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DocuSign Envelope ID: 34896899-D81D-4212-A970-965E22CA8B4B    
EXHIBIT 10.1

SENIOR VICE PRESIDENT, FINANCE AND CORPORATE CONTROLLER
EXECUTIVE AGREEMENT

This Employment Agreement (“Agreement”) is between Richard Christensen (“Executive”) and TrueBlue, Inc. or a TrueBlue, Inc. subsidiary, affiliate, related business entity, successor, or assign (collectively “TrueBlue” or “Company”) and is effective as of January 27, 2020.

I.COMPENSATION AND POSITION.

i.Employment.

Executive wishes to be employed with Company, and Company wishes to employ Executive as Senior Vice President, Finance and Corporate Controller under the terms and conditions stated in this Agreement. Additionally, Executive will have access to company-wide confidential and propriety information, including strategic planning information, which is vital to the ability of Company and its affiliates to compete in all of its locations. Executive’s entering into this Agreement is a condition of continued employment and continued access to such materials. Valuable consideration, including without limitation, the mutual covenants and promises contained herein, and the terms of Section II.A.2, is provided to Executive to enter this Agreement, the sufficiency of which is expressly acknowledged.

ii.Effective Date.

The terms and conditions of this Agreement shall become effective as of the date written above, provided that Executive has voluntarily accepted and executed Company’s Non-Competition Agreement (provided herewith). Acceptance and execution of Company’s Non-Competition Agreement is a condition of continued employment and is a condition precedent to the enforceability of this Agreement.

iii.Title and Compensation.

1.Title. Executive’s title shall be Senior Vice President, Finance and Corporate Controller. Executive may also have additional Company or Company affiliate titles. Executive’s title is subject to change, and shall be set forth in the Executive’s record with Company’s Human Resources department. Executive shall have such responsibilities, duties and authority as are customarily assigned to such position and shall render services as directed. These responsibilities, duties and authority are as outlined in the executive job description as contained in the Human Resources file and given to Executive prior to commencement of employment.

2.Annual Base Salary. Executive will receive a salary in the gross amount in accordance with the terms and conditions of the offer letter (“Offer Letter”) attached hereto as Exhibit A, which shall be on file with Company’s Human Resources department. This position is a salaried position which is exempt under the Fair Labor Standards Act and relevant state law. This salary is in compensation for all work performed by Executive. Executive warrants and acknowledges that Executive is not entitled to “overtime” pay. Company may withhold from any amounts payable under this Agreement all federal, state, city or other taxes as Company is required to withhold pursuant to any applicable law, regulation or ruling and other customary and usual deductions.

3.Bonus and Equity Awards. . Subject to the conditions set forth below, Executive
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will be eligible for a bonus and equity award in accordance with the terms and conditions of the Offer Letter. The Bonus Plan and all aspects of bonus compensation may be changed at the discretion of the Compensation Committee and/or the Board of Directors.

i.Benefits.

1.General. Executive shall be entitled to all benefits offered generally to Executives of Company in accordance with the terms of the Offer Letter.

2.Health & Welfare Benefits. Executive shall be entitled to all health and welfare benefits offered generally to employees of Company.

3.Paid Time Off. Executive shall be entitled each year during Executive’s employment to the number of PTO days outlined in the Offer Letter.

4.Business Expenses. Business expenses will be reimbursed in accordance with Company policies.
I.TERMS AND CONDITIONS.

i.Employment

1.Employment at Will. Company and Executive agree that Executive’s employment is not for any specific or minimum term or duration, and that subject to Section II(A)(2) of this Agreement, the continuation of Executive’s employment is subject to the mutual consent of Company and Executive, and that it is terminable at will, meaning that either Company or Executive may terminate the employment at any time, for any reason or no reason, with or without cause, notice, pre-termination warning or discipline, or other pre- or post-termination procedures of any kind. Executive acknowledges and agrees that any prior representations to the contrary are void and superseded by this Agreement, and that Executive may not rely on any future representations to the contrary, whether written or verbal, express or implied, by any statement, conduct, policy, handbook, guideline or practice of Company or its employees or agents. Nothing in this Agreement creates any right, contract or guarantee of continued or a length of term period of employment or gives Executive the right to any particular level of compensation or benefits and nothing in this Agreement should be construed as such. The parties agree that any decision maker who is charged with reviewing disputes surrounding Executive’s employment shall reject any legal theory, whether in law or in equity, that is claimed to alter at-will employment, unless such theory cannot be waived as a matter of law.

2.Post Termination Payments.

(a)In the event of termination of Executive’s employment for any or no reason or with or without Cause, by either Company or Executive, or if Executive’s employment ends due to the death or disability of Executive, Executive shall be paid unpaid wages, and unused vacation earned through the termination date.

(b)Provided that Executive’s employment does not end due to Executive’s death or disability, if Company terminates Executive’s employment without Cause as defined in this Agreement, or Executive terminates employment with Good Reason as defined in this Agreement, subject to the conditions set forth below, in addition to the amounts described in Sections II(A)(2)(a), Executive shall be provided with the following as the sole remedy for such termination, subject to withholding:

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i.separation payments for twelve (12) months from the termination date at the base monthly salary in effect for Executive on the termination date, with the actual period of receipt of such payments being referred to as the “Severance Period”, provided, however, that if at the time of the Executive’s termination of employment the Executive is considered a “specified employee” subject to the required six-month delay in benefit payments under Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended, then the separation payments that would otherwise have been paid within the first six
(6) months after the Executive’s termination of employment shall instead be paid in a single lump sum on (or within 15 days after) the six-month anniversary of such termination of employment. Payments for the remaining six (6) months shall be made monthly after such six-month anniversary; and
ii.accelerated vesting in any previously awarded stock options, restricted stock and other equity awards as if Executive had worked for Company for twelve (12) months after Executive’s termination date, provided that any options or other equity awards that are not exercised within the time periods for exercise set forth in the applicable plan, sub-plan or grant agreement, shall expire in accordance with the terms of such plan, sub-plan or grant agreement, as this accelerated vesting will not extend or otherwise delay the time period for exercising an option or other equity award.

a.As a condition precedent to being entitled to receive the benefits set forth in Section II(A)(2)(b), within twenty-one (21) days of Executive’s termination, Executive must (i) sign and deliver and thereafter not revoke a release in the form of Exhibit B to this Agreement in accordance with its terms or a form otherwise acceptable to Company; (ii) be and remain in full compliance with all provisions of Section III and IV of this Agreement; and (iii) be and remain in full compliance with Company’s Non-Competition Agreement and any other covenants with Company entered into by Executive. Company shall have no obligation to make any payments or provide any benefits to the Executive hereunder unless and until the effective date of the waiver and release agreement, as defined therein.
i.Cause.

