Document:

EX-10.16

 Exhibit 10.16 

NALU MEDICAL, INC. 

CHANGE IN CONTROL AND SEVERANCE AGREEMENT 

This Change in Control and Severance Agreement (the “Agreement”) is made between Nalu Medical, Inc. (the
“Company”) and Jon Ruais (the “Executive”), effective as of the date of the first sale of common equity securities of the Company to the general public upon the closing of an underwritten public offering
(1) pursuant to an effective registration statement filed pursuant to Section 12(b) of the U.S. Securities Exchange Act of 1934, as amended, and (2) immediately after which such securities are registered on a national securities
exchange (as defined under then-applicable United States federal securities laws and regulations) (an “Initial Public Offering”, and such date, the “Effective Date”). 

This Agreement provides certain protections to the Executive in connection with a change in control of the Company or in connection with the
involuntary termination of the Executive’s employment under the circumstances described in this Agreement. 
 The Company and the
Executive agree as follows: 
 1. Term of Agreement. This Agreement will terminate upon the date that all of the obligations of the
parties hereto with respect to this Agreement have been satisfied. 
 2. At-Will Employment.
The Company and the Executive acknowledge that the Executive’s employment is and will continue to be at-will, as defined under applicable law. 

3. Severance Benefits. 

(a) Qualifying Non-CIC Termination. On a Qualifying
Non-CIC Termination (as defined below), the Executive will be eligible to receive the following payments and benefits from the Company: 

(i) Salary Severance. A single, lump sum payment equal to nine (9) months of the Executive’s Salary (as defined below), less
applicable withholdings. 
 (ii) COBRA Coverage. Subject to Section 3(d), the Company will pay the premiums for coverage under
COBRA (as defined below) for the Executive and the Executive’s eligible dependents, if any, at the rates then in effect, subject to any subsequent changes in rates that are generally applicable to the Company’s active employees (the
“COBRA Coverage”), until the earliest of (A) a period of twelve (12) months from the date of the Executive’s termination of employment, (B) the date upon which the Executive (and the Executive’s
eligible dependents, as applicable) becomes covered under similar plans, or (C) the date upon which the Executive ceases to be eligible for coverage under COBRA.

 (b) Qualifying CIC Termination. On a Qualifying CIC Termination, the Executive will
be eligible to receive the following payments and benefits from the Company: 
 (i) Salary Severance. A single, lump sum payment
equal to twelve (12) months of the Executive’s Salary, less applicable withholdings. 
 (ii) COBRA Coverage. Subject to
Section 3(d), the Company will provide COBRA Coverage until the earliest of (A) a period of twelve (12) months from the date of the Executive’s termination of employment, (B) the date upon which the Executive (and the
Executive’s eligible dependents, as applicable) becomes covered under similar plans, or (C) the date upon which the Executive ceases to be eligible for coverage under COBRA. 

(iii) Equity Vesting Acceleration. Vesting acceleration (and exercisability, as applicable) as to 100% of the then-unvested shares
subject to each of the Executive’s then-outstanding compensatory equity awards issued by the Company. In the case of an equity award with performance-based vesting, unless otherwise specified in the applicable equity award agreement governing
such award, all performance goals and other vesting criteria will be deemed achieved at target. 
 (c) Termination Other Than a
Qualifying Termination. If the termination of the Executive’s employment with the Company Group is not a Qualifying Termination, then the Executive will not be entitled to receive severance or other benefits. 

(d) Conditions to Receipt of COBRA Coverage. The Executive’s receipt of COBRA Coverage is subject to the Executive electing COBRA
continuation coverage within the time period prescribed pursuant to COBRA for the Executive and the Executive’s eligible dependents, if any. If the Company determines in its sole discretion that it cannot provide the COBRA Coverage without
potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of any COBRA Coverage, the Company will provide to the Executive a
taxable monthly payment payable on the last day of a given month (except as provided by the immediately following sentence), in an amount equal to the monthly COBRA premium that the Executive would be required to pay to continue his or her group
health coverage in effect on the date of his or her Qualifying Termination (which amount will be based on the premium rates applicable for the first month of COBRA Coverage for the Executive and any of eligible dependents of the Executive) (each, a
“COBRA Replacement Payment”), which COBRA Replacement Payments will be made regardless of whether the Executive elects COBRA continuation coverage and will end on the earlier of (x) the date upon which the Executive obtains
other employment or (y) the date the Company has paid an amount totaling the number of COBRA Replacement Payments equal to the number of months in the applicable COBRA Coverage period. For the avoidance of doubt, the COBRA Replacement Payments
may be used for any purpose, including, but not limited to continuation coverage under COBRA, and will be subject to any applicable withholdings. Notwithstanding anything to the contrary under this Agreement, if the Company determines in its sole
discretion at any time that it cannot provide the COBRA Replacement Payments without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Executive will not receive the COBRA Replacement
Payments or any further COBRA Coverage. 

