as required by applicable law, payment of or other entitlement to any 401(k) plan benefits to which the Individual has a vested entitlement as of the Separation Date under the terms of the Company's 401(k) Plan, as well as entitlement to any grants of stock options, cash awards, or restricted stock from the Company vested as of the Separation Date and made pursuant to the Noble Energy, Inc. 1992 Stock Option and Restricted Stock Plan, as amended and restated, and evidenced by an award agreement executed between the Individual and the Company before the Separation Date. All grants which are not vested as of the Separation Date have automatically been forfeited and reverted to the Company effective as of the Separation Date under the award agreements.

		
	c.
	Right to Continue Certain Insurance Benefits. In accordance with the Consolidated Omnibus Budget Reconciliation Act ("COBRA"), the right to apply to continue after the Separation Date his group health, dental, and vision insurance benefits, if any, for himself

and his dependents, at his own expense. The Individual should complete an insurance continuation election form, which will be furnished to him under separate cover, and timely return it if he wishes to apply to continue his insurance coverage under COBRA.
		
	d.
	Reimbursement of Business Expenses. Reimbursement of business expenses properly incurred in accordance with Company policy before the Separation Date. Any such reimbursement must be based on substantiating documentation provided by the Individual to the Company within 30 days after the Separation Date.

3. Separation Benefits. Contingent upon the Individual's timely acceptance and non-revocation of this Agreement, the Company will provide the Individual with the following Separation Benefits in accordance with their terms.
		
	a.
	Continued Vesting of Certain Equity Grants. All outstanding Awards listed on Exhibit A will be allowed to vest as if the employee were in good standing at the Company.

		
	b.
	Separation Pay. The Company will pay the Individual $2,247,500 as separation pay (the "Separation Pay"). The Separation Pay is a gross amount, subject to applicable deductions and withholdings, and shall be paid to the Individual in a lump sum within fifteen (15) business days after the Effective Date (as defined below).

		
	c.
	Reduction in COBRA Premium Costs. If the Individual timely elects to continue his group health, dental, and vision insurance benefits coverage for himself and his dependents under COBRA following the Separation Date, for a period of six (6) months commencing after the last day of the month in which the Individual's Separation Date occurs, the Company shall reduce the rate of contributions required for COBRA continuation coverage under those group health insurance plans, as such plans are in effect from time to time, to the rate of contributions required from the Individual immediately before the Separation Date (subject to applicable adjustments for subsequent changes in the level of coverage and without regard to any rate reductions that Individual may be entitled to receive for wellness program participation).

		
	d.
	Employee Assistance Benefits. To the extent permitted by the terms of the Company's employee assistance plan, as then in effect, the Individual will have coverage under the employee assistance program for a period of ninety (90) days commencing on the Individual's Separation Date.

		
	e.
	Outplacement Services. the Company will provide the Individual with reimbursement of up to $25,000 in outplacement costs, supported by invoices.

		
	4.
	Permission to Retain Company-Issued Cellular Telephone and Return of Other Property and  Information. The Company shall permit the Individual to retain the Company-owned cellular telephone previously provided to him. By retaining such telephone, the Individual hereby consents to permitting the Company to remove (either directly or via remote wiping) all of the Company's and any other Released Parties' (defined below) confidential and other information from such devices. The Individual must return to the Company or the other Released Parties all other items of its or their property, including without limitation keys, all copies of Confidential Information (defined below), badge/access card, computers, software, electronic information, storage devices, equipment, credit cards, forms, files, manuals, correspondence, business records, personnel data, lists of employees, salary and benefits information, customer files, lists of suppliers and vendors, price lists, contracts, contract information, marketing plans, brochures, 

catalogs, training materials, computer tapes and diskettes or other portable media, computer-readable files and data stored on any hard drive or other installed device, and data processing reports, and any and all other documents or property which he has had possession of or control over during his employment.
The Individual's obligations under this paragraph supplement, rather than supplant, his obligations under the common law and any non-disclosure, inventions, or intellectual property agreements (or similar agreements) he entered with the Company or any other Released Party. The Individual's obligations under this paragraph shall not apply to, and the Individual may retain copies of, personnel, benefit, or payroll documents concerning only him. By signing below, the Individual represents and warrants that he has fully complied with his obligations under this paragraph on or before the date he signs this Agreement.
5.    General Release.
		
	a.
	Full and Final Release by Releasing Parties. The Individual, on behalf of himself/herself and his spouse, other family members, heirs, successors, and assigns (collectively, the "Releasing Parties"), hereby voluntarily, completely, and unconditionally to the maximum extent permitted by applicable law releases, acquits, waives, and forever discharges any and all claims, demands, liabilities, and causes of action of whatever kind or character, whether known, unknown, vicarious, derivative, direct, or indirect (individually a "Claim" and collectively the "Claims"), that he or they, individually, collectively, or otherwise, may have or assert against the Released Parties (defined below).

		
	b.
	Claims Included. This release includes without limitation any Claim arising out of or relating in any way to (i) the Individual's employment or the termination of his employment with the Company or another Released Party (defined below), or with any position held with, for or on behalf of the Company or another Released Party, or with the employment practices of any of the Released Parties; (ii) any federal, state, or local statutory or common law or constitutional provision that applies, or is asserted to apply, directly or indirectly, to the formation, continuation, or termination of the Individual's employment relationship with the Company or another Released Party, including but not limited to the Age Discrimination in Employment Act ("ADEA"); (iii) any contract, agreement, or arrangement between, concerning, or relating to the Individual and any of the Released Parties, including without limitation any grants of stock options, cash awards, or restricted stock from the Company or any other Released Party that are not vested as of the Separation Date and therefore forfeited as of the Separation Date; (iv) any other alleged act, breach, conduct, negligence, gross negligence, or omission of any of the Released Parties (defined below).

		
	c.
	Claims Excluded. Notwithstanding any other provision of this Agreement, this release does not (i) waive or release any Claim for breach or enforcement of this Agreement or the Plan; (ii) waive or release any right or Claim that may not be waived or released by applicable law; (iii) waive or release any right or Claim under the ADEA that may arise after the date this Agreement is signed by the Individual; (iv) prevent the Individual from pursuing any administrative Claim for unemployment compensation or workers' compensation benefits; or (v) waive or release any right or Claim to indemnification available to the Individual as a current or former officer, director, or employee of the 

Company or another Released Party whether through the corporate bylaws (or similar governing documents) of the Company or another Released Party or under applicable law; provided, however, that (A) the Individual's execution of this Agreement is not a concession or guaranty that the Individual has any such right or Claim to indemnification, (B) this Agreement does not create any additional rights to indemnification, and (C) the Released Parties retain any and all defenses they may have to such indemnification or coverage. 
		
