Document:

FS Investment Corporation IV

Exhibit 10.4

 

Execution Copy 

 

GUARANTEE,
dated as of January 19, 2016, by FS INVESTMENT CORPORATION IV, a corporation organized under the laws of the State of Maryland
(the Guarantor), in favor of CITIBANK, N.A. (the Beneficiary).

 

CHELTENHAM FUNDING LLC, a limited liability
company formed under the laws of the State of Delaware (the Obligor), and the Beneficiary are parties to an ISDA
2002 Master Agreement dated as of January 19, 2016 (as modified and supplemented and in effect from time to time, including by
all Confirmations evidencing Transactions entered into thereunder, the Master Agreement). Terms used but not defined
herein have the respective meanings given to such terms in the Master Agreement.

 

In order to induce the Beneficiary to enter
into one or more Transactions with the Obligor under the Master Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged by the Guarantor, the Guarantor hereby agrees as follows:

 

Guarantee

 

1.           The Guarantor hereby guarantees to
the Beneficiary the prompt payment or delivery when expressed to be due (whether when stated to become due, upon early termination
or otherwise) of all amounts from time to time owing to the Beneficiary by the Obligor under the Master Agreement and in respect
of each Transaction (including, without limitation, any interest payable thereon to the extent provided in the Master Agreement),
in each case strictly in accordance with the terms of the Master Agreement (such obligations, collectively, the Guaranteed
Obligations). If on or after any date when payment or delivery of the Guaranteed Obligations is due any corporate officer
of the Guarantor obtains actual knowledge, or receives written notice from the Beneficiary, that such payment or delivery was not
made when due, the Guarantor shall make such payment or delivery to the Beneficiary strictly in accordance with the terms of the
Guaranteed Obligations.

 

Obligations
Unconditional; Etc. 

 

Obligations Unconditional 

 

		2.(a)	The obligations of the Guarantor hereunder are absolute and unconditional, irrespective of the
value, genuineness, validity, regularity or enforceability of the obligations of the Obligor under the Master Agreement or any
other agreement or instrument referred to therein and, to the fullest extent permitted by applicable law, irrespective of any other
circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor in its
capacity as such. Without limiting the generality of the foregoing, the occurrence of one or more of the following shall not (x)
preclude the exercise by the Beneficiary of any right, remedy or power hereunder or (y) alter or impair the liability of the Guarantor
hereunder, which will remain absolute and unconditional as described above:

 

    	 

    	 

    

 

		(i)	at any time or from time to time, without notice to
the Guarantor, the time for any performance of or compliance with any of the Guaranteed Obligations shall be extended, waived
or renewed, or the Obligor shall be released from any of the Guaranteed Obligations, or any of the Guaranteed Obligations shall
be subordinated in right of payment to any other liability of the Obligor;

 

		(ii)	any of the acts mentioned in the Master Agreement or
any other agreement or instrument referred to therein or otherwise in connection with the Guaranteed Obligations shall be done
or omitted;

 

		(iii)	any of the Guaranteed Obligations shall become due prior
to their stated maturity (whether upon early termination or otherwise), or any of the Guaranteed Obligations shall be amended
or otherwise modified in any respect, or any right under the Master Agreement or any other agreement or instrument referred to
therein shall be amended or otherwise modified in any respect (other than any amendment or other modification of this Guarantee
not consented to by the Guarantor), or any other guarantee of any of the Guaranteed Obligations or any security therefor shall
be released, substituted or exchanged in whole or in part or otherwise dealt with;

 

		(iv)	any lien or security interest granted to, or in favor
of, the Beneficiary as security for any of the Guaranteed Obligations shall fail to be perfected;

 

		(v)	the occurrence of any Event of Default, Potential Event
of Default or Termination Event (or of any similar event with respect to any agreement or instrument referred to in the Master
Agreement);

 

		(vi)	the existence of any proceedings of the type described
in Section 5(a)(vii) of the Master Agreement with respect to the Obligor or any other guarantor of or obligor on any of the Guaranteed
Obligations; or the Master Agreement or any agreement or instrument referred to in the Master Agreement shall be rejected by any
administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for the Obligor or
for all or substantially all its assets in any such proceedings;

 

		(vii)	any delay, failure or inability of the Obligor or any
other guarantor or obligor in respect of any of the Guaranteed Obligations to perform, willful or otherwise, any provision of
the Master Agreement or any agreement or instrument referred to therein or otherwise in connection with the Guaranteed Obligations;

 

		(viii)	the failure or breach of any representation or warranty
(whether written or oral) made by the Obligor or any other person or entity in the Master

 

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Agreement or any agreement or instrument
referred to therein or otherwise in connection with the Guaranteed Obligations (excluding any such representation or warranty made
by the Beneficiary); or any event or circumstance constituting fraud in the inducement or any other similar event or circumstance;