  
 - 2 - 

 (e) Non-Duplication of Payment or Benefits. For purposes of clarity, in
the event of a Qualifying Pre-CIC Termination, any severance payments and benefits to be provided to the Executive under Section 3(b) will be reduced by any amounts that already were provided to the
Executive under Section 3(a). Notwithstanding any provision of this Agreement to the contrary, if the Executive is entitled to any cash severance, continued health coverage benefits, or vesting acceleration of any equity awards (other than
under this Agreement) by operation of applicable law or under a plan, policy, contract, or arrangement sponsored by or to which any member of the Company Group is a party (“Other Benefits”), then the corresponding severance payments
and benefits under this Agreement will be reduced by the amount of Other Benefits paid or provided to the Executive. 
 (f) Death of the
Executive. In the event of the Executive’s death before all payments or benefits the Executive is entitled to receive under this Agreement have been provided, the unpaid amounts will be provided to the Executive’s designated
beneficiary, if living, or otherwise to the Executive’s personal representative in a single lump sum as soon as possible following the Executive’s death. 

(g) Transfer Between Members of the Company Group. For purposes of this Agreement, if the Executive is involuntarily transferred from
one member of the Company Group to another, the transfer will not be a termination without Cause but may give the Executive the ability to resign for Good Reason. 

(h) Exclusive Remedy. In the event of a termination of the Executive’s employment with the Company Group, the provisions of this
Agreement are intended to be and are exclusive and in lieu of any other rights or remedies to which the Executive may otherwise be entitled, whether at law, tort or contract, or in equity. The Executive will be entitled to no benefits, compensation
or other payments or rights upon termination of employment other than those benefits expressly set forth in this Agreement. 
 4. Accrued
Compensation. On any termination of the Executive’s employment with the Company Group, the Executive will be entitled to receive all accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to the Executive under
any Company-provided plans, policies, and arrangements. 
 5. Conditions to Receipt of Severance. 

(a) Separation Agreement and Release of Claims. The Executive’s receipt of any severance payments or benefits upon the
Executive’s Qualifying Termination under Section 3 is subject to the Executive signing and not revoking the Company’s then-standard separation agreement and release of claims (which may include an agreement not to disparage any member
of the Company Group, non-solicit provisions, an agreement to assist in any litigation matters, and other standard terms and conditions) (the “Release” and that requirement, the
“Release Requirement”), which must become effective and irrevocable no later than the sixtieth (60th) day following the Executive’s Qualifying Termination (the
“Release Deadline”). If the Release does not become effective and irrevocable by the Release Deadline, the Executive will forfeit any right to severance payments or benefits under Section 3. 

  
 - 3 - 

 (b) Payment Timing. Any lump sum Salary, bonus or relocation payments under
Sections 3(a)(i) and 3(b)(i) will be provided on the first regularly scheduled payroll date of the Company following the date the Release becomes effective and irrevocable (the “Severance Start Date”), subject to any delay
required by Section 5(d) below. Any taxable installments of any COBRA-related severance benefits that otherwise would have been made to the Executive on or before the Severance Start Date will be paid on the Severance Start Date, and any
remaining installments thereafter will be provided as specified in the Agreement. Any restricted stock units, performance shares, performance units, and/or similar full value awards that accelerate vesting under Section 3(b)(iii) will be
settled (x) on a date no later than ten (10) days following the date the Release becomes effective and irrevocable, or (y) if later, in the event of a Qualifying Pre-CIC Termination, on a date
no later than the Change in Control. 
 (c) Return of Company Property. The Executive’s receipt of any severance payments or
benefits upon the Executive’s Qualifying Termination under Section 3 is subject to the Executive returning all documents and other property provided to the Executive by any member of the Company Group (with the exception of a copy of the
Company employee handbook and personnel documents specifically relating to the Executive), developed or obtained by the Executive in connection with his or her employment with the Company Group, or otherwise belonging to the Company Group. 