	d.
	Definition of Released Parties. The "Released Parties" (individually each a "Released  Party") include (i) the Company; (ii) any parent, subsidiary, or affiliate of the Company, including NBLX; (iii) any past or present officer, director, or employee of the entities just described in (i)-(ii), in their individual and official capacities; and (iv) any past or present predecessors, parents, subsidiaries, affiliates, owners, shareholders, members, managers, benefit plans, operating units, divisions, agents, representatives, officers, directors, partners, employees, fiduciaries, insurers, attorneys, successors, and assigns of the entities just described in (i)-(ii). "Affiliates" is defined, as to any entity, any other entity that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such first entity; as used herein, entity shall mean any company, partnership, joint venture, master limited partnership or other form of enterprise, domestic or foreign, and control shall mean, with respect to any entity, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through the ownership of voting securities (or general partner, stock, or other ownership or membership interest), by contract or otherwise.

		
	e.
	Permitted Activities. Notwithstanding any other provision of this Agreement but subject to the Individual's waiver in subparagraph 7(a) below, nothing in this Agreement precludes the Individual from (i) reporting to, responding to an inquiry from, filing a charge or complaint with, communicating with or providing information to, contacting, or cooperating with an investigation conducted by, the Equal Employment Opportunity Commission, the Department of Labor, 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, commission, or regulatory body; (ii) providing information about this Agreement to his family members, attorney, or accountant or tax advisor (if any); (iii) making disclosures or giving truthful testimony as required by law or valid legal process (such as by a subpoena or administrative order); or (iv) engaging in any concerted or other legally-protected activities.

Individual understands that he shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Individual likewise understands that in the event he files a lawsuit for retaliation by Company for reporting a suspected violation of law, he may disclose Company's trade secret(s) to his attorney and use the trade secret information in the court proceeding, if he (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.

6.    Confidentiality, Cooperation, Nonprosecution, and Consultation.
		
	a.
	Confidentiality. Except as requested by the Company or the other Released Parties, as permitted by this Agreement or applicable law that supersedes the terms of this Agreement, or as compelled by valid legal process, the Individual shall treat as confidential the fact and terms of this Agreement and shall not disclose such information to any person other than (i) to his spouse, attorney, and accountant or tax advisor, if such persons have agreed to keep such information confidential; (ii) to a governmental agency if requested in connection with an investigation; (iii) if compelled by law or legal process; or (iv) as necessary in any legal proceeding to enforce this Agreement.

The Individual represents that he has not discussed, disseminated, or publicized the terms of this settlement or the negotiations thereof with anyone, and understands that this confidentiality provision is a material term of this Agreement. 
		
	b.
	Cooperation. The Individual shall cooperate fully and completely with the Company and any of the other Released Parties, at their request, in all pending and future litigation, investigations, arbitrations, and/or other fact-finding or adjudicative proceedings, public or private, involving the Company or any of the other Released Parties. This obligation includes without limitation the Individual promptly meeting with counsel for the Company or the other Released Parties at reasonable times upon their request, and providing testimony in court, before an arbitrator or other convening authority, or upon deposition that is truthful, accurate, and complete, according to information known to him. If the Individual appears as a witness in any pending or future litigation, arbitration, or other fact-finding or adjudicative proceeding at the request of Company or any of the other Released Parties, the Company or the other Released Parties shall reimburse him, upon submission of substantiating documentation, for necessary and reasonable expenses (other than attorneys' fees) actually incurred by him as a result of testifying.

		
	c.
	Nondisparagement. The Individual shall not make to any other party any statement (whether oral, written, electronic, anonymous, on the Internet, or otherwise), which directly or indirectly impugns the quality or integrity of the Company's or any of the other Released Parties' business or employment practices, or any other remarks about the Company or any of the other Released Parties that may in any way may be considered harmful or negatively impact the Company or any of the Released Parties or its or their business reputation or operations. Any violation of this section by Individual shall be considered a material breach of this Agreement. The Company will not file or publish any formal statement that disparages or impugns the Individual.

		
	d.
	Consultation. The Individual shall, without additional consideration other than the Separation Benefits, upon the Company's request, be available at reasonable times following the Separation Date for consultation without unreasonable interference with his personal or business activities, in person, online, or by telephone, as necessary, on such matters relating to the Company or the other Released Parties as may be within his knowledge.

		
	e.
	Non-Solicitation. Through October 19, 2020, Employee shall not directly or indirectly, without prior written consent from the Company's Board of Directors, solicit, encourage, facilitate, or induce any employees, other stock holders, service providers, or licensees of the Company to breach any agreement or contract with, or discontinue or curtail his, her, 

or its business relationships with the Company; or (iv) solicit, hire, or otherwise engage any person who is an employee of the Company, or was an employee of the Company, at any time in the one year proceeding the solicitation, hiring, or engagement.
7.    Waiver of Certain Rights.
		
	a.
	Right to Relief Not Provided in this Agreement. The Individual irrevocably waives any right to monetary recovery from the Company or the other Released Parties, whether sought directly by him or in the event any administrative agency or other public authority, individual, or group of individuals should pursue any Claim on his behalf; and he shall not request or accept from the Company or the other Released Parties, as compensation or damages related to his employment or the termination of his employment with any of the Released Parties, anything of value that is not provided for in this Agreement. Notwithstanding the previous sentence, this Agreement does not limit the Individual's right to receive an award for information provided to any government agency.

		
	b.
	Right to Class- or Collective-Action Initiation or Participation. The Individual declines to and irrevocably waives the right to initiate or participate in any class or collective action with respect to any Claim against the Company or the Released Parties, including without limitation any Claim arising from the formation, continuation, or termination of his employment relationship with any of the Released Parties.

		
	8.
	No Violations. The Individual represents and warrants that he has no knowledge that the Company or any of the Released Parties has committed or is suspected of committing any act which is or may be in violation of any federal or state law or regulation or has acted in a manner which requires corrective action of any kind. The Individual further represents and warrants that he has not informed the Company or any of the other Released Parties of, and that he is unaware of, any alleged violations of the Company's standards of business conduct or personnel policies, of the Company's integrity or ethics policies, or other misconduct by the Company or any of the other Released Parties, that have not been resolved satisfactorily by the Company or the other Released Parties.

