Document:

exhibit1016

                                                                    Exhibit 10.16   July 11, 2018   James B. Hawkins  1678 Orvieto Court  Pleasanton, CA    94566   VIA HAND DELIVERY         Re: Terms of Resignation   Dear Jim:         This  letter  confirms  the  agreement  (“Agreement”)  between you and Natus  Medical  Incorporated (the “Company”) concerning the terms of your resignation.        1.    Resignation Date:  July 11,  2018  is  your  last  day of  employment  with the Company (the  “Resignation Date”).         2.    Acknowledgment of  Payment  of  Wages:  By  your  signature  below,  you acknowledge  that  other  than  payment  of  $136,599.23, less applicable state and federal payroll  deductions, which  amount  equals  your  unpaid  salary and  accrued  vacation  through  July  11,  2018,  and  which  will  be  paid  in  accordance  with  the Company’s  standard  payroll  practices  on  the  next  regularly  scheduled  payroll  date,  no  other amounts  are  payable  to  you  from  the  Company  as  of  the  Resignation  Date.  By  signing  below, you acknowledge that the Company  does not owe you any other amounts.         3.    Separation Compensation:  In  exchange  for  your  agreement  to (i) the general release and waiver of claims, (ii) the non-solicitation covenant and (iii) the covenant not to sue,  in each case as set forth below, and your other promises herein, the Company agrees to provide  you with the following benefits, which benefits are consistent with those set forth in Section 7(a)  of that certain Employment Agreement by and between the Company and you dated as of April  19,  2013  (the  “Employment  Agreement”),  notwithstanding  the  fact  that  pursuant  to  the  Employment  Agreement,  such  benefits  accrue  upon  a  termination without  Cause  or  other  than  for Good Reason, (in each case as defined therein):               a.    Severance:  The  Company  agrees  to  pay  you,  within  thirty  (30)  days following  the  Resignation  Date,  a  lump  sum  payment in the gross amount of $1,650,000, less  applicable state and federal payroll deductions, which equals two years of your base salary.                 b.    Vesting Acceleration.  The Company agrees that  (i) 100% of the shares of Company Common Stock held by you or subject to stock options held by you pursuant to stock  

 

 James B. Hawkins   Page 2    option agreements and awards to acquire Company Common Stock, in each case as set forth on   the  schedule  provided to you by the Company on or around July 3, 2018 shall become vested   and exercisable as of the Effective Date, and (ii) with respect to stock options held by you, such  stock options shall remain exercisable until the day that is 37 days after the Effective Date.                 c.    Insurance:  Upon  your  timely  election  to  continue your health insurance  coverage  through  COBRA  (as  defined  below),  the Company agrees  to  provide  you  and  your   eligible dependents with the level of group health coverage provided by the Company to you and   such eligible dependents as of the Resignation Date, including payment by the Company of the   necessary  premiums  for group health continuation coverage under Title X of the Consolidated   Budget Reconciliation Act of 1985, as amended (“COBRA”) and then, if applicable, individual   health  coverage  under  the  individual  policy  required  to be offered to you for coverage of you   and your eligible dependents at the end of the COBRA coverage period through the lesser of (i)   eighteen  (18)  months  from  the  Resignation  Date,  or  (ii) the date upon which you and each of   your  eligible  dependents  become  covered  under  similar  plans;  provided,  however,  that  you   timely elect such COBRA coverage.            By signing below, you acknowledge that you are receiving the separation compensation   outlined  in  this  section  in  consideration  for  waiving  your  rights  to  claims  referred  to  in  this   Agreement and that you would not otherwise be entitled to the separation compensation.          4.    Return of Company Property:  You hereby warrant to the Company that you have  returned to the Company all property or data of the Company of any type whatsoever that has   been in your possession or control.          5.    Proprietary  Information:   You  hereby  acknowledge  that  you  are  bound  by  the  attached Confidential Information and Invention Assignment Agreement (Exhibit A hereto) and   that as a result of your employment with the Company you have had access to the Company’s   Proprietary  Information  (as  defined  in  the  agreement),  that  you  will  hold  all  Proprietary   Information  in  strictest  confidence  and  that  you  will  not  make  use  of  such  Proprietary   Information on behalf of anyone.  You further confirm that you have delivered to the Company   all  documents  and  data  of any nature containing or pertaining to such Proprietary Information   and that you have not taken with you any such documents or data or any reproduction thereof.          6.    General Release and Waiver of Claims:               a.    The  payments  and  promises  set  forth  in  this  Agreement  are  in  full  satisfaction of all accrued salary, vacation pay, bonus and commission pay, profit-sharing, stock,   stock  options  or  other  ownership  interest  in  the  Company,  termination  benefits  or  other   compensation to which you may be entitled by virtue of your employment with the Company or   your separation from the Company.  To the fullest extent permitted by law, you hereby release   and waive any other claims you may have against the Company and its owners, agents, officers,   shareholders, employees, directors, attorneys, subscribers, subsidiaries, affiliates, successors and   assigns (collectively “Releasees”), whether known or not known, including, without limitation,   claims  under  the  Employment  Agreement, claims  under  any  employment  laws,  including,  but   not limited to, claims of unlawful discharge, breach of contract, breach of the covenant of good  