(d) Section 409A. The Company intends that all payments and benefits provided under this Agreement or otherwise are exempt from, or
comply with, the requirements of Section 409A of the Code and any guidance promulgated under Section 409A of the Code (collectively, “Section 409A”) so that none of the payments or benefits will be
subject to the additional tax imposed under Section 409A, and any ambiguities in this Agreement will be interpreted in accordance with this intent. No payment or benefits to be paid to the Executive, if any, under this Agreement or otherwise,
when considered together with any other severance payments or separation benefits that are considered deferred compensation under Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided until the
Executive has a “separation from service” within the meaning of Section 409A. If, at the time of the Executive’s termination of employment, the Executive is a “specified employee” within the meaning of
Section 409A, then the payment of the Deferred Payments will be delayed to the extent necessary to avoid the imposition of the additional tax imposed under Section 409A, which generally means that the Executive will receive payment on the
first payroll date that occurs on or after the date that is 6 months and 1 day following the Executive’s termination of employment. The Company reserves the right to amend this Agreement as it considers necessary or advisable, in its sole
discretion and without the consent of the Executive or any other individual, to comply with any provision required to avoid the imposition of the additional tax imposed under Section 409A or to otherwise avoid income recognition under
Section 409A prior to the actual payment of any benefits or imposition of any additional tax. Each payment, installment, and benefit payable under this Agreement is intended to constitute a separate payment for purposes of U.S. Treasury
Regulation Section 1.409A-2(b)(2). In no event will any member of the Company Group reimburse, indemnify, or hold harmless the Executive for any taxes, penalties and interest that may be imposed, or other
costs that may be incurred, as a result of Section 409A. 
 (e) Resignation of Officer and Director Positions. The
Executive’s receipt of any severance payments or benefits upon the Executive’s Qualifying Termination under Section 3 is subject to the Executive resigning from all officer and director positions with all members of the Company Group
and the Executive executing any documents the Company may require in connection with the same. 

  
 - 4 - 

 6. Limitation on Payments. 

(a) Reduction of Severance Benefits. If any payment or benefit that the Executive would receive from any Company Group member or
any other party whether in connection with the provisions in this Agreement or otherwise (the “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but
for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Payment will be equal to the Best Results Amount. The “Best Results Amount” will be either
(x) the full amount of the Payment or (y) a lesser amount that would result in no portion of the Payment being subject to the Excise Tax, whichever of those amounts, taking into account the applicable federal, state and local employment
taxes, income taxes and the Excise Tax, results in the Executive’s receipt, on an after-tax basis, of the greater amount. If a reduction in payments or benefits constituting parachute payments is
necessary so that the Payment equals the Best Results Amount, reduction will occur in the following order: (A) reduction of cash payments in reverse chronological order (that is, the cash payment owed on the latest date following the occurrence
of the event triggering the Excise Tax will be the first cash payment to be reduced); (B) cancellation of equity awards that were granted “contingent on a change in ownership or control” within the meaning of Section 280G of the
Code in the reverse order of date of grant of the awards (that is, the most recently granted equity awards will be cancelled first); (C) reduction of the accelerated vesting of equity awards in the reverse order of date of grant of the awards
(that is, the vesting of the most recently granted equity awards will be cancelled first); and (D) reduction of employee benefits in reverse chronological order (that is, the benefit owed on the latest date following the occurrence of the event
triggering the Excise Tax will be the first benefit to be reduced). In no event will the Executive have any discretion with respect to the ordering of Payment reductions. The Executive will be solely responsible for the payment of all personal tax
liability that is incurred as a result of the payments and benefits received under this Agreement, and the Executive will not be reimbursed, indemnified, or held harmless by any member of the Company Group for any of those payments of personal tax
liability. 
 (b) Determination of Excise Tax Liability. Unless the Company and the Executive otherwise agree in writing, the
Company will select a professional services firm (the “Firm”) to make all determinations required under this Section 6, which determinations will be conclusive and binding upon the Executive and the Company for all purposes.
For purposes of making the calculations required by this Section 6, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of
Sections 280G and 4999 of the Code. The Company and the Executive will furnish to the Firm such information and documents as the Firm reasonably may request in order to make determinations under this Section 6. The Company will bear the costs
and make all payments for the Firm’s services in connection with any calculations contemplated by this Section 6. The Company will have no liability to the Executive for the determinations of the Firm. 

  
 - 5 - 

 7. Definitions. The following terms referred to in this Agreement will have the
following meanings: 
 (a) “Board” means the Company’s Board of Directors. 

