Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 STOCK
REPURCHASE AGREEMENT 
 This Stock Repurchase Agreement (this “Agreement”) is made and entered into as of
September 6, 2018, by and between Presidio, Inc., a Delaware corporation (the “Company”), and AP VIII Aegis Holdings, L.P., a Delaware limited partnership (the “Seller”). 

RECITALS 

WHEREAS, the Company desires to repurchase from the Seller, and the Seller desires to sell to the Company, a total of 10,750,000
shares of common stock, par value $0.01 per share, of the Company (the “Shares”) on the terms and subject to the conditions set forth in this Agreement. 

WHEREAS, the Company is permitted, pursuant to Sections 160 and 244 of the General Corporation Law of the State of Delaware (as amended
from time to time, the “DGCL”), to repurchase the Shares on the terms and subject to the conditions set forth in this Agreement. 

WHEREAS, after due consideration, a Special Committee of the Board of Directors of the Company (the “Special
Committee”), which consists solely of members of the Board of Directors of the Company (the “Board”) who are independent of the Company and the Seller, has reviewed and approved the Repurchase Transaction (as hereinafter
defined), and has reported such approval to the Board. 
 NOW, THEREFORE, for good and valuable consideration, receipt of which is
hereby acknowledged, the parties agree as follows. 
 1.    Purchase and Sale of Shares. Subject to
the terms and conditions of this Agreement, the Company hereby agrees to purchase, and the Seller hereby agrees to sell to the Company the Shares for a purchase price of $14.75 per share (the “Per Share Price” and, the Per Share
Price multiplied by the number of Shares, the “Purchase Price”), as provided herein (the “Repurchase Transaction”). 

2.    Closing. Subject to the fulfillment (or, to the extent permitted by applicable law, waiver) of
the conditions set forth in Section 5 hereof, the closing of the Repurchase Transaction (the “Closing”) shall occur at 10:00 a.m. New York City time on September 13, 2018 (or on the first business day
after which the conditions set forth in Section 5 hereof are fulfilled or, to the extent permitted by applicable law, waived), or such other date as is mutually agreed in writing by the Company and the Seller. At the
Closing, the following deliveries will be made and actions taken: 
 (a)    By the Company. 

 

	 	(i)	 The Company will pay the full Purchase Price to the Seller in cash by wire transfer of immediately available
funds in accordance with the wire transfer instructions to be provided by the Seller to the Company at least one (1) business day prior to the date of the Closing; and 

	 	(ii)	 The Company will deliver to the Seller (i) a certificate duly executed by an officer of the Company, dated
as of the date of the Closing, certifying the resolutions of the Board and the Special Committee, in each case, approving the Repurchase Transaction and the Financing (as defined below) and (ii) a copy of any officer’s certificates of the
Company delivered to the lenders in connection with the Repurchase Transaction or the Financing. 

(b)    By the Seller. The Seller will deliver to the Company, in form reasonably acceptable to the Company, such
documents, and will take such actions, as may be reasonably required in order to effect a transfer of the Shares on the books of Broadridge Corporate Issuer Solutions, Inc. from the Seller to the Company. 

3.    Representations and Warranties of the Company. The Company hereby represents and warrants to
the Seller as follows: 
 (a)    The Company is a corporation duly organized, validly existing and in good standing
under the DGCL and has full legal right and corporate power and authority to enter into this Agreement and to consummate the transactions provided for herein. 