		
	9.
	Non-Use and Non-Disclosure of Confidential Information. The Individual shall not at any time use or disclose to any person any of the Company's or any other Released Parties' confidential information (the "Confidential Information"), which is defined broadly and includes, without limitation, all non-public information disclosed or made available to the Individual that may give the Company or another Released Party or any competitor a competitive advantage in its industry and is not generally known or readily ascertainable by independent investigation. Confidential Information includes, broadly, and is not limited to, e.g., methods of operation and service, leases and opportunities pertaining to the lease, acquisition, exploration, production, gathering, transporting, marketing, treating, or other processing of hydrocarbons and related products and the exploration potential of geographical areas on which hydrocarbon exploration prospects are located; technical information, including inventions, computer programs, computer processes, computer codes, software, website structure and content, databases, formulae, designs, compilations of information, data, proprietary production processes, and know-how related to the Company's or another Released Party's operations; financial information, including margins, earnings, accounts payable, and accounts receivable; business information, including business plans, expansion plans, business proposals, pending projects, pending proposals, sales data, and leases; employee incentive information, including any bonus or commission plan terms; advertising information, including costs and strategies; customer information, including customer 

contacts, customer lists, customer identities, customer preferences, customer purchasing or service terms, and negotiated terms with customers; supplier information, including supplier lists, supplier identities, contact information, capabilities, services, prices, costs, and negotiated terms with suppliers; information about the Company's or another Released Party's future plans, including marketing strategies, target markets, promotions, sales plans, projects and proposals, research and development, and new materials research; inventory information, including quality-control procedures, inventory ordering practices, inventory lists, and inventory storage and shipping methods; information regarding the Company's personnel and employment policies and practices, including employee lists, contact information, performance information, compensation data, benefits, and training programs; and information regarding the independent contractors and subcontractors, including independent contractor and subcontractor lists, contact information, compensation, and agreements; and any activities or conduct of the Company's management and Board of Directors including performance assessment and succession planning, strategic plans, budgets and projections.
Confidential Information shall also include all information contained in any manual or electronic document or file created by the Company or another Released Party and provided or made available to the Individual. Confidential Information shall not include any information in the public domain, through no disclosure or wrongful act of the Individual, to such an extent as to be readily available to competitors. If it appears the Individual will be compelled by law or judicial process to disclose any Confidential Information following the Separation Date, he shall notify the Company's General Counsel in writing immediately upon his receipt of a subpoena or other legal process. The Individual's obligations under this paragraph shall supplement, rather than supplant, his obligations concerning Confidential Information under the common law and his obligations under any non-disclosure, inventions, or intellectual property agreements (or similar agreements) he entered with the Company or another Released Party.
		
	10.
	Nonadmission of Liability or Wrongdoing. The Individual acknowledges that (a) this Agreement shall not in any manner constitute an admission of liability or wrongdoing on the part of the Company or any of the other Released Parties; (b) the Company and the other Released Parties expressly deny any such liability or wrongdoing; and, (c) except to the extent necessary to enforce this Agreement, neither this Agreement nor any part of it may be construed, used, or admitted into evidence in any judicial, administrative, or arbitral proceedings as an admission of any kind by the Company or any of the other Released Parties.

		
	11.
	Jury Trial Waiver. THE PARTIES HEREBY WAIVE THE RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM AGAINST ANY RELEASED PARTY FOR BREACH OR ENFORCEMENT OF THIS AGREEMENT.

		
	12.
	Authority to Execute. The Individual represents and warrants that he has the authority to execute this Agreement on behalf of all the Releasing Parties.

		
	13.
	Governing Law; Venue; Severability; Interpretation. This Agreement and the rights and duties of the parties under it shall be governed by the laws of the State of Texas, without regard to any conflict-of-laws principles. The parties hereby irrevocably consent to the binding and exclusive venue for any Claim between them arising out of or related to this Agreement being in the state or federal court of competent jurisdiction that regularly conducts proceedings in Harris County, Texas. Nothing in this Agreement, however, precludes either party from seeking to remove a civil action from any state court to federal court. The provisions of this Agreement shall be severable. If any one or more provisions or any part of this Agreement may be determined by a court of competent jurisdiction to be illegal or otherwise unenforceable, in whole or in part, such

provision shall be considered separate, distinct, and severable from the other remaining provisions of this Agreement, such a determination shall not affect the validity or enforceability of such other remaining provisions, and in all other respects the remaining provisions of this Agreement shall be binding and enforceable and remain in full force and effect. If any provision of this Agreement is held to be unenforceable as written by a court of competent jurisdiction but may be made to be enforceable by limitation, then such provision shall be enforceable to the maximum limit permitted by applicable law. The language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against any of the parties.
		
	14.
	Assignment. The Individual's obligations, rights, and benefits under this Agreement are personal to the Individual and shall not be assigned to any person or entity without written permission from the Company's Senior Vice President of Human Resources and Administration. This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, legal representatives, successors, and permitted assigns.

		
	15.
	Breach of Agreement or Post-Separation Obligations. Notwithstanding any other provision in this Agreement, the Company's obligation to provide the Separation Benefits to the Individual is subject to the condition that he complies with his obligations under this Agreement and his post-separation obligations under any non-disclosure, inventions, or intellectual property agreements (or similar agreements) he entered with the Company or another Released Party. The Company shall have the right to suspend or cease providing any part of the Separation Benefits, as well as to receive repayment of any Separation Benefits already provided, if the Individual has breached any such obligations but all other provisions of this Agreement shall remain in full force and effect. The Company's rights under this paragraph shall be in addition to any other available rights and remedies should the Individual breach any such obligations.

		
	16.
	Expiration Date. The Company's offer of this Agreement shall expire on the 22nd calendar day (or if the 22nd day is a Saturday, Sunday, or Company-recognized holiday, the first subsequent business day) after the Individual first received this Agreement for consideration (the "Expiration Date"). The Individual may accept the offer at any time before the Expiration Date by signing this Agreement in the space provided below and returning it to the attention of Taunya Fritzsching, Payroll Supervisor (at Noble Energy, Inc., 1001 Noble Energy Way, Houston, TX, or by .pdf e-mail attachment to Taunya.Fritzsching@nblenergy.com) so that the signed Agreement is received no later than the close of business on the Expiration Date.

		
	17.
	Limited Revocation Right; Effect of Revocation. After signing this Agreement, the Individual shall have a period of seven days to reconsider and revoke his acceptance of this Agreement if he wishes (the "Revocation Period"). If the Individual chooses to revoke his acceptance of this Agreement, he must do so by providing written notice to the Company (Attention: Taunya Fritzsching, Payroll Supervisor, at 1001 Noble Energy Way, Houston, TX or Taunya.Fritzsching@nblenergy.com) before the eighth day after signing this Agreement, in which case this Agreement shall not become effective or enforceable and the Individual shall not be entitled to the Separation Benefits.