(b) “Cause” means the occurrence of any of the following: (i) Executive’s willful failure to substantially perform
the Executive’s duties to any member of the Company Group or other lawful duties assigned to Executive by the Board, other than a failure resulting from the Executive’s Disability, (ii) a willful act by the Executive that constitutes
gross misconduct and which is injurious to any member of the Company Group, (iii) Executive’s willful breach of a material provision of the Confidentiality Agreement or any written agreement between Executive and any member of the Company
Group, or (iv) Executive’s material and willful violation of a federal or state law or regulation applicable to the business of any member of the Company Group; 

(c) “Change in Control” means the occurrence of any of the following events: 

(i) A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group
(“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty (50%) of the total voting power of the stock of the Company; provided, however, that for
purposes of this subsection, (A) the acquisition of additional stock by any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the stock of the Company will not be considered a Change in Control, and
(B) if the stockholders of the Company immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares of the Company’s voting
stock immediately prior to the change in ownership, the direct or indirect beneficial ownership of fifty percent (50%) or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company, such event will not
be considered a Change in Control under this subsection (i). For this purpose, indirect beneficial ownership will include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other
business entities which own the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities; or 

(ii) A change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any
twelve (12) month period by members of the Board whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this subsection (ii), if any Person is
considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or 

(iii) A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or
has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than fifty (50%) of the total gross
fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not 

  
 - 6 - 

 
constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately
after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, fifty percent
(50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding
stock of the Company, or (4) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection (iii),
gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 

For purposes of this definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a
merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 
 Notwithstanding the
foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Section 409A. 

Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the
state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such
transaction. 
 (d) “Change in Control Period” means the period beginning three (3) months prior to a Change in
Control and ending twelve (12) months following a Change in Control. 
 (e) “COBRA” means the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended. 
 (f) “Code” means the Internal Revenue Code of 1986, as amended. 

(g) “Company Group” means the Company and any subsidiaries of the Company. 

(h) “Confidentiality Agreement” means the At-Will Employment, Confidential
Information, Invention Assignment, and Arbitration Agreement executed by the Company and the Executive on December 4, 2017. 
 (i)
“Disability” means a total and permanent disability as defined in Section 22(e)(3) of the Code. 
 (j) “Good
Reason” means the termination of the Executive’s employment with the Company Group by the Executive in accordance with the next sentence after the occurrence of one or more of the following events without the Executive’s express
written consent: (i) a material reduction by the Company of Executive’s Salary as in effect immediately prior to such reduction (other than in connection with a general reduction of base salaries applicable to all employees in similar
positions), (ii) 

  
 - 7 - 

 
a material diminution of Executive’s authority, job duties or responsibilities, provided that in the event a Change in Control occurs neither a mere change in title alone nor reassignment to
a position that is substantially similar to the position held prior to such Change of Control in terms of duties and/or responsibilities shall constitute a material diminution, or (iii) a change in the location of Executive’s employment of
more than forty (40) miles from the Company’s current location. Executive may not resign for Good Reason without first providing the Company with written notice of the acts or omissions constituting the grounds for “Good Reason”
within ninety (90) days of their initial occurrence, a reasonable cure period of not less than thirty (30) days following the date of such notice and Executive’s resignation occurs within thirty (30) days following the end of
such cure period if the “Good Reason” conditions remain uncured. 
 (k) “Qualifying Pre-CIC Termination” means a Qualifying CIC Termination that occurs prior to the date of the Change in Control. 

(l) “Qualifying Termination” means a termination of the Executive’s employment either (i) by a Company Group member
without Cause (excluding by reason of Executive’s death or Disability) or (ii) by the Executive for Good Reason, in either case, during the Change in Control Period (a “Qualifying CIC Termination”) or outside of the Change
in Control Period (a “Qualifying Non-CIC Termination”). 
 (m)
“Salary” means the Executive’s annual base salary as in effect immediately prior to the Executive’s Qualifying Termination (or if the termination is due to a resignation for Good Reason based on a material reduction in
base salary, then the Executive’s annual base salary in effect immediately prior to the reduction) or, if the Executive’s Qualifying Termination is a Qualifying CIC Termination and the amount is greater, at the level in effect immediately
prior to the Change in Control. 
 8. Successors. This Agreement will be binding upon and inure to the benefit of (a) the heirs,
executors, and legal representatives of the Executive upon the Executive’s death, and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all
purposes. For this purpose, “successor” means any person, firm, corporation, or other business entity which at any time, whether by purchase, merger, or otherwise, directly or indirectly acquires all or substantially all of the assets or
business of the Company. None of the rights of the Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted
assignment, transfer, conveyance, or other disposition of the Executive’s right to compensation or other benefits will be null and void. 

9. Notice. 
 (a)
General. All notices and other communications required or permitted under this Agreement shall be in writing and will be effectively given (i) upon actual delivery to the party to be notified, (ii) upon transmission by email,
(iii) twenty-four (24) hours after confirmed facsimile transmission, (iv) one (1) business day after deposit with a recognized overnight courier, or (v) three (3) business days after deposit with the U.S. Postal Service by
first class certified or registered mail, return 

  
 - 8 - 

 
receipt requested, postage prepaid, addressed (A) if to the Executive, at the address the Executive shall have most recently furnished to the Company in writing, (B) if to the Company,
at the following address: 
 Nalu Medical, Inc. 