(a)For the purpose of this Agreement, “Cause,” as used herein, means any of the following (alone or in combination):

(b)Executive is convicted of or takes a plea of nolo contendere to a crime involving dishonesty, fraud or moral turpitude;

(c)Executive has engaged in any of the following: (i) fraud, embezzlement, theft or other dishonest acts, (ii) unprofessional conduct, (iii) gross negligence related to the business or (iv) other conduct that is materially detrimental to the business as determined in the reasonable business judgment of Company;

(d)Executive materially violates a significant Company policy (as they may be amended from time to time), such as policies required by the Sarbanes-Oxley Act, Company’s Drug Free Workplace Policy or Company’s EEO policies, and does not cure such violation (if curable) within twenty
(20) days after written notice from Company;

(e)Executive willfully takes any action that significantly damages the assets (including tangible and intangible assets, such as name or reputation) of Company;

(f)Executive fails to perform Executive’s duties in good faith or Executive persistently fails to perform Executive’s duties, and does not cure such failures within ten (10) days after written notice from Company or, if notice and cure have previously taken place regarding a similar failure to perform, if the circumstance recurs;

(g)Executive uses or discloses (or allows others to use or disclose) Confidential
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Information, as defined in this Agreement, without authorization; or

a.Executive breaches this Agreement in any material respect and does not cure such breach (if curable) within twenty (20) days after written notice from Company or, if notice and cure have previously taken place regarding a similar breach, if a similar breach recurs.

A termination of employment by the Employer for one of the reasons set forth in Section II. 3(a)-(h) above will not constitute cause unless, within the 60-day period immediately following the occurrence of such event, Employer has given written notice to Executive specifying in reasonable detail the event or events relied upon for such termination and Executive has not remedied such event or events within twenty
(20) days of the receipt of such notice.

4    Good Reason. For the purpose of this Agreement, “Good Reason,” as used herein,
means:

(a)any material breach of this Agreement by Company which, if curable, has not been cured within twenty (20) days after Company has been given written notice of the need to cure the breach;

(b)a substantial reduction of responsibilities assigned to Executive, provided that Company fails to remedy such reduction within twenty (20) days after being provided written notice thereof from Executive that Executive objects to the same; or

(c)a reduction in Executive’s base salary, other than as part of an across-the-board salary reduction generally imposed on employees of Company, provided that Company fails to remedy such reduction(s) within twenty (20) days after being provided written notice thereof from Executive that Executive objects to the same.

A termination of employment by the Executive for one of the reasons set forth in Section II. 4(a)-(c) above will not constitute Good Reason unless, within the 60-day period immediately following the occurrence of such Good Reason event, Executive has given written notice to Company specifying in reasonable detail the event or events relied upon for such termination and Company has not remedied such event or events within twenty (20) days of the receipt of such notice.

a.Dispute Resolution; Arbitration; Exigent Relief.

Company and Executive agree that any claim arising out of or relating to this Agreement, or the breach of this Agreement, or Executive’s application, employment, or termination of employment, shall be submitted to and resolved by binding arbitration under the Federal Arbitration Act. Company and Executive agree that all claims shall be submitted to arbitration including, but not limited to, claims based on any alleged violation of Title VII or any other federal or state laws; claims of discrimination, harassment, retaliation, wrongful termination, compensation due or violation of civil rights; or any claim based in tort, contract, or equity. Any arbitration between Company and Executive will be administered by the American Arbitration Association under its Employment Arbitration Rules then in effect. The award entered by the arbitrator will be based solely upon the law governing the claims and defenses pleaded, and will be final and binding in all respects. Judgment on the award may be entered in any court having jurisdiction. Company agrees to pay for the arbiter’s fees where required by law.

Executive understands that if Executive has breached the Confidentiality Agreement, or any other section herein, Company may seek an injunction, or other relief as may be appropriate, against Executive.

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a.Duty of Loyalty.

Executive agrees to devote all time that is reasonably necessary to execute and complete Executive’s duties to Company. During the time necessary to execute Executive’s duties, Executive agrees to devote Executive’s full and undivided time, energy, knowledge, skill and ability to Company’s business, to the exclusions of all other business and sideline interests. Because of the agreement in the preceding sentence, during Executive’s employment with Company, Executive also agrees not to be employed or provide any type of services, whether as an advisor, consultant, independent contractor or otherwise in any capacity elsewhere unless first authorized, in writing, by a proper representative of Company. In no event will Executive allow other activities to conflict or interfere with Executive’s duties to Company. Executive agrees to faithfully and diligently perform all duties to the best of Executive’s ability. Executive recognizes that the services to be rendered under this Agreement require certain training, skills and experience, and that this Agreement is entered into for the purpose of obtaining such service for Company. Upon request, Executive agrees to provide Company with any information which Executive possesses and which will be of benefit to Company. Executive agrees to perform Executive’s duties in a careful, safe, loyal and prudent manner. Executive agrees to conduct him/herself in a way which will be a credit to Company’s reputation and interests, and to otherwise fulfill all fiduciary and other duties Executive has to Company.

Executive represents and warrants that Executive has been in full compliance with all prior covenants Executive has entered into protecting Company’s Confidential Information.

b.Reimbursement.