		
	18.
	Effective Date. This Agreement shall become effective and enforceable upon the expiration of seven days after the Individual signs it (the "Effective Date"), provided that he signs this Agreement on or before the Expiration Date and does not revoke his acceptance of this Agreement during the Revocation Period.  

		
	19.
	Knowing and Voluntary Agreement. The Company and its counsel do not represent the Individual and hereby advise the Individual to consult with an attorney of his choosing prior to signing this Agreement. The Individual acknowledges that (a) he has been advised by this paragraph of his right to consult with an attorney and tax advisor of his choice before signing this Agreement; (b) he has had a reasonable period in which to consider whether to sign this Agreement; (c) he fully understands the meaning and effect of signing this Agreement; and (d) his signing of this Agreement is knowing and voluntary.

		
	20.
	Independent Consideration; Common-Law Duties. Whether expressly stated in this Agreement or not, all obligations the Individual assumes and undertakings he makes by signing this Agreement are understood to be in consideration of the mutual promises and undertakings in this Agreement and the Separation Benefits. In addition, the Individual acknowledges and agrees that neither the Company nor any of the other Released Parties has any legal obligation to provide the Separation Benefits to him outside of this Agreement.

		
	21.
	Entire Agreement. This Agreement contains and represents the entire agreement of the parties with respect to their subject matters, and supersede all prior agreements and understandings, written and oral, between the parties with respect to their subject matters. Notwithstanding the preceding sentence, nothing in this Agreement shall be interpreted or construed as superseding or relieving the Individual of his obligations under any non-disclosure, inventions, or intellectual property agreements (or similar agreements) he entered with the Company or another Released Party. The Individual agrees that neither the Company nor its representatives has made any promise or representation to him concerning this Agreement that is not expressed in this Agreement and that, in signing this Agreement, he is not relying on any prior oral or written statement or representation by the Company or its representatives outside of this Agreement but is instead relying solely on his own judgment.

		
	22.
	Modification; Waiver. No provision of this Agreement shall be amended, modified, or waived unless such amendment, modification, or waiver is agreed to in writing and signed by the Individual and a duly authorized representative of the Company.

		
	23.
	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall be considered one and the same agreement. The delivery of this Agreement in the form of a clearly legible facsimile or electronically scanned version by e-mail or e-mail .pdf attachment shall have the same force and effect as delivery of the originally executed document.

		
	24.
	Internal Revenue Code Section 409A. The payments and benefits provided under this Agreement are intended to be exempt from Section 409A of the Internal Revenue Code and this Agreement shall be interpreted and administered in a manner consistent with that intent.

AGREED as of the dates signed below:

	
					
	NOBLE ENERGY, INC.
	 
	INDIVIDUAL
	 
	 

	By:  /s/Andrea Lee Robison
	 
	By:  /s/Gary W. Willingham
	 
	 

	Andrea Lee Robison
	 
	 
	 
	 

	Senior Vice President, Human Resources
	 
	 
	 
	 

	and Administration
	 
	 
	 
	 

	 
	 
	 
	 
	 

	Date Signed: 11/9/2018
	 
	Date Signed:  11/8/2018  
	 
	 

    

    

EXHIBIT A
Equity Awards
Options:
One-third of the options granted under the 2016 Nonqualified Stock Option Agreement between Employee and the Company
Two-thirds of the options granted under the 2017 Nonqualified Stock Option Agreement between Employee and the Company
One-third of the options granted under the 2018 Nonqualified Stock Option Agreement between Employee and the Company
All vested options, regardless of grant date, may be exercised on or before October 26, 2023 or per original term at grant, whichever is earlier.

Time Vested Restricted Stock
60% of the Time Vested Restricted Stock granted under the 2017 Restricted Stock Agreement [2-Year Time Vested] between Employee and the Company
One third of the Time Vested Restricted Stock granted under the 2018 Restricted Stock Agreement [3-Year Time Vested] between Employee and Company
Stock Performance Awards
100% of the Stock Performance Awards granted under the 2016 Restricted Stock Agreement [3-Year Performance Vested] between Employee and the Company
100% of the Stock Performance Awards granted under the 2017 Restricted Stock Agreement [3-Year Performance Vested] between Employee and the Companytndm-ex105_14.htm

Exhibit 10.5

DEVELOPMENT AGREEMENT

[***]: CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION.

This Development Agreement (this “Agreement”) is made and entered into on June 4, 2015 (the “Effective Date”) by and between Tandem Diabetes Care, Inc., a Delaware corporation, having a principal place of business at 11045 Roselle St., San Diego, CA 92121 (“Tandem”) and DexCom, Inc., a Delaware corporation, having a principal place of business at 6340 Sequence Drive, San Diego, CA 92121 (“DexCom”).

Background

	
 
	
A.
	
DexCom is in the business of developing and commercializing continuous glucose monitoring systems, and is currently developing the DexCom G6 System (as defined below).  

	
 
	
B.
	
Tandem has developed, and is developing, current and next generations of insulin infusion pump systems. 

	
 
	
C.
	
The parties believe it is in each of their best interests to enable Tandem to adapt the Tandem Display Device (defined below) to identify, receive, and display information from the DexCom G6 System, which is adapted to communicate information on a one-way basis between a DexCom Sensor (defined below) via the DexCom BT CGM Transmitter (defined below) to an external receiver or other display, such as the Tandem Display Device.

The parties therefore agree as follows:

	
1.
	
Definitions  

	
 
	
1.1.
	
“Affiliates” means any corporation or other entity that is directly or indirectly controlling, controlled by or under common control with a party.  For the purpose of this definition, “control” means the direct or indirect ownership of more than fifty percent (50%) of the capital stock of the subject entity entitled to vote in the election of directors (or, in the case of an entity that is not a corporation, interests entitled to vote in the election of the corresponding managing authority).

	
 
	
1.2.
	
“Communication Protocol” will have the meaning given to that term in Section 2.2 below.

	
 
	
1.3.
	
“DexCom BT CGM Transmitter” means the transmitter component of the DexCom G6 System that is configured to transmit information from a DexCom Sensor via 

 

 

	
 
		
Bluetooth to any receiver adapted to identify, receive, and display such information, and is also controlled from an authenticated receiver, such as the DexCom Receiver, and the DexCom CGM Smartphone App.

	
 
	
1.4.
	
“DexCom CGM-Enabled Tandem Display Device” means a Tandem Display Device comprising a receiver or other component of the Tandem Insulin Infusion Pump configured to identify, receive, interpret, process and/or display DexCom Sensor Information from a DexCom BT CGM Transmitter and control the DexCom BT CGM Transmitter.  A DexCom CGM-Enabled Tandem Display Device will be independently developed by Tandem pursuant to Section 2.1 and is not, and will not be, a component of a DexCom G6 System. 