2320 Faraday Ave., #100, 

Carlsbad, California 92008 

Attention: Chief Executive Officer 

(b) Notice of Termination. Any termination by a Company Group member for Cause will be communicated by a notice of termination to the
Executive, and any termination by the Executive for Good Reason will be communicated by a notice of termination to the Company, in each case given in accordance with Section 9(a) of this Agreement. The notice will indicate the specific
termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be
not more than thirty (30) days after the giving of the notice. 
 10. Resignation. The termination of the Executive’s
employment for any reason will also constitute, without any further required action by the Executive, the Executive’s voluntary resignation from all officer and/or director positions held at any member of the Company Group, and at the
Board’s request, the Executive will execute any documents reasonably necessary to reflect the resignations. 
 11. Miscellaneous
Provisions. 
 (a) No Duty to Mitigate. The Executive will not be required to mitigate the amount of any payment contemplated by
this Agreement, nor will any payment be reduced by any earnings that the Executive may receive from any other source except as specified in Section 3(e). 

(b) Waiver; Amendment. No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or
discharge is agreed to in writing and signed by an authorized officer of the Company (other than the Executive) and by the Executive. No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by
the other party will be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(c) Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this
Agreement. 
 (d) Entire Agreement. This Agreement constitutes the entire agreement of the parties and supersedes in their entirety
all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the parties with respect to the subject matter of this Agreement, including, for the avoidance of doubt, any other
employment letter or agreement, severance policy or program, or equity award agreement. 

  
 - 9 - 

 (e) Choice of Law. This Agreement will be governed by the laws of the State of
California without regard to California’s conflicts of law rules that may result in the application of the laws of any jurisdiction other than California. To the extent that any lawsuit is permitted under this Agreement, Employee hereby
expressly consents to the personal and exclusive jurisdiction and venue of the state and federal courts located in California for any lawsuit filed against the Executive by the Company. 

(f) Arbitration. Any and all controversies, claims, or disputes with anyone under this Agreement (including the Company and any
employee, officer, director, stockholder or benefit plan of the Company in their capacity as such or otherwise) arising out of, relating to, or resulting from the Executive’s employment with the Company Group, shall be subject to arbitration in
accordance with the provisions of the Confidentiality Agreement. 
 (g) Severability. The invalidity or unenforceability of any
provision or provisions of this Agreement will not affect the validity or enforceability of any other provision of this Agreement, which will remain in full force and effect. 

(h) Withholding. All payments and benefits under this Agreement will be paid less applicable withholding taxes. The Company is
authorized to withhold from any payments or benefits all federal, state, local, and/or foreign taxes required to be withheld from the payments or benefits and make any other required payroll deductions. No member of the Company Group will pay the
Executive’s taxes arising from or relating to any payments or benefits under this Agreement. 
 (i) Counterparts. This Agreement
may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. 

[Signature page follows.] 

  
 - 10 - 

 By its signature below, each of the parties signifies its acceptance of the terms of this
Agreement, in the case of the Company by its duly authorized officer. 
  

							
	COMPANY	 		 	NALU MEDICAL, INC.
				
		 		 	By:	 	/s/ Earl Fender
		 		 	Title:	 	Chief Executive Officer
		 		 	Date:	 	July 2, 2021

  

