Document:

Amended and Restated Employment Agreement

 Exhibit 10.4 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 This Amended and Restated Employment Agreement (this “Agreement”) is made and entered into on November 20, 2006, by and between BRE Properties, Inc., a Maryland corporation (the
“Company”), and Deirdre A. Kuring, an individual (“Executive”) and memorializes the terms and conditions of Executive’s employment by the Company from and after January 1, 2005 (the “Effective
Date”). 
 BACKGROUND 
 The Company and Executive entered into an Employment Agreement, as of December 2001 to be effective as of October 25, 2001, and a First Amendment to Employment Agreement effective as of January 1, 2003
(collectively the “2001 Employment Agreement as Amended in 2003”), which governed the Company’s employment of Executive. 
 The Company and Executive amend and restate the 2001 Employment Agreement as Amended in 2003 pursuant to the terms of this Agreement. The Company’s employment of Executive will be governed by the terms and subject to the conditions of
this Agreement as of the Effective Date. 
 AGREEMENT 
 In consideration of the mutual covenants set forth in this Agreement, the parties agree as follows: 
 1. Amendment and Restatement of 2001 Employment Agreement. This Agreement amends and restates, in its entirety, and replaces the 2001
Employment Agreement. 
 2. Term. Executive shall be employed at will by the Company commencing on the Effective Date and
continuing thereafter until terminated (the “Term”). Executive’s at-will status means that the Executive may terminate her employment at any time, with or without reason, subject only to the notice provisions set forth in
Sections 8.1 and 9.2(b), and that the Company may terminate Executive at any time, with or without reason, subject only to the notice provision in Section 8.3. The Compensation Upon Termination provisions in Section 9 do not alter
Executive’s at-will status. 
 3. Duties. The Company shall employ Executive as its Executive Vice President, Asset
Management. The Chief Executive Officer (“CEO”) shall direct and supervise the employment of Executive Vice President, Asset Management and shall determine the powers and duties incident to the position of Executive Vice President,
Asset Management. Executive shall perform her duties as Executive Vice President, Asset Management faithfully, diligently and to the best of her ability and devote her full business time and best efforts to the Company. Executive shall not, except
for incidental management of her personal financial affairs, engage in any other business, nor shall she serve in any position with or as a consultant or adviser to any other corporation or entity (including as a member of such entity’s board
of directors or similar governing or advising body), without the prior written consent of the Board of Directors (“Board”). 

 4. Compensation. During the Term, Executive shall be entitled to receive compensation in
accordance with this Section 4. 
 4.1 Base Salary. Executive shall receive an annual base salary
(“Base Salary”) of $250,000 commencing as of January 1, 2005. The Board, in its discretion, may review the Base Salary periodically and adjust the Base Salary in its sole discretion based on relevant circumstances. The Base
Salary shall be payable by the Company to Executive in equal installments on the dates payments of salary are regularly made by the Company to its executive employees subject to all required tax withholdings. 
 4.2 Annual Bonus. In addition to the Base Salary, Executive shall be eligible to receive an annual incentive bonus (the
“Annual Bonus”) targeted at 60% of Base Salary for the achievement of the management by objective criteria established by the Compensation Committee of the Board (the “Committee”) in its sole discretion (the “MBO
Criteria”). It is anticipated that, for any given year, the amount of the Annual Bonus could range from 0% of Base Salary (in the event of a failure to achieve any of the MBO Criteria), to 60% of Base Salary (in the event of achievement of
the MBO Criteria), to between 60% and 105% (in the event that a substantial number of the MBO Criteria are significantly exceeded). The determination of whether Executive has achieved or significantly exceeded the MBO Criteria shall be in the
Committee’s sole discretion. The Committee may in its discretion determine that the MBO Criteria on balance as a whole have been met notwithstanding the fact that certain of the MBO Criteria may not have been met if other MBO Criteria are
exceeded. Except as otherwise specified in this Agreement, Executive shall earn the Annual Bonus only at the end of each of the Company’s fiscal years during the Term. The Annual Bonus, if earned, shall be paid within 90 days after the end of
each fiscal year. 
 4.3 Long-Term Incentive Awards. During the Term, Executive shall be eligible to receive
long-term incentive awards at the sole discretion of the Board. It is contemplated that such awards will take into account financial, operating, and other results achieved as well as future long-term performance goals. Such awards may be in the form
of options, restricted shares which vest over time or upon satisfaction of performance metrics, SARs, stock grants, or any other form of long-term compensation, as determined by the Board in its sole discretion. 
 5. Life Insurance. During the Term, the Company agrees to pay the premiums on a term life insurance policy covering and for the benefit of
Executive with a face amount equal to 100% of the Base Salary. 
 6. Benefits. During the Term, Executive shall be entitled to
receive such other benefits and to participate in such benefit plans as are generally provided by the Company to its executive employees, including parking and profit sharing and insurance plans. Executive shall be entitled to four weeks vacation
for each calendar year which shall accrue in accordance with the Company’s standard policies and procedures. 
 7.
Expenses. The Company shall pay or reimburse Executive for all reasonable travel and other expenses incurred by Executive in performing her duties as Executive Vice President, Asset Management of the Company in accordance with the
Company’s standard policies and procedures. 
  

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 8. Termination of Agreement. The date that Executive’s employment and this Agreement is
terminated is referred to in this Agreement as the “Termination Date.” 
 8.1 Termination Due to
Death or Disability; Voluntary Termination. If at any time during the Term, Executive shall die, suffer any Disability (as defined below), or voluntarily terminate her employment with the Company, then, in any such event, this Agreement shall
automatically terminate on the date of death, upon any Disability or of the Executive’s voluntary termination, as the case may be. As used in this Agreement, the term “Disability” shall mean the inability of Executive to
perform her duties for one hundred eighty (180) consecutive days or for one hundred eighty (180) days in any twelve month period because of physical or mental illness or incapacity as determined by the Board. If Executive shall voluntarily
terminate her employment with the Company, Executive shall provide the Company with at least 30-days’ prior written notice of such termination, which notice period the Company may elect to shorten. 
 8.2 Termination by the Company for Good Cause. During the term, the Company may terminate this Agreement and
Executive’s employment at any time for Good Cause. In such event, this Agreement shall terminate on such date as shall be specified in writing by the Company. As used in this Agreement, the term “Good Cause” shall mean
(i) any act or omission of gross negligence, willful misconduct, dishonesty, or fraud by Executive in the performance of her duties hereunder or in material violation of the Company’s employment policies and practices, (ii) the
material failure or refusal of Executive to timely perform the duties or to render the services reasonably assigned to her from time to time by the Board (other than failures to perform duties or render services substantially due to circumstances
beyond the control of Executive, including force majeure events), (iv) Executive’s conviction of or plea of nolo contendere to a crime which has or reasonably would be expected to have a material adverse impact on her ability
to perform her duties as Executive Vice President, Asset Management of the Company, including any crime involving dishonesty or moral turpitude or (iv) the material breach by Executive of this Agreement or the material breach of
Executive’s fiduciary duty or duty of trust to the Company as reasonably determined by the Company. 
 8.3
Termination by the Company Other Than for Good Cause. During the Term, the Company may terminate this Agreement and Executive’s employment for any reason other than for Good Cause with at least 30-days’ prior written notice.

 8.4 Termination by the Company Incident to a Change in Control. Any termination of this Agreement and the
Executive’s employment by the Company for any reason other than Good Cause, death, or Disability before a Change in Control (which Change in fact subsequently occurs), but after (a) the Company enters into an agreement, the consummation of
which would result in the occurrence of a Change in Control, or (b) the Company or any Person publicly announces an intention to take or to consider taking actions which, if consummated, would constitute a Change in Control shall be deemed
conditioned on a Change in Control for purposes of 9.2(c) below. 
  

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 9. Compensation upon Termination. 
 9.1 Termination Other Than in Connection With a Change in Control. 
 (a) In the event of termination of this Agreement and Executive’s employment pursuant to Section 8.1 or 8.2, the Company shall
not be obligated, from and after the Termination Date, to provide to Executive, and Executive shall not be entitled to receive from the Company, any compensation (including any payments of Base Salary, Annual Bonus, or other awards) or other
benefits; except that if termination pursuant to Section 8.1 is due to death or Disability, Executive or her estate shall receive, within 90 days after the close of the fiscal year in which the death or Disability occurred, a lump-sum payment
equal to the estimated Annual Bonus that Executive would have earned for the fiscal year in question (based on actual performance relative to MBO Criteria for the fiscal year and Executive’s contribution, in each case up to the date of death or
Disability), calculated on a pro-rated basis to the Termination Date. In addition, Executive shall be entitled to the vesting benefits set forth in any performance stock award agreement or other equity award agreement whether now in existence or
entered into during the term of this Agreement. 
 (b) In the event of termination of this Agreement and Executive’s
employment pursuant to Section 8.3, the Company shall provide Executive with the following compensation within 15 days after the Company’s receipt of the release of Executive described in Section 9.1(c): 
 (i) In the even of a termination after the execution date of this Agreement, Executive shall be entitled to a lump-sum payment equal to
the estimated Annual Bonus that Executive would have earned for the fiscal year in question (based on actual performance relative to MBO Criteria for the fiscal year and Executive’s contribution, in each case up to the date of termination,
calculated on a pro-rated basis to the Termination Date; and 
 (ii) Executive shall be entitled to receive a lump-sum
payment from the Company equal to the sum of: (1) her final annual Base Salary and (2) the average of the Annual Bonuses awarded to Executive for the two fiscal years prior to the year in which Executive terminates; and 
 (iii) Executive shall be entitled to the vesting benefits set forth in any performance stock award agreement or other equity award
agreement whether now in existence or entered into during the term of this Agreement. 
 (c) Executive’s right to receive
any of the payments or other compensation to be made to Executive pursuant to this Section 9.1 shall be contingent on Executive providing the Company a full and complete release of all known and unknown claims against the Company and its
representatives in the form set forth on Exhibit A to this Agreement. 
 9.2 Termination Following a Change in Control.

 (a) If within 12 months after the effective date of a Change in Control (as defined below) this Agreement and
Executive’s employment is terminated due to Executive’s death or Disability, then Executive or her estate shall receive, within 90 days after the close of 

  

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the fiscal year in which the death or Disability occurred, a lump-sum payment equal to the average annualized Annual Bonus that Executive received during the
Term pro-rated based on the number of days between the effective date of the Change in Control and the date of death or Disability. In addition, (i) Executive shall be entitled to a lump-sum payment equal to the estimated Annual Bonus that
Executive would have earned for the fiscal year in question (based on actual performance relative to MBO Criteria for the fiscal year and Executive’s contribution, in each case up to the date of termination), calculated on a pro-rated basis to
the Termination Date; and (iii) Executive shall be entitled to the vesting benefits set forth in any performance stock award agreement or other equity award agreement whether now in existence or entered into during the term of this Agreement.