 

		(ix)	any action or failure to act by the Beneficiary that
adversely affects the Guarantor’s right of subrogation arising by reason of any performance by the Guarantor of this Guarantee;

 

		(x)	any suit or other action brought by, or any judgment
in favor of, any beneficiaries or creditors of, the Obligor or any other person or entity for any reason whatsoever, including
any suit or action in any way disaffirming, repudiating, rejecting or otherwise calling into question any issue, matter or thing
in respect of the Master Agreement or any agreement or instrument referred to therein or otherwise in connection with the Guaranteed
Obligations;

 

		(xi)	any lack or limitation of status or of power, incapacity
or disability of the Obligor or any other guarantor or obligor in respect of any of the Guaranteed Obligations; or

 

		(xii)	any change in the laws, rules or regulations of any
jurisdiction, or any present or future action or order of any governmental authority, amending, varying or otherwise affecting
any of the Guaranteed Obligations or the obligations of any other guarantor or obligor in respect of any of the Guaranteed Obligations,
including any thereof affecting the validity or enforceability of any of the Guaranteed Obligations or the obligations of any
other guarantor or obligor in respect of any of the Guaranteed Obligations or the currency in which the Guaranteed Obligations
are denominated or payable.

 

Guarantee of Payment and Not Collection

 

		(b)	The Guarantor hereby expressly waives any requirement that the Beneficiary exhaust any right, power
or remedy or proceed against the Obligor under the Master Agreement or any other agreement or instrument referred to therein, or
against any other person or entity under any other guarantee of, or security for, any of the Guaranteed Obligations, it being agreed
that this Guarantee is a guarantee of payment and not of collection.

 

Certain Waivers 

 

		(c)	The Guarantor hereby expressly waives notice of acceptance of this Guarantee and of the Beneficiary
entering into any Transaction and also expressly waives diligence, presentment, demand of payment, protest and notice of dishonor.

 

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Suborogation 

 

		(d)	The Guarantor hereby agrees that, until the payment and satisfaction in full of all Guaranteed
Obligations and the termination of all outstanding Transactions, the Guarantor will not exercise any right or remedy (including,
without limitation, the filing of any proof of claim in competition with the Beneficiary in any proceedings of the type described
in Section 5(a)(vii) of the Master Agreement with respect to the Obligor) against the Obligor or any other guarantor of any of
the Guaranteed Obligations or any security therefor arising by reason of any performance by the Guarantor of its obligations under
Section 1, whether by subrogation or otherwise. In the event that, prior to the payment and satisfaction in full of all Guaranteed
Obligations and the termination of all outstanding Transactions, any amount is received by the Guarantor from the Obligor in respect
of the performance by the Guarantor of its obligations under Section 1, whether by subrogation or otherwise, the Guarantor will
promptly following receipt thereof pay such amount to the Beneficiary for application to any Guaranteed Obligations owing to the
Beneficiary, whether matured or unmatured.

 

Reinstatement 

 

		(e)	The obligations of the Guarantor under this Guarantee will be automatically reinstated if and to
the extent that for any reason any payment or delivery by or on behalf of the Obligor in respect of the Guaranteed Obligations
is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings
in bankruptcy or reorganization or otherwise, all as though such payment or delivery had not been made.

 

Set-Off 

 

		(f)	Any amount that the Guarantor is obligated to pay or deliver under this Guarantee shall be paid
or delivered without set-off, deduction or counterclaim; provided that nothing herein shall limit the ability of the Guarantor
to assert any right of set-off, deduction or counterclaim (i) that the Guarantor is entitled to assert under applicable law or
(ii) that the Obligor or any Affiliate of the Obligor is entitled to assert under the provisions of the Master Agreement. In addition,
to the extent the Master Agreement contains provisions that expressly permit the Beneficiary to exercise a right of set-off against
the Obligor or any Affiliate of the Obligor with respect to amounts owing under the Master Agreement, the Guarantor hereby agrees
to be bound by such provisions.

 

Liability of the Guarantor in respect
of Successor or Transferee 

 

		(g)	In the event that the Obligor shall consolidate or amalgamate with, or merge with or into, or transfer
all or substantially all its assets to, another entity, the Guarantor will, unless the Beneficiary shall otherwise consent in writing,
continue to be obligated hereunder in respect of the Guaranteed Obligations, whether or not

 

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the Guaranteed Obligations are
assumed by such entity, and each reference herein to the Obligor shall thereafter instead be a reference to such entity. In the
event that the Obligor shall transfer any obligation of the Obligor under the Master Agreement to any Affiliate of the Obligor
that is incorporated in a jurisdiction within the United States of America, the Guarantor will, unless the Beneficiary shall otherwise
consent in writing, continue to be obligated hereunder in respect of the Guaranteed Obligations, and each reference herein to the
Obligor shall, with respect to the obligations so transferred, thereafter instead be a reference to such Affiliate.