							
	 EXECUTIVE 
	 		 	 /s/ Jonathan Ruais

				
		 		 	Date:	 	July 2, 2021

  
 - 11 -Exhibit 10.1
SEPARATION AND RELEASE AGREEMENT
This Separation and Release Agreement is made among Ferrellgas, Inc. a Delaware Corporation (“Ferrellgas” or “Company”) and Brian Herrmann ("Employee").
WHEREAS, the Employee has been employed by the Company as the Interim Chief Financial Officer;
WHEREAS, the parties desire to mutually terminate their relationship; and
WHEREAS, in light of the Employee’s separation, the Company wishes to provide the Employee with certain payments in exchange for the entry into and non-revocation of this Agreement.
NOW, THEREFORE, in consideration of the promises and benefits set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Employee and the Company, the Parties agree as follows:
1.Separation from Employment. The Employee’s separation of employment with the Company will be effective July 7, 2021, which shall also constitute the Employee’s employment termination date (the “Separation Date”). Effective as of the Separation Date, the Employee does hereby and herewith resign from any and all officer and director positions the Employee holds with the Company and with each of the Company’s Affiliates (including any committee thereof).
2.Severance Payments. Subject to this Agreement becoming effective (as defined in paragraph 8(c) of this Agreement), the Company will provide the Employee the following:
(a)$52,164.00, less applicable withholdings and taxes (the “Severance Payment”), to be paid in a lump-sum within sixty (60) days after the Separation Date; provided that the Employee has returned a signed copy of this Agreement to the Company and has not revoked such Agreement during the revocation period that expires within such sixty (60) day period; and
The Employee acknowledges that the Employee is not entitled to any Severance Payment but for the entry into this Agreement.
3.COBRA. Ferrellgas agrees, on the eighth (8th) day after Employee signs this Agreement and Release, to reimburse Employee for twelve (12) months of COBRA continuation premium, provided Employee enrolls in COBRA in accordance with the prescribed enrollment procedures and due date for the continuance of medical benefits. Employee must submit the COBRA premium payment to The Taben Group as outlined in the enrollment information. In addition, Employee must make a copy of the checks submitted for the monthly payment and email a scanned copy to Ferrellgas, Attention Manager, Benefits, One Liberty Plaza, Liberty, MO 64068. Ferrellgas will reimburse Employee for the monthly payment at a grossed up amount equal to the monthly premium, after The Taben Group has received the premium and after Benefits has received a copy of the payment check. If Employee fails to submit premium in a timely manner, Employee will lose the COBRA coverage. COBRA information will be sent to Employee by The Taben Group.
​

1 of 6

4.Release of Claims and Covenant Not to Sue.
(a)In exchange for the consideration received by the Employee herein, which such consideration the Employee was not entitled to but for the Employee’s entry into this Agreement, the Employee hereby releases, discharges and forever acquits the Company, its respective parent, Affiliates and subsidiaries, and each of their respective past, present and future shareholders, partners, directors, trustees, officers, managers, employees, agents, attorneys, heirs, legal representatives, insurers, benefit plans (and their fiduciaries, administrators and trustees), and successors and assigns of the foregoing, in their personal and representative capacities (collectively, the “Company Parties”), from liability for, covenants not to sue or initiate any action, and hereby waives, any and all claims, damages, or causes of action of any kind related to the Employee’s employment with any Company Party, the termination of such employment, and any other acts or omissions related to any matter occurring on or prior to the Execution Date, including without limitation any alleged violation of: (i) the Age Discrimination in Employment Act of 1967, as amended; (ii) Title VII of the Civil Rights Act of 1964, as amended; (iii) the Civil Rights Act of 1991, as amended; (iv) Sections 1981 through 1988 of Title 42 of the United States Code, as amended; (v) the Employee Retirement Income Security Act of 1974, as amended; (vi) the Immigration Reform Control Act, as amended; (vii) the Americans with Disabilities Act of 1990, as amended; (viii) the National Labor Relations Act, as amended; (ix) the Occupational Safety and Health Act, as amended; (x) the Family and Medical Leave Act; (xi) Employment Relations and Collective Bargaining Act; (xii) Massachusetts Fair Employment Practices Act; (xiii) Massachusetts Wage  Act; (xiv) any federal, state or local anti-discrimination law, (xv) any federal, state or local wage and hour, overage or payment law; (xvi) any other local, state or federal law, regulation or ordinance in the United States of America and in any jurisdiction anywhere in the world; (xvii) any public policy, contract, tort, or common law claim; (xviii) any allegation for costs, fees, or other expenses including attorneys’ fees incurred in the matters referenced herein; and (xix) any and all claims the Employee may have arising as the result of any alleged breach of contract, compensation, incentive, bonus or commission plan or agreement with any Company Party (collectively, the “Released Claims”).
(b)The Employee agrees that the release set forth in this paragraph 3 shall be and remain in effect in all respects as a complete general release as to the matters released. This release does not extend to any obligations incurred under this Agreement. The Employee understands that nothing in this Agreement precludes the Employee from filing any charge with the Equal Employment Opportunity Commission, the National Labor Relations Board or other governmental agency or from participating in any investigation, hearing, or proceeding of governmental agency. However, the Employee does forever waive the Employee’s right to recover or receive any personal relief, monetary damages, attorneys’ fees, back pay, reinstatement or injunctive relief from the Company and/or Company Parties relating to any matter whatsoever up to the date of this Agreement. The Employee further understand that this release does not extend to: (i) any rights or claims that arise after the Execution Date; (ii) any vested benefits; or (iii) any rights that cannot be waived by operation of law.
(c)The Employee represents that the Employee has received all leaves (paid and unpaid) that the Employee was owed by the Company Parties and that the Employee has received all salary, wages, bonuses, accrued vacation/paid time off, severance, stock options, and any and all other benefits and compensation that the Employee is and has
​