If Executive ever possesses or controls any Company funds (including, without limitation, cash and travel advances, overpayments made to Executive by Company, amounts received by Executive due to Company’s error, unpaid credit or phone charges, excess sick or vacation pay, or any debt owed Company for any reason, including misuse or misappropriation of company assets), Executive will remit them to Company corporate headquarters in Tacoma, Washington daily for the entire period of Executive’s possession or control of such Company funds unless directed otherwise in writing. At any time upon request, and at the time when Executive’s employment ends for any reason, even without request, Executive shall fully and accurately account to Company for any Company funds and other property in Executive’s possession or control. If Executive fails to do so, Executive hereby authorizes Company (subject to any limitations under applicable law) to make appropriate deductions from any payment otherwise due Executive (including, without limitation, Executive’s paycheck, salary, bonus, commissions, expense reimbursements and benefits), in addition to all other remedies available to Company.

c.Background Investigation and Review of Company Property.

i.Executive agrees that at any time during employment Company may, subject to any applicable legal requirements, investigate Executive’s background for any relevant information on any subject which might have a bearing on job performance including, but not limited to, employment history, education, financial integrity and credit worthiness, and confirm that Executive has no criminal record during the last ten years. Executive shall sign any and all documents necessary for Company to conduct such investigation. For this purpose, Executive specifically authorizes Company to obtain any credit reports, background checks and other information which may be useful. Executive acknowledges and, except as may be limited by applicable law, agrees to abide at all times by the terms of Company’s drug and alcohol policy. Executive understands that failure to comply with Company’s policies, including its drug and alcohol policies, may result in termination of employment.

ii.Executive acknowledges and agrees that unless otherwise expressly prohibited by law, Company has the complete right to review, inspect and monitor all Company property, including, 
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without limitation, email, voicemail, and computer property of Company, and to review, inspect and monitor Executive’s use of the internet or other computer related transmission of information including,

without limitation, the identity and use of USB and other computer related drives. Executive acknowledges that Executive has no expectation of privacy in Company’s property, including, without limitation, email, voicemail, and computer property.

I.CONFIDENTIAL INFORMATION.

a.Non-Disclosure and Non-Use and other Protection of Confidential Information.

i.In connection with Executive’s duties, Executive may have access to some or all of Company’s “Confidential Information,” whether original, duplicated, computerized, memorized, handwritten, or in any other form, and all information contained therein, including, without limitation:
(a) the ideas, methods, techniques, formats, specifications, procedures, designs, strategies, systems, processes, data and software products which are unique to Company; (b) all of Company’s business plans, present, future or potential customers or clients (including the names, addresses and any other information concerning any customer or client), marketing, marketing strategies, pricing and financial information, research, training, know-how, operations, processes, products, inventions, business practices, databases and information contained therein, its wage rates, margins, mark-ups, finances, banking, books, records, contracts, agreements, principals, vendors, suppliers, contractors, employees, applicants, Candidates, skill sets of applicants, skill sets of Candidates, marketing methods, costs, prices, price structures, methods for calculating and/or determining prices, contractual relationships, business relationships, compensation paid to employees and/or contractors, and/or other terms of employment, employee evaluations, and/or employee skill sets; (c) the content of all of Company’s operations, sales and training manuals; (d) all other information now in existence or later developed which is similar to the foregoing; (e) all information which is marked as confidential or explained to be confidential or which, by its nature, is confidential or otherwise constitutes the intellectual property or proprietary information of Company; and/or (f) any of Company’s “trade secrets”. For the purposes of this Section III, all references to, and agreements regarding, Confidential Information or Confidential Information of Company also apply to Confidential Information belonging to any affiliate of Company, and to any confidential or proprietary information of third party clients that Company has an obligation to keep confidential. Employee’s covenants in this Section III shall protect affiliates and clients of Company to the same extent that they protect Company. Confidential Information shall not include any portion of the foregoing which (i) is or becomes generally available to the public in any manner or form through no fault of Executive, or (ii) is approved for Executive’s disclosure or use by the express written consent of the General Counsel or Chief Financial Officer of Company.

ii.Executive agrees and acknowledges that all Confidential Information is to be held in confidence and is the sole and exclusive property of Company and/or its affiliates or clients. Executive recognizes the importance of protecting the confidentiality and secrecy of Confidential Information. Executive agrees to use Executive’s best efforts to protect Confidential Information from unauthorized disclosure to others. Executive understands that protecting Confidential Information from unauthorized disclosure is critically important to Company’s success and competitive advantage, and that the unauthorized use or disclosure of Confidential Information would greatly damage Company. Executive recognizes and agrees that taking and using Confidential Information, including trade secrets, by memory is no different from taking it on paper or in some other tangible form, and that all of such conduct is prohibited. Executive agrees that, prior to use or disclosure, Executive will request clarification from Company’s legal department if Executive is at all uncertain as to whether any information or materials are Confidential Information.

iii.During Executive’s employment and in perpetuity after the termination of Executive’s employment for any or no cause or reason, Executive agrees: (a) not to use (or allow others to wrongfully use) any Confidential Information for the benefit of any person (including, without limitation, 
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Executive’s benefit) or entity other than Company; and (b) not to, except as necessary or appropriate for Executive to perform Executive’s job responsibilities, disclose (or allow others to wrongfully disclose) any Confidential Information to others or download or make copies of any Confidential Information without

Company’s written consent, or remove any such records from the offices of Company except for the sole purpose of conducting business on behalf of Company. If at any time Executive ever believes that any person has received or disclosed or intends to receive or disclose Confidential Information without Company’s consent, Executive agrees to immediately notify Company.

i.At any time during Executive’s employment upon Company’s request, and at the end of Executive’s employment with Company, even without Company’s request, Executive covenants, agrees to, and shall immediately return to Company, at its headquarters in Tacoma, Washington, all Confidential Information as defined herein, and all other material and records of any kind concerning Company’s business, and all other property of Company that Executive may possess or control.

ii.At all times, Executive agrees not to directly or indirectly take, possess, download, allow others to take or possess or download, provide to others, delete or destroy or allow others to delete or destroy, any of Company’s Confidential Information or other property, other than in the normal course of business.

iii.Executive agrees that these covenants are necessary to protect Company’s Confidential Information, and Company’s legitimate business interests (including, without limitation, the confidentiality of Company’s business information and other legitimate interests), in view of Executive’s key role with each branch of Company and its affiliates and the extent of confidential and proprietary information about the entire Company and its affiliates and clients to which Executive has information. Company and Executive agree that the provisions of this Section III do not impose an undue hardship on Executive and are not injurious to the public; that they are necessary to protect the business of Company and its affiliates and clients; that the nature of Executive’s responsibilities with Company under this Agreement and Executive’s former responsibilities with Company provide and/or have provided Executive with access to Confidential Information that is valuable and confidential to Company; that Company would not continue to employ Executive if Executive did not agree to the provisions of this Section III; that this Section III is reasonable in its terms and that sufficient consideration supports this Agreement, including, without limit, this Section III.