(b)    The execution and delivery of this Agreement by the Company and the consummation by the Company of the transactions
contemplated hereby: (i) do not require, except as have been obtained prior to the date hereof, the consent, approval, authorization, order, registration or qualification of, or (except for filings pursuant to the Securities Exchange Act of
1934, or the rules and regulations promulgated with respect thereto (the “Exchange Act”) or filings required by NASDAQ Global Select Market) filing by the Company with, any governmental or regulatory authority, including any stock
exchange or self-regulatory organization, or court, or body or arbitrator having jurisdiction over the Company or any of its subsidiaries; (ii) except as would not have a material adverse effect on the ability of the Company to consummate the
transactions contemplated by this Agreement, do not and will not constitute or result in a breach, violation or default, or cause the acceleration or termination of any obligation or right of the Company, any of the Company’s subsidiaries or
any other party thereto, under (A) any note, bond, mortgage, deed, indenture, lien, instrument, contract, agreement, lease or license, whether written or oral, express or implied, to which the Company or any of its subsidiaries is a party or by
which it or any of its subsidiaries is bound, (B) the Company or any of its subsidiaries’ organizational documents or (C) any statute, law, ordinance, decree, order, injunction, rule, directive, judgment or regulation of any court,
administrative or regulatory body, including any stock exchange or self-regulatory organization, governmental authority, arbitrator, mediator or similar body; and (iii) will not result in the creation or imposition of any lien, security
interest, encumbrance, claim or equitable or legal interest (other than in connection with the debt financing contemplated by the Debt Commitment Letter (as defined below)) upon any of the property or assets of the Company or any of its subsidiaries
pursuant to any note, bond, mortgage, deed, indenture, lien, instrument, contract, agreement, lease or license, whether written or oral, express or implied, to which the Company or any of its subsidiaries is a party or by which it or any of its
subsidiaries is bound. 

  
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 (c)    This Agreement has been duly executed and delivered by the
Company and, assuming the due execution and delivery of this Agreement by the Seller, constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting enforcement of creditors’ rights generally and general principles of equity. This Agreement and the purchase of
the Shares contemplated hereby have been approved by the unanimous approval of the Special Committee, each member of which is disinterested with respect to this Agreement and the transactions contemplated hereby (other than with respect to any
ownership of equity securities of the Company), and the Board. The Company has duly taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement and the transactions contemplated hereby and all
consents, approvals, authorizations and orders required for the Company’s execution and delivery of this Agreement and performance of the transactions contemplated hereby have been obtained and are in full force and effect. 

(d)    The Company will have as of the Closing, subject to satisfaction of the condition in
Section 5(d) hereof, access to legally available funds sufficient to consummate the transactions contemplated by this Agreement. The Repurchase Transaction will be effected in compliance with Section 160 of the DGCL.

 (e)    There is no action, suit, proceeding or investigation pending or, to the Company’s knowledge, currently
threatened that questions the validity of this Agreement, or the right of the Company to enter into this Agreement or to consummate the transactions contemplated by this Agreement. There are presently no outstanding judgments, decrees or orders of
any court or any governmental or administrative agency against the Company, which question the validity of this Agreement or the right of the Company to consummate the transactions contemplated by this Agreement. 

(f)    Other than with respect to Houlihan Lokey Capital, Inc. as financial advisor to the Special Committee, and
Citigroup Global Markets Inc. in connection with the debt financing contemplated by the Debt Commitment Letter, the Company has not incurred any obligation or liability, contingent or otherwise, for any brokerage or finder’s fee, agent’s
commission or other similar payments in connection with the transactions contemplated by this Agreement. 

4.    Representations and Warranties of the Seller. The Seller hereby represents and warrants to the
Company as follows: 
 (a)    The Seller has been duly formed and is existing as a limited partnership in good standing
under the laws of the State of Delaware and has the power, authority and capacity to execute and deliver this Agreement, to perform the Seller’s obligations hereunder, and to consummate the transactions contemplated hereby. 

  
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 (b)    The execution and delivery of this Agreement by the Seller and
the consummation by the Seller of the transactions contemplated hereby: (i) do not require the consent, approval, authorization, order, registration or qualification of, or (except for filings pursuant to Section 16 or Regulation 13D under
the Exchange Act) filing by the Seller with, any governmental authority or regulatory authority, including any stock exchange or self-regulatory organization, or court, or body or arbitrator having jurisdiction over the Seller and (ii) except
as would not have a material adverse effect on the ability of the Seller to consummate the transactions contemplated by this Agreement, do not and will not constitute or result in a breach, violation or default, or cause the acceleration or
termination of any obligation or right of the Seller or any other party thereto, under (A) any note, bond, mortgage, deed, indenture, lien, instrument, contract, agreement, lease or license, whether written or oral, express or implied, to which
the Seller is a party, (B) the Seller’s organizational documents or (C) any statute, law, ordinance, decree, order, injunction, rule, directive, judgment or regulation of any court, administrative or regulatory body, including any
stock exchange or self-regulatory organization, governmental authority, arbitrator, mediator or similar body. 