 (b) If within 12 months after the effective date of a Change in Control, Executive terminates her employment with the
Continuing Employer without Good Reason (as defined below), then Executive shall receive the amounts set forth in Section 9.2(a) and, provided if Executive gives the Company not less than 90-days’ prior written notice of such
voluntary termination and uses her reasonable efforts to assist the Company with the necessary transition during the period between the notice of termination and the termination itself, then the Company shall pay Executive, within 15 days after the
Company’s receipt from Executive of the release described in Section 9.2(h), a lump-sum payment from the Company equal to 100% of her then Base Salary plus the average Annual Bonus awarded in the prior two years. As used in this
Agreement, the term “Good Reason” means (i) a material reduction in Executive’s target pay, duties, responsibilities, or authority of Executive immediately prior to such Change in Control, without Executive’s consent,
or (ii) the relocation of Executive, without Executive’s consent, to a location more than 50 miles from the Executive’s work location as of the Termination Date, provided in each case that, within 20 business days of the
event set forth in (i) or (ii), Executive presents the Company or the Continuing Employer, as the case may be, with at least 30-days’ prior written notice of her termination of employment stating that such termination was for a reason set
forth in (i) or (ii) and the Company or the Continuing Employer, as the case may be, did not cure such material reduction or relocation within 10 business days thereafter. 
 (c) If the Company terminates this Agreement and Executive’s employment because such termination is a condition to the consummation
of the Change in Control and Executive is not offered employment by the Continuing Employer or declines an offer of employment by the Continuing Employer in a position either not located within 50 miles of Executive’s current work location
or with target pay, duties, responsibilities and authority materially less than those duties, responsibilities and authority of Executive immediately prior to such Change in Control, then the outstanding balance under the Loan Agreement, and all
accrued interest, shall be due and payable in full 15 days following the Termination Date and the Company shall pay Executive the amounts set forth in Section 9.2(d). 
  

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 (d) If within 12 months after the effective date of a Change in Control, Executive
terminates her employment with the Continuing Employer for Good Reason or the Continuing Employer terminates this Agreement and Executive’s employment without Good Cause, then the Continuing Employer shall provide Executive with the following
compensation within 15 days after the Company’s receipt from Executive of the release described in Section 9.1(c): 
 (i) In the event of a termination after the execution date of this Agreement, the Continuing Employer shall pay Executive a lump-sum payment equal to the estimated Annual Bonus that Executive would have earned for the fiscal year in
question (based on actual performance relative to MBO Criteria for the fiscal year and Executive’s contribution, in each case up to the date of termination), calculated on a pro-rated basis to the Termination Date; 
 (ii) the Continuing Employer shall pay Executive a lump-sum payment equal to two times the sum of: (1) her final annual Base Salary
and (2) the average of the Annual Bonuses awarded to Executive for the two fiscal years prior to the year in which Executive terminates; 
 (iii) all restrictions (except applicable federal and state securities law) on any restricted shares or share equivalents (including, but not limited to, stock units or performance units) of Common Stock, other
securities of the Continuing Employer or, if such shares of Common Stock or other securities shall have been exchanged or converted into the right to receive other securities, cash or property, such other securities, cash or property received upon
such exchange or conversion, including restrictions which lapse with the passage of time or the satisfaction of performance criteria, to the extent there are any, would lapse and be eliminated and such securities, cash or property would be
unrestricted (except with respect to restrictions imposed by applicable federal and state securities law); 
 (iv) all
options to purchase shares of Common Stock or other securities of the Continuing Employer that are subject to vesting shall become fully vested and exercisable for a period of three months after the date of termination; and 
 (v) Executive shall be entitled to receive all or a portion of the Bonus Amount under the Bonus Arrangement in such amount as determined
by the Pro Rata Calculation. 
 (e) For purposes of this Agreement, the term “Continuing Employer” means
(A) the Company, (B) an affiliate of the Company (as such term is defined in the Exchange Act) or (C) such entity that the Company has merged or consolidated with or an affiliate (as such term is defined in the Exchange Act) of such
entity that employs Executive immediately after or in connection with such Change in Control. 
 (f) For purposes of this
Agreement, a “Change in Control” shall be deemed to have occurred when any of the following events occur: 
 (i)
the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent,
directly or indirectly, either by remaining outstanding or by being converted into voting securities of the surviving entity, more than fifty percent (50%) of the total voting power represented by the voting securities of the Company or such
surviving entity thereof outstanding immediately after such merger or consolidation; or 
  

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 (ii) any sale of substantially all of the assets of the Company, or any liquidation or
dissolution of the Company, other than as part of a transaction or series of transactions immediately after which the beneficial holders of the voting securities of the Company outstanding immediately prior thereto hold, directly or indirectly, more
than fifty percent (50%) of the total voting power represented by the voting securities of any acquirer or successor corporation or entity; or 
 (iii) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”), as in effect on the Effective Date, (a “Person”))
acquiring “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act), of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding voting securities; or 

(iv) a change in the Board that is the result of a proxy solicitation(s) or other action(s) to influence voting at a
shareholders’ meeting of the Company (other than by voting one’s own stock) by a Person or group of Persons who has Beneficial Ownership of 5% or more of the combined voting power of the securities of the Company and which causes the
Continuing Directors (as defined below) to cease to constitute a majority of the Board; provided, however, that none of the events described in (i) through (iv) of this Section 9.2(d) shall be deemed to be a Change in Control if the
event(s) or election(s) causing such change shall have been approved specifically for purposes of this Agreement by the affirmative vote of at, least a majority of the members of the Continuing Directors. For these purposes, a “Continuing
Director” shall mean a member of the Board (A) who is a member of the Board on the Effective Date, or (B) who subsequently becomes a member of the Board and who either (x) is appointed or recommended for election with the
affirmative vote of a majority of the Directors then in office who are Directors on the Effective Date, or (y) is appointed or recommended for election with the affirmative vote of a majority of the Directors then in office who are described in
clauses (A) and (B) (including clause (B)(y)), as applicable. 
 (g) In the event that the benefits provided for in
the Agreement, when aggregated with any other payments or benefits received by Executive (the “Aggregate Benefits”), would (i) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue
Code of 1986, as amended (the “Code”), and (ii) would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then Executive’s Aggregate Benefits will be either: (a) delivered in
full, or (b) delivered as to such lesser extent as would result in no portion of such Aggregate Benefits being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income
taxes and the Excise Tax, results in the receipt by Executive on an after-tax basis of the greatest amount of Aggregate Benefits, notwithstanding that all or some portion of such Aggregate Benefits may be taxable under Section 4999 of the Code.
Unless the Company and Executive otherwise agree in writing, any determination required under this paragraph will be made in writing by the independent public accountants mutually agreeable to the Company and Executive (the “Accountants”)
whose determination will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required by this paragraph, the Accountants may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive will furnish to the 

  

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Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this paragraph. To the extent any
reduction in Aggregate Benefits is required by this paragraph, Aggregate Benefits shall be reduced or eliminated in reverse order of time of payment (that is, Aggregate Benefits payable later shall be reduced or eliminated before any reduction or
elimination of Aggregate Benefits payable sooner), Aggregate Benefits payable at the same time shall be reduced or eliminated in accordance with the Executive’s instructions provided the Company has no reasonable objection thereto, and all
reductions or eliminations shall be based on the value of the Aggregate Benefits established for purposes of the determination required under this paragraph. 
 (h) Executive’s right to receive any of the payments or other compensation to be made to Executive pursuant to this Section 9.2
shall be contingent on Executive providing the Continuing Employer a full and complete release of all known and unknown claims against the Continuing Employer and its affiliates and representatives, in the form set forth on Exhibit A to this
Agreement. 
 10. Confidentiality. It is specifically understood and agreed that the Company possesses trade secrets, data and
information regarding customers, suppliers and stockholders, development, acquisition and other business plans, strategies and records, methods of business and operations, “know-how,” property and financial analyses and reports,
techniques, processes and other confidential or proprietary information of the Company and other persons (all such information, “Proprietary Information”). All Proprietary Information is and shall be the sole property of the Company
for its own exclusive use and benefit, and Executive agrees that upon termination of her employment for any reason whatsoever, she shall return to the Company all Proprietary Information in her possession or under her control. Executive further
agrees that she shall hold all Proprietary Information in strictest confidence and shall not at any time, either during or after her employment by the Company, use or disclose, or permit the use or disclosure of, the same for her own benefit or for
the benefit of others, unless authorized to do so by the Company’s written consent or by a contract or agreement to which the Company is a party or by which it is bound. The provisions of this Section 10 shall perpetually survive the
termination of the Agreement, and Executive shall likewise be bound by all other agreements between her and the Company relating in any way to the protection of Proprietary Information. 
 11. Non-Solicitation. For a period of one year following any termination of this Agreement, Executive shall not directly or indirectly
recruit, attempt to hire, direct, assist others in recruiting- or hiring, or encourage any employee of or consultant to the Company to terminate his or her employment or consulting relationship with the Company or to accept employment or enter into
a consulting relationship with any subsequent employer or business with whom Executive is affiliated in any way. 
 12. Arbitration.

 12.1 In consideration of the Company employing Executive and the wages and benefits provided under this
Agreement, Executive and the Company each agree that all claims arising out of or relating to Executive’s employment, including its termination, shall be resolved by binding arbitration in San Francisco, California. This agreement does not
prohibit either party from seeking provisional injunctive relief, pursuant to California Code of Civil Procedure Section 1281.8. 
  

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 12.2 The dispute will be arbitrated in accordance with the then-current rules of
the American Arbitration Association applicable to employment disputes. The Company agrees to pay the fees and expenses for the arbitration, except those related to Executive’s legal fees and costs. If either party prevails on a statutory claim
which affords the prevailing party attorneys’ fees and costs, the arbitrator may award reasonable fees and costs to the prevailing party, under the standards for an award of fees and costs provided by law. The parties agree to file any demand
for arbitration within the time limit established by the applicable statute of limitations for the asserted claims or within one year of the conduct that forms the basis of the claim if the claim asserts a breach of express or implied contract. The
failure to demand arbitration within the prescribed time period shall result in waiver of said claims. 
 12.3 This
arbitration agreement will cover all matters directly or indirectly related to Executive’s recruitment, employment or termination of employment by the Company, including but not limited to claims involving laws against any form of
discrimination whether brought under federal or state law, and claims involving present and former Executives, officers and directors of the Company, but excluding workers’ compensation and unemployment insurance claims. THE PARTIES UNDERSTAND
AND AGREE THAT THEY ARE WAIVING THEIR RIGHTS TO BRING SUCH CLAIMS TO COURT, INCLUDING THE RIGHT TO A JURY TRIAL. 
 13. Taxes;
Withholdings. All compensation payable by the Company to Executive under this Agreement which is or may become subject to withholding under the Code or other pertinent provisions of laws or regulation shall be reduced for all applicable income
and/or employment taxes required to be withheld whether with respect to amounts payable under this Agreement or otherwise. If any payment otherwise due hereunder would be, when otherwise due, subject to additional taxes and interest under
Section 409A of the United States Internal Revenue Code of 1986, as amended (the “Code”), for example, and not by way of limitation, because of the prohibition under Section 409A against the payment of deferred compensation on
account of separation of service within six months of separation in the case of any key employee of a public company, then such payment shall be deferred to the extent required to avoid such additional taxes and interest. 
 14. Upon Termination of the Term. The Company shall have the right, without any notice to Executive, to offset any amounts payable to the
Company under the Loan Agreement against any amount payable to Executive pursuant to this Agreement. 
 15. Miscellaneous. 