 

Taxes

 

No Deduction or Withholding Except as
Required by Law 

 

		3.(a)	All payments under this Guarantee will be made without any deduction or withholding for or on account
of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant
governmental revenue authority, then in effect.

 

Notice; Payment; Additional Amounts

 

		(b)	If the Guarantor is so required to deduct or withhold, then the Guarantor will: (i) promptly notify
the Beneficiary of such requirement; (ii) pay to the relevant authorities the full amount required to be deducted or withheld (including
the full amount required to be deducted or withheld from any additional amount paid under Section 3(b)(iv) of this Guarantee) promptly
upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed
against the Beneficiary, and in any event before penalties attach thereto or interest accrues thereon; (iii) promptly forward to
the Beneficiary an official receipt (or a certified copy), or other documentation reasonably acceptable to the Beneficiary, evidencing
such payment to such authorities; and (iv) pay to the Beneficiary, in addition to the payment to which the Beneficiary is otherwise
entitled under this Guarantee, such additional amount as is necessary to ensure that the net amount actually received by the Beneficiary
(free and clear of any Indemnifiable Taxes, whether assessed against the Guarantor or the Beneficiary) will equal the full amount
the Beneficiary would have received had no such deduction or withholding been required.

 

Limitations on Payment of Additional
Amounts 

 

		(c)	The Guarantor will not be required to pay any additional amount to the Beneficiary under Section
3(b)(iv) of this Guarantee to the extent that (i) the Obligor would not be required to pay such additional amount to the Beneficiary
pursuant to Section 2(d)(i)(4) of the Master Agreement had the payment in respect of which such deduction or withholding is or
was required been made by the Obligor instead of the Guarantor or (ii) such additional amount would not be

 

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required to be paid but for the
failure by the Beneficiary to furnish any form, document or certificate that may be required or reasonably requested by the Guarantor
in order to allow the Guarantor to make a payment under this Guarantee, or to allow the Guarantor to make a payment under or in
respect of the Master Agreement or any Transaction on behalf of the Obligor, without any deduction or withholding for or on account
of any Tax or with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such
form, document or certificate would not materially prejudice the legal or commercial position of the Beneficiary).

 

Liability of the Beneficiary 

 

		(d)	If: (i) the Guarantor is required by any applicable law, as modified by the practice of any relevant
governmental revenue authority, to make any deduction or withholding in respect of which the Guarantor would not be required to
pay an additional amount to the Beneficiary under Section 3(b)(iv) of this Guarantee; (ii) the Guarantor does not so deduct or
withhold; and (iii) a liability resulting from such Tax is assessed directly against the Guarantor, then, except to the extent
the Beneficiary has satisfied or then satisfies the liability resulting from such Tax, the Beneficiary, by its acceptance of this
Guarantee, shall be deemed to have agreed to promptly pay to the Guarantor the amount of such liability (including any related
liability for interest or penalties).

 

Representations

 

4.           The Guarantor hereby represents to
the Beneficiary (which representations will be deemed to be repeated by the Guarantor on each date on which a Transaction is entered
into) that:

 

Status 

 

		(a)	It is a corporation duly organized, validly existing and in good standing under the laws of the
State of Maryland.

 

Powers 

 

		(b)	It has the power to execute and deliver this Guarantee and to perform its obligations under this
Guarantee and has taken all necessary action to authorize such execution, delivery and performance.

 

No Violation or Conflict 

 

		(c)	Such execution, delivery and performance do not violate or conflict with any law applicable to
it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable
to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets.

 

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Consents 

 

		(d)	All governmental and other consents that are required to have been obtained by it with respect
to the execution, delivery and performance of this Guarantee have been obtained and are in full force and effect and all conditions
of any such consents have been complied with.

 

Obligations Binding 

 

		(e)	This Guarantee constitutes its legal, valid and binding obligation, enforceable against the Guarantor
in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting
creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether
enforcement is sought in a proceeding in equity or at law)).

 

Absence of Litigation 

 

		(f)	There is not pending or, to its knowledge, threatened against the Guarantor, or against any entity
controlled, directly or indirectly, by the Guarantor, any entity that controls, directly or indirectly, the Guarantor or any entity
directly or indirectly under common control with the Guarantor, any action, suit or proceeding at law or in equity or before any
court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability
against it of this Guarantee or its ability to perform its obligations under this Guarantee.