	
 
	
1.5.
	
DexCom CGM Smartphone App” means the smartphone application component of the DexCom G6 System that identifies, receives, deciphers and displays information transmitted by a DexCom BT CGM Transmitter from a DexCom Sensor, and also enables control of the DexCom BT CGM Transmitter by receiving and transmitting data to the DexCom G6 System, such as configuration settings and calibration values.

	
 
	
1.6.
	
“DexCom G6 System” means DexCom’s sixth generation continuous glucose monitoring system comprised of the following components, all designed, developed and manufactured by DexCom: a DexCom Sensor, a DexCom BT CGM Transmitter, DexCom Sensor Information, the Communication Protocol, a DexCom Receiver, and the DexCom CGM Smartphone App. 

	
 
	
1.7.
	
“DexCom Receiver” means a component of the DexCom G6 System that identifies, receives, deciphers and displays information transmitted by a DexCom BT CGM Transmitter from a DexCom Sensor, and also enables control of the DexCom Transmitter by receiving and transmitting data to the DexCom G6 System, such as configuration settings and calibration values. 

	
 
	
1.8.
	
“DexCom Sensor” means the component of the DexCom G6 System comprising a continuous glucose monitoring electrode sensor, adapted to (i) penetrate the patient’s skin to come into contact with the patient’s interstitial fluid, (ii) measure interstitial fluid glucose level, and (iii) be operably coupled to a DexCom BT CGM Transmitter to communicate the blood glucose value as measured by the DexCom Sensor to a separate receiver.

	
 
	
1.9.
	
“DexCom Sensor Information” consists of a DexCom BT CGM Transmitter interface spec that specifies contents of the transmitter broadcast message and the available control functions (the “Specification”).  The transmitter broadcast message will contains items such as estimated glucose value, device display time stamp information, the trend arrow and calibration confidence intervals as stored in the DexCom BT CGM Transmitter.  The control functions provide the commands required to start session, stop session and calibrate.  Any additional sensor information to be shared must be 

 

2.

 

	
 
		
agreed in writing by both parties or shall be the result of DexCom’s updating of the Specification, which shall be permitted without requiring compliance with Section 10.7. The term “DexCom Sensor Information” shall in no way be construed to include the Raw Data.  

	
 
	
1.10.
	
“Effective Date” is the date set forth in the preamble above. 

	
 
	
1.11.
	
"Integrated System" shall mean a Tandem System that implements the Communication Protocol and is capable, among other things, of receiving and displaying continuous glucose monitoring data generated by the DexCom G6 System. 

	
 
	
1.12.
	
"Intellectual Property Rights" means (collectively): copyright rights (including, without limitation, the exclusive right to use, reproduce, modify, distribute, publicly display and publicly perform the copyrighted work), trademark rights (including, without limitation trade names, trademarks, service marks, and trade dress), patent rights (including, without limitation, the exclusive right to make, have made, import, use, sell and offer to sell), trade secrets, rights of publicity, authors’ and moral rights, goodwill and all other intellectual and industrial property rights as may exist now and/or hereafter come into existence and all renewals, reissues and extensions thereof, regardless of whether such rights arise under the laws of the United States or any other U.S. state or other country or jurisdiction.  

 

	
 
	
1.13.
	
“Raw Data” means any raw data used by the DexCom G6 System or any other data generated or stored by the DexCom G6 System that is not included in the definition of DexCom Sensor Information.

	
 
	
1.14.
	
“Tandem Display Device” means a device used in connection with, or component of the, Tandem Insulin Infusion Pump that communicates with and controls the Tandem Insulin Infusion Pump and which also stores and processes data related to the Tandem System.

	
 
	
1.15.
	
“Tandem Insulin Infusion Pump” means a subcutaneous infusion pump for insulin delivery, either alone or together with other medicaments. 

	
 
	
1.16.
	
“Tandem System” means a subcutaneous infusion system comprised of the following components: a Tandem Insulin Infusion Pump and a Tandem Display Device.

	
2.
	
Development & Regulatory

	
 
	
2.1.
	
Tandem Responsibilities.  At Tandem’s sole cost, Tandem intends to develop a version of the Tandem System comprising a DexCom CGM-Enabled Tandem Display Device.  Tandem shall be solely responsible for all design, development, regulatory and commercialization activities associated with such DexCom CGM-Enabled Tandem Display Device.  Tandem shall ensure that any DexCom CGM-Enabled Tandem 

 

3.

 

	
 
		
Device shall not interfere with the ability of the DexCom BT CGM Transmitter to remain paired and communicate with the DexCom CGM Smartphone App at all times, notwithstanding any pairing with the Tandem System.

	
 
	
2.2.
	
DexCom Responsibilities.  At DexCom’s sole cost, DexCom intends to develop a DexCom G6 System.  DexCom shall be solely responsible for all design, development, regulatory and commercialization activities associated with such DexCom G6 System.  Upon completion of such development, DexCom will provide Tandem with a communication protocol that permits a DexCom CGM-Enabled Tandem Display Device to identify, receive and display DexCom Sensor Information and to control the DexCom BT CGM Transmitter (the “Communication Protocol”). Upon request, DexCom agrees to provide commercially reasonable assistance in response to questions from Tandem to facilitate Tandem’s implementation of the Communication Protocol. In addition, if reasonably necessary for Tandem to secure regulatory approval for the commercialization of a Tandem System, or a component thereof, DexCom agrees to permit Tandem to reference DexCom’s own regulatory filings for the DexCom G6 System.  

	
 
	
2.3.
	
Costs.  Each party shall bear its own costs.

	
3.
	
Ownership & License

	
 
	
3.1.
	
Ownership.  The parties do not intend for there to be any “joint inventions” under this Agreement and, except as set forth in Section 3.2, this Agreement does not comprise an assignment or license of any intellectual property, trade secrets or confidential information by either party to the other.  DexCom (and/or its Affiliates) will own and retain their Intellectual Property Rights. Tandem (and/or its Affiliates) will own and retain their Intellectual Property Rights.  

	
 
	
3.2.
	
License.  DexCom hereby grants Tandem a royalty-free, worldwide, non-exclusive license to (i) use the Communication Protocol for the purpose of developing and commercializing a DexCom CGM-Enabled Tandem Display Device, including the right to make, have made, use, sell, offer to sell, have sold and import the DexCom CGM-Enabled Tandem Display Device; and (ii) use the trademarks, trade names and other marketing names used by DexCom for the DexCom G6 System solely in connection with Tandem’s advertising, promotion, marketing and sale of the Tandem System, and in related brochures and other materials, in full accordance with all guidelines and instructions as DexCom may deliver to Tandem from time to time in DexCom’s sole discretion. 