15.1 Notices. All notices and other communications required by this Agreement shall be in writing and shall be deemed
given if properly addressed: (i) if delivered personally or via a nationally recognized commercial delivery service, on the day of delivery; or (ii) if delivered by registered or certified mail (return receipt requested), three business
days after mailing. Notices shall be deemed to be properly addressed if addressed to the following addresses (or at such other address for a party as shall be specified by like notice): 
  

			
	If to the Company:	  	BRE Properties, Inc.
		  	525 Market Street, Fourth Floor
		  	San Francisco, CA 94105
		  	Attn: Chairperson of the Board
		
	With Copy to	  	Bingham McCutchen LLP
	(not to constitute notice):	  	Three Embarcadero Center
		  	San Francisco, CA 94111
		  	Attn: Jennifer G. Redmond
		
	If to Executive:	  	To the contact address of Executive maintained in the Company’s Human Resources records

  

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 15.2 Entire Agreement. This Agreement contains the full and complete
understanding of the parties and supersede all prior representations, promises, agreements, and warranties, whether oral or written, on the subject matters covered herein. 
 15.3 Governing Law. This Agreement shall be governed by and interpreted according to the laws of the State of California.

 15.4 Successors and Assigns. With respect to the Company, this Agreement shall inure to the benefit of and be
binding upon any successors or assigns of the Company. With respect to Executive, this Agreement shall not be assignable but shall inure to the benefit of estate of Executive or her legal successor upon death or disability. 
 15.5 Headings. The captions of the various sections of this Agreement are inserted only for convenience and shall not be
considered in construing this Agreement. 
 15.6 Amendments. Except with respect to adjustments to the Base
Salary or Executive’s duties pursuant to the terms of Sections 3 and 4.1, this Agreement may be modified or amended only by a writing signed by both parties. 
 15.7 Waivers. No failure on the part of either party to exercise any right or remedy under this Agreement, and no delay on
the part of either party in exercising any right or remedy under this Agreement, shall operate as a waiver of such right or remedy; and no single or partial exercise of any such right or remedy shall preclude any other or further exercise thereof or
of any other right or remedy. Neither party shall be deemed to have waived any claim arising out of this Agreement, or any right, condition or remedy under this Agreement, unless the waiver of such right, condition or remedy is expressly set forth
in a written instrument executed by such party and any such waiver shall only be applicable and effective in the specific instance in which it is given. 
 15.8 Severability. If any provision of this Agreement shall be held invalid, illegal, or unenforceable, the remaining provisions of the Agreement shall remain in full force and effect, and the invalid,
illegal, or unenforceable provision shall be limited or eliminated only to the extent necessary to remove such invalidity, illegality, or unenforceability in accordance with the applicable law at that time. 
  

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 15.9 Attorneys’ Fees. Without limiting the provisions of
Section 12, if either party institutes arbitration proceedings pursuant to Section 12 or an action to enforce the terms of this Agreement, the prevailing party in such proceeding or action shall be entitled to recover reasonable
attorneys’ fees, costs, and expenses except as otherwise required by law. 
 15.10 Non-Exclusivity of
Remedies. No remedy made available to the Company by any of the provisions of this Agreement is intended to be exclusive of, any other remedy. Each and every remedy shall be cumulative and shall be in addition to every other remedy given
hereunder as well as those remedies, existing at law, in equity, by statute, or otherwise. 
 15.11 Interpretation and
Advice of Counsel. Executive was advised to seek the advice of counsel in connection with the negotiation of this Agreement and the Performance Share Award Agreement. Executive has done so and this Agreement has been drafted jointly by the
parties. Any uncertainty or ambiguity shall not be construed for or against any party based on attribution of drafting to any party. 
 15.12 Survival. Sections 10, 11, 12, 13, 14 and 15 and Section 8 or 9, as the case may be, if this Agreement shall be terminated pursuant to Section 8, shall survive the termination of this Agreement and remain in full
force and effect. 
 15.13 No Conflict. Executive represents that the execution of this Agreement by Executive
will not violate any other agreement to which Executive is a party. 
 IN WITNESS WHEREOF, this Agreement has been executed as of the
Effective Date. 
  

					
	BRE PROPERTIES, INC.	 		 	EXECUTIVE
			
	 /s/ Constance B. Moore
	 		 	 /s/ Deirdre A. Kuring

	 Constance B. Moore
	 		 	 Deirdre A. Kuring

	 Chief Executive Officer
	 		 	 

  

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 EXHIBIT A 
 RELEASE 
 THIS RELEASE (“Release”), is entered into by and between
                     (referred to herein as “Executive”), and BRE Properties, Inc., a Maryland corporation (the
“Company”), as of this             , day of                     ,
                    . 
 RECITALS 
 WHEREAS, the Executive and the Company are parties to an Amended and Restated Employment Agreement
(“Agreement”) entered on                     ; 
 WHEREAS, the provisions in the Agreement are incorporated into this Release as if fully re-written herein; 
 NOW, THEREFORE, in consideration of the foregoing promises, the mutual covenants and promises contained herein and in the Agreement, the releases set forth herein, other good and valuable consideration, receipt of which is hereby
acknowledged, it is hereby agreed by the Executive and the Company as follows: 
 AGREEMENT 
  

	1.	RELEASE OF CLAIMS. 

 A. Executive’s Release Of Claims. In consideration of the benefits under Section 9 of the Employment Agreement and any reference to rights or benefits set forth therein, the Executive hereby
waives all rights under Section 1542 of the Civil Code of the State of California. Section 1542 provides: 
 A general release
does not extend to claims which the creditor 
 does not know or suspect to exist in his or her favor at the time 
 of executing the release, which if known by him or her must 
 have materially affected his or her settlement with the debtor. 
 Notwithstanding the provisions of Section 1542
of the Civil Code of the State of California, the Executive hereby irrevocably and unconditionally releases and forever discharges the Company, and each and all of its related entities and its officers, directors, employees, agents, and
representatives and their successors and assigns, and all persons acting by, through, under, or in concert with any of them, from any and all charges, complaints, claims, and liabilities of any kind or nature whatsoever, known or unknown, suspected
or unsuspected (hereinafter referred to as “Executive Claims”), which the Executive at any time had or claims to have or which the Executive at any time may have or claim to have regarding incidents that have occurred as of the date of
this Release, including, without limitation, any and all Executive Claims relating to the 

 
Executive’s employment or the termination of the Executive’s employment with the Company. It is expressly understood by the Executive that among
the various rights and claims being waived in this Release are those arising under the Age Discrimination in Employment Act of 1967, the United States and California Constitutions, California common law, Title VII of the Civil Rights Act of 1964,
the Civil Rights Act of 1991, the Americans with Disabilities Act, state and federal family leave acts, the California Fair Employment and Housing Act, the Employee Retirement Income Security Act, and any and all federal and state executive orders
and other statutes and regulations. The parties understand that the waived Executive Claims include all actions, claims and grievances, whether actual or potential, known or unknown, and specifically but not exclusively, all claims regarding
offenses that have occurred as of the date of this Release, including claims arising out of the Executive’s employment and the termination of that employment with the Company. All such claims (including related attorneys’ fees and costs)
are forever barred by this Release without regard to whether those claims are based on any alleged breach of a duty arising in contract or tort, or any alleged unlawful act, including, without limitation, discrimination or harassment, any other
claim or cause of action, and regardless of the forum in which it might be brought. The foregoing notwithstanding, the parties understand and agree that the following Executive Claims are not released: (a) claims for indemnification due under
Section 7237 of the California Corporations Code; (b) claims for indemnification due under Section 2802 of the California Labor Code; (c) claims for indemnification under the Company’s By-Laws or otherwise; (d) any
rights to coverage under any Company Directors and Officers liability policy; (e) claims for workers’ compensation benefits; (f) claims for unemployment insurance benefits; (g) claims for vested retirement benefits; and
(h) claims for any benefits that the Executive has under the Employment Agreement. 
 B. Company’s Release Of Claims.
The Company hereby waives all rights under Section 1542 of the Civil Code of the State of California. Section 1542 provides: 
 A general release does not extend to claims which the creditor 
 does not know or suspect to exist in his or her favor at
the time 
 of executing the release, which if known by him or her must 
 have materially affected his or her settlement with the debtor. 
 Notwithstanding the provisions of Section 1542 of the Civil Code of the State of California, the Company hereby irrevocably and unconditionally releases and forever discharges the Executive, and each of the
Executive’s agents, representatives, successors and assigns, from any and all charges, complaints, claims, and liabilities of any kind or nature whatsoever, known or unknown, suspected or unsuspected (hereinafter referred to as “Company
Claims”), which the Company at any time had or claims to have or which the Company at any time may have or claim to have regarding incidents that have occurred as of the date of this Release, including, without limitation, any and all charges
relating to the Executive’s employment relationship with the Company. The released Company Claims include all actions, claims and grievances, whether actual or potential, known or unknown, and specifically but not exclusively, all claims
regarding offenses that have occurred as of the date of this Release, including Company Claims arising out of the Executive’s employment relationship with the Company. All such Company Claims (including related attorneys’ fees and costs)
are forever barred by this Release without regard to whether those claims are based on any alleged breach of a duty arising in contract or tort, any alleged unlawful act, any other claim or cause of action, and regardless of the forum in which it
might be brought. 

	2.	KNOWING AND VOLUNTARY RELEASE. 

 The Executive understands and agrees that the Executive: 
 A. Is entitled to, but need not take, a full twenty-one (21) days within which to consider this Release before executing it; 
 B. Has carefully read and fully understands all the provisions of this Release; 
 C. Is, through this
Release, releasing the Company, its related entities, and each and all of its officers, directors, employees, agents, and representatives, of any and all claims the Executive may have against them; 
 D. Knowingly and voluntarily agrees to all the terms set forth in this Release; 
 E. Knowingly and voluntarily intends to be legally bound to this Release; 
 F. Was advised and hereby is advised in writing to consider the terms of this Release and consult with an attorney of the Executive’s choice prior to execution of this Release; 
 G. Has a full seven (7) days following the execution of this Release to revoke this Release and has been advised in writing that the Release shall
not become effective or enforceable until the revocation period has expired; and 
 H. Understands that rights or claims under the Age
Discrimination in Employment Act of 1967 that may arise after the date of this Release is executed are not waived. 
  

	3.	MISCELLANEOUS. 

 3.1 No
effect. This Release shall not affect any claim which cannot be waived by private agreement. 
 3.2 Binding Effective
Agreement. This Release shall be binding on the Executive, and upon the Executive’s heirs, administrators, representatives, executors, successors and permitted assigns, and shall inure to the benefit of the Company, its related
entities, and its officers, directors, employees, agents, and representatives, and to its administrators, executors, successors and assigns. The Executive expressly warrants that the Executive has not transferred to any person or entity any rights,
causes of action, or claims released in the Release. 
 3.3. Entire Agreement. The Agreement and this Release set forth the
entire agreement between the parties and fully supersede any and all prior agreements or understandings, written or oral, between the parties pertaining to the subject matter of the Agreement and this Release. This Release may not be modified or
amended. If any provision of 

  

 14 

 
this Release or the application thereof is held invalid, the invalidity shall not affect the other provisions or applications of this Release which can be
given effect without the invalid provisions or applications, and to this end the provisions of this Release are declared to be severable. This Release may not be assigned without the express written consent of the non-assigning party. In the event
any dispute arises in regard to the interpretation of this Release, the parties agree this Release shall not be deemed to have been drafted by one or the other, and that any rules of construction to the affect that any ambiguities are to be resolved
against the drafting party shall not be applicable. 
  