iv.The covenants set forth above are independent of any other provision of this Agreement. Executive agrees that they will be enforceable whether or not Executive has any claim against Company. Executive and Company agree that this Agreement should be interpreted in the way that provides the maximum protection to Company’s Confidential Information.

v.Executive acknowledges that if Executive violates any of the foregoing covenants, the damage to Company will be such that Company is not likely to be made whole with a monetary award. Therefore, Executive agrees that if Executive violates or threatens to violate any such covenant, Company will be entitled to a temporary restraining order, a preliminary injunction and/or a permanent injunction, in addition to any and all other legal or equitable remedies available under law and equity. Executive understands that if Executive violates any of the foregoing covenants, Company may seek a restraining order, injunction, or other legal or equitable relief as may be appropriate, against Executive.

vi.Executive represents and warrants that Executive has been in full compliance with the provisions protecting Company’s Confidential Information as set forth in any previous agreement with Company herein and in the Non-Competition Agreement, as well as all other terms and conditions of any previous agreement with Company.

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vii.Executive agrees to notify Company (Human Resources) if Executive becomes aware that others are using, wrongfully disclosing, downloading, making copies of, taking, possessing, deleting or destroying confidential information.

a.Other Employers and Obligations.

i.Executive represents to Company that Executive is not subject to any restriction or duties under any agreement with any third party or otherwise which will be breached by employment with Company, or which will conflict with Company’s best interests or Executive’s obligations under this Agreement. Executive agrees to notify Executive’s supervisor promptly in the event Executive or other employees is/are solicited for employment by any competitor of Company.

ii.Executive warrants that Executive’s employment with Company will not violate any contractual obligations with other parties. Executive will not use during Executive’s employment with Company nor disclose to Company any confidential or proprietary information or trade secrets from any former or current employers, principals, partners, co-venturers, customers or suppliers, and will not bring onto Company’s premises any unpublished document or any property belonging to any such person or entities without their consent. Executive will honor any non-disclosure, proprietary rights, or other contractual agreements with any other person or entity and has disclosed to Company any such agreements that may bear on employment with Company. Executive agrees to tell any prospective new employer about this Agreement and its terms.

I.ASSIGNMENT OF INVENTIONS.

b.Inventions Assignment.

Executive will make prompt and full disclosure to Company, will hold in trust for the sole benefit of Company, and does assign exclusively to Company all right, title and interest in and to any and all inventions, discoveries, designs, developments, improvements, copyrightable material and trade secrets (collectively herein “Inventions”) that Executive solely or jointly may conceive, develop, author, reduce to practice or otherwise produce during Executive’s employment with Company.

c.Outside Inventions.

Executive’s obligation to assign shall not apply to any Invention about which Executive can prove all the following: (a) it was developed entirely on Executive’s own time; (b) no equipment, supplies, facility, services or trade secret information of Company was used in its development; (c) it does not relate
(i) directly to the business of Company or its affiliates or (ii) to the actual or demonstrably anticipated business, research or development of Company or its affiliates; and (d) it does not result from any work performed by Executive for Company or its affiliates. Executive shall attach a list of all existing Inventions meeting these requirements to this Agreement.

II.COMPLIANCE WITH LAWS AND COMPANY’S CODE OF CONDUCT.

d.Commitment to Compliance.

Company is committed to providing equal employment opportunity for all persons regardless of race, color, gender, creed, religion, age, marital or family status, national origin, citizenship, mental or physical disabilities, veteran status, ancestry, citizenship, HIV or AIDS, sexual orientation, on-the-job-injuries, or the assertion of any other legally enforceable rights, or other protected status under applicable law. Equal opportunity extends to all aspects of the employment relationship, including hiring, transfers, promotions, training, termination, working conditions, compensation, benefits, and other terms and conditions of 
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employment. Company is likewise committed to ensuring that employees are accurately paid for all hours worked.

a.Duty to Comply with the Law.

Executive agrees to and shall comply with all federal, state and local laws and regulations, including, without limit, equal employment opportunity laws and wage and hour laws. Executive agrees to and shall immediately notify Company if Executive becomes aware of a violation of the law, or suspects a violation of the law has or will occur. Executive acknowledges that Executive may be held personally liable for intentional violations.

b.Duty to Comply with Company’s Code of Conduct.

Executive acknowledges and agrees that it is Executive’s duty to be familiar with Company’s Code of Conduct, and to comply with all of its respective provisions.

I.MISCELLANEOUS.

c.Integration.

Except with respect to Company’s Non-Competition Agreement, (i) no promises or other communications made by either Company or Executive are intended to be, or are, binding unless they are set forth in this Agreement; and (ii) this Agreement contains the entire agreement between the parties and replaces and supersedes any prior agreements, including previous employment agreement(s). This Agreement may not be modified except by a written instrument signed by an appropriate officer of Company and by Executive. This Agreement will be binding upon Executive’s heirs, executors, administrators and other legal representatives.

d.Choice of Law.

Company and Executive agree that this Agreement and all interpretations of the provisions of this Agreement will be governed by the laws of the State of Washington, without regard to choice of law principles.

e.Venue and Consent to Jurisdiction.

Where the parties have mutually waived their right to arbitration in writing or have not sought to enforce their right to compel arbitration, or where a temporary and/or preliminary or permanent injunction may be necessary to protect the interests of either party, Executive and Company hereby irrevocably and unconditionally submit to the jurisdiction of the Washington State Superior Court for Peirce County or the United States District Court, Western District of Washington at Tacoma, or to any court in any location where Executive is threatening to breach or is engaged in breaching the Agreement; Executive and Company consent to submit to venue and personal jurisdiction of the courts identified herein, and agree to waive any claim that any such suit, action, or proceeding has been brought in an inconvenient forum. Executive and Company agree that the choice of venue lies solely in the discretion of the Company.

f.No Wavier of Rights.