 

James B. Hawkins  Page 3      faith  and fair dealing, fraud, violation of public policy, defamation, physical injury, emotional  distress, claims for additional compensation or benefits arising out of your employment or your  separation of employment, claims under Title VII of the 1964 Civil Rights Act, as amended, the  California Fair Employment and Housing Act and any other laws and/or regulations relating to  employment  or employment discrimination, including, without limitation, claims based on age  or under the Age Discrimination in Employment Act or Older Workers Benefit Protection Act,  and/or claims based on disability or under the Americans with Disabilities Act.                b.    By  signing  below,  you  expressly  waive  any  benefits  of  Section  1542  of  the Civil Code of the State of California, which provides as follows:                     “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH        THE  CREDITOR  DOES  NOT  KNOW  OR  SUSPECT  TO  EXIST  IN  HIS  OR  HER        FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY        HIM  OR  HER  MUST  HAVE  MATERIALLY  AFFECTED  HIS            OR  HER        SETTLEMENT WITH THE DEBTOR.”               c.    You  and  the  Company  do  not  intend  to  release  claims: (i) that you may  not release as a matter of law, including but not limited to claims for indemnity under California  Labor  Code  Section  2802;  (ii) for  indemnity under the  Bylaws  of  the  Company,  or (iii) for  enforcement of this Agreement.  This release does not extend to any continuing obligations of  you  or  the  Company  under  this  Agreement,  the  Confidentiality  and  Invention  Assignment  Agreement, or the Indemnity Agreement attached as Exhibit B.  To the fullest extent permitted  by  law,  any  dispute  regarding  the  scope  of  this  general  release  shall  be  determined  by  an  arbitrator under the procedures set forth in the arbitration clause below.         7.    Non-Solicitation.  Until the date eighteen (18) months after the Resignation Date,  you agree not, either directly or indirectly, to solicit, or take away any employee or consultant of  the Company or cause an employee or consultant to leave his or her employment or terminate his  or her services, either for you or for any other entity or person. Additionally, you acknowledge  that your right to receive the benefits set forth in Section 3 is contingent upon your complying  with this Section 7 and upon any breach of this section all payments made pursuant to Section 3  of this Agreement shall immediately cease and you shall immediately return a pro-rated amount  of  all  cash  paid  to you pursuant  to Section  3(a),  with  the  pro-rated  amount  determined  by  multiplying the aggregate cash payments made to you pursuant to Section 3(a) by a fraction, of  which  the  denominator  is  eighteen  (18)  and  the  numerator  is  the  number  (not  to  be  less  than  zero) equal to eighteen (18) minus the number of months from the Resignation Date to the date  of the breach as determined in good faith by the Board.         8.    Covenant Not to Sue:                 a.    To  the  fullest  extent  permitted  by  law,  at  no  time  subsequent  to  the  execution of this Agreement will you pursue, or cause or knowingly permit the prosecution, in  any  state,  federal  or  foreign  court, or  before  any  local,  state,  federal  or foreign administrative  agency, or any other tribunal, of any charge, claim or action of any kind, nature and character  whatsoever, known or unknown, which you may now have, have ever had, or may in the future                                                                                    

 