	4.	PROPRIETARY AND CONFIDENTIAL INFORMATION. 

 Any agreements the Executive may have signed with the Company concerning trade secrets, secrecy, new products, ideas, inventions, business plans,
inventions, and confidential data will remain in full force and effect. The Executive shall return to the Company on or before the Executive’s final date of employment with the Company, and not take, copy, use, or distribute in an form or
manner, Company documents or information which is proprietary and/or confidential, including, but not limited to, lists of customers or potential customers, lists of investors or potential investors, financial information, business and strategic
plans, software programs and codes, access codes, and other similar confidential materials or information. The Executive further agrees to return all Company property by the Executive’s final date of employment. It is understood and agreed that
any unauthorized use of Company proprietary or confidential information under this provision voids the Company’s obligation to provide Compensation Upon Termination as described in Section 9 of the Agreement. 
  

	5.	COOPERATION. 

 The Executive agrees
to assist the Company in defending or prosecuting any claim which arose or may arise or continue after the Executive’s cessation of employment with the Company. Such assistance shall include, but not be limited to the Executive being reasonably
available as a witness for the Company regardless of the location of the deposition or trial, being reasonably prepared for testimony, and providing the Company and its counsel with information or materials within the Executive’s knowledge
related to the Executive’s employment or pertinent to the claim. The Company agrees to reimburse the Executive only for out-of-pocket expenses (including travel) actually incurred by the Executive in providing assistance at the Company’s
request pursuant to this provision. 
  

	6.	ARBITRATION. 

 6.1 Executive and the
Company each agree that any and all controversy pertaining to the subject matter of this Release, including but not limited to, those involving construction or application or performance of any terms, provisions, or conditions of this Release, shall
be resolved by binding arbitration in San Francisco, California. This Release does not prohibit either party from seeking provisional injunctive relief, pursuant to California Code of Civil Procedure Section 1281.8. 
 6.2 The dispute will be arbitrated in accordance with the then-current rules of the American Arbitration Association applicable to employment disputes.
The Company agrees to 

 
pay the fees and expenses for the arbitration, except those related to the Executive’s legal fees and costs. The parties agree to file any demand for
arbitration within the time limit established by the applicable statute of limitations for the asserted claims or within one year of the conduct that forms the basis of the claim if the claim asserts a breach of express or implied contract. The
failure to demand arbitration within the prescribed time period shall result in waiver of said claims. THE PARTIES UNDERSTAND AND AGREE THAT THEY ARE WAIVING THEIR RIGHTS TO BRING SUCH CLAIMS TO COURT, INCLUDING THE RIGHT TO A JURY TRIAL.

 IN WITNESS WHEREOF, this Release has been executed as of the date first above written. 
  

					
	BRE PROPERTIES, INC.	 		 	EXECUTIVEEmployment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (“Agreement”) is made and entered into
effective as of November 20, 2006, (“Effective Date”), by and between Alvin McCurdy (“Employee”), and Natural Alternatives International, Inc., a Delaware corporation (“Company”). Company and Employee may be
referred to collectively as the “Parties.” 
 RECITALS 
 A. Company wishes to retain the services of Employee as Vice President of Operations, but only on the terms and subject to the conditions set forth in
this Agreement. 
 B. Employee desires to enter into the employ of Company and is willing to do so on the terms and conditions set forth in
this Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants set forth in this Agreement and intending to be
legally bound, the Parties agree as follows: 
 AGREEMENT 
 1. Employment. Employee accepts the offer of Company for employment as Company’s Vice President of Operations beginning
November 20, 2006. Employee’s employment will be at-will and may be terminated by either Employee or Company at any time for any reason or no reason, with or without Cause (defined below), upon written notice to the other or without any
notice upon the death of Employee. The at-will status of the employment relationship may not be modified except by an agreement in writing signed by the President or Chief Executive Officer of the Company and Employee, the terms of which were
approved in advance in writing by Company’s Board of Directors. 
 2. Employee Handbook. Employee and Company understand
and agree nothing in Company’s Employee Handbook is intended to be and nothing in it should be construed to be a limitation of Company’s right to terminate, transfer, demote, suspend and administer discipline at any time for any reason.
Employee and Company understand and agree nothing in Company’s Employee Handbook is intended to and nothing in such Handbook should be construed to create an implied or express contract of employment contrary to this Agreement. 
 3. Position and Responsibilities. 
 a. During Employee’s employment with Company, Employee shall have such responsibilities, duties and authority as Company, through its Board of Directors, may from time to time assign to Employee and that are
normal and customary duties of a Vice President of Operations of a publicly held corporation. Employee shall perform any other duties reasonably required by Company and, if requested by Company, shall serve as a director and/or as an additional
officer of Company or any subsidiary or affiliate of Company without additional compensation. 
 b. Employee, in
Employee’s capacity as Vice President of Operations for Company, shall diligently and to the best of Employee’s ability perform all duties that such position entails. Employee shall devote such time, energy, skill and effort to the
performance of Employee’s duties hereunder as may be fairly and reasonably necessary to faithfully and diligently further the 

  

 1 

 
business and interests of Company and its subsidiaries. Employee agrees not to engage in any other business activity that would materially interfere with the
performance of Employee’s duties under this Agreement. Employee represents to Company that Employee has no other outstanding commitments inconsistent with any of the terms of this Agreement or the services to be rendered under it. 

c. Employee shall render Employee’s service at Company’s offices in the County of San Diego, California or such other
location as is mutually agreed upon by Company and Employee. It is understood, however, and agreed that Employee’s duties may from time to time require travel to other locations including other offices of Company and its subsidiaries both
within and outside the United States. 
 4. Compensation. 
 a. Salary. During the term of Employee’s employment, Company agrees to pay Employee a base salary of Two Hundred Ten Thousand
Dollars ($210,000) per year payable no less frequently than monthly in accordance with Company’s general payroll practices. For the first year of employment, the base salary will be prorated from the start date of employment. The amount of
Employee’s base salary as set forth in this Section 4(a) may be adjusted from time to time by an agreement in writing signed by the President or Chief Executive Officer of Company and Employee, the terms of which were approved in advance
in writing by Company’s Board of Directors. 
 b. Periodic Overnight Lodging and Commuting Expenses. Employee
shall be entitled to receive reimbursement for costs associated with periodic, local overnight lodging expenses arising out of Company business and up to Two Hundred Fifty Dollars ($250) per month for costs associated with Employee’s commute
from his current residence. 
 c. Additional Benefits. During Employee’s employment with Company, in addition to
the other compensation and benefits set forth in this Agreement, Employee shall be entitled to receive and/or participate in such other benefits of employment generally available to Company’s other corporate officers when and as Employee
becomes eligible for them. Company reserves the right to modify, suspend or discontinue any and all benefit plans, policies and practices at any time without notice to or recourse by Employee so long as such action is taken generally with respect to
other similarly situated persons and does not single out Employee. 
 d. No Other Compensation. Employee acknowledges
and agrees that except as expressly provided in this Agreement and as set forth in Company’s Employee Handbook or any other written compensation arrangement approved by Company’s Board of Directors, Employee is not entitled to any other
compensation or benefits from Company. 
 e. Withholdings. All compensation under this Agreement shall be paid less
withholdings required by federal and state law and less deductions agreed to by Company and Employee. 
  

 2 

 5. Termination. 
 a. Due to Death. Employee’s employment with Company shall terminate automatically in the event of Employee’s death.
Company shall have no obligation to Employee or Employee’s estate for base salary or any other form of compensation or benefit other than amounts accrued through the date of Employee’s death except as otherwise required by law or pursuant
to a specific written policy, agreement or benefit plan of Company. 
 b. Without Cause, Severance Benefit. In the
event Employee is terminated by Company without Cause and not as a result of death, upon Employee’s delivery to Company of an executed general release in a form substantially similar to that set forth in Attachment #3 attached to this Agreement
(“Release”), Employee shall be entitled to receive a severance benefit, including standard employee benefits available to Company’s other corporate officers, in an amount equal to three (3) months compensation. If Employee does
not execute and deliver the Release, Employee shall only be entitled to receive a severance benefit in an amount equal to one (1) months compensation. One half of any severance benefit owing under this Agreement shall be paid within ten
(10) days of termination and the balance shall be payable no less frequently than monthly in accordance with Company’s general payroll practices over the applicable severance period of one (1) month or three (3) months.

 c. With Cause, No Severance Benefit. Company may terminate Employee for Cause. For purposes of this Agreement,
“Cause” shall mean the occurrence of one or more of the following events: (i) Employee’s commission of any fraud against Company; (ii) Employee’s intentional appropriation for Employee’s personal use or benefit the
funds of Company not authorized in writing by the Board of Directors; (iii) Employee’s conviction of any crime involving moral turpitude; (iv) Employee’s conviction of a violation of any state or federal law that could result in
a material adverse impact upon the business of Company; (v) Employee engaging in any other professional employment or consulting or directly or indirectly participating in or assisting any business that is a current or potential supplier,
customer or competitor of Company without prior written approval from Company’s Board of Directors; (vi) Employee’s failure to comply with Company’s written policy on acceptance of gifts and gratuities as in effect from time to
time; or (vii) when Employee has been disabled and is unable to perform the essential functions of the position for any reason notwithstanding reasonable accommodation and has received from Company compensation in an amount equivalent to
Employee’s severance benefit payment. No severance benefit shall be due to Employee if Employee is terminated for Cause, including if Employee is terminated for Cause upon or after a Change in Control (defined below), except in the event of
disability as set forth above. 
 d. Resignation or Retirement, No Severance Benefit. This Agreement shall be
terminated upon Employee’s voluntary retirement or resignation. No severance benefit shall be due to Employee if Employee resigns or retires from employment for any reason or at any time including upon or after a Change in Control. 

e. Payment Through Date of Termination. Except as otherwise set forth in this Agreement, upon termination of this Agreement for
any reason, Employee shall be entitled to receive any unpaid compensation earned through the effective date of termination. If this Agreement is terminated for any reason before year-end bonus or other compensation becoming payable to Employee, then
such bonus and other compensation shall be forfeited in full by Employee. 
  