A waiver by Company of the breach of any of the provisions of this Agreement by Executive shall not be deemed a waiver by Company of any subsequent breach, nor shall recourse to any remedy hereunder be deemed a waiver of any other or further relief or remedy provided for herein. No waiver shall be effective unless made in writing and signed by the General Counsel our Chief Compliance Officer of Company. Agreement shall be enforceable regardless of claim Executive may have against Company.
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a.Severability.

The provisions of this Agreement are intended to be severable from each other. No provision will be invalid because another provision is ruled invalid or unenforceable. If any provision in this Agreement is held to be unenforceable in any respect, such unenforceability shall not affect any other provision of this Agreement and shall be re-written to provide the maximum effect consistent with the intent of the provision.

b.Binding Effect and Assignability.

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors, assigns, affiliated entities, and any party-in-interest. Executive agrees and understands that, should Company be acquired by, merge with, or otherwise combine with another corporation or business entity, the surviving entity will have all rights to enforce the terms of this Agreement as if it were Company itself enforcing the Agreement. Company reserves the right to assign this Agreement to its affiliates, an affiliated company or to any successor in interest to Company’s business without notifying Executive, and Executive hereby consents to any such assignment. All terms and conditions of this Agreement will remain in effect following any such assignment. Notwithstanding the foregoing, Executive may not assign this Agreement.

c.Non-Disparagement.

At all times during the Executive’s employment with Company and following termination of that employment by either Executive or Company, Executive will not publicly disparage Company or its Subsidiaries or any of their respective directors, officers or employees. Executive will not be in breach of this provision by providing information as required by law or legal compulsion.

d.Survival.

Notwithstanding any provision of this Agreement to the contrary, the parties’ respective rights and obligations under Sections II (A), (B) and (D), III, IV, and VI do and shall survive any termination of the Executive’s employment and/or the assignment of this Agreement by Company to any successor in interest or other assignee.

e.Section 409A of the Internal Revenue Code of 1986.

To the extent applicable, it is intended that this Agreement comply with the provisions of Section 409A of the Internal Revenue Code of 1986. This Agreement will be administered in a manner consistent with this intent, and any provision that would cause the Agreement to fail to satisfy Section 409A of the Internal Revenue Code of 1986 will have no force and effect until amended to comply with Section 409A of the Internal Revenue Code of 1986 (which amendment may be retroactive to the extent  permitted  by  Section 409A of the Internal Revenue Code of 1986 and may be made by Company without the consent of the Executive).

f.Attorney’s Fees.

In any suit or proceeding to enforce the terms of this Agreement Executive and Company agree that the prevailing party in any such dispute shall be paid and indemnified by the non-prevailing party for and against all expenses of every nature and character incurred by in pursuing such suit or proceeding including, without limitation, all reasonable attorneys’ fees, costs and disbursements.

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a.Headings for Convenience Only.

The headings used in this Agreement are intended for convenience or reference only and will not in any manner amplify, limit, modify or otherwise be used in the construction or interpretation of any provision of this Agreement. References to Sections are to Sections of this Agreement. Any reference in this Agreement to a provision of a statute, rule or regulation will also include any successor provision thereto.

EXECUTIVE ACKNOWLEDGES AND AGREES THAT EXECUTIVE HAS READ AND UNDERSTANDS THIS AGREEMENT, THAT EXECUTIVE HAS BEEN GIVEN AN OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL CONCERNING THE TERMS OF THIS AGREEMENT, AND THAT EXECUTIVE AGREES TO THE TERMS OF THIS AGREEMENT.

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the date first above written.

EXECUTIVE    COMPANY

By:         By:     
Rich Christensen
Name:         Name:     
2/10/2020
Date:         Title:     

By signing this Agreement, I accept and acknowledge    Date:     that I will abide by the terms and conditions of this
Agreement. I agree and understand that nothing in this Agreement shall confer any right with respect continuation of employment by Company, nor shall it interfere in any way with my right or Company’s right to terminate my employment at any time, with or without cause.

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EXHIBIT A (OFFER LETTER)
January 27, 2020

Richard Christensen Dear Rich:
It is my pleasure to extend the following promotion to you on behalf of TrueBlue, Inc. We trust that your knowledge, skills and experience will continue to be a valuable asset to our organization. This offer is based upon the following initial terms:

Position:    Senior Vice President, Finance and Corporate Controller
Reporting to:    Norm Frey, Senior Vice President, Chief Accounting Officer
Base Salary:    $10,576.92 per pay period ($275,000 annually) paid on a bi-weekly basis and subject to applicable taxes.
Annual Bonus Target:    $110,000 (40% of base salary)
Annual Equity Grant:    $110,000 (40% of base salary)
Annual Compensation Target:    $495,000

Promotional Equity Grant:    $110,000 (40% of base salary)

Effective Date:    On or about January 27, 2020

Employee Bonus Plan: You will be eligible to participate in our annual TrueBlue Corporate Support Employee Bonus Plan, pro-rated based on hire date. This plan has a target payout of 40% of your salary. The bonus plan is based on a combination of company and individual performance. The bonus plan will be provided during first quarter 2020.

Promotional Equity Grant: You will receive a one-time award of restricted shares having a value of 40% of base salary. The number of shares you receive will be based on the grant value divided by the previous 60-day average closing price of the stock on the grant date. Shares will be granted on the first trading day of the month following your hire date. Restricted shares will vest equally over four years on the anniversary date of the grant and per the terms of the grant agreement.

Annual Equity Grant: You will be eligible for an annual equity award as outlined above. Annual equity grants are typically granted in February (for employees hired before December 31) and actual award values and equity components are subject to the approval of the Board and the applicable plan documents.

Health & Welfare Benefits:  Your current benefit program selections will remain in place

Employment and Related Agreements: Upon your acceptance of this employment offer you will be offered an at-will employment agreement (the “Employment Agreement”) providing for, among other things, severance in the event your employment were to be terminated by the Company without cause or by you with good reason (as defined in the Employment Agreement). Nothing in this offer letter itself is intended to be a contract of employment or a promise of specific treatment in specific situations unless expressly set forth herein, nor does this offer letter change your employment at-will status if you accept it. Subject to the terms of your Employment Agreement with the Company should you accept this offer, the Company reserves the right to modify your compensation, duties, reporting relationship, title or continued employment as circumstances dictate. You will also receive related agreements to be executed contemporaneously with the Employment Agreement, including a non-competition agreement.
Employment Agreement
- 12 -

DocuSign Envelope ID: 34896899-D81D-4212-A970-965E22CA8B4B

Rich, I look forward to continuing our mutually rewarding employment relationship. If you have any questions regarding this offer letter, please contact me.