2 of 6

been owed by the Company Parties as of the Execution Date (which such amount does not include the Severance Payment).
(d)The Employee hereby represents and warrants that the Employee has not filed or reported any claims or complaints in any forum and that (s)he has not assigned to any third party or filed with any agency or court any claim released by this paragraph 3.
(e)The Employee is not waiving any claim for workers’ compensation, although the Employee acknowledges (s)he has not sustained a work-related injury or illness and has no intent to file a claim against the Company as a result of any work-related injury or illness sustained in the course of the Employee’s employment with the Company.
5.Non-Disclosure of Agreement. The Employee agrees to keep the terms of this Agreement completely confidential and not to disclose any information concerning the Agreement to anyone other than the Employee’s attorney, tax advisor and/or spouse. However, nothing in this Agreement prohibits, limits or restricts, or shall be construed to prohibit, limit or restrict, Employee from exercising any legally protected whistleblower rights, without notice to or consent from the Company.
6.Return of Company Property. The Employee represents that (s)he has returned all property of the Company, the Company Parties and their respective Affiliates in the Employee’s possession or control, including, but not limited to all hard copy or electronic documents and/or data, computer hardware (laptop, docking station, storage media, air cards, building access cards/fobs, cell phones, tablets, external hard drives, company issued keys, credit cards, USB flash drives, etc.), company-owned software, and Confidential Information. The Employee represents that (s)he has not retained or transferred any Company data or information outside of the Company and has deleted any Company data or information from any personal device, email account or cloud storage account. The Employee represents that (s)he has provided to the Employee’s direct supervisor all current passwords to the Company’s equipment or online accounts utilized by the Employee.
7.Confidentiality Agreement. The Employee understands and agrees that the Employee’s employment created a relationship of confidence and trust between the Employee and the Company with respect to all Confidential Information. Accordingly at all times during the Employee’s employment with the Company, the Employee had a duty to  keep in confidence and trust all such Confidential Information and not use or disclose any such Confidential Information without the written consent of the Company, except as was  necessary in the ordinary course of performing the Employee’s duties to the Company. The Employee further understands and agrees that notwithstanding the termination of her/his employment with the Company, the Employee remains bound to keep in confidence and trust all such Confidential Information  and  expressly agrees not to hereafter use or disclose any such Confidential Information without the written consent of the Company. As used in this Agreement, “Confidential Information” means information belonging to the Company which is of value to the Company in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to the Company. Confidential Information includes, without limitation, financial information, reports, and forecasts; inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities) which have been developed by the management of the Company. Confidential Information includes information developed by the Employee in the course of the Employee’s employment by the Company, as well as other
​

3 of 6

information to which the Employee may have accessed in connection with the Employee’s employment. Confidential Information also includes the confidential information of others with which the Company has a business relationship. Notwithstanding the foregoing, Confidential Information does not include information in the public domain, unless the presence of such information in the public domain is due to breach of the Employee’s duties under this paragraph 6.
Nothing in this Agreement prohibits, limits or restricts, or shall be construed to prohibit, limit or restrict, the Employee from exercising any legally protected whistleblower rights, without notice to or consent from the Company. The federal Defend Trade Secrets Act of 2016 immunizes employees against criminal and civil liability under federal or state trade secret laws – under certain circumstances – if the employee discloses a Trade Secret for the purpose of reporting a suspected violation of law.  Immunity is available if a trade secret is disclosed in either of these two circumstances: (1) in confidence, directly or indirectly to a government official (federal, state or local) or to a lawyer, solely for the purpose of reporting or investigating a suspected violation of law; or (2) in the complaint or other documents filed in a legal proceeding, so long as the document is filed “under seal” (meaning that it is not accessible to the public).
8.Legal and Equitable Remedies. The Employee stipulates that the covenants contained herein are essential for the protection of the trade secrets, confidential business and technological information, relationships, and competitive position of the Company; that a breach of any covenant contained herein would cause the Company irreparable damage for which damages at law would not be an adequate remedy; and that, in addition to damages and other remedies to which the Company would otherwise be entitled, it will be entitled to whatever injunctive relief is appropriate for any such breach. The Employee also agrees that the Employee will be responsible for attorney fees and other legal expenses incurred by the Company or its successors or assigns to enforce any of the covenants in paragraph 6 against the Employee provided the Company prevails in such action.  In addition to such other rights and remedies as the Company may have at equity or in law with respect to any breach of this Agreement, if the Employee commits a material breach of any of the provisions of paragraph 6, the Company shall have the right and remedy to have such provisions specifically enforced by any court having equity jurisdiction. The term(s) of any covenant(s) in paragraph 6 will not run during any time in which the Employee is in violation of said covenant(s). Notwithstanding the foregoing, a restriction or any portion thereof, contained in paragraph 6 is deemed to be unreasonable by a court of competent jurisdiction, the Employee and the Company agree that such restriction, or portion thereof, shall be modified in order to make it reasonable and shall be enforceable accordingly.
9.Consideration of Agreement by the Employee.
(a)The Company hereby advises the Employee and the Employee acknowledges that the Employee has been so advised, to consult with an attorney before executing this Agreement.
(b)The Employee acknowledges that, before entering into this Agreement, the Employee had twenty-one (21) calendar days after receipt of this Agreement (the “Consideration Period”) to consider this Agreement before signing it. If the Employee signs this Agreement, the date on which he signs the Agreement shall be the “Execution Date.” In the event the Employee executes and returns this Agreement prior to the end of the Consideration Period, he acknowledges that his decision to do so was voluntary and that he had the opportunity to consider this Agreement for the entire Consideration Period.
​