 3 

 6. Termination Obligations. 
 a. Return of Company Property. Upon termination of this Agreement and cessation of Employee’s employment, Employee agrees to
return all Company Property (as such term is defined in Attachment #2 to this Agreement) to Company promptly, but in no event later than two (2) business days following termination of employment. 
 b. Termination of Benefits. All benefits to which Employee is otherwise entitled shall cease upon Employee’s termination
unless explicitly continued either under this Agreement or under any specific written policy or benefit plan of Company. 
 c.
Termination of Other Positions. Upon termination of Employee’s employment with Company, Employee shall be deemed to have resigned from all other offices and directorships then held with Company or its subsidiaries unless otherwise
expressly agreed in a writing signed by the Parties. 
 d. Employee Cooperation. Following termination of
Employee’s employment, Employee shall cooperate fully with Company in all matters including but not limited to advising Company of all pending work on behalf of Company and the orderly transfer of work to other employees or representatives of
Company. Employee shall also cooperate in the defense of any action brought by any third party against Company that relates in any way to Employee’s acts or omissions while employed by Company. 
 e. Survival of Obligations. Employee’s obligations under this Section 6 shall survive the termination of employment and
the termination of this Agreement. 
 7. Change in Control. In the event of any Change in Control, the following provisions
will apply. 
 a. Any of the following shall constitute a “Change in Control” for the purposes of this Agreement:

 (i) The consummation of a merger or consolidation of Company with or into another entity or any other corporate
reorganization, if more than 50% of the combined voting power of the continuing or surviving entity’s securities outstanding immediately after such merger, consolidation or other reorganization is owned by persons who were not stockholders of
Company immediately prior to such merger, consolidation or other reorganization; 
 (ii) The sale, transfer or other
disposition of all or substantially all of Company’s assets; 
 (iii) A change in the composition of Company’s Board
of Directors, as a result of which fewer than 50% of the incumbent directors are directors who either (i) had been directors of Company on the date 24 months prior to the date of the event that may constitute a Change in Control (the
“original directors”) or (ii) were elected, or nominated for election, to the Board of Directors with the affirmative votes of at least a majority of the aggregate of the original directors who were still in office at the time of the
election or nomination and the directors whose election or nomination was previously so approved, or 
  

 4 

 (iv) Any transaction as a result of which any person is the “beneficial owner”
(as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (“Exchange Act”)), directly or indirectly, of securities of Company representing at least 20% of the total voting power represented by Company’s then
outstanding voting securities. For this purpose, the term “person” shall have the same meaning as when used in Sections 13(d) and 14(d) of the Exchange Act but shall exclude (i) a trustee or other fiduciary holding securities under an
employee benefit plan of Company or of a parent or subsidiary of Company and (ii) a corporation owned directly or indirectly by the stockholders of Company in substantially the same proportions as their ownership of the common stock of Company.

 A transaction shall not constitute a Change in Control if its sole purpose is to change the state of Company’s
incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held Company’s securities immediately before such transaction. 
 b. In the event of a Change in Control, this Agreement shall continue in effect unless terminated by Employee or Company. 
 c. If Employee is terminated without Cause following a Change in Control by Company and/or the surviving or resulting corporation, upon
Employee’s delivery to Company of an executed Release, Employee shall be entitled to receive as severance pay or liquidated damages, or both, a lump sum payment (“Change in Control Severance Payment”) in an amount equal to one
(1) year’s compensation or such greater amount as the Board of Directors determines from time to time pursuant to terms which may not be revoked or reduced thereafter. If Employee does not execute and deliver the Release, Employee shall
only be entitled to receive a Change in Control Severance Payment in an amount equal to one (1) months compensation. 
 d. Any Change in Control Severance Payment shall be made not later than the fifteenth (15th) day following the effective date of Employee’s termination without Cause in connection with a Change in Control; provided, however, that
if the amount of such payment cannot be finally determined on or before such date, Company shall pay to Employee on such date a good faith estimate of the minimum amount of such payment, and shall pay the remainder of such payment (together with
interest at the rate provided in Section 1274(b)(2)(B) of the Internal Revenue Code of 1986, as amended (“Code”)), as soon as the amount thereof can be determined, but in no event later than the thirtieth (30th) day after the
applicable termination date. If the amount of the estimated payment exceeds the amount subsequently determined to have been due, such excess shall constitute a loan by Company to Employee payable on the fifteenth (15th) day after receipt by
Employee of a written demand for payment from Company (together with interest calculated as set forth above). The total of any payment pursuant to this Section 7 shall be limited to the extent necessary, in the opinion of legal counsel
acceptable to Employee and Company, to avoid the payment of an “excess parachute” payment within the meaning of Section 280G of the Code or any similar successor provision. 
 e. In the event of termination of Employee’s employment under Section 7(c), and provided Employee delivers to Company an
executed Release, Company shall cause each then-outstanding stock option granted by Company to Employee as of the date of termination to become fully exercisable and to remain exercisable for the term of the option. 
  

 5 

 8. Arbitration. Employee and Company agree to the Mutual Agreement to Mediate and Arbitrate
Claims attached to and incorporated into this Agreement as Attachment #1. Employee’s obligations under this Section 8 and the terms of the Mutual Agreement to Mediate and Arbitrate Claims shall survive the termination of employment and the
termination of this Agreement. 
 9. Confidential Information and Inventions. Employee and Company agree to the Confidential
Information and Invention Assignment Agreement, Covenant of Exclusivity and Covenant Not to Compete attached to and incorporated into this Agreement as Attachment #2. Employee’s obligations under this Section 9 and the terms of the
Confidential Information and Invention Assignment Agreement, Covenant of Exclusivity and Covenant Not to Compete shall survive the termination of employment and the termination of this Agreement. 
 10. Competitive Activity. Employee covenants, warrants and represents that during the period of Employee’s employment with Company,
Employee shall not engage anywhere, directly or indirectly (as a principal, shareholder, partner, director, manager, member, officer, agent, employee, consultant or otherwise), or be financially interested in any business that is involved in
business activities that are the same as, similar to, or in competition with the business activities carried on by Company or any business that is a current or potential supplier, customer or competitor of Company without prior written approval from
Company’s Board of Directors. Notwithstanding the foregoing, Employee may invest in and hold up to one percent (1%) of the outstanding voting stock of a publicly held company that is involved in business activities that are the same as,
similar to, or in competition with the business activities carried on by Company or any business that is a current or potential supplier, customer or competitor of Company without the prior written approval of Company’s Board of Directors;
provided, however, that if such publicly held company is a current or potential supplier, customer or competitor of Company, Employee shall advise the President of Company in writing of Employee’s investment in such company as soon as
reasonably practicable. 
 11. Employee Conduct. Employee covenants, warrants and represents that during the period of
Employee’s employment with Company, Employee shall at all times comply with Company’s written policy as in effect from time to time on the acceptance of gifts and gratuities from customers, vendors, suppliers or other persons doing
business with Company. Employee represents and understands that acceptance or encouragement of any gift or gratuity not in compliance with such policy may create a perceived financial obligation and/or conflict of interest for Company and shall not
be permitted as a means to influence business decisions, transactions or service. In this situation, as in all other areas of employment, Employee is expected to conduct himself or herself using the highest ethical standard. 
 12. Miscellaneous Provisions. 
 a. Entire Agreement. This Agreement and any attachments and/or exhibits contains the entire agreement between the Parties. It supersedes all other agreements either oral or in writing between the Parties with
respect to Employee’s employment by Company. Each party to this Agreement acknowledges that no representations, inducements, promises or agreements, oral or otherwise, have been made by any party or anyone acting on behalf of any party that are
not embodied in this Agreement and acknowledges that no other agreement, statement or promise not contained in this Agreement shall be valid or binding. To the extent the practices, policies or procedures of Company now or in the future are
inconsistent with the terms of this Agreement, the provisions of this Agreement shall control. 
  

 6 

 b. Governing Law. This Agreement shall be construed and enforced in
accordance with the laws of the State of California. 
 c. Severability. Should any part or provision of this Agreement
be held by a court of competent jurisdiction to be illegal, unenforceable, invalid or void, the remaining provisions of this Agreement shall continue in full force and effect and the validity of the remaining provisions shall not be affected by such
holding. 
 d. Attorneys’ Fees. Except as set forth in the Mutual Agreement to Mediate and Arbitrate Claims
incorporated as Attachment #1, should any party institute any action, arbitration or proceeding to enforce, interpret or apply any provision of this Agreement, the Parties agree the prevailing party shall be entitled to reimbursement by the
non-prevailing party of all recoverable costs and expenses, including but not limited to reasonable attorneys’ fees. 
 e. Interpretation. This Agreement shall be construed as a whole according to its fair meaning and not in favor of or against any party. By way of example and not in limitation, this Agreement shall not be construed in favor of the
party receiving a benefit nor against the party responsible for any particular language in this Agreement. The headings and captions contained in this Agreement are for convenience of reference only and shall not constitute a part of this Agreement
and shall not be used in the construction or interpretation of this Agreement. 
 f. Amendment; Waiver. This Agreement
may not be modified or amended by oral agreement or course of conduct, but only by an agreement in writing signed by the President or Chief Executive Officer of Company and Employee, the terms of which were approved in advance in writing by
Company’s Board of Directors. The failure of either party at any time to require the performance by the other party of any provision in this Agreement or its incorporated attachments shall in no way affect the full right to require such
performance at any time thereafter, nor shall the waiver by either party of a breach of any provision be taken or held to be a waiver of any succeeding breach of such provision or waiver of the provision itself or a waiver of any other provision of
this Agreement. 
 g. Assignment. This Agreement is binding on and is for the benefit of the Parties and their
respective successors, heirs, executors, administrators and other legal representatives. Neither this Agreement nor any right or obligation hereunder may be assigned by Company (except to an affiliate of Company or to a person as defined in this
Agreement in accordance with a Change in Control) or by Employee. 
 h. No Restrictions; No Violation. Employee
represents and warrants that: (i) Employee is not a party to any agreement that would restrict or prohibit Employee from entering into this Agreement or performing fully Employee’s obligations hereunder; and (ii) the execution by
Employee of this Agreement and the performance by Employee of Employee’s obligations and duties pursuant to this Agreement will not result in any breach of any other agreement to which Employee is a party. 
  

 7 

 i. Counterparts. This Agreement may be executed in counterparts each of which will
be deemed an original copy of this Agreement and all of which when taken together will be deemed to constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile transmission shall constitute
effective execution and delivery of this Agreement as to the Parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile shall be deemed to be their original signatures for all
purposes. 
 j. Legal Representation; Independent Counsel. The law firm of Fisher Thurber LLP has prepared this
Agreement on behalf of Company based on its instructions. Fisher Thurber LLP does not represent any other party to this Agreement. In executing this Agreement, Employee represents that Employee has neither requested nor been given legal advice or
counsel by Fisher Thurber LLP or any of its attorneys. Employee is aware of Employee’s right to obtain separate legal counsel with respect to the negotiation and execution of this Agreement and acknowledges that Fisher Thurber LLP has
recommended Employee retain Employee’s own counsel for such purpose. Employee further acknowledges that Employee (i) has read and understands this Agreement and its exhibits and attachments; (ii) has had the opportunity to retain
separate counsel in connection with the negotiation and execution of this Agreement; and (iii) has relied on the advice of separate counsel with respect to this Agreement or made the conscious decision not to retain counsel in connection with
the negotiation and execution of this Agreement. 
 IN WITNESS WHEREOF, the Parties have executed this Agreement effective as of the
Effective Date. 
  