 

Absence of Certain Events; Status as
Credit Support Document 

 

		(g)	No Event of Default or Potential Event of Default or, to its knowledge, Termination Event with
respect to the Obligor would occur as a result of its entering into or performing its obligations under this Guarantee, and this
Guarantee constitutes a Credit Support Document with respect to the Obligor under the Master Agreement.

 

Benefit
of Guarantee; Transfer 

 

5.           This Guarantee shall inure to the
benefit of the Beneficiary and its successors. Neither this Guarantee nor any interest or obligation in or under this Guarantee
may be transferred (whether by way of security or otherwise) by the Guarantor or the Beneficiary without the prior written consent
of the other; provided that the Beneficiary may, without the consent of the Guarantor, transfer its interest in this Guarantee
to any person or entity to which any interest or obligation in or under the Master Agreement or any Transaction is transferred
in a manner that is not inconsistent with the Master Agreement. Any purported transfer that is not in compliance with this Section
will be void.

 

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Contractual
Currency 

 

6.           The provisions in the Master Agreement
relating to payments and judgments in the Contractual Currency (as defined in, or for purposes of, the Master Agreement) shall
apply to all payments by the Guarantor under this Guarantee as though such provisions were set forth in full in this Guarantee,
except that references in such provisions to the Master Agreement and the Obligor shall be deemed to be references, respectively,
to this Guarantee and the Guarantor.

 

Amendments;
Etc. 

 

Amendments 

 

		7.(a)	No amendment, modification or waiver in respect of this Guarantee will be effective unless in writing
and executed by each of the Guarantor and the Beneficiary.

 

Survival of Obligations 

 

		(b)	Subject to Section 9, the obligations of the Guarantor under this Guarantee will survive the termination
of any Transaction.

 

No Waiver of Rights 

 

		(c)	A failure or delay in exercising any right, power or privilege in respect of this Guarantee will
not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed
to preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or
privilege. The remedies provided herein, in the Master Agreement and in any other agreement or instrument referred to therein are
cumulative, are not exclusive of any remedies provided by law and may be exercised by the Beneficiary from time to time.

 

Headings 

 

		(d)	The headings used in this Guarantee are for convenience of reference only and are not to affect
the construction of or to be taken into consideration in interpreting this Guarantee.

 

Expenses

 

8.           If the Guarantor defaults in the
performance of any of its obligations to the Beneficiary under this Guarantee, the Guarantor will, on demand, indemnify and hold
harmless the Beneficiary for and against all reasonable out-of-pocket expenses, including reasonable legal fees, incurred by the
Beneficiary by reason of the enforcement and protection of its rights under this Guarantee, including, but not limited to, costs
of collection.

 

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Termination

 

9.           This Guarantee is a continuing and
irrevocable guarantee, and will apply to all Guaranteed Obligations whenever arising; provided that the Guarantor’s
obligations under this Guarantee shall, so long as no Event of Default in relation to the Obligor as Defaulting Party under the
Master Agreement has occurred and is then continuing and no Early Termination Date has been designated by the Beneficiary under
the Master Agreement, automatically (and without any further action by the Beneficiary) terminate on the Portfolio Criteria Satisfaction
Date.

 

Notices

 

Effectiveness 

 

		10.(a)	Any notice or other communication in respect of this Guarantee may be given to the Guarantor to
the address or number set forth beneath its signature to this Guarantee in any manner set forth below and will be deemed effective
as indicated:

 

		(i)	if in writing and delivered in person or by courier, on the date it is delivered;

 

		(ii)	if sent by facsimile transmission, on the date that transmission is received by a responsible employee
of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met
by a transmission report generated by the sender’s facsimile machine); or

 

		(iii)	if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt
requested), on the date that mail is delivered or its delivery is attempted.

 

unless the date of that delivery
(or attempted delivery) or that receipt, as applicable, is not a Business Day or that communication is delivered (or attempted)
or received, as applicable, after the close of business on a Business Day, in which case that communication shall be deemed given
and effective on the first following day that is a Business Day.

 

Change of Addresses 

 

		(b)	The Guarantor may by notice to the Beneficiary change the address or telex number at which notices
or other communications are to be given to the Guarantor.

 

Business Day 

 

		(c)	As used in this Guarantee, Business Day means a day on which commercial banks are
open for business (including dealings in foreign exchange and foreign

 

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currency deposits) in New York
City and in Philadelphia and, in relation to any payment hereunder, in the place where the account to which a payment is to be
made is located and, if different, in the principal financial center, if any, of the currency of payment.

 

Governing
Law; Jurisdiction; Service
of Process 

 

Governing Law 

 

		11.(a)	This Guarantee shall be construed in accordance with, and this Guarantee and all matters arising
out of or relating in any way whatsoever to this Guarantee (whether in contract, tort or otherwise) shall be governed by, the law
of the State of New York.