(c)    This Agreement has been duly executed and delivered by the Seller and, assuming the due execution and delivery of
this Agreement by the Company, constitutes a legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance and other similar laws of general application affecting enforcement of creditors’ rights generally and general principles of equity. The Seller has duly taken all necessary limited partnership action to authorize the
execution, delivery and performance of this Agreement and the transactions contemplated hereby and all consents, approvals, authorizations and orders required for the Seller’s execution and delivery of this Agreement and performance of the
transactions contemplated hereby have been obtained and are in full force and effect. 
 (d)    The Seller is the sole
record owner of the Shares. The Seller has good, valid and marketable title to the Shares free and clear of any lien, encumbrance, pledge, charge, security interest, mortgage, title retention agreement, option, equity or other adverse claim or
rights of any third party whatsoever (except for restrictions pursuant to applicable federal and state securities laws), and has not, in whole or in part, (i) assigned, transferred, hypothecated, pledged or otherwise disposed of the Shares or
its ownership or other rights in such Shares or (ii) given any person or entity any transfer order, power of attorney or other authority of any nature whatsoever with respect to such Shares. Following the Repurchase Transaction, and against
payment made pursuant to this Agreement, good, valid and marketable title to the Shares, free and clear of any lien, encumbrance, pledge, charge, security interest, mortgage, title retention agreement, option, equity or other adverse claim (except
for (x) restrictions pursuant to applicable federal and state securities laws and (y) agreements, equity or other claim or rights of holder of capital, profits and other interests pursuant to the Amended and Restated Limited Partnership
Agreement of AP VIII Aegis Holdings, L.P., a Delaware limited partnership), will pass to the Company. 
 (e)    There is
no action, suit, proceeding or investigation pending or, to the Seller’s knowledge, currently threatened that questions the validity of this Agreement, or the right of the Seller to enter into this Agreement or to consummate the transactions
contemplated by this Agreement. There are presently no outstanding judgments, decrees or orders of any court or any governmental or administrative agency against the Seller which questions the validity of this Agreement or the right of the Seller to
consummate the transactions contemplated by this Agreement. 

  
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 (f)    The Seller has not incurred any obligation or liability,
contingent or otherwise, for any brokerage or finder’s fee, agent’s commission or other similar payments to any third party in connection with the transactions contemplated by this Agreement. 

(g)    Seller has been furnished with such documents, materials and information as Seller deems necessary or appropriate
for evaluating the financial condition of the Company, including information regarding the Repurchase Transaction, and has had the opportunity to ask questions of, and receive answers from, the officers of the Company, concerning the Company and the
terms and conditions of the Repurchase Transaction. The Seller acknowledges and explicitly agrees that although it has received certain information from the Company as to its financial condition and other matters and the Repurchase Transaction, the
Seller understands that the Shares may be worth more than the Purchase Price to be paid to the Seller. 

5.    Conditions to Closing. The obligation of either party to proceed with the Closing is subject to
the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived: 
 (a)    The
representations and warranties of the other party shall be true and correct in all respects as of the Closing. 

(b)    The other party shall have performed and complied with all covenants, agreements, obligations and conditions
contained in this Agreement that are required to be performed or complied with by such party on or before the Closing. 

(c)    No government, court, tribunal, arbitrator, administrative agency, commission or other governmental official,
authority or instrumentality shall have enacted, issued, promulgated, enforced or entered any statute, rule, regulation, executive order, decree, injunction, order or other legal restraint (whether temporary, preliminary or permanent) which is in
effect and which has the effect of making the Repurchase Transaction illegal or otherwise prohibiting or preventing consummation of the Repurchase Transaction. 