			
	 EMPLOYEE

	
	/s/ Alvin McCurdy
	Alvin McCurdy

  

			
	COMPANY
	
	 Natural Alternatives International, Inc.,
 a
Delaware corporation

		
	By:	 	 /s/ Randell Weaver

		 	 Randell Weaver, President

  

 8 

 ATTACHMENT #1 
 MUTUAL AGREEMENT TO MEDIATE AND ARBITRATE CLAIMS 
 This Mutual Agreement to Mediate and Arbitrate
Claims (“Agreement”) is made and entered into effective as of November 20, 2006, (“Effective Date”), by and between Alvin McCurdy (“Employee”), and Natural Alternatives International, Inc., a Delaware corporation
(“Company”). 
 In consideration of and as a condition of Employee’s prospective employment relationship with Company,
Employee’s employment rights under Employee’s Employment Agreement, Employee’s participation in Company’s benefit programs (when and if eligible), Employee’s access to and receipt of confidential information of Company, and
other good and valuable consideration, all of which Employee considers to have been negotiated at arm’s length, Employee and Company agree to the following: 
 1. Claims Covered by this Agreement. 
 a. To the fullest extent permitted by
law, all claims and disputes between Employee (and Employee’s successors and assigns) and Company relating in any manner whatsoever to the employment or termination of Employee, including without limitation all claims and disputes arising under
this Agreement or that certain Employment Agreement entered into by and between Company and Employee on equal date hereof, as may be amended from time to time (“Employment Agreement”), shall be resolved by mediation and arbitration as set
forth herein. All persons and entities specified in the preceding sentence (other than Company and Employee) shall be considered third-party beneficiaries of the rights and obligations created by this Agreement. Claims and disputes covered by this
Agreement include without limitation those arising under: 
 (i) Any federal, state or local laws, regulations or statutes
prohibiting employment discrimination (including, without limitation, discrimination relating to race, sex, national origin, age, disability, religion, or sexual orientation) and harassment; 
 (ii) Any alleged or actual agreement or covenant (oral, written or implied) between Employee and Company; 
 (iii) Any Company policy, compensation, wage or related claim or benefit plan, unless the decision in question was made by an entity other
than Company; 
 (iv) Any public policy; and 
 (v) Any other claim for personal, emotional, physical or economic injury. 
 b. The only disputes between Employee and Company that are not included within this Agreement are: 
 (i) Any claim by Employee for workers’ compensation or unemployment compensation benefits; and 
  

 1 

 (ii) Any claim by Employee for benefits under a Company plan that provides for its own
arbitration procedure. 
 2. Mandatory Mediation of Claims and Disputes. 
 a. If any claim or dispute covered under this Agreement cannot be resolved by negotiation between the parties, the following mediation and
arbitration procedures shall be invoked. Before invoking the binding arbitration procedure set forth below, Company and Employee shall first participate in mandatory mediation of any dispute or claim covered under this Agreement. 
 b. The claim or dispute shall be submitted to mediation before a mediator of the Judicial Arbitration and Mediation Service
(“JAMS”), a mutually agreed to alternative dispute resolution (“ADR”) organization. The mediation shall be conducted at a mutually agreeable location, or if a location cannot be agreed to by the parties, at a location chosen by
the mediator. The administrator of the ADR organization shall select three (3) mediators. From the three (3) chosen, each party shall strike one and the remaining mediator shall preside over the mediation. The cost of the mediation shall
be borne by Company. 
 c. At least ten (10) business days before the date of the mediation, each side shall provide the
mediator with a statement of its position and copies of all supporting documents. Each party shall send to the mediation a person who has authority to bind the party. If a subsequent dispute will involve third parties, such as insurers, they shall
also be asked to participate in the mediation. 
 d. If a party has participated in the mediation and is dissatisfied with the
outcome, that party may invoke the arbitration procedure set forth below. 
 3. Binding Arbitration of Claims and Disputes.

 a. If Company and Employee are unable to resolve a dispute or claim covered under this Agreement through mediation, they
shall submit any such dispute or claim to binding arbitration, in accordance with California Code of Civil Procedure §§1280 through 1294.2. Either party may enforce the award of the arbitrator under Code of Civil Procedure §1285 by
any competent court of law. Employee and Company understand that they are waiving their rights to a jury trial. 
 b. The
party demanding arbitration shall submit a written claim to the other party, setting out the basis of the claim and proposing the name of an arbitrator from JAMS, the mutually agreed to ADR organization. The responding party shall have ten
(10) business days in which to respond to this demand in a written answer. If this response is not timely made, or if the responding party agrees with the person proposed as the arbitrator, then the person named by the demanding party shall
serve as the arbitrator. If the responding party submits a written answer rejecting the proposed arbitrator then, on the request of either party, JAMS shall appoint an arbitrator other than the mediator. Employee and Company agree to apply American
Arbitration Association (“AAA”) rules for the resolution of employment disputes to the arbitration even though the ADR is one other than AAA. No one who has ever had any business, financial, family, or social relationship with any party to
this Agreement shall serve as an arbitrator unless the related party informs the other party of the relationship and the other party consents in writing to the use of that arbitrator. 
  

 2 

 c. The arbitration shall take place in the greater San Diego, California area, at a time
and place selected by the arbitrator. A pre-arbitration hearing shall be held within ten (10) business days after the arbitrator’s selection. The arbitration shall be held within sixty (60) calendar days after the pre-arbitration
hearing. The arbitrator shall establish all discovery and other deadlines necessary to accomplish this goal. 
 d. Each party
shall be entitled to discovery of essential documents and witnesses, as determined by the arbitrator in accordance with the then-applicable rules of discovery for the resolution of employment disputes and the time frame set forth in this Agreement.
The arbitrator may resolve any disputes over any discovery matters as they would be resolved in civil litigation. 
 e. The
arbitrator shall have the following powers: 
 (i) to issue subpoenas for the attendance of witnesses and subpoenas duces
tecum for the production of books, records, documents, and other evidence; 
 (ii) to order depositions to be used as
evidence; 
 (iii) subject to the limitations on discovery enumerated above, to enforce the rights, remedies, procedures,
duties, liabilities, and obligations of discovery as if the arbitration were a civil action before a California superior court; 
 (iv) to conduct a hearing on the arbitrable issues; and 
 (v) to administer oaths to parties and witnesses.

 f. Within fifteen (15 days) after completion of the arbitration, the arbitrator shall submit a tentative decision in
writing, specifying the reasoning for the decision and any calculations necessary to explain the award. Each party shall have fifteen (15) days in which to submit written comments to the tentative decision. Within ten (10) days after the
deadline for written comments, the arbitrator shall announce the final award. 
 g. Company shall pay the arbitrator’s
expenses and fees, all meeting room charges, and any other expenses that would not have been incurred if the case were litigated in the judicial forum having jurisdiction over it. Unless otherwise ordered by the arbitrator, each party shall pay its
own attorneys’ fees and witness fees, and other expenses incurred by the party for such party’s own benefit and not required to be paid by Company pursuant to the terms hereof. Regardless of any statute, procedure, rule or law, the
prevailing party in arbitration shall be entitled to recover from the non-prevailing party reasonable attorneys’ fees incurred as a result of arbitration. 
  

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 4. Miscellaneous Provisions. 
 a. For purposes hereof, the term “Company” shall also include all related entities, affiliates and subsidiaries, all officers,
employees, directors, agents, stockholders, partners, managers, members, benefit plan sponsors, fiduciaries, administrators or affiliates of any of the above, and all successors and assigns of any of the above. 
 b. If either party pursues a covered claim against the other by any action, method or legal proceeding other than mediation or arbitration
as provided herein, the responding party shall be entitled to dismissal or injunctive relief regarding such action and recovery of all costs, losses and attorneys’ fees related to such other action or proceeding. 
 c. This is the complete agreement of the parties on the subject of mediation and the arbitration of disputes and claims covered hereunder.
This Agreement supersedes any prior or contemporaneous oral, written or implied understanding on the subject, shall survive the termination of Employee’s employment and can only be revoked or modified by a written agreement signed by Employee
and the President or Chief Executive Officer of Company, the terms of which were approved in advance in writing by Company’s Board of Directors and which specifically state an intent to revoke or modify this Agreement. If any provision of this
Agreement is adjudicated to be void or otherwise unenforceable in whole or in part, such adjudication shall not affect the validity of the remainder of the Agreement, which shall remain in full force and effect. 
 d. This Agreement shall be construed and enforced in accordance with the laws of the State of California. 
 e. This Agreement shall be construed as a whole, according to its fair meaning, and not in favor of or against any party. By way of
example and not in limitation, this Agreement shall not be construed in favor of the party receiving a benefit nor against the party responsible for any particular language in this Agreement. The headings and captions contained in this Agreement are
for convenience of reference only and shall not constitute a part of this Agreement and shall not be used in the construction or interpretation of this Agreement. 
 f. The failure of either party hereto at any time to require the performance by the other party hereto of any provision hereof shall in no
way affect the full right to require such performance at any time thereafter, nor shall the waiver by either party hereto of a breach of any provision hereof be taken or held to be a waiver of any succeeding breach of such provision or waiver of the
provision itself or a waiver of any other provision of this Agreement. 
 g. This Agreement may be executed in counterparts,
each of which will be deemed an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile transmission
shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile shall be deemed to be their original
signatures for all purposes. 
 h. Employee’s and Company’s obligations under this Agreement shall survive the
termination of Employee’s employment and the termination of the Employment Agreement. 
  

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 i. The law firm of Fisher Thurber LLP has prepared this Agreement on behalf of Company
based on Company’s instructions. Fisher Thurber LLP does not represent any other party to this Agreement. In executing this Agreement, Employee represents that Employee has neither requested nor been given legal advice or counsel by Fisher
Thurber LLP or any of its attorneys. Employee is aware of Employee’s right to obtain separate legal counsel with respect to the negotiation and execution of this Agreement and acknowledges that Fisher Thurber LLP has recommended that Employee
retain Employee’s own counsel for such purpose. Employee further acknowledges that Employee (i) has read and understands this Agreement; (ii) has had the opportunity to retain separate counsel in connection with the negotiation and
execution of this Agreement; and (iii) has relied on the advice of separate counsel with respect to this Agreement or made the conscious decision not to retain counsel in connection with the negotiation and execution of this Agreement.

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date. 
  

			
	 EMPLOYEE

	
	 /s/ Alvin McCurdy

	 Alvin McCurdy

  

			
	 COMPANY

	
	 Natural Alternatives International, Inc.,
 a
Delaware corporation

		
	 By:
	 	 /s/ Randell Weaver

		 	 Randell Weaver, President

  

 5 

 ATTACHMENT #2 
 CONFIDENTIAL INFORMATION AND INVENTION ASSIGNMENT AGREEMENT, 
 COVENANT OF EXCLUSIVITY AND COVENANT
NOT TO COMPETE 
 This Confidential Information and Invention Assignment Agreement, Covenant of Exclusivity and Covenant Not to Compete
(“Agreement”) is made by Alvin McCurdy (“Employee” or “I,” “me” or “my”), and accepted and agreed to by Natural Alternatives International, Inc., a Delaware corporation (“Company”), as of
November, 20, 2006 (“Effective Date”). 
 In consideration of and as a condition of my prospective employment relationship with
Company (which for purposes of this Agreement shall be deemed to include any subsidiaries or affiliates of Company, where “affiliate” shall mean any person or entity that directly or indirectly controls, is controlled by, or is under
common control with Company), my employment rights under my Employment Agreement with Company, my access to and receipt of confidential information of Company, and other good and valuable consideration, I agree to the following, and I agree the
following shall be in addition to the terms and conditions of any Confidential Information and Invention Assignment Agreement executed by employees of Company generally, and which I may execute in addition hereto: 
 1. Inventions. 
 a. Disclosure. I will disclose promptly in writing to the appropriate officer or other representative of Company, any idea, invention, work of authorship, design, formula, pattern, compilation, program, device, method, technique,
process, improvement, development or discovery, whether or not patentable or copyrightable or entitled to legal protection as a trade secret, trademark service mark, trade name or otherwise (“Invention”), that I may conceive, make,
develop, reduce to practice or work on, in whole or in part, solely or jointly with others (“Invent”), during the period of my employment with Company. 
 i. The disclosure required by this Section 1(a) applies to each and every Invention that I Invent (1) whether during my regular
hours of employment or during my time away from work, (2) whether or not the Invention was made at the suggestion of Company, and (3) whether or not the Invention was reduced to or embodied in writing, electronic media or tangible form.

 ii. The disclosure required by this Section 1(a) also applies to any Invention which may relate at the time of
conception or reduction to practice of the Invention to Company’s business or actual or demonstrably anticipated research or development of Company, and to any Invention which results from any work performed by me for Company. 
 iii. The disclosure required by this Section 1(a) shall be received in confidence by Company within the meaning of and to the extent
required by California Labor Code §2871, the provisions of which are set forth on Exhibit A attached hereto. 
 iv. To
facilitate the complete and accurate disclosures described above, I shall maintain complete written records of all Inventions and all work, study and investigation done by me during my employment, which records shall be Company’s property.