James B. Hawkins  Page 4      have  against  Releasees,  which  is  based  in  whole  or  in  part  on  any  matter  released  by  this  Agreement.                 b.    Nothing in this section shall prohibit or impair you or the Company from  complying  with  all  applicable  laws,  nor  shall  this  Agreement  be  construed  to  obligate  either  party to commit (or aid or abet in the commission of) any unlawful act.         9.    Protected  Rights:   You  understand  that  nothing  in  the  General  Release  and  Waiver  of  Claims  and  Covenant  Not  to  Sue  sections  above,  or  otherwise  in  this  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  government agency or commission (“Government Agencies”).  You further understand that this  Agreement  does  not  limit  your  ability  to  communicate  with  any  Government  Agencies  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.   This  Agreement  does  not  limit  your  right  to  receive  an  award  for  information  provided to any Government Agencies.         10.   Arbitration:  Except for any claim for injunctive relief arising out of a breach of a  party’s obligations to protect the other’s proprietary information, the parties agree to arbitrate, in  Alameda County,  California,  any  and  all  disputes  or  claims  arising  out  of  or  related  to  the  validity,  enforceability,  interpretation,  performance  or  breach  of  this  Agreement,  whether  sounding  in  tort,  contract,  statutory  violation  or  otherwise,  or  involving  the  construction  or  application or any of the terms, provisions, or conditions of this Agreement.  The parties agree  that any arbitration will be administered by the American Arbitration Association (“AAA”) and  that  a  neutral  arbitrator will be selected in a manner consistent with its National Rules for the  Resolution  of  Employment  Disputes.  The  arbitration  proceedings  will  allow  for  discovery  according to the rules set forth in the National Rules for the Resolution of Employment Disputes  or California Code of Civil Procedure.  The parties agree that the arbitrator shall have the power  to decide any motions brought by any party to the arbitration, including motions for summary  judgment  and/or  adjudication  and  motions  to  dismiss  and  demurrers,  prior  to  any  arbitration  hearing. The  parties  agree that  the  arbitrator  shall  issue  a  written  decision  on  the  merits. The  parties also  agrees  that  the  arbitrator  shall  have  the  power  to  award  any  remedies,  including  attorneys’ fees and costs, available under applicable law. The parties understand and agree that  the Company will pay for any administrative or hearing fees charged by the arbitrator or AAA  except that you shall pay the first $200.00 of any filing fees associated with any arbitration you  initiate. The  parties agree that  the  arbitrator  shall  administer  and  conduct  any  arbitration  in  a  manner consistent with the Rules and that to the extent that the AAA’s National Rules for the  Resolution  of  Employment  Disputes  conflict  with  the  Rules,  the  Rules  shall  take  precedence.   The parties further agree that this Agreement is intended to be strictly construed to provide for  arbitration as the sole and exclusive means for resolution of all disputes hereunder to the fullest  extent permitted by law.  The parties expressly waive any entitlement to have such controversies  decided by a court or a jury.                                                                                    

 

James B. Hawkins  Page 5            11.   Attorneys’ Fees:  If any action is brought to enforce the terms of this Agreement,  the prevailing party will be entitled to recover its reasonable attorneys’ fees, costs and expenses  from the other party, in addition to any other relief to which the prevailing party may be entitled.         12.   No Admission of Liability:  This Agreement is not and shall not be construed or  contended by you to be an admission or evidence of any wrongdoing or liability on the part of  Releasees,  their  representatives,  heirs,  executors,  attorneys,  agents,  partners,  officers,  shareholders, directors, employees, subsidiaries, affiliates, divisions, successors or assigns.  This  Agreement shall be afforded the maximum protection allowable under California Evidence Code  Section 1152 and/or any other state or federal provisions of similar effect.         13.   Complete  and  Voluntary  Agreement:  This Agreement, together with Exhibit A  hereto, Exhibit B hereto and the Stock Agreements, constitute the entire agreement between you  and Releasees with respect to the subject matter hereof and supersedes all prior negotiations and  agreements,  whether  written  or  oral,  relating  to  such  subject  matter.   You  acknowledge  that  neither  Releasees  nor  their  agents  or  attorneys  have  made  any  promise,  representation  or  warranty  whatsoever,  either  express  or  implied,  written  or  oral,  which  is not contained in this  Agreement for the purpose of inducing you to execute the Agreement, and you acknowledge that  you  have  executed  this  Agreement  in  reliance  only  upon  such  promises,  representations  and  warranties as are contained herein, and that you are executing this Agreement voluntarily, free of  any duress or coercion.         14.   Severability:  The provisions of this Agreement are severable, and if any part of it  is found to be invalid or unenforceable, the other parts shall remain fully valid and enforceable.   Specifically,  should  a  court,  arbitrator,  or  government  agency  conclude  that a particular claim  may not be released as a matter of law, it is the intention of the parties that the general release,  the  waiver  of  unknown  claims  and  the  covenant  not  to  sue  above  shall  otherwise  remain  effective to release any and all other claims.         15.   Modification; Counterparts; Facsimile/PDF Signatures:  It is expressly agreed that  this  Agreement  may  not  be  altered,  amended,  modified,  or  otherwise changed  in  any  respect  except  by  another  written  agreement  that  specifically  refers  to  this  Agreement,  executed  by  authorized  representatives  of  each  of  the  parties  to  this  Agreement.   This  Agreement  may  be  executed  in  any  number  of  counterparts,  each  of which  shall  constitute  an  original  and  all  of  which together shall constitute one and the same instrument.  Execution of a facsimile or PDF  copy shall have the same force and effect as execution of an original, and a copy of a signature  will be equally admissible in any legal proceeding as if an original.         16.   Review  of  Separation  Agreement:  You  understand  that  you  may  take  up  to  twenty-one  (21)  days  to  consider  this  Agreement  and, by signing below, affirm that you were  advised to consult with an attorney prior to signing this Agreement.  You also understand you  may  revoke  this  Agreement  within  seven  (7)  days  of  signing  this  document  and  that  the  compensation to be paid to you pursuant to Section 3 will be paid only at the end of that seven  (7) day revocation period.                                                                                    