4 of 6

(c)The Parties agree that this Agreement will not become effective until seven (7) calendar days after the Execution Date and that the Employee may, within seven (7) calendar days after the Execution Date, revoke the Agreement in its entirety by providing written notice to Brent Banwart, brentbanwart@Ferrellgas.com, at the Company. If written notice of revocation is not received by the Company by the 8th day after the execution of this Agreement, this Agreement will become effective and enforceable on that day (the “Effective Date”).
10.Definition.  For the purposes of this Agreement, “Affiliate” means, with respect to any given entity, any other entity that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such entity. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as used with respect to any entity, means 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, by contract or otherwise.
11.Employee Agreement.  The Parties agree and affirm that the Employee Agreement entered December 12, 2018 (“Employee Agreement”) shall remain in full force and effect and Employee continues to be bound by its terms.
12.Assignment and Assumption. This Agreement shall be binding upon and inure to the benefit of the Company and any successor or assigns. This Agreement shall also be binding and inure to the benefit of the Employee and his heirs. This Agreement is not assignable by the Employee. The Company may unilaterally assign its rights and obligations under this Agreement to any successor to Company’s rights and obligations hereunder as a result of any change in control, merger, consolidation, restructuring or reorganization or to any other successor to all or substantially all of the securities, business and/or assets of the Company or any of its affiliates, and the Employee shall continue to be bound by the terms and conditions of this Agreement.
13.Amendment; Entire Agreement. This Agreement may not be changed orally but only by an agreement in writing agreed to and signed by the Employee and the Company. This Agreement contains the entire agreement of both parties about the subjects in it, and it replaces all prior or contemporaneous oral or written agreements, understandings, statements, representations, and promises by either party. It may be modified or amended only by a writing signed by both parties. Should any provision of the Agreement be declared or determined by any court to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and the illegal or invalid part, term or provision shall be deemed not to be a part of the Agreement.
14.Applicable Law. To the extent permitted by federal law, this Agreement will be governed by and construed in accordance with the laws of the State of Kansas without regard to conflicts of the law principles. The spirit and intent of this Agreement is to terminate with finality any and all issues or claims existing between the Company and the Employee on the date hereof, whether known or unknown, and this Agreement will be interpreted in accordance with such spirit and intent.
15.Severability. To the extent permitted by applicable law, the Parties agree that any term or provision of this Agreement that renders such term or provision or any other term or provision hereof invalid or unenforceable in any respect shall be modified to the extent necessary to avoid rendering such term or provision invalid or unenforceable, and such modification shall be
​

5 of 6

accomplished in the manner that most nearly preserves the benefit of the Parties’ bargain hereunder.
16.Third-Party Beneficiaries. This Agreement shall inure to the benefit of the Company and each other Company Party, as each other Company Party shall be a third-party beneficiary of this Agreement.
17.Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement.
The Employee represents and agrees that (s)he has fully read and understands the meaning of this Agreement and is voluntarily entering into this Agreement with the intention of giving up all claims against the Company and Company Parties.
​
	​

	​

	​

	​

	​

	​
	​
	​
	FERRELLGAS, INC., a Delaware

	​
	​
	​
	Corporation, their General Partner

	​
	​
	​
	​
	​

	Date: 
	7/9/2021
	​
	By:
	Jim Ferrell

	​
	​
	​
	​
	CEO and President, Ferrellgas

	​
	​
	​
	​
	​

	​
	​
	​
	Name:
	​

	​
	​
	​
	Title:
	​

	​
	​
	​
	​
	​

	​
	​
	​
	​
	​

​
​
​
​
	​

	​

	​

	​

	Date:
	7/9/2021
	​
	/s/ Brian Herrmann

	​
	​
	​
	Brian Herrmann

​

6 of 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}]]