(d)    The Company shall have received, or substantially concurrently with Closing shall receive, net proceeds from the
debt financing obtained on terms and conditions which are (i) consistent with the Commitment Letter, dated as of September 5, 2018 (the “Debt Commitment Letter”), after giving effect to any “market flex” terms
set forth in the Debt Commitment Letter or fee letter executed in connection therewith or (ii) if the financing contemplated by the Debt Commitment Letter becomes unavailable, otherwise acceptable to the Special Committee and the Board, and in
an aggregate amount sufficient to consummate the Repurchase Transaction. 
 6.    Termination. This
Agreement may be terminated, and the terms and conditions set forth herein shall be of no further force or effect: (a) by mutual agreement in writing by the parties; or (b) by either party following October 5, 2018; provided
that the Closing has not occurred by such date; provided, further that the right to terminate this Agreement under Section 6(b) shall not be available to any party whose failure to fulfill any obligations
under this Agreement has been the substantial or primary cause of the failure of the Closing to occur on or before such date. 

  
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 7.    Covenant Against Transfer. The Seller
covenants that, upon signing this Agreement, it will not take any action to transfer the Shares to any person, other than a controlled affiliate of the Seller, or otherwise take any action to subject the Shares to any lien, encumbrance, pledge,
charge, security interest, mortgage, title retention agreement, option, equity or other adverse claim or rights of others whatsoever. 

8.    Further Assurances. Subject to the terms and conditions of this Agreement, each party will use
commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or desirable under applicable laws and regulations to consummate the transactions contemplated by this Agreement. 

9.    Legal and Equitable Remedies. Each party acknowledges and agrees that the other party would be
damaged irreparably in the event any of the provisions of this Agreement are not performed in accordance with their specific terms or otherwise are breached. Each party has the right to enforce this Agreement and any of its provisions by injunction,
specific performance or other equitable relief without prejudice to any other rights or remedies such party may have at law or in equity for breach of this Agreement. 

10.    Fees and Expenses. Each party will pay its own legal and other fees in connection with the
negotiation and preparation of this Agreement. 
 11.    Entire Agreement. This Agreement
constitutes the entire agreement between the Company and the Seller with respect to the subject matter hereof and supersedes all prior negotiations and agreements, whether written or oral, relating to such subject matter. Each party acknowledges
that neither the other party nor its agents or attorneys have made any promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained in this Agreement, and each party acknowledges that it has
executed this Agreement in reliance only upon such promises as are contained herein. 

12.    Modification. It is expressly agreed that this Agreement may not be altered, amended, modified
or otherwise changed in any respect except by another written agreement that specifically refers to this Agreement, executed by each of the parties to this Agreement. 

13.    Severability. If any provision of this Agreement, or any part of any such provision, is held
under any circumstances to be invalid or unenforceable in any jurisdiction, then (a) such provision or part thereof shall, with respect to such circumstances and in such jurisdiction, be deemed amended to conform to applicable laws so as to be
valid and enforceable to the fullest possible extent, (b) the invalidity or unenforceability of such provision or part thereof under such circumstances and in such jurisdiction shall not affect the validity or enforceability of such provision
or part thereof under any other circumstances or in any other jurisdiction, and (c) such invalidity or unenforceability of such provision or part thereof shall not affect the validity or enforceability of the remainder of such provision or the
validity or enforceability of any other provision of this Agreement and is separable from every other part of such provision. 

14.    Governing Law. This Agreement will be governed by the laws of the State of Delaware without
giving effect to conflict of laws principles. 

  
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 15.    Counterparts. This Agreement may be executed
in any number of counterparts (including by facsimile transmission and by electronic messaging system), each of which will be an original, but all of which together will constitute one instrument. 