 

James B. Hawkins  Page 6         17.   Effective Date:  This Agreement is effective on the eighth (8th) day after you sign it and without revocation by you (the “Effective Date”).         18.   Governing  Law:   This  Agreement  shall  be  governed  by  and  construed  in accordance with the laws of the State of California.         If you agree to abide by the terms outlined in this letter, please sign this letter below and  also sign the attached copy and return it to me.  I wish you the best in your future endeavors.                                       Sincerely,                                       Natus Medical Incorporated                                       By:___/s/ Jonathan A. Kennedy __________                                            Jonathan  A.  Kennedy, President  and  Chief                                            Executive Officer   READ, UNDERSTOOD AND AGREED   _/s/ James B. Hawkins _____________ Date:  __________________  James B. HawkinsPLAN OF LIQUIDATION
AND TERMINATION

of the

United States
Short Oil Fund, LP

This
Plan of Liquidation and Termination (this “Plan”) is made by United States Commodity Funds LLC, a Delaware limited
liability company and the general partner (the “General Partner”) of United States Short Oil Fund, LP, a Delaware limited
liability partnership formed pursuant to a certificate of limited partnership on June 30, 2008 (the “Fund”).
Reference is made to the Third Amended and Restated Agreement of Limited Partnership of the Fund, dated as of December 15, 2017
(the “Fund Agreement”). Capitalized terms not defined herein shall have their meaning assigned in the Fund Agreement.

RECITALS

A.
The board of directors of the General Partner has authorized, (i) pursuant to Section 7.1(l) of the Fund Agreement, the delisting
and deregistration of all outstanding shares of the Fund, and (ii) pursuant to Sections 12.3 and 17.6 of the Fund Agreement, the
compulsory withdrawal of all of the Limited Partners (as such term is defined under the Fund Agreement).

B.
Pursuant to Section 801(4) of the Delaware Revised Uniform Limited Partnership Act (the “DLPA”), a Delaware limited
partnership may be dissolved and its affairs would up upon such time that there are no limited partners of the limited partnership.

C.
Based on the provisions of the Fund Agreement and the DLPA and the determination of the General Partner set forth in the recitals
above, the General Partner has adopted this Plan with respect to the Fund.

D.
The Fund is treated as a partnership that is not taxable as a corporation for U.S. federal income tax purposes.

PROVISIONS

This
Plan, as set forth below, shall be effective on a date determined by the officers of the General Partner following the adoption
of this Plan by the General Partner.

 

ARTICLE 1. Liquidation
and Termination; Withdrawal of Limited Partners; General Partner’s Powers

 

(a)       The
Fund shall be terminated, and its affairs shall be wound up, on such date as the General Partner, with the advice of counsel, may
determine. The liquidation date for the Fund shall be September 12, 2018 (the “Liquidation Date”) and the proceeds
of the liquidation are scheduled to be sent to shareholders on or about September 13, 2018 (the “Withdrawal Date”).

(b)       Effective
as of 5:00 p.m. (prevailing Eastern Time) on the Withdrawal Date, each of the Limited Partners shall withdraw entirely from the
Fund. No further action is required on the part of any Limited Partner to effectuate its withdrawal as a limited partner of the
Fund. The effect of the withdrawal of all of the Limited Partners will be dissolution of the Fund. The General Partner will wind
up the affairs of the Fund in accordance with the Plan, the Fund Agreement and the DLPA, and applicable laws.

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(c)       Following
the Liquidation Date for the Fund, all powers of the General Partner under the Fund Agreement shall continue with respect to the
Fund.

ARTICLE 2.
Filings with Governmental Authorities

The
appropriate officers of the General Partner shall be authorized to (a) file with the SEC and National Futures Association
any supplement and/or regulatory filing in connection with the implementation of this Plan and the transactions contemplated thereby,
(b) file for and obtain any necessary tax clearance certificates and/or other documents required from the State of Delaware
and any other applicable governmental authority for the Fund, (c) timely file any other documents required by any such authority,
including a final Internal Revenue Service Form 1065 (U.S. Return of Partnership Income), and (d) make any other filings the appropriate
officers determine are required.