Sincerely,

Norm Frey
Senior Vice President, Chief Accounting Officer

I have read and accept the terms of this employment offer.

2/6/2020

Signature    Date

Employment Agreement
- 13 -

DocuSign Envelope ID: 34896899-D81D-4212-A970-965E22CA8B4B

EXHIBIT B

(SAMPLE) RELEASE OF CLAIMS

This  Release  of  Claims  (“Release”)  is  hereby executed  by     (“Executive”) in
accordance  with  the  Employment  Agreement  between  Executive  and  Company     ,  Inc.

Employment Agreement
- 14 -

DocuSign Envelope ID: 34896899-D81D-4212-A970-965E22CA8B4B

(“Employer”), dated
(“Employment Agreement”). RECITALS

A.Employer and Executive are parties to the Employment Agreement.

B.The Employment Agreement provides for certain payments and benefits to Executive upon termination of Executive’s employment under certain circumstances, provided that Executive signs and delivers to Employer upon such termination a Release in substantially the form of this Release, and does not revoke the same.

C.Executive desires for Employer to make payments in accordance with the Employment Agreement and therefore executes this Release.

TERMS

a.Waiver, Release and Covenant. On behalf of Executive and Executive’s marital community, heirs, executors, administrators and assigns, Executive expressly waives, releases, discharges and acquits any and all claims against Employer and its present, former and future affiliates, related entities, predecessors, successors and assigns, and all of their present, former and future officers, directors, stockholders, employees, agents, partners, and members, in their individual and representative capacities (collectively “Released Parties”) that arise from or relate to Executive’s employment with Employer and/or the termination of such employment (“Released Claims”). This waiver and release includes any and all Released Claims (including claims to attorneys’ fees), damages, causes of action or disputes, whether known or unknown, based upon acts or omissions occurring or that could be alleged to have occurred before the execution of this Release. Released Claims include, without limitation, claims for wages, employee benefits, and damages of any kind whatsoever arising out of any: contract, express or implied; tort; discrimination; wrongful termination; any federal, state, local or other governmental statute or ordinance, including, without limitation, Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act, as amended (“ADEA”); the Americans with Disabilities Act of 1990, the Rehabilitation Act of 1973; the Family and Medical Leave Act; the Employee Retirement Income Security Act of 1974, including but not limited to claims under Company-sponsored severance and termination pay plans, if any; and any other legal limitation on the employment relationship. Executive also covenants and promises never to file, press or join in any complaint or lawsuit for personal relief or any amounts of any nature based on any Released Claim and agrees that any such claim, if filed by Executive, shall be dismissed, except that this covenant and promise does not apply to any claim of Executive challenging the validity of this Release in connection with claims arising under the ADEA and/or the Older Workers’ Benefit Protection Act of 1990 (“OWBPA”). Executive represents and warrants that he is the sole owner of all Released Claims and has not assigned, transferred, or otherwise disposed of Executive’s right or interest in those matters. Notwithstanding the foregoing, this waiver and release does not apply to claims that arise after the date that the release is executed, claims to vested benefits under ERISA, workers’ compensation claims or any other claims that may not be released under this Release in accordance with applicable law.

b.Acknowledgment of Sufficiency of Consideration. Executive acknowledges and agrees that in the absence of Executive’s execution of this Release, Employer is not obligated to provide Executive with the

Employment Agreement
- 15 -

DocuSign Envelope ID: 34896899-D81D-4212-A970-965E22CA8B4B

payment and benefits described in Section II(A)(2)(b) of the Employment Agreement, and that the payment and benefits set forth in Section II(A)(2)(b) of the Employment Agreement are adequate consideration for the covenants and release herein.

a.Covenants and Obligations under Employment Agreement. Nothing in this Release supersedes or restricts any obligations that Executive owes to Employer, including, without limitation, the obligation to protect Employer’s interests in Confidential Information and trade secrets and inventions under the Employment Agreement and/or under applicable law, and/or Company’s Non-Competition Agreement executed by Executive. Executive agrees to comply with all covenants that Executive has entered into with Company.

b.Non-Disparagement. At all times during the Executive’s employment with Company and following termination of that employment by either Executive or Company, Executive agrees not to make any statements, written or verbal, or cause or encourage others to make any statements, written or verbal, including but not limited to any statements made via social media, on websites or blogs, that defame, disparage the Company or its Subsidiaries or any of their respective directors, officers or employees. Executive will not be in breach of this provision by providing information as required by law or legal compulsion.

Executive further understands and agrees that this paragraph is a material provision of this Agreement and that any breach of this paragraph shall be a material breach of this Agreement, and that the Company would be irreparably harmed by violation of this provision.

c.Disclosure. Executive acknowledges and warrants that s/he is not aware of, or that s/he has fully disclosed to the Company, any matters for which Executive was responsible or which came to Executive’s attention as an employee of the Company that might give rise to, evidence, or support any claim of illegal conduct, regulatory violation, unlawful discrimination, or other cause of action against the Company.

d.Company Property. All records, files, lists, including computer generated lists, data, drawings, documents, equipment and similar items relating to the Company’s business that Executive generated or received from the Company remains the Company’s sole and exclusive property. Executive agrees to promptly return to the Company all property of the Company in his/her possession. Executive further represents that s/he has not copied or caused to be copied, printout, or caused to be printed out any documents or other material originating with or belonging to the Company. Executive additionally represents that s/he will not retain in her/his possession any such documents or other materials.

e.Review and Revocation Period. Executive has a period of seven (7) calendar days after delivering the executed Release to Employer to revoke the Release. To revoke, Executive must deliver a notice revoking Executive’s agreement to this Release to the CEO of Employer. This Release shall become effective on the eighth day after delivery of this executed Release by Executive to Employer (“Effective Date”), provided that Executive has not revoked the Release. Employer shall have no obligation to provide Executive with any payment or benefits as described in Section 6 of the Employment Agreement if Executive revokes this Release.