16.    Headings. The headings contained in this Agreement are included for purposes of convenience
only, and do not affect the meaning or interpretation of this Agreement. 
 17.    Notices.
All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement will be in writing and will be deemed to have been given when delivered personally, mailed by certified or registered
mail, return receipt requested and postage prepaid, or sent via a nationally recognized overnight courier to the recipient. Such notices, demands and other communications shall be sent as follows: 

(a)    If to the Company, to: 

Presidio, Inc. 
 One Penn Plaza,
Suite 2832 
 New York, New York 10119 

Attention: Robert Cagnazzi 

With a copy to (which shall not constitute notice): 

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York,
NY 10019 
 Attention: Gordon S. Moodie 

(b)    If to the Seller, to: 

AP VIII Aegis Holdings, L.P. 
 9
West 57th Street 
 New York, New York 10019 

Attention: Laurie D. Medley 

With a copy to (which shall not constitute notice): 

Akin Gump Strauss Hauer & Feld LLP 

One Bryant Park 
 New York, New
York 10036 
 Attention: Adam K. Weinstein 

18.    Publicity. Each of the Seller and the Company agrees that it shall not, and that it shall
cause its representatives not to, (a) publish, release or file any initial press release or other public statement or announcement relating to the transactions contemplated by this Agreement (an “Initial Press Release”) without
providing such other party with a reasonable opportunity to review and comment on such release, statement or announcement and such party will consider any comments from the other party in good faith, and (b) after the date hereof, except as
required by law, including the rules of any stock exchange or self-regulatory organization, or any court, governmental or regulatory authority, in each case having jurisdiction over such party or any of its subsidiaries, publish, release or file any
future press release or other public statement or announcement relating to the transactions contemplated by this Agreement that is inconsistent with any such Initial Press Release. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have executed this Stock Repurchase Agreement as of
the date first written above. 
  

			
	COMPANY:
	
	PRESIDIO, INC.
		
	By:	 	/s/ Robert Cagnazzi
	 Name:
 Title:
	 	 Robert Cagnazzi
 Chief Executive
Officer

  

			
	SELLER:
	
	AP VIII AEGIS HOLDINGS, L.P.
	
	By: AP VIII Aegis Holdings GP, LLC, its general partner
	
	By: Apollo Management VIII, L.P., its manager
	
	By: AIF VIII Management, LLC, its general partner
		
	By:	 	/s/ Laurie D. Medley
	 Name:
 Title:
	 	 Laurie D. Medley
 Vice
President

 [Signature Page to Stock Repurchase Agreement]Exhibit 10.1

 

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered to be effective as of July ____, 2018 by and between XSPORT GLOBAL INC. (the “Company”), and Kristi Griggs, (“Employee”).

RECITALS

		A.	
The Company is engaged in the development and commercialization of mobile applications, specifically as they relate to the development of technologies targeting the youth and collegiate sports marketplace (the “Business”).

		B.	
The Company desires to employ Employee, and Employee desires to be employed by the Company, on the terms and subject to the conditions of this Agreement.

AGREEMENTS

In consideration of the recitals and the mutual agreements herein contained, the parties hereto agree as follows:

1.             Employment.  The Company hereby employs Employee, and Employee hereby

 accepts employment with the Company, on the terms and subject to the conditions of this Agreement. Employment to start effective July ____, 2018 (“Employment start date”)

2.             Title.  Employee is hereby employed by Company as Executive Vice President, Shift Now LLC division for the Employment Period.  Employee agrees that Employee will perform such duties as are customarily performed by a person holding such position in similar companies.  Employee will, at all times, abide by all personnel policies of the Company, as in effect from time to time, and will faithfully, industriously, and to the best of Employee’s ability, experience, and talents, perform all of the duties that may be required of and from Employee pursuant to the terms of this Employment Agreement.

3.             Employment Duties.  Employee shall be employed as EVP of the Company to perform such duties as the Company’s Chairman determines and shall be responsible for the performance of such duties and responsibilities as may be assigned from time to time by the Company (collectively, the “Employment Duties”).  During Employee’s employment hereunder, Employee shall: (i) devote commercially reasonable business time, to the discharge of the Employment Duties and Employee’s other responsibilities hereunder on a timely basis; (ii) use her best efforts to loyally and diligently serve the business and affairs of the Company; and (iii) endeavor in all respects to promote the Company’s interests in all matters.

4.             Term.  Employee’s employment hereunder shall commence on the date specified in Section (1) above and shall continue until such time as this Agreement is terminated pursuant to section 6 hereof (the period of Employee’s employment hereunder is referred to hereinafter as the “Employment Period”).