 

Jurisdiction 

 

		(b)	With respect to any suit, action or proceedings relating to this Guarantee (Proceedings),
the Guarantor irrevocably:

 

		(i)	submits to the non-exclusive jurisdiction of the courts of the State of New York and the United
States District Court located in the Borough of Manhattan in New York City; and

 

		(ii)	waives any objection which it may have at any time to the laying of venue of any Proceedings brought
in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right
to object, with respect to such Proceedings, that such court does not have any jurisdiction over the Guarantor.

 

Nothing in this Guarantee precludes
either party from bringing Proceedings in any other jurisdiction nor will the bringing of Proceedings in any one or more jurisdictions
preclude the bringing of Proceedings in any other jurisdiction. The Guarantor hereby agrees that a final judgment in any such Proceedings
shall be conclusive and may be enforced in other jurisdictions otherwise having jurisdiction over the Guarantor by suit on such
final judgment or in any other manner provided by law.

 

Waiver of Immunities 

 

		(c)	The Guarantor irrevocably waives, to the fullest extent permitted by applicable law, with respect
to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or
other similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific performance
or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement
of any judgment to which it or its revenues or assets might

 

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		 	otherwise be entitled in any Proceedings in the courts of any jurisdiction
and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings.

 

[Signature Page Follows.]

 

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IN WITNESS WHEREOF the Guarantor has executed
this Guarantee on the date specified below with effect from the date specified on the first page of this Guarantee.

	 	 	 	 
	 	FS INVESTMENT CORPORATION IV
	 	 	 
	 	By:	   /s/ Gerald F. Stahlecker	 
	 	 	Name: Gerald F. Stahlecker
	 	 	Title: Executive Vice President
	 	 	 
	 	 	Address for Notices:
	 	 	 
	 	 	Address: 201 Rouse Boulevard,
	 	 	Philadelphia, PA 19112
	 	 	 
	 	 	Telephone No.: 215-495-1169
	 	 	 
	 	 	Facsimile No.: 215-222-4649
	 	 	 
	 	 	Attention: Gerald F. Stahlecker

 

GuaranteeExhibit

Exhibit 10.1

LOGITECH INC.
EMPLOYMENT AGREEMENT
December 18, 2015
WHEREAS, Bracken Darrell (“Executive”) is a member of the Group Management Team of Logitech International, S.A., a Swiss corporation (the “Parent”);
WHEREAS, Executive is currently employed by Logitech Inc. (the “Company”), a wholly-owned subsidiary of the Parent (the Parent and its direct and indirect subsidiaries - including the Company - are collectively referred to as “Logitech”) and is a party to an offer letter, employment agreement and/or a change in control agreement;
WHEREAS, the Parent is subject to compliance with the Swiss Ordinance Against Excessive Remuneration by Listed Companies (the so-called “Minder Ordinance”) and any successor and other laws, ordinances, rules and regulations resulting from the provisions of the Swiss Federal Constitution prohibiting excessive compensation in Swiss listed companies; 
WHEREAS, the Minder Ordinance does not permit the Parent to have severance or change of control agreements or arrangements with members of its Group Management Team; and
WHEREAS, the Company and Executive now wish to amend the terms of Executive’s employment with the Company to eliminate certain severance and change of control benefits to which Executive was entitled under his employment and compensation arrangements with the Company in accordance with the Minder Ordinance. 
NOW, THEREFORE, in consideration of Executive’s continued employment with the Company, Executive and the Company hereby agree, effective as of the date first written above:
		
	1.
	This Employment Agreement (this “Agreement”) sets forth certain terms of Executive’s employment with the Company, as well as the parties’ understanding with respect to any termination of that employment relationship. 

		
	2.
	Executive will continue to be employed by the Company as Chief Executive Officer and President, and will serve in the positions assigned to Executive by the Board of Directors of the Company (the “Board”) from time to time. Executive agrees to devote his or her full business time, energy and skill to the assigned duties.  Executive agrees that, without the approval of the Board, Executive shall not, during the period of employment with the Company, devote any time to any business affiliation which would interfere with or derogate from Executive’s obligations under this Agreement.

		
	3.
	Executive will be compensated for his or her services to the Company as follows: 

(a)Cash Compensation:  Executive will continue to receive his or her base salary as currently assigned in accordance with normal payroll procedures, and remain eligible to participate in the Logitech Management Performance Bonus Plan, which may be amended from time to time. Executive’s compensation will be reviewed by the Board or the Compensation Committee of the Board (the “Compensation Committee”) from time to time and may be subject to adjustment based on various factors including, but not limited to, individual performance, Logitech’s performance and the approval of the compensation of the Group Management Team by the shareholders of the Parent in compliance with the Parent’s Articles of Incorporation and the Minder Ordinance. Any adjustment to Executive’s compensation shall be in the sole discretion of the Board or the Compensation Committee.
(b)Benefits:  Executive will have the right, on the same basis as other employees of the Company, to participate in and to receive benefits under any applicable medical, disability or other group insurance plans, as well as under the Company’s business expense reimbursement, vacation policy and other policies. The Company reserves the right to cancel or change the benefit plans, programs and policies it offers to its employees at any time.