f.Governing Law. This Release shall be interpreted in accordance with the law of the State of Washington, without regard to the conflicts of law provisions of such laws.

g.Severability. If any provision of this Release constitutes a violation of any law or is or becomes unenforceable or void, then such provision, to the extent only that it is in violation of law, unenforceable or void, shall be deemed modified to the extent necessary so that it is no longer in violation of law, unenforceable or void, and such provision will be enforced to the fullest extent permitted by law. If such modification is not possible, such provision, to the extent that it is in violation of law, unenforceable or 
Employment Agreement
- 16 -

DocuSign Envelope ID: 34896899-D81D-4212-A970-965E22CA8B4B

void, shall be deemed severable from the remaining provisions of this Release, which shall remain binding.

a.Knowing and Voluntary Agreement. Executive hereby warrants and represents that (a) Executive has carefully read this Release and finds that it is written in a manner that he understands; (b) Executive knows the contents hereof; (c) Executive has been advised to consult with Executive’s personal attorney regarding the Release and its effects and has done so; (d) Executive understands that Executive is giving up all Released Claims and all damages and disputes that have arisen before the date of this Release, except as provided herein; (e) Executive has had ample time to review and analyze this entire Release; (f) Executive did not rely upon any representation or statement concerning the subject matter of this Release, except as expressly stated in the Release; (g) Executive has been given at least twenty-one (21) days to consider this Release and seven (7) days to revoke this Release; (h) Executive understands the Release’s final and binding effect; (i) Executive has signed this Release as Executive’s free and voluntary act.

b.Arbitration and Venue. Employer and Executive agree that any claim arising out of or relating to this Release of Claims, or the breach of this Release of Claims, shall be submitted to and resolved by binding arbitration under the Federal Arbitration Act, except for claims where a temporary and/or preliminary or permanent injunction may be necessary to protect the interests of Company, or the employee. Employer and Executive agree that all claims shall be submitted to arbitration including, but not limited to, claims based on any alleged violation of Title VII or any other federal or state laws; claims of discrimination, harassment, retaliation, wrongful termination, compensation due or violation of civil rights; or any claim based in tort, contract, or equity. Any arbitration between Employer and Executive will be administered by the American Arbitration Association under its Employment Arbitration Rules then in effect. The award entered by the arbitrator will be based solely upon the law governing the claims and defenses pleaded, and will be final and binding in all respects. Judgment on the award may be entered in any court having jurisdiction. In any such arbitration, neither Executive nor Employer shall be entitled to join or consolidate claims in arbitration or arbitrate any claim as a representative or member of a class. Employer agrees to pay for the arbiter’s fees where required by law. Where the parties have mutually waived their right to arbitration in writing or have not yet sought to enforce their right to compel arbitration, venue for any legal action in connection with this Release of Claims will be limited exclusively to the Washington State Superior Court for Pierce County, or the United States District Court for the Western District of Washington at Tacoma. Executive and Company agrees to submit to the personal jurisdiction of the courts identified herein, and agrees to waive any objection to personal jurisdiction in these courts including but not limited to any claim that any such suit, action or proceeding has been brought in an inconvenient forum.

END OF EXHIBIT B (SAMPLE) RELEASE OF CLAIMS
Employment Agreement
- 17 -zmtp_ex10-1

Exhibit 10.1

December
31, 2020

 

VIA EMAIL

Jackie
Barry Hamilton

 

Dear
Jackie:

 

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

 

1.

Transition and Separation from
Employment. Your separation from employment will occur on
December 31, 2020 (“Separation Date”). The period
between the date of this letter agreement and the Separation Date
is referred to in this letter agreement as your “Transition
Period.” On your Separation Date, you will relinquish any and
all positions that you have held with the Company and you will not
be considered a Company employee for any purpose after that
date.

 

2.

Transition Period. During the
Transition Period, your current terms and conditions of employment
(such as your job title, schedule, compensation, and benefits) will
remain the same or substantially the same in the aggregate. During
the Transition Period, you are required to train your replacement,
and you will also be required to support the integration of Minim
Inc. and the Company. You will also be required to continue to
comply with the Company’s policies and procedures. As of
December 4, 2020, you are no longer an officer of the Company, and
accordingly, have no liability as an officer of the Company for
events occurring after that date.

 

3.

Pay and Benefits. You agree
that you have received all compensation and benefits, including but
not limited to any non-monetary benefits such as leave time, to
which you are entitled in connection with your employment with the
Company. You further agree that the Company has satisfied in full
any contractual obligations it may have to you, including pursuant
to your Employment Agreement dated February 26, 2020 (the
“Employment Agreement”). You agree to make no claims
for further compensation from the Company of any type, including
bonus payments, commission payments, other than your earned an
unpaid vacation pay which will be paid to you on your Separation
Date. You acknowledge that, except to the extent provided in this
Agreement, the Company is under no obligation to provide you with
the benefits described below, including the health insurance
continuation payments, severance payments, and stock option
vesting. The Company and you agree that as of December 4, 2020, you
have 119 hours of accrued but unused Paid Time Off and 37 hours of
accrued and unused sick time. You will continue to accrue Paid
Time Off and sick time through the Separation Date in accordance
with the Company’s policies, and any such time you use before
the Separation Date will be deducted from your balances. The
Company will include in your final paycheck a payment for your
accrued but unused Paid Time Off.

 

4.

Health Insurance Continuation.
At your option, you may continue to be covered under the
Company’s group health insurance plan up to eighteen (18)
months after your Separation Date, subject to the terms and
conditions provided for in the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”)
provided you have timely and properly elected COBRA coverage in
accordance with the Company’s COBRA election procedures,
notice of which shall be sent to you under separate cover. Subject
to the Company’s receipt of this letter agreement timely
signed by you, the expiration of the seven (7) day revocation
period set forth below, and your compliance with the terms of this
letter agreement, the Company will pay the entire COBRA premiums
for your health insurance continuation coverage during the first
six (6) months of your COBRA continuation period, or until such
earlier time as you enroll in alternate health insurance coverage,
provided you have timely and properly elected COBRA coverage in
accordance with the Company’s COBRA election procedures,
notice of which shall be sent to you under separate cover. You
agree promptly to notify the Company if and when you become
eligible for alternate medical coverage during this six (6) month
period the Company is paying your COBRA premiums.