 

5.             Compensation.

		a.	
Annual Compensation.  Initially, Employee shall receive a salary equal to minimum wage according to North Carolina employment regulations.  However, at such time as the Company completes the merger agreement with Shift Now, LLC, Employee shall be entitled to receive, and the Company shall pay Employee, a salary of $100,000 per year during remainder of the Employment Period, payable bi-weekly. In addition to the salary, employee will earn a bonus of 5% net revenue of clients managed by employee or 1.5% of total gross revenues of Shift Now to be paid on the last pay period of the month for the prior month’s activity.

		b.	
Share Issuance.  Upon execution of this Agreement, the Company shall issue stock to Employee in an amount of 150,000 shares of restricted common stock at the 12-month anniversary of execution of this Agreement.  Additionally, Employee shall receive an additional amount of 150,000 shares of restricted common stock upon the completion of the 24-month of employment with the Company.  Stock incentive will require the approval of the Board of Directors, and shall be issued within 30-days of the completion of each milestone.

		c.	
Reimbursement of Business Expenses.  During the Employment Period, the Company shall, subject to Employee providing sufficient documentation to evidence such expenses and only to the extent consistent with the Company’s business expense reimbursement policy in effect from time to time, reimburse Employee for reasonable expenses incurred in connection with the performance by Employee of the Employment Duties, which shall include travel and entertainment expenses, again, subject to prior approval by the Company.

(i) Employee will have the right to purchase the 2017 Chevrolet Suburban owned by Shift Now at any time during the employment agreement for the purchase price of the balance of the current loan plus .01.

(ii) Cell phones for Employee and Employee’s immediate family members and home cable and video will be included in the monthly business expense reimbursement.

		d.	
Vacation, Sick Time and Holidays. Employee shall be entitled to 2 days of Paid Time Off (PTO) 20 PTO days each year, accrued monthly at the rate of 1.92 days.

In addition, Employee shall be entitled to all sick time and holidays provided for under the Company's existing and future sick time policy and regular holiday schedule.

		e.	
Company Benefits. Employee shall be eligible for participation in any company benefits packages that are provided throughout the term of the employment and subject to the applicable enrollment and vesting policies for the benefits.

 

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6.             Termination.

		a.	
Termination for Cause.  Upon the occurrence of any of the following events (as determined in the reasonable discretion of the Chairman), the Company may terminate this Agreement and Employee’s employment hereunder immediately upon delivery of written notice to Employee, (i) the engagement by Employee in any conduct which constitutes gross negligence, willful misconduct or any other conduct which is demonstrably and materially injurious to the Company, whether monetary or otherwise; (ii) the commission of any felony, act of fraud or dishonesty involving the Company or its business or which materially impairs the Employee’s ability to perform her duties for the Company.

		b.	
Termination Without Cause.: This agreement is an “At Will” Employment agreement”

		(i)	
Termination by the Company. Company may terminate this Agreement and Employee’s employment hereunder at any time by giving written notice of such intent to the Employee of at least 30 days prior to the effective date of such termination.

		(ii)	
Termination by Employee.  Employee may terminate this Agreement and Employee’s employment hereunder at any time and for any reason by giving written notice of such intent to the Company at least 30 days prior to the effective date of such termination.

		c.	
Compensation Payable Up on Termination.  Upon the termination of this Employment Agreement, with or without cause, the Employee shall be entitled to retain all equity ownership that she has earned as a participant of the Company’s stock plan as of the date of termination.  In addition, Employee shall receive the greater of (i) six (6) months’ salary of the same amount received by Employee during the month immediately preceding such Termination of this Agreement, and (ii) fifty thousand dollars ($50,000), by way of severance, which severance shall be due and payable upon the date of termination.

7.             Confidential Information.

		a.	
Nondisclosure of Confidential Information.  The parties hereto acknowledge and agree that as an employee of the Company, Employee will have access to and will be entrusted with Confidential Information, and that the Company would suffer great loss and injury if Employee disclosed any Confidential Information (except as provided in this Agreement) or used any Confidential Information to compete with the Company.  Accordingly, except in pursuit of the business of the Company and except as provided in above section hereof, Employee shall not directly or indirectly, whether individually or as an employee, principal, agent, owner, trustee, beneficiary, distributor, partner, co-venturer, investor, consultant or in any other capacity, use or disclose, or cause to be used or disclosed, any Confidential Information received by the Company during the performance of Employee’s duties pursuant to this Agreement.