ARTICLE 3.
Sales, Redemptions, and Trading Before Liquidation Date

 

As of the close of
regular trading on the NYSE Arca, Inc. (“NYSE Arca”), on September 6, 2018, the Fund will no longer accept orders
for Creation Baskets or Redemption Baskets (as such terms are defined in the Fund’s prospectus) from authorized participants.
Trading in the shares of the Fund on the NYSE Arca will be suspended prior to the open of market on September 7, 2018 and beginning
on that date, there can be no assurance that there will be a secondary market for the shares. Shareholders may sell their holdings
before September 7, 2018 and customary brokerage charges may apply to such transactions.

 

On or about September
6, 2018, the Fund will begin the process of liquidating its portfolio. As a result, the Fund’s cash holdings will increase,
and the Fund will no longer be managed in accordance with its investment objective.

 

These distributions
to shareholders will be treated as liquidating distributions for U.S. federal income tax purposes and shareholders are encouraged
to consult their own tax advisors concerning the impact of the liquidation of the Funds in light of their own unique circumstances.

ARTICLE 4.
Liquidation Procedures

(a)       The
General Partner shall cause to be prepared and published via press release, and posted on the Company’s website, notice informing
the shareholders of the Fund of the adoption of this Plan and such other information as such officers shall find necessary or desirable

(b)       In
connection with the liquidation, the Fund shall (1) sell all of its assets for cash, convert them to cash equivalents, or
permit them to mature, and apply the same to the payment of all known or reasonably ascertainable debts, obligations, and other
liabilities of the Fund incurred or expected to be incurred prior to the Fund’s Liquidation Date, including necessary expenses
of such Fund’s liquidation and termination, and (2) obtain such releases, indemnities, refunding, and other agreements
as the General Partner deems necessary for the protection of the Fund and the shareholders.

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(c)       The
assets of the Funds remaining after payment of (or reservation of amounts to pay) the Fund’s liabilities pursuant to (a)
above (the “Net Assets”) will be distributed in a single cash payment (the “Liquidating Distribution”)
ratably among the shareholders of record of the Fund as of the Liquidation Date. For purposes of the Fund’s Liquidating Distribution,
shares of the Fund will be individually redeemable by the Fund and its agents. The Liquidating Distribution for the Fund will be
made promptly after the Liquidation Date. Should any assets of the Fund not be distributed in the Liquidating Distribution, or
should additional assets attributable to the Fund come into the possession of the General Partner in the future, the General Partner
shall, to the extent reasonably practicable, take steps to distribute such assets to shareholders of the Fund as of the Liquidation
Date.

(d)       If
one or more shareholder(s) of the Fund to whom one or more distributions pursuant to paragraph (c) are payable cannot be located,
a trust may be created with a financial institution in the name and on behalf of the Fund and, subject to applicable abandoned
property laws, any remaining assets of the Fund may be deposited in such trust for the benefit of such shareholder(s). The expenses
of any such trust shall be charged against the assets therein. The General Partner is under no obligation to establish such a trust.

ARTICLE 5.
Amendment of this Plan

The
officers of the General Partner, acting on behalf of the General Partner, may authorize variations from, or amendments to, the
provisions of this Plan that are deemed necessary or appropriate to effect such distribution(s) and the Fund’s liquidation
and termination.

 

ARTICLE 6. Expenses

Except
as provided in Article 3, paragraph (d), the Fund, or the General Partner on the Fund’s behalf, shall bear the expenses incurred
in connection with carrying out this Plan applicable to the Fund, including the cost of liquidating its assets and terminating
its existence.

 

ARTICLE 7. Power of the General Partner and
its Officers

 

The General Partner and
the appropriate officers of the General Partner shall have authority to do or authorize any or all acts and things as provided
for in the Plan and any and all such further acts and things as they may consider necessary or desirable to carry out the purposes
of the Plan, including, without limitation, the execution and filing of all certificates, documents, information returns, tax returns,
forms, and other papers that may be necessary or appropriate to implement the Plan or that may be required by any applicable laws.

 

 

 

{Signature Page Follows}

 

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IN WITNESS HEREOF,
the undersigned has executed this Plan and Liquidation and Termination as of this 7th day of August, 2018.

 

 

	 	
UNITED STATES SHORT OIL FUND, LP

By United States Commodity Funds
LLC,
its General Partner

By: /s/ John P. Love                  
Name: John P. Love
Title: President and Chief Executive
Officer

 

 

 

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