	
 
	
3.3.
	
Limitations on Use.  Tandem agrees not to distribute, license, sublicense or otherwise transfer the Communication Protocol to any third party.  Tandem shall have no right under this Agreement to in any way distribute the Communication Protocol, or to 

 

4.

 

	
 
		
intercept, propagate, reverse engineer, disassemble, de-encrypt, or derive the source code for the software or bios included in any DexCom G6 System, or any component thereof.  Tandem is not granted any right to the Raw Data received or generated by any DexCom G6 System and/or used by it to produce output such as timestamps, measurements or other data, and will not try to derive, de-encrypt or intercept any of such Raw Data.  Tandem shall not access or use any information within the DexCom G6 System other than the information contained in the Specification.  Tandem shall be prohibited from using the Communication Protocol for any purposes other than as set forth in this Agreement. DexCom shall not access or use any information within the Tandem System other than as set forth in this Agreement. 

	
 
	
3.4.
	
No Other Restrictions.  For the avoidance of doubt, except as expressly agreed by the parties in writing, (i) DexCom will not be restricted from distributing, licensing, transferring, or otherwise exploiting the DexCom G6 System or any component thereof, or any Intellectual Property Rights therein, and (ii) Tandem will not be restricted from distributing, licensing, transferring, or otherwise exploiting the Tandem System or any component thereof, or any Tandem Intellectual Property Rights therein. 

	
4.
	
Commercialization

	
 
	
4.1.
	
DexCom shall have sole discretion to decide whether to complete development of and commercialize the DexCom G6 System and shall be under no obligation to complete such development or commercialization as a result of this Agreement.

	
 
	
4.2.
	
Tandem shall have sole discretion to decide whether to complete development of and commercialize a version of the Tandem System comprising a DexCom CGM-Enabled Tandem Display Device and shall be under no obligation to complete such development or commercialization as a result of this Agreement. Tandem and DexCom will use commercially reasonable efforts to develop a mutually acceptable written plan to provide training and customer and technical support for any mutual customers prior to Tandem’s submission of any application to regulatory authorities to secure regulatory approval for the commercialization of a DexCom CGM-Enabled Tandem Display Device. 

	
 
	
4.3.
	
If DexCom and Tandem, respectively, complete the development and commercialization of (i) the DexCom G6 System, and (ii) a DexCom CGM-Enabled Tandem Display Device, then the parties will use commercially reasonable efforts to develop a plan to cooperate on marketing such products to their respective customers. 

	
 
	
4.4.
	
Tandem hereby acknowledges that DexCom may discontinue its support of the DexCom G6 System  [***]. DexCom agrees to [***].  Tandem further acknowledges that DexCom has no obligation to [***].

 

5.

 

	
5.
	
Representations and Warranties

	
 
	
5.1.
	
By Tandem.  Tandem warrants and represents to DexCom that (i) Tandem has the full right and authority to enter into this Agreement and grant the rights granted herein; (ii) Tandem has not previously granted and will not grant any right in conflict with any of the rights granted herein; (iii) to Tandem’s knowledge on the Effective Date, there is no existing or threatened action, suit or claim pending against it with respect to its right to enter into and perform any of its obligations under this Agreement.

	
 
	
5.2.
	
By DexCom.  DexCom warrants and represents to Tandem that (i) DexCom has the full right and authority to enter into this Agreement and grant the rights granted herein; (ii) DexCom has not previously granted and will not grant any right in conflict with any of the rights granted herein; (iii) to DexCom’s knowledge on the Effective Date, there is no existing or threatened action, suit or claim pending against it with respect to its right to enter into and perform its obligations under this Agreement.

	
 
	
5.3.
	
Disclaimer of Warranties.  EXCEPT AS EXPRESSLY SET FORTH IN THIS SECTION 5, EACH OF TANDEM AND DEXCOM MAKES NO REPRESENTATIONS OR WARRANTIES UNDER THIS AGREEMENT, AND EXPRESSLY DISCLAIMS ANY WARRANTIES EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, VALIDITY, AND NON-INFRINGEMENT.

	
6.
	
Confidentiality

	
 
	
6.1.
	
Confidential Information.  Except as expressly provided in this Agreement, during the Term and for [***], any party receiving Confidential Information, as defined below (the “Receiving Party”), will not publish or otherwise disclose and will not use such Confidential Information for any purpose other than carrying out Receiving Party’s obligations under this Agreement. For purposes of this Agreement, “Confidential Information” means any information furnished by a party (the “Disclosing Party”) pursuant to this Agreement which is confidential or proprietary to the Disclosing Party, including, without limitation, the Specifications. Notwithstanding the foregoing, Confidential Information will not include information that, in each case as demonstrated by the Receiving Party with reliable written documentation:

	
 
	
6.1.1.
	
was already known to the Receiving Party, other than under an obligation of confidentiality, at the time of disclosure;

	
 
	
6.1.2.
	
was generally available to the public or otherwise part of the public domain at the time of its disclosure to the Receiving party;

 

6.

 

	
 
	
6.1.3.
	
became generally available to the public or otherwise part of the public domain after its disclosure hereunder and other than through any act or omission of the Receiving Party in breach of this Agreement; or

	
 
	
6.1.4.
	
was subsequently lawfully disclosed to the Receiving Party by a person without breaching a duty of confidentiality or developed by the Receiving Party without use of, reliance on, or reference to any information or materials disclosed by the Disclosing Party.

	
 
	
6.2.
	
Permitted Disclosures.  Notwithstanding Section 6.1, a Receiving Party may use or disclose Confidential Information solely to the extent such use or disclosure is reasonably necessary in complying with an order of a court of law, prosecuting or defending litigation, complying with applicable governmental regulations, submitting information to tax or other governmental authorities, or conducting clinical trials, provided that if a Receiving Party is required to make any such disclosure of Confidential Information, it will give the other party reasonable advanced notice of the disclosure, and use its reasonable efforts to secure confidential treatment of the information prior to its disclosure (whether through protective orders or otherwise).

	
 
	
6.3.
	
Return of Confidential Information.  Within 30 days after the effective date of any termination of this Agreement, except to the extent reasonably necessary for a party to exercise any rights that expressly survive the termination of the Agreement, each party will return to the other party (where practicable), or at the Receiving Party’s option, destroy and provide written certification of the destruction of, all tangible materials that contain the Disclosing Party’s Confidential Information.

	
 
	
6.4.
	