 

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		b.	
Nondisclosure of Trade Secrets.  Notwithstanding anything contained in this Agreement to the contrary, Employee shall not, directly or indirectly, whether individually or as an employee, principal, agent, owner, trustee, beneficiary, distributor, partner, co-venturer, investor, consultant or in any other capacity, except in pursuit of the business of the Company, use or disclose, or cause to be used or disclosed, any Confidential Information of the Company which constitutes a trade secret as long as such information remains a Trade Secret.

		c.	
Reasonableness of Terms; Adequacy of Consideration.  Employee acknowledges and agrees that the terms of this section are reasonable and necessary for the protection of the Company and the Business.  Employee further acknowledges and agrees that the consideration provided for herein is sufficient to fully and adequately compensate Employee for agreeing to the terms and conditions of this Agreement.

		d.	
Definition of Confidential Information.  The term “Confidential Information,” as used in this Agreement, means any and all of the following as it relates to the Company and/or the Business:  (i) all historical financial statements, financial projections and budgets, historical and projected sales, capital spending budgets and plans, the names and backgrounds of key personnel, and personnel training techniques and materials, however documented; (ii) all product specifications, data, formulae, compositions, processes, designs, sketches, photographs, graphs, drawings, samples, inventions and ideas, past, current, and planned research and development, current and planned production or distribution methods and processes, customer lists, current and anticipated customer requirements, price lists, market studies, business plans, computer software and programs (including object code and source code), computer software and database technologies, systems, structures and architectures (and related processes, formulae, composition, improvements, devices, inventions, discoveries, concepts, ideas, designs, methods and information);(iii) any contract manufacturer, partnership structure with development and manufacturing companies, and (iv) all information (whether or not part of the foregoing), however documented, which constitutes a Trade Secret.  Notwithstanding the foregoing, the term “Confidential Information” shall not include information concerning the Company and/or the Business that becomes generally available to the public other than as a result of disclosure by Employee.

		e.	
Permitted Disclosure.  The restrictions set forth in above sections hereof shall not apply to any disclosure of Confidential Information or a Trade Secret, as the case may be, required to be made under applicable law or regulation or by order of a court or governmental authority acting within its jurisdiction; provided, however, that prior to such disclosure, Employee shall have provided the Company with written notice of such disclosure requirement and the Company shall have had a reasonable opportunity to contest such requirement.

 

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8.             Reasonableness of Restrictions; Adequacy of Consideration.  Employee acknowledges and agrees that the restrictions contained in this Agreement are reasonable and that the consideration provided herein is sufficient to fully and adequately compensate Employee for agreeing to such restrictions.

9.             Confidential Information and Intellectual Property belongs to the Company.  All Confidential Information shall remain the sole and exclusive property of the Company, and Employee shall have no rights, by license or otherwise, to use the Confidential Information except as expressly provided herein.  No patent, copyright, trademark or other proprietary right is licensed, granted or otherwise conveyed by this Agreement with respect to the Confidential Information. The right title and interest in any product developed by the company during the Employment period and wherein Employee is actively engaged or otherwise is involved in the development of any product in the course of his duties, shall belong solely to the Company and Employee shall have no rights whatsoever in the products and its economic benefits other than the benefit received by way of profit share as contained in this agreement.

10.           Common Law of Torts and Trade Secrets.  Nothing in this Agreement shall be construed to limit or negate the common law of torts or trade secrets where such law provides the Company with broader protection than that provided herein.

11.           Return of Confidential Information.  Employee agrees that immediately upon termination of Employee’s employment, or upon request by Company, Employee will return to Company all company property, including but not limited to the Confidential Information.