  

 1 

 v. I agree that during my employment I shall have a continuing obligation to supplement
the disclosure required by this Section 1(a) on a monthly basis if I Invent an Invention during the period of employment. In order to facilitate the same, Company and I shall periodically review every six months the written records of all
Inventions as outlined in this Section 1(a) to determine whether any particular Invention is in fact related to Company business. 
 b. Assignment. I hereby assign to Company without royalty or any other further consideration my entire right, title and interest in and to each and every Invention I am required to disclose under
Section 1(a) other than an Invention that (i) I have or shall have developed entirely on my own time without using Company’s equipment, supplies, facilities or trade secret information, (ii) does not relate at the time of
conception or reduction to practice of the Invention to Company’s business, or actual or demonstrably anticipated research or development of Company, and (iii) does not result from any work performed by me for Company. I acknowledge that
Company has notified me that the assignment provided for in this Section l(b) does not apply to any Invention to which the assignment may not lawfully apply under the provisions of Section §2870 of the California Labor Code, a copy of which is
attached hereto as Exhibit A. I shall bear the full burden of proving to Company that an Invention qualifies fully under Section §2870. 
 c. Additional Assistance and Documents. I will assist Company in obtaining, maintaining and enforcing patents, copyrights, trade secrets, trademarks, service marks, trade names and other proprietary rights in
connection with any Invention I have assigned to Company under Section l(b), and I further agree that my obligations under this Section l(c) shall continue beyond the termination of my employment with Company. Among other things, for the foregoing
purposes I will (i) testify at the request of Company in any interference, litigation or other legal proceeding that may arise during or after my employment, and (ii) execute, verify, acknowledge and deliver any proper document and, if,
because of my mental or physical incapacity or for any other reason whatsoever, Company is unable to obtain my signature to apply for or to pursue any application for any United States or foreign patent or copyright covering Inventions assigned to
Company by me, I hereby irrevocably designate and appoint each of Company and its duly authorized officers and agents as my agent and attorney in fact to act for me and in my behalf and stead to execute and file any such applications and to do all
other lawfully permitted acts to further the prosecution and issuance of any United States or foreign patent or copyright thereon with the same legal force and effect as if executed by me. I shall be entitled to reimbursement of any out-of-pocket
expenses incurred by me in rendering such assistance and, if I am required to render such assistance after the termination of my employment, Company shall pay me a reasonable rate of compensation for time spent by me in rendering such assistance to
the extent permitted by law (provided, I understand that no compensation shall be paid for my time in connection with preparing for or rendering any testimony or statement under oath in any judicial proceeding, arbitration or similar proceeding).

 d. Prior Contracts and Inventions; Rights of Third Parties. I represent to Company that, except as set forth on
Exhibit B attached hereto, there are no other contracts to assign Inventions now in existence between me and any other person or entity (and if no Exhibit B is attached hereto or there is no such contract(s) described thereon, then it means that by
signing this Agreement, I represent to Company that there is no such other contract(s)). In addition, I represent to Company that I have no other employments or undertaking which do or would restrict or impair my performance of this Agreement. I
further represent to 

  

 2 

 
Company that Exhibit C attached hereto sets forth a brief description of all Inventions made or conceived by me prior to my employment with Company which I
desire to be excluded from this Agreement (and if no Exhibit C is attached hereto or there is no such description set forth thereon, then it means that by signing this Agreement I represent to Company that there is no such Invention made or
conceived by me prior to my employment with Company). In connection with my employment with Company, I promise not to use or disclose to Company any patent, copyright, confidential trade secret or other proprietary information of any previous
employer or other person that I am not lawfully entitled so to use or disclose. If in the course of my employment with Company I incorporate into an Invention or any product process or service of Company any Invention made or conceived by me prior
to my employment with Company, I hereby grant to Company a royalty-free, irrevocable, worldwide nonexclusive license to make, have made, use and sell that Invention without restriction as to the extent of my ownership or interest. 
 2. Confidential Information. 
 a. Company Confidential Information. I will not use or disclose, produce, publish, permit access to, or reveal Confidential Information, whether before, during or after the period of my employment with Company
except to perform my duties as an employee of Company based on my reasonable judgment as an officer of Company, or in accordance with instruction or authorization of Company, without prior written consent of Company or pursuant to process or
requirements of law after I have disclosed such process or requirements to Company so as to afford Company the opportunity to seek appropriate relief therefrom. “Confidential Information” means any Invention of any person in which Company
has an interest and in addition means all information and material that is proprietary to Company, whether or not marked as “confidential” or “proprietary,” and which is disclosed to or obtained by me, which relates to
Company’s past, present or future business activities. Confidential Information includes all information or materials prepared by or for Company and includes, without limitation, all of the following: designs, drawings, specifications,
techniques, models, data, source code, object code, documentation, diagrams, flow charts, research, development, processes, procedures, “know-how,” new product or new technology information, product copies, development or marketing
techniques and materials, development or marketing timetables, strategies and development plans, including trade names, trademarks, customer, supplier or personnel names and other information related to customers, suppliers or personnel, pricing
policies and financial information, and other information of a similar nature, whether or not reduced to writing or other tangible form, and any other trade secrets or nonpublic business information. Confidential Information is to be broadly
defined, and includes all information that has or could have commercial value or other utility in the business in which Company is engaged or contemplates engaging, and all information of which the unauthorized disclosure could be detrimental to the
interests of Company, whether or not such information is identified as Confidential Information by Company. 
 b. Third
Party Information. I acknowledge that during my employment with Company I may have access to patent, copyright, confidential, trade secret or other proprietary information of third parties, some of which may be subject to restrictions on the use
or disclosure thereof by Company. During the period of my employment and thereafter, I agree not to use or disclose, produce, publish, permit access to, or reveal any such information other than consistent with the restrictions and my duties as an
employee of Company. 
  

 3 

 3. Property of Company. All equipment and all tangible and intangible information relating
to Company, its employees, its customers and its vendors and business furnished to, obtained by, or prepared by me or any other person during the course of or incident to employment by Company are and shall remain the sole property of Company
(“Company Property”). For purposes of this Agreement, Company Property shall include, but not be limited to, computer equipment, books, manuals, records, reports, notes, correspondence, contracts, customer lists, business cards,
advertising, sales, financial, personnel, operations, and manufacturing materials and information, data processing reports, computer programs, software, customer information and records, business records, price lists or information, and samples, and
in each case shall include all copies thereof in any medium, including paper, electronic and magnetic media and all other forms of information storage. Upon termination of my employment with Company, I agree to return all tangible Company Property
to Company promptly, but in no event later than two (2) business days following termination of employment. 
 4. No Solicitation
of Company Employees. While employed by Company and for a period of one year after termination of my employment with Company, I agree not to induce or attempt to influence directly or indirectly any employee of Company to terminate
employment with Company or to work for me or any other person or entity. 
 5. Covenant of Exclusivity and Not to Compete.
During the period of my employment with Company, I will not engage in any other professional employment or consulting or directly or indirectly participate in or assist any business which is a current or potential supplier, customer or competitor of
Company without prior written approval from Company’s Board of Directors. 
 6. Miscellaneous Provisions. 
 a. Successors and Assignees; Assignment. All representations, warranties, covenants and agreements of the parties shall bind their
respective heirs, executors, personal representatives, successors and assignees (“transferees”) and shall inure to the benefit of their respective permitted transferees. Company shall have the right to assign any or all of its rights and
to delegate any or all of its obligations hereunder. Employee shall not have the right to assign any rights or delegate any obligations hereunder without the prior written consent of Company or its transferee. 
 b. Number and Gender; Headings. Each number and gender shall be deemed to include each other number and gender as the context may
require. The headings and captions contained in this Agreement shall not constitute a part thereof and shall not be used in its construction or interpretation. 
 c. Severability. If any provision of this Agreement is found by any court or arbitral tribunal of competent jurisdiction to be
invalid or unenforceable, the invalidity of such provision shall not affect the other provisions of this Agreement and all provisions not affected by the invalidity shall remain in full force and effect. 
 d. Amendment and Modification. This Agreement may be amended or modified only by a writing executed by the President or Chief
Executive Officer of Company and Employee. 
  

 4 

 e. Government Law. The laws of California shall govern the construction,
interpretation and performance of this Agreement and all transactions under it. 
 f. Remedies. I acknowledge that my
failure to carry out any obligation under this Agreement, or a breach by me of any provision herein, will constitute immediate and irreparable damage to Company, which cannot be fully and adequately compensated in money damages and which will
warrant preliminary and other injunctive relief, an order for specific performance, and other equitable relief. I further agree that no bond or other security shall be required in obtaining such equitable relief and I hereby consent to the issuance
of such injunction and to the ordering of specific performance. I also understand that other action may be taken and remedies enforced against me. 
 g. Mediation and Arbitration. This Agreement is subject to the Mutual Agreement to Mediate and Arbitrate Claims attached to the Employment Agreement between me and Company, incorporated into this Agreement by
this reference. 
 h. Attorneys’ Fees. Unless otherwise set forth in the Mutual Agreement to Mediate and Arbitrate
Claims between Employee and Company, should either I or Company, or any heir, personal representative, successor or permitted assign of either party, resort to arbitration or legal proceedings to enforce this Agreement, the prevailing party (as
defined in California statutory law) in such proceeding shall be awarded, in addition to such other relief as may be granted, reasonable attorneys’ fees and costs incurred in connection with such proceeding. 
 i. No Effect on Other Terms or Conditions of Employment. I acknowledge that this Agreement does not affect any term or condition of
my employment except as expressly provided in this Agreement, and that this Agreement does not give rise to any right or entitlement on my part to employment or continued employment with Company. I further acknowledge that this Agreement does not
affect in any way the right of Company to terminate my employment. 
 j. Legal Representation; Advice of Counsel. The
law firm of Fisher Thurber LLP has prepared this Agreement on behalf of Company based on its instructions. Fisher Thurber LLP does not represent any other party to this Agreement. In executing this Agreement, I represent that I have neither
requested nor been given legal advice or counsel by Fisher Thurber LLP or any of its attorneys. I am aware of my right to obtain separate legal counsel with respect to the negotiation and execution of this Agreement and acknowledge that Fisher
Thurber LLP has recommended that I retain my own counsel for such purpose. I further acknowledge that I (i) have read and understand this Agreement and its exhibits; (ii) have had the opportunity to retain separate counsel in connection
with the negotiation and execution of this Agreement; and (iii) have relied on the advice of separate counsel with respect to this Agreement or made the conscious decision not to retain counsel in connection with the negotiation and execution
of this Agreement. 
 [Signatures on following page.] 
  

 5 

 My signature below signifies that I have read, understand and agree to this Agreement. 
  