Confidentiality of Agreement; No Press Release.  Except to the extent required to comply with applicable law, and subject to the requirements of Section 6.2, neither party will make any disclosure to any third party, and no press release will issue, relating to the existence of this Agreement, any term hereof, or any transaction contemplated herein without prior written agreement of the other party. 

	
7.
	
Indemnification and Defense of Infringement

	
 
	
7.1.
	
DexCom will defend and indemnify Tandem, its Affiliates, and each of its directors, officers, employees, agents, successors and assigns (collectively, “Tandem Indemnitees”), against all third-party claims, suits and proceedings, and will hold the Tandem Indemnitees harmless against all judgments, settlements, costs, liabilities and expenses (including without limitation, reasonable attorneys’ fees and litigation costs) (collectively, “Losses”) payable to third parties in connection with such claims, suits and proceedings, to the extent arising from or occurring as a result of: (i) DexCom’s breach of the [***], (ii) the [***], or (iii) physical injury (including death) and/or property damage [***], excluding [***].

 

7.

 

	
 
	
7.2.
	
Tandem will defend and indemnify DexCom, its Affiliates, and each of its directors, officers, employees, agents, successors and assigns (collectively, “DexCom Indemnitees”), against all third-party claims, suits and proceedings, and will hold the DexCom Indemnitees harmless against all Losses payable to third parties in connection with such claims, suits and proceedings, to the extent arising from or occurring as a result of: (i) Tandem’s breach of the [***], (ii) the [***], or (iii) physical injury (including death) and/or property damage [***], excluding [***]. 

	
 
	
7.3.
	
If the manufacture or use of the Integrated System results in a claim, suit or proceeding in which DexCom and Tandem are both entitled to indemnification by the other party pursuant to Sections 7.1 and 7.2, then the parties will discuss in good faith their cooperation in connection with such matter, and shall discuss in good faith an equitable allocation of each party’s indemnification obligations under this Section 7. 

	
 
	
7.4.
	
If the manufacture or use of the Integrated System results in a third-party claim, suit, allegation, action or proceeding against Tandem or DexCom alleging infringement of a claim of a patent or alleges infringement or misappropriation of some other intellectual property right of such third party and neither DexCom nor Tandem is entitled to indemnification pursuant to Sections 7.1 and 7.2 (an "Integrated System Infringement Action"), such party will promptly notify the other party in writing. The parties will [***] and [***] of any Integrated System Infringement Action. The parties will [***] concerning any Integrated System Infringement Action and, in the [***] that the [***], the parties [***].

	
 
	
7.5.
	
Any party seeking indemnification hereunder (the “Indemnitee”) will promptly notify the indemnifying party (the “Indemnitor”) of any claim, loss, or expense likely to lead to a claim for indemnification, along with all material related information.  The Indemnitor will [***], except that [***].  The Indemnitee may [***].  The Indemnitee will[***].  The Indemnitee may [***].  In addition, the Indemnitee may [***].

	
 
	
7.6.
	
Notwithstanding the foregoing, an Indemnitor under this Section 7 has no obligation for any Losses to the extent resulting from (i) [***], or (ii) [***].

	
8.
	
Term and Termination

	
 
	
8.1.
	
Term.  The initial term of this Agreement will commence on the Effective Date and will continue for five (5) years thereafter (the “Initial Term”). Subsequent to the Initial Term, the term of this Agreement shall automatically renew and be extended for additional one (1) year periods, unless either party notifies the other at least ninety (90) days prior to the expiration of the then current term (the total period during which this Agreement is effective being the “Term”). 

	
 
	
8.2.
	
Termination With Cause or Due to Bankruptcy. Either DexCom or Tandem may terminate this Agreement by written notice if the other materially breaches or defaults 

 

8.

 

	
 
		
in the performance of any of its material obligations hereunder, and such default continues for [***] after the non-breaching party provides written notice of the breach to the breaching party. Either party may terminate this Agreement immediately if the other party: (i) liquidates or dissolves, or (ii) becomes subject to any bankruptcy or insolvency proceeding under federal or state law that is not dismissed within [***].  

	
 
	
8.3.
	
Effect of Termination.

	
 
	
8.3.1.
	
Accrued Rights and Obligations. Termination of this Agreement will not relieve either party for liabilities or obligations incurred pursuant to the terms and conditions of this Agreement prior to termination.  

	
 
	
8.3.2.
	
Survival.  In addition, Articles 1, 3.1, 3.3, 3.4, 4.4, 5, 6, 7, 8, 9 and 10 will survive expiration or termination of this Agreement. Further, Section 3.2 will survive expiration or termination of this Agreement to the extent reasonably necessary for Tandem to satisfy ongoing warranty obligations and to provide ongoing service and support to any customer who originally acquired a DexCom CGM-Enabled Tandem Display Device during the Term of this Agreement.

	
9.
	
Limitation of Liability

EXCEPT WITH RESPECT TO A BREACH OF AN OBLIGATION UNDER SECTION 6 OR 10.7, OR CLAIMS REQUIRING INDEMNIFICATION PURSUANT TO SECTIONS 7.1, 7.2, 7.3 OR 7.4, IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER OR ANY OTHER ENTITY FOR COSTS OF PROCUREMENT OF SUBSTITUTE GOODS, LOST PROFITS, OR ANY OTHER SPECIAL, CONSEQUENTIAL, OR INCIDENTAL DAMAGES, HOWEVER CAUSED AND UNDER ANY THEORY OF LIABILITY ARISING OUT OF THIS AGREEMENT WHETHER BASED IN CONTRACT, TORT (INCLUDING NEGLIGENCE), OR OTHERWISE.  THESE LIMITATIONS SHALL APPLY WHETHER OR NOT THE BREACHING PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND NOTWITHSTANDING ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY PROVIDED HEREIN.

IF EITHER PARTY TERMINATES THIS AGREEMENT IN ACCORDANCE WITH ANY OF ITS PROVISIONS, NEITHER PARTY SHALL BE LIABLE TO THE OTHER, BECAUSE OF SUCH TERMINATION, FOR COMPENSATION, REIMBURSEMENT OR DAMAGES ON ACCOUNT OF THE LOSS OF PROSPECTIVE PROFITS OR ANTICIPATED SALES OR ON ACCOUNT OF EXPENDITURES, INVENTORY, INVESTMENTS, LEASES OR COMMITMENTS IN CONNECTION WITH THE BUSINESS OR GOODWILL OF TANDEM OR DEXCOM.

 

9.

 

	
10.
	
Miscellaneous

	
 
	
10.1.
	
Subcontractors.  Either party may subcontract the performance of its obligations under this Agreement to third parties, provided that such third parties are bound by terms and conditions consistent with this Agreement, including restrictions with respect to the protection and use of Confidential Information which are no less stringent than those set forth in this Agreement and each party shall be fully responsible for the performance of its subcontractor(s). 