12.           Specific Performance.  Employee acknowledges and agrees that irreparable injury to the Company may result if Employee breaches any covenant of Employee contained herein and that the remedy at law for the breach of any such covenant will be inadequate.  Accordingly, if Employee engages in any act in violation of the provisions of this Agreement, the Company shall be entitled, in addition to such other remedies and damages as may be available to it by law or under this Agreement, to injunctive relief to enforce the provisions of this Agreement.

 

13.           Indemnification.   To the maximum extent and when permitted by applicable law, the Articles of Incorporation,  Bylaws/and or resolutions of the Company in effect from time to time (except as limited below), the Company shall indemnify and defend Employee against liability or loss arising out of Employee 's actual or asserted misfeasance in the performance of Employee's  duties or out of any actual or asserted Wrongful act against, or by, the Company including but not limited to judgments, fines, settlements and expenses incurred in the defense of actions, proceedings and appeals therefrom . The Company shall maintain Directors and Officers Liability Insurance to indemnify and insure the Company and Employee from and against the aforesaid liabilities. The provisions of this Section shall apply and inure to the benefit of the estate, executor, administrator, heirs, legatees or devisees of Employee.

 

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14.           Non-Competition and Non-Solicitation.  As a material part of the consideration given for this Agreement, during the Employment Period and for a period of twelve (12) months following the termination of Employee’s employment (for any reason or no reason), Employee agrees that she will not, directly or indirectly, engage herself in any activity that ensures economic benefit to her by dealing in any manner whatsoever in products that the Company is either currently selling, licensing, developing or has committed financial resources  to develop.  The Employee also agrees during the Employment Period, that she will not, directly or indirectly, solicit any of other employees of the Company, or it’s partners, suppliers or subsidiaries, for a period of twelve (12) months following. This section shall not limit Employee from accepting employment from a competitor of the Company, or any other third party entity, upon the termination of employment with the Company, so long as Employee does not disclose any of the Company’s confidential information to the new employer.

15.           Employment Status.  The parties hereto acknowledge and agree that Employee is an employee at will and that Employee’s employment hereunder may be terminated with or without cause and, subject to any applicable notice periods hereunder, at any time. Employee will be considered as full time exempt employee.

16.           Governing Law; Construction.  This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina (regardless of such State’s conflict of laws principles), and without reference to any rules of construction regarding the party responsible for drafting thereof.

17.           Waiver.  The failure of any party to insist, in any one or more instances, upon performance of any of the terms or conditions of this Agreement, shall not be construed as a waiver or a relinquishment of any right granted hereunder for the future performance of any such term, covenant or condition.

18.           Severability.  Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions of this Agreement or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction.  If the final judgment of a court of competent jurisdiction declares that any term or provision of this Agreement is invalid or unenforceable, the parties hereto agree that the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration or area of the term or provision, to delete specific words or phrase or to replace any invalid or unenforceable term or provision with a term or provision that is valid or enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified after the expiration of the time within which the judgment may be appealed.  The parties specifically acknowledge and agree that each covenant and agreement contained in sections 7 through 16 hereof is a separate and independent covenant and agreement.

19.           Amendment.  This Agreement may be amended only by an agreement in writing signed by each of the parties hereto.

 

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20.           Benefit; Assignment.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors, assigns and beneficiaries in interest; provided, however, that Employee may not assign this Agreement without the prior written consent of the Company.  This Agreement may be assigned by the Company without notice to, or consent by Employee.

21.           Entire Agreement, Incorporation of Terms.  This Agreement represents the full and complete understanding of the parties with respect to the subject matter hereof.  The introductory language, the recitals and any exhibits or schedules attached hereto are incorporated into this Agreement by reference.

22.           Headings.  All section headings herein are inserted for convenience only and shall not modify or affect the construction or interpretation of any provision of this Agreement.

23.           Counterparts.  This Agreement may be executed in counterparts and transmitted by facsimile, each of which shall be deemed an original, but both of which taken together shall constitute one and the same instrument.

This Employment Agreement is dated as of the date first above written.

	
EMPLOYEE:

	 	XSPORT GLOBAL INC.:

 

	 	 	
By:  

	
 

	 

	
Kristi Griggs

	 	
Robert Finigan

	 
	
EVP

	 	
CEO

	 

 

 

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