	
	
	/s/ Alvin McCurdy
	 Alvin McCurdy

  

			
	 ACCEPTED AND AGREED TO:

	
	 Natural Alternatives International, Inc.,
 a Delaware corporation

		
	By:	 	/s/ Randell Weaver
		 	 Randell Weaver, President

  

 6 

 EXHIBIT A 
 California Labor Code 
 § 2870. Invention on Own Time-Exemption from Agreement. 
 (a) Any provision in an employment agreement
which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the
employer’s equipment, supplies, facilities, or trade secret information expect for those inventions that either: 
 (1)
Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or 
 (2) Result from any work performed by the employee for the employer. 
 (b) To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to
be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable. 
 §
2871. Restrictions on Employer for Condition of Employment. 
 No employer shall require a provision made void or unenforceable by
Section 2870 as a condition of employment or continued employment. Nothing in this article shall be construed to forbid or restrict the right of an employer to provide in contracts of employment for disclosure, provided that any such
disclosures be received in confidence, of all of the employee’s inventions made solely or jointly with others during the period of his or her employment, a review process by the employer to determine such issues as may arise, and for full title
to certain patents and inventions to be in the United States, as required by contracts between the employer and the United States or any of its agencies. 
  

 1 

 EXHIBIT B 
 Except as set forth below, Employee represents to Company that there are no other contracts to assign Inventions now in existence between Employee and any other person or entity (see Section l(d) of the Agreement):

  

 1 

 EXHIBIT C 
 Set forth below is a brief description of all Inventions made or conceived by Employee prior to Employee’s employment with Company, which Employee desires to be excluded from this Agreement (see Section l(d) of
the Agreement): 
  

 1 

 ATTACHMENT #3 
 FORM OF 
 SEPARATION AGREEMENT AND GENERAL RELEASE OF CLAIMS 
 This Separation Agreement and General Release of Claims (“Agreement”) is entered into by and between Alvin McCurdy (“Former
Employee”) and Natural Alternatives International, Inc., a Delaware corporation (“Company”). 
 RECITALS 
 A. Former Employee’s employment with Company terminated effective on _______________. 
 B. Former Employee and Company desire to settle and compromise any and all possible claims between them arising out of their relationship to date,
including Former Employee’s employment with Company, and the termination of Former Employee’s employment with Company, and to provide for a general release of any and all claims relating to Former Employee’s employment and its
termination. 
 NOW, THEREFORE, incorporating the above recitals, and for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows: 
 AGREEMENT 
 1. Separation Payment by Company. In consideration of Former Employee’s promises and covenants contained in this Agreement, Company agrees to
pay Former Employee the gross sum of _____________________ and __/100 dollars ($_______________), which amount represents a severance benefit in the amount of ______________________ and ______________________________________, less all applicable
withholdings and deductions. 
 2. Release. 
 (a) Former Employee does hereby unconditionally, irrevocably and absolutely release and discharge Company, its directors, officers,
employees, volunteers, agents, attorneys, stockholders, insurers, successors and/or assigns and any related, parent or subsidiary entity, from any and all losses, liabilities, claims, demands, causes of action, or suits of any type, whether in law
and/or in equity, related directly or indirectly or in any way in connection with any transaction, affairs or occurrences between them to date, including, but not limited to, Former Employee’s employment with Company and the termination of said
employment. Former Employee agrees and understands that this Agreement applies, without limitation, to all wage claims, tort and/or contract claims, claims for wrongful termination, and claims arising under Title VII of the Civil Rights Act of 1991,
the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Equal Pay Act, the California Fair Employment and Housing Act, the Fair Labor Standards Act, the Family and Medical Leave Act, the California Labor Code, any and all
federal or state statutes or provisions governing discrimination in employment, and the California Business and Professions Code. 
  

 1 

 (b) Former Employee irrevocably and absolutely agrees that Former Employee will not
prosecute nor allow to be prosecuted on Former Employee’s behalf in any administrative agency, whether federal or state, or in any court, whether federal or state, any claim or demand of any type related to the matters released above, it being
an intention of the parties that with the execution by Former Employee of this Agreement, Company, its officers, directors, employees, volunteers, agents, attorneys, stockholders, successors and/or assigns and all related, parent or subsidiary
entities will be absolutely, unconditionally and forever discharged of and from all obligations to or on behalf of Former Employee related in any way to the matters discharged herein. 
 3. Confidentiality. 
 (a) Former Employee agrees that all matters relative to this Agreement shall remain confidential. Accordingly, Former Employee hereby agrees that Former Employee shall not discuss, disclose or reveal to any other persons, entities or
organizations, whether within or outside of Company, with the exception of Former Employee’s legal counsel, financial, tax and business advisors, and such other persons as may be reasonably necessary for the management of the Former
Employee’s affairs, the terms, amounts and conditions of settlement and of this Agreement. Notwithstanding the above, Former Employee acknowledges that Company may be required to disclose certain terms, aspects or conditions of this Agreement
and/or Former Employee’s termination of employment in Company’s public filings made with the United States Securities and Exchange Commission and Former Employee hereby expressly consents to any such required disclosures. 
 (b) Former Employee shall not make, issue, disseminate, publish, print or announce any news release, public statement or announcement with
respect to these matters, or any aspect thereof, the reasons therefore and the terms or amounts of this Agreement. 
 4. Return of
Documents and Equipment. Former Employee represents that Former Employee has returned to Company all Company Property (as such term is defined in that certain Confidential Information and Invention Assignment Agreement, Covenant of Exclusivity
and Covenant Not To Compete by and between Former Employee and Company). In the event Former Employee has not returned all Company Property, Former Employee agrees to reimburse Company for any reasonable expenses it incurs in an effort to have such
property returned. These reasonable expenses include attorneys’ fees and costs. 
 5. Civil Code Section 1542 Waiver.

 (a) Former Employee expressly accepts and assumes the risk that if facts with respect to matters covered by this Agreement
are found hereafter to be other than or different from the facts now believed or assumed to be true, this Agreement shall nevertheless remain effective. It is understood and agreed that this Agreement shall constitute a general release and shall be
effective as a full and final accord and satisfaction and as a bar to all actions, causes of action, costs, expenses, attorneys’ fees, 

  

 2 

 
damages, claims and liabilities whatsoever, whether or not now known, suspected, claimed or concealed pertaining to the released claims. Former Employee
acknowledges that Former Employee is familiar with California Civil Code §1542, which provides and reads as follows: 
 “A
general release does not extend to claims which the creditor does not know of or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the
debtor.” 
 (b) Former Employee expressly waives and relinquishes any and all rights or benefits which Former
Employee may have under, or which may be conferred upon Former Employee by the provisions of California Civil Code §1542, as well as any other similar state or federal statute or common law principle, to the fullest extent that Former Employee
may lawfully waive such rights or benefits pertaining to the released claims. 
 6. OWBPA Provisions. In the event Former Employee is
forty (40) years old or older, in accordance with the Older Workers’ Benefit Protection Act of 1990, Former Employee is aware of and acknowledges the following: (i) Former Employee has the right to consult with an attorney before
signing this Agreement and has done so to the extent desired; (ii) Former Employee has twenty-one (21) days to review and consider this Agreement, and Former Employee may use as much of this twenty-one (21) day period as Former
Employee wishes before signing; (iii) for a period of seven (7) days following the execution of this Agreement, Former Employee may revoke this Agreement, and this Agreement shall not become effective or enforceable until the revocation
period has expired; (iv) this Agreement shall become effective eight (8) days after it is signed by Former Employee and Company, and in the event the parties do not sign on the same date, this Agreement shall become effective eight
(8) days after the date it is signed by Former Employee. 
 7. Entire Agreement. The parties declare and represent that no
promise, inducement or agreement not herein expressed has been made to them and that this Agreement contains the entire agreement between and among the parties with respect to the subject matter hereof, and that the terms of this Agreement are
contractual and not a mere recital. This Agreement supersedes any and all other agreements, either oral or in writing, between the parties with respect to the subject matter hereof. 
 8. Applicable Law. This Agreement is entered into in the State of California. The validity, interpretation, and performance of this Agreement
shall be construed and interpreted according to the laws of the State of California. 
 9. Agreement as Defense. This Agreement may be
pleaded as a full and complete defense and may be used as the basis for an injunction against any action, suit or proceeding which may be prosecuted, instituted or attempted by either party in breach thereof. 
  

 3 

 10. Severability. If any provision of this Agreement, or part thereof, is held invalid, void or
voidable as against public policy or otherwise, the invalidity shall not affect other provisions, or parts thereof, which may be given effect without the invalid provision or part. To this extent, the provisions, and parts thereof, of this Agreement
are declared to be severable. 
 11. No Admission of Liability. It is understood that this Agreement is not an admission of any
liability by any person, firm, association or corporation. 
 12. Counterparts. This Agreement may be executed in counterparts, each
of which will be deemed an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile transmission
shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile shall be deemed to be their original
signatures for all purposes. 
 13. Representation of No Assignment. The parties represent and warrant that they have not heretofore
assigned, transferred, subrogated or purported to assign, transfer or subrogate any claim released herein to any person or entity. 
 14.
Cooperation. The parties hereto agree that, for their respective selves, heirs, executors and assigns, they will abide by this Agreement, the terms of which are meant to be contractual, and further agree that they will do such acts and
prepare, execute and deliver such documents as may reasonably be required in order to carry out the objectives of this Agreement. 
 15.
Arbitration. Any dispute arising out of or relating to this Agreement shall be resolved pursuant to that certain Mutual Agreement to Mediate and Arbitrate Claims made and entered into effective as of March 29, 2004, by and between
Company and Former Employee. 
 17. Legal Representation; Independent Counsel. The law firm of Fisher Thurber LLP has prepared
this Agreement on behalf of Company based on its instructions. Fisher Thurber LLP does not represent any other party to this Agreement. In executing this Agreement, Former Employee represents that Former Employee has neither requested nor been given
legal advice or counsel by Fisher Thurber LLP or any of its attorneys. Former Employee is aware of Former Employee’s right to obtain separate legal counsel with respect to the negotiation and execution of this Agreement and acknowledges that
Fisher Thurber LLP has recommended that Former Employee retain Former Employee’s own counsel for such purpose. Former Employee further acknowledges that Former Employee (i) has read and understands this Agreement; (ii) has had the
opportunity to retain separate counsel in connection with the negotiation and execution of this Agreement; and (iii) has relied on the advice of separate counsel with respect to this Agreement or made the conscious decision not to retain
counsel in connection with the negotiation and execution of this Agreement. 
 18. Further Acknowledgements. Each party represents and
acknowledges that it is not being influenced by any statement made by or on behalf of the other party to this Agreement. Former Employee and Company have relied and are relying solely upon his, her or its own judgment, belief and knowledge of the
nature, extent, effect and consequences relating to this Agreement and/or upon the advice of their own legal counsel concerning the consequences of this Agreement. 
  

 4 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement on the date(s) shown below. 

 

	
	 FORMER EMPLOYEE

	
	   
	 Alvin McCurdy

  

			
	Dated:	 	  

 Executed in : ___________________________, California 
                                        
 (City) 
  

			
	 COMPANY

	
	 Natural Alternatives International, Inc.,
 a Delaware corporation

		
	 By:
	 	  
		 	 (Signature)

			
		
	 Printed Name:
	 	  

			
		
	 Title:
	 	  

			
		
	 Dated:
	 	  

 Executed in : ___________________________, California 
                                        
 (City) 
  

 5

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