	
 
	
10.2.
	
Force Majeure.  Nonperformance of any party (except for payment obligations) will be excused to the extent that performance is rendered impossible by strike, fire, earthquake, flood, governmental acts or orders or restrictions, or any other reason where failure to perform is beyond the reasonable control and not caused by the gross negligence or willful misconduct of the nonperforming party.

	
 
	
10.3.
	
No Implied Waivers; Rights Cumulative.  No failure on the part of DexCom or Tandem to exercise and no delay in exercising any right under this Agreement, or provided by statute or at law or in equity or otherwise, will impair, prejudice or constitute a waiver of any such right, nor will any partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right.

	
 
	
10.4.
	
Independent Contractors.  Nothing contained in this Agreement is intended implicitly, or is to be construed, to constitute DexCom or Tandem as partners in the legal sense.  No party hereto will have any express or implied right or authority to assume or create any obligations on behalf of or in the name of any other party or to bind any other party to any contract, agreement or undertaking with any third party.

	
 
	
10.5.
	
Notices.  All notices, requests and other communications hereunder will be in writing and will be personally delivered or sent by registered or certified mail, return receipt requested, postage prepaid, in each case to the respective address specified below, or such other address as may be specified in writing to the other parties hereto:

 

	
 
	
Tandem:
	
Tandem Diabetes Care

	
 
	

	
11045 Roselle St.

	
 
	

	
San Diego, CA 92121

	
 
	

	
Attn:  Chief Executive Officer 
with copy to: General Counsel

 

	
 
	
DexCom:
	
DexCom, Inc.

	
 
	

	
6340 Sequence Drive
San Diego, CA 92121
Attn: Legal Department

 

10.

 

	
 
	
10.6.
	
Assignment.  This Agreement will not be assignable by either party to any third party without the written consent of the other party hereto; provided that either party may assign this Agreement to a third party acquiring all or substantially all of the business or assets of such party, including by way of merger, sale of assets, consolidation, change of control or operation of law upon written notice to the other party to this Agreement; provided further however, that Tandem shall make no such assignment to a competitor of DexCom without DexCom’s written consent, which determination and consent shall be made by DexCom in its sole discretion. 

	
 
	
10.7.
	
Standstill.  Except as permitted by the last sentence of this Section 10.7, during the Term of this Agreement and for a period of twelve (12) months thereafter,  without the prior written consent of the Board of Directors of Tandem, DexCom and its officers, directors and Affiliates, will not directly or indirectly in any manner: (i) acquire, announce an intention to acquire, or agree to acquire, directly or indirectly, alone or in concert with others, by purchase, gift or otherwise, any direct or indirect beneficial ownership (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934 (the “Exchange Act”)) or interest in any securities or direct or indirect rights, warrants or options to acquire, or securities convertible into or exchangeable for, any securities of Tandem (ii) make, or in any way participate in, directly or indirectly, alone or in concert with others, any “solicitation” of “proxies” to vote (as such terms are used in the proxy rules of the SEC promulgated pursuant to Section 14 of the Exchange Act) any securities of Tandem with respect to any business combination, restructuring, recapitalization or similar transaction; (iii) form, join or in any way participate in a “group” within the meaning of Section 13(d)(3) of the Exchange Act with respect to any voting securities of Tandem; (iv) acquire, announce an intention to acquire, or agree to acquire, directly or indirectly, alone or in concert with others, by purchase, exchange or otherwise, (a) any of the assets, tangible or intangible, of Tandem or (b) direct or indirect rights, warrants or options to acquire any assets of Tandem, other than in the ordinary course of business; (v) enter into any arrangement or understanding with, or otherwise assist or encourage, others to do any of the actions restricted or prohibited under clauses (i), (ii), (iii) or (iv) of this Section 10.7; (vi) otherwise act in concert with others, to seek to offer to Tandem or any of its stockholders any business combination, restructuring, recapitalization or similar transaction to or with Tandem, or (vii) take any action to control the management, Board of Directors or policies of Tandem. Notwithstanding the above, cumulative acquisitions by DexCom, including any Affiliate of DexCom, of less than one percent (1%) of Tandem's outstanding common shares shall not be deemed a breach of this provision. 

	
 
	
10.8.
	
Modifications.  No amendment or modification of any provision of this Agreement will be effective unless in writing signed by all parties hereto.  No provision of this Agreement will be varied, contradicted or explained by any oral agreement, course of dealing or performance or any other matter not set forth in an agreement in writing and signed by all parties.

 

11.

 

	
 
	
10.9.
	
Severability.  If any provision hereof should be held invalid, illegal or unenforceable in any jurisdiction, all other provisions hereof will remain in full force and effect in such jurisdiction and will be liberally construed in order to carry out the intentions of the parties hereto as nearly as may be possible.  Such invalidity, illegality or unenforceability will not affect the validity, legality or enforceability of such provision in any other jurisdiction.

	
 
	
10.10.
	
Governing Law.  This Agreement and any dispute arising from the performance or breach hereof will be governed by and construed and enforced in accordance with, the laws of the State of Delaware without regard for conflicts of laws principles. 

	
 
	
10.11.
	
Counterparts.  This Agreement may be executed in two or more counterparts, each of which will be deemed an original, and all of which together, will constitute one and the same instrument.

	
 
	
10.12.
	
Headings.  Headings used herein are for convenience only and will not in any way affect the construction of or be taken into consideration in interpreting this Agreement.

	
 
	
10.13.
	
Entire Agreement.  This Agreement, including the Attachments attached hereto, constitutes the entire agreement with respect to the subject matter hereof, and supersedes all prior or contemporaneous understandings or agreements, whether written or oral, between DexCom and Tandem with respect to such subject matter. For the avoidance of doubt, DexCom and Tandem acknowledge and agree that this Agreement does not terminate, amend or otherwise modify either (i) the Amended and Restated Development and Commercialization Agreement between the parties dated as of January 4, 2013 or (ii) the G5 Development Agreement between the parties entered into concurrently with this Agreement.

[Signature Page Follows]

 

 

12.

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed by duly authorized officers or representatives as of the date first above written.

		
	
DexCom, Inc.
	
Tandem Diabetes Care, Inc.

	
By: /s/ Kevin Sun for Jess Roper
	
By: Kim D. Blickenstaff

	
Jess Roper
	
Print Name: Kim D. Blickenstaff

	
Title:  Senior Vice President and Chief Financial Officer
	
Title: President & Chief Executive Officer

	
Date: June 4, 2015
	
Date: June 4, 2015

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