		
	4.
	Executive agrees to provide the Company with up to one (1) year of notice prior to the effective date of any termination of employment, with the length of notice (if any) within that range to be at the discretion of Executive (the “Executive Notice Period”). Except in cases where the Company terminates Executive’s employment for Cause (as defined below), the Company agrees to provide Executive with one (1) year of notice prior to the effective date of any termination of employment (the “Company Notice Period”; the Executive Notice Period or the Company Notice Period, as applicable, is referred to in this Agreement as the “Notice Period”).  Notice of termination by either party shall be provided in writing.  Executive shall remain a full-time employee of the Company during the Notice Period and shall not accept employment with any other entity during the Notice Period.  Subject to specific terms contemplated in equity award agreements or equity or bonus plans, during the Notice Period, Executive shall continue to receive his or her base salary at the rate in effect as of the date either party has provided the other party with a notice of termination of employment (the “Date of Notice”), and Executive shall remain eligible for (i) all employee benefits in accordance with the provisions of the plans under which the benefits are provided, (ii) the payment of bonuses to the extent they become payable during the Notice Period or that become payable after the Notice Period but relate to a performance period that commenced during any portion of the Notice Period, with the bonus amount determined at the discretion of the Board or the Compensation Committee acting in good faith based on the Executive’s target bonus (currently calculated as a percentage of base salary) in effect as of the Date of Notice and on the attainment level of the performance goals and metrics (corporate, business group and individual, as applicable) established by the Board or Compensation Committee for Executive within the applicable fiscal year bonus program and in accordance with the applicable bonus plans, and payable at the time all other members of the Group Management Team are paid their bonuses; provided, however, that any bonus relating to a performance period that ends following the last day of the Notice Period shall be prorated based on the number of days Executive is employed during the performance period, and (iii) continued vesting of awards to acquire, or that are denominated in, shares of the Parent (“Equity Awards”) that were outstanding as of the Date of Notice.  Executive shall be entitled to the acceleration of vesting of Equity Awards that were outstanding as of the Date of Notice in connection with a change of control of the Parent, termination of Executive’s employment, or both, to the extent set forth in any agreement evidencing the Equity Awards and only to the extent permitted under the Laws (as defined in Section 10 below) of Switzerland and California.  Executive shall not be entitled to any new Equity Awards, bonuses, promotions, or salary increases during the Notice Period.  As of the Date of Notice and at any time during the Notice Period, the Company may at its absolute discretion decide to release Executive from his duty to perform any services in favor of the Company during the Notice Period.  As of the Date of Notice and at any time during the Notice Period, Executive may at his absolute discretion waive the Notice Period and be released from his obligation not to accept employment with any other entity during the Notice Period, in which event Executive's employment will terminate upon the effective date of such waiver and Executive shall only be entitled to base salary, any accrued and unused vacation benefits, and any other compensation earned through the date of termination, and such waiver shall constitute a waiver of the compensation, benefits and continued vesting of Equity Awards set forth in this Section as of the effective date of such waiver. 

		
	5.
	The Company may terminate Executive’s employment at any time without notice for Cause, including during any Notice Period, as determined in the Company’s sole discretion and in good faith.  Where the Company terminates Executive for Cause, the termination of employment shall occur with immediate effect.  Upon the effective date of Executive’s termination for Cause, Executive shall only be entitled to base salary, any accrued and unused vacation benefits, and any other compensation, earned through the date of termination.

For purposes of this Agreement, “Cause” means Executive’s:  (i)  willful dishonesty or fraud with respect to the business affairs of Logitech; (ii) intentional falsification of any employment or Logitech records; (iii) misappropriation of or intentional damage to the business or property of Logitech, including (but not limited to) the improper use or disclosure of the confidential or proprietary information of Logitech (excluding misappropriation or damage that results in a loss of little or no consequence to the business or property of Logitech); (iv) conviction (including any plea of guilty or nolo contendere) of a felony that, in the judgment of the Board (excluding Executive), materially impairs Executive's ability to perform his or her duties for Logitech or adversely affects Logitech’s standing in the community or reputation; (v) willful misconduct that is injurious to the reputation or business of Logitech; or (vi) refusal or willful failure to perform any assigned duties reasonably expected of a person in his or her position (excluding during any statutory leaves of absence 