 

 

- 2 -

 

 

5.

Severance Package. If you
timely sign, do not revoke, and comply with this letter agreement,
the Company will:

 

●

Continue to pay
your current base salary (at the rate of $185,000 per year, less
all applicable federal, state or local tax withholding, F.I.C.A.,
and any other applicable payroll deductions) for the six (6) month
period following the Separation Date. Such payments shall be made
in installments corresponding to the regular pay periods of the
Company.

 

●

Pay you for your
accrued but unused sick time, which such amount (41.44 hours) will
be paid in installments along with the salary continuation
installment payments referenced in the first bullet point of this
Paragraph 5.

 

●

Pay you an extra
$16,000, which such amount will be paid in installments along with
the salary continuation payments and sick time payments, referenced
in the first and second bullet points, respectively, of this
Paragraph 5.

 

●

Vest all of your
sixty-seven thousand five hundred (67,500) unvested Company stock
options.

 

6.

Equity. You acknowledge and
agree that, with the vesting of the sixty-seven thousand five
hundred (67,500) Company stock options pursuant to Paragraph 5
above, you will have seventy-one thousand seven hundred twenty-one
(71,721) vested but unexercised Company stock options. All of your
vested stock options with the Company, including the 67,500 stated
above, are governed by the applicable Company equity plans and
grant agreements. You further acknowledge and agree that you will
not vest in or receive any additional stock options, other than
what is stated in this Agreement, or Company stock in connection
with your employment (or the termination of that employment) with
the Company.

 

7.

Unemployment Compensation. The
Company agrees that it shall not contest any good faith claim you
make for unemployment benefits. Of course, the Company may respond
truthfully and provide accurate information if it receives a
request for information from the agency with which you file such a
claim.

 

8.

Transfer of Responsibilities.
You shall, through the month of June 2021, cooperate fully and
timely with the Company and its personnel with all of its
reasonable requests, including after the Separation Date, to
provide an orderly transfer of your duties and responsibilities.
After the Separation Date, the Company will compensate you for your
time pursuant to this Paragraph 8 at the hourly rate of $150 an
hour for anything over 3 hours a week.

 

9.

Confidentiality of This Letter
Agreement. You agree to keep confidential and not to
disclose the existence or terms of this letter agreement or sums
paid under this letter agreement to anyone or to any organization,
except you may disclose such information to your spouse and
children, attorney, and financial advisor, provided you have
received in advance their promises to maintain this information in
strict confidence. You understand that the confidentiality
restrictions of this paragraph extend to and expressly prohibit
disclosure through social media. Notwithstanding the above, nothing
herein prevents you sharing information regarding this Agreement
with taxing authorities or the Department of Unemployment
Compensation if requested to do so. Further, nothing herein
prevents you from complying with a valid court order or
subpoena.

 

10.

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

 

 

- 3 -

 

11.

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

 

12.

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

 

13.

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

 

 

- 4 -

 

 

14.

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

 

15.

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

 

16.

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

 

 

- 5 -

 

 

17.

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

 

18.

ADEA Disclosures/Revocation.
You are advised that you have at least forty-five (45) days to
consider this letter agreement and to consult with an attorney
prior to executing it. You and the Company agree that any changes
to this document, whether material or immaterial, do not restart
the running of the forty-five (45) day period and that such period
shall be calculated from the date that you first received this
letter agreement. For a period of seven (7) business days after
executing this letter agreement, you may revoke this letter
agreement by providing written notice of such revocation to Gray
Chynoweth at gray@minim.co, and this letter agreement shall not
become effective or enforceable until said seven (7) business day
period has expired.

 

In
connection with your consideration of this letter agreement, the
Company has furnished you with certain information regarding the
individuals who were selected and not selected to participate in
this layoff, which information is attached hereto as Exhibit A. The
class, unit or group of employees from which the Company selected
individuals to participate in the layoff is all members of the
Company’s senior leadership team (the “Decisional
Unit”). The factors the Company used to select individuals
from within the “Decisional Unit” to participate in the
layoff are skill set and position need in light of the
Company’s current and anticipated business needs. The time
limits applicable to the employees in the Decisional Unit who are
40 years of age and older and who are being asked to waive claims
under the Age Discrimination in Employment Act are as
follows:

 

●

Such employees have
been given forty-five (45) days after receiving their letters
agreements containing a General Release of claims to sign and
return their letter agreements to the Company.

 

●

Once such an
employee signs the letter agreement containing the General Release
of claims and returns it to the Company, the employee has seven
days after signing the letter agreement to revoke it.

 

 

- 6 -

 

 

19.

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

 

20.

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

 

21.

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

 

Please
indicate your agreement to the terms of this letter agreement by
signing and dating the last page of the enclosed copy of this
letter agreement, and return it to me no earlier than December 31,
2020 and no later than the close of business on February 15, 2021,
which you acknowledge to be more than forty-five (45) days from the
date of your receipt of this letter agreement.

 

	

 

	

 

	Sincerely,
	

 

	

 

	

 

	 
	

 

	

	

	
/s/ Gray
Chynoweth

	

 

	

 

	

 

	
Gray
Chynoweth 

	

 

	

 

	

 

	

Chief Executive
Officer 

	

 

 

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

 

AGREED
TO AND EXECUTED UNDER SEAL THIS 31st day of December, 2020.

 

	

	

	
/s/ Jacquelyn Barry
Hamilton

	

 

	

 

	

 

	
Jacquelyn Barry
Hamilton

	

 

	
	
	
	

 

 

 

 

- 7 -

 

 

EXHIBIT A

 

	

Job Title

	

Age

	

Selected for Layoff

	

Not Selected for Layoff

	

Interim
Chief Marketing Officer

	

31

	
 

	

X

	

Chief
Operations Officer

	

54

	
 

	

X

	

Chief
Technology Officer

	

56

	

X

	
 

	

Chief
Financial Officer

	

59

	

X

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