as permitted by law, and with reasonable accommodations for any disability required by law) after receipt of written notice by the Chief Executive Officer or Executive Chairman of the Company or Parent of such refusal or failure and a reasonable opportunity to cure (as described below).  Executive shall be given written notice by the Company of its intention to terminate Executive for Cause, which notice (a) shall state with particularity the grounds on which the proposed termination for Cause is based and (b) shall be given no later than ninety (90) days after the occurrence of the event giving rise to such grounds (or ninety (90) days after such later date as represents the actual knowledge by an executive officer of the Company or Parent (excluding Executive) of such grounds).  The termination shall be effective upon Executive's receipt of such notice; provided, however, that with respect to subsection (vi) of this Section, Executive shall have thirty (30) days after receiving such notice in which to cure any refusal or willful failure to perform (to the extent such cure is possible).  If Executive fails to cure such failure to perform within such thirty-day (30-day) period, Executive’s employment with the Company shall thereupon be terminated for Cause.
		
	6.
	This Agreement supersedes the Change of Control Severance Agreement dated April 9, 2012 and the provisions in Executive’s Applicable Offer Letter dated March 13, 2013, and any prior offer letter or employment agreement between Executive and Logitech, in their entirety with respect to the subject matter covered by this Agreement.  The Change of Control Severance Agreement dated April 9, 2012 and all other severance, notice of termination, and change of control agreements and arrangements of any similar nature between Logitech and Executive shall be terminated effective as of the date of this Agreement.  This Agreement shall serve as a novation of such obligations, and the parties hereby waive all current and future rights and entitlements under such previous agreements or arrangements.

		
	7.
	The Company and Executive acknowledge that Executive’s employment with the Company is and shall continue to be at-will, subject to compliance with the Notice Period pursuant to Section 4 above.  Specifically, either the Company or Executive may terminate Executive’s employment for any reason.  

		
	8.
	This Agreement shall be effective as of the date first set forth above.  This Agreement shall terminate upon the earlier of (i) the expiration of the Notice Period or (ii) the expiration of the Agreement Term (as defined below); provided, however, that if notice of termination of employment by either party (other than notice of termination by the Company for Cause pursuant to Section 5 above) is provided to the other party prior to expiration of the Agreement Term, then this Agreement shall terminate upon the expiration of the Notice Period.  Unless this Agreement has terminated based on expiration of the Notice Period or on termination by the Company for Cause, the expiration of the Agreement Term shall not result in the termination of Executive’s employment with the Company or, if applicable, with Logitech.  The “Agreement Term” shall mean the period commencing on the effective date of this Agreement and continuing through the second anniversary of the date of this Agreement; provided, however, that the Agreement Term shall be extended for an additional year upon the expiration of the original term and each anniversary thereof, unless the Company has provided a written notice of non-renewal to Executive at least one (1) year prior to the then applicable expiration date of the term.

		
	9.
	Subject to Section 10 and 12 below, this Agreement shall be governed by the laws of the State of California, without reference to conflicts of law principles, and the parties hereby consent to the exclusive jurisdiction of the competent courts, federal or state, located in Santa Clara County, California. Each party waives all defenses of lack of personal jurisdiction and forum non conveniens.  Notwithstanding the foregoing, Section 12 is governed by the Federal Arbitration Act.

		
	10.
	This Agreement may be amended only in a writing signed by both parties to this Agreement, provided that, notwithstanding Section 9 above, the parties agree that the Company has the right to unilaterally amend this Agreement without compensation solely if an amendment is determined to be reasonably necessary by the Company’s legal counsel for Logitech to comply with existing or adopted ordinances, laws, rules or regulations applicable to Executive or Logitech (“Laws”) (even if such Laws have not yet taken effect), including but not limited to the Minder Ordinance and any other Laws resulting from the provisions of the Swiss Federal Constitution prohibiting excessive compensation in Swiss listed companies, and such counsel determines that the amendment reasonably addresses such need.  No amendment made to this Agreement under this provision shall affect the vested rights of the Employee.  No failure or delay by either party in exercising any right hereunder or any partial exercise thereof shall operate as a waiver thereof or preclude any other or further exercise of any right hereunder. 

		
	11.
	In view of the personal nature of the services to be performed under this Agreement by Executive, Executive cannot assign or transfer any of his or her obligations under this Agreement.

		
	12.
	Arbitration.

(a)    Scope of Arbitration Requirement.  Logitech and Executive hereby waive their rights to a trial before a judge or jury and agree to arbitrate before a neutral arbitrator any and all claims or disputes arising out of this Agreement and any and all claims arising from or relating to Executive’s employment, including (but not limited to) claims against the Parent or the Company or against any current or former Executive, director or agent of the Parent or the Company, claims of wrongful termination, retaliation, discrimination, harassment, breach of contract, breach of the covenant of good faith and fair dealing, defamation, invasion of privacy, fraud, misrepresentation, constructive discharge or failure to provide a leave of absence, or claims regarding commissions, stock options or bonuses, infliction of emotional distress or unfair business practices.

(b)    Procedure.  The arbitrator’s decision shall be written and shall include the findings of fact and law that support the decision.  The arbitrator’s decision shall be final and binding on both parties, except to the extent that applicable law allows for judicial review of arbitration awards.  The arbitrator may award any remedies that would otherwise be available to the parties if they were to bring the dispute in court.  The arbitration shall be conducted in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association; provided, however that the arbitrator shall allow the discovery authorized by the California Arbitration Act or the discovery that the arbitrator deems necessary for the parties to vindicate their respective claims or defenses.  The arbitration shall take place in Alameda County, California, or, at Executive’s option, the county in which Executive primarily worked with the Company at the time when the arbitrable dispute or claim first arose.

(c)    Costs.  The parties shall share the costs of arbitration equally, except that the Parent or the Company shall bear the cost of the arbitrator’s fee and any other type of expense or cost that Executive would not be required to bear if he were to bring the dispute or claim in court.  The Parent, the Company and Executive shall be responsible for their own attorneys’ fees, and the arbitrator may not award attorneys’ fees unless a statute or contract at issue specifically authorizes such an award.

(d)    Applicability.  This Section shall not apply to (i) workers’ compensation or unemployment insurance claims or (ii) claims concerning the validity, infringement or enforceability of any trade secret, patent right, copyright or any other trade secret or intellectual property held or sought by Executive or Logitech.

		
	13.
	IRS Section 409A Matters.

(a)    The payments and benefits to which Executive could become entitled to under Section 4 above are intended be exempt from Section 409A of the Internal Revenue Code of 1986, as amended ( “Section 409A”), under the separation pay plan and short-term deferral exception to the maximum extent permitted under Section 409A and the guidance promulgated thereunder, and the Agreement shall be interpreted and administered in a manner consistent with such intent.  If the Company believes, at any time, that any such payment or benefit is not exempt or does not comply with Section 409A, the Company may amend the terms of the Agreement to avoid the application of Section 409A in a particular circumstance or as necessary or desirable to satisfy any of the requirements under Section 409A or to mitigate any additional tax, interest and/or penalties that may apply under Section 409A if exemption or compliance is not practicable, but the Company shall not be under any obligation to make any such amendment.  Nothing in this Agreement shall provide a basis for any person to take action against Logitech or any affiliate thereof based on matters covered by Section 409A, including the tax treatment of any amount paid under the Agreement, and neither Logitech nor any of its affiliates shall under any circumstances have any liability to Executive or his estate or any other party for any taxes, penalties or interest due on amounts paid or payable under this Agreement, including taxes, penalties or interest imposed under Section 409A.

(b)    Anything in this Agreement to the contrary notwithstanding, no amount payable under this Agreement upon a termination of Executive’s employment that is non-qualified deferred compensation subject to Section 409A, as determined in the Company’s sole discretion, will be paid unless Executive experiences a “separation from service” (within the meaning of Section 409A).  In addition, to the extent any non-qualified 

deferred compensation subject to Section 409A is payable upon Executive’s separation from service and Executive is a “specified employee” (within the meaning of Section 409A) as of the date of the separation from service, such amount shall instead be paid or provided to Executive on the earlier of (i) the first business day after the date that is six (6) months following Executive’s separation from service or (ii) the date of Executive’s death, to the extent such delayed payment is required to avoid a prohibited distribution under Section 409A.  The provisions of this Section 13 will qualify and supersede all other provisions of this Agreement as necessary to fulfill the foregoing intention.  Each payment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of Section 409A.

		
	14.
	To the extent that Executive remains or is otherwise performing the duties of an executive officer of Logitech during the periods under this Agreement (including but not limited to any applicable Notice Period) or as otherwise required pursuant to applicable Laws, all compensation payable under this Agreement is subject to any clawback provisions in Logitech’s compensation plans, programs or agreements applicable to Executive or clawback policy that Logitech is required to adopt pursuant to any applicable Laws, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, or that Logitech determines is necessary or appropriate.

		
	15.
	This Agreement constitutes the entire agreement between Executive and the Company regarding the subject matter covered by this Agreement, and supersedes all prior negotiations, representations or agreements between Executive and the Company regarding the subject matter covered by this Agreement, whether written or oral.

ACCEPTED AND AGREED.
LOGITECH INC. 

By:  /s/ Bryan Ko            
Name:    Bryan Ko
Title:    General Counsel and Secretary

EMPLOYEE:  Bracken Darrell
By:

/s/ Bracken Darrell

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