Document:

Exhibit 10.34

 

AMENDMENT NO. 8 TO LEASE

 

THIS AMENDMENT NO. 8
TO LEASE (this “Amendment”) dated as of June 23, 2016 is entered into between SSCOP PROPERTIES LLC,
a Delaware limited liability company (“Landlord”) and OCULUS INNOVATIVE SCIENCES, INC., a Delaware corporation
(“Tenant”).

 

THE PARTIES ENTER INTO
THIS AMENDMENT based upon the following facts, understandings and intentions:

 

A.       Landlord
(successor in interest to 1125-1137 North McDowell, LLC, a Delaware limited liability company, successor in interest to RNM Lakeville,
L.P., a California limited partnership) and Tenant (formerly known as MicroMed Laboratories, Inc., a California corporation) previously
entered into that certain Lease dated October 26, 1999, as amended by that certain Amendment No. 1 to Lease dated September 15,
2000, as amended by that certain Amendment No. 2 to Lease dated July 29, 2005, as amended by that certain Amendment No. 3 to Lease
dated August 23, 2006, as amended by that certain Amendment No. 4 to Lease dated September 13, 2007, as amended by that certain
Amendment No. 5 to Lease dated May 18, 2009, as amended by that certain Amendment No. 6 to Lease dated April 26, 2011, as amended
by that certain Amendment No. 7 to Lease dated October 10, 2012 (collectively, the “Lease”), pursuant to which
Landlord leases to Tenant approximately Thirteen Thousand, Eight Hundred Forty (13,840) rentable square feet of space at
1129 North McDowell Boulevard, Petaluma, California 94954 (the “Premises”) located at 1125-1137 North McDowell
Boulevard in Petaluma, California 94954 (the “Building”), as more particularly described in the Lease. The capitalized
terms used in this Amendment and not otherwise defined herein shall have the same meanings given to such terms in the Lease.

 

B.       Landlord
and Tenant now desire to amend the Lease as provided herein.

 

NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto agree as follows:

 

1.       Term.
The Term of the Lease is hereby extended for an additional
seven (7) years commencing October 1, 2017 and expiring September 30, 2024 (the “Seventh
Extended Term”), unless sooner terminated in accordance with the terms of this Lease.

 

2.       Base
Rent. Tenant shall pay Base Rent to the Landlord
during the Seventh Extended Term as follows:

 

	Period	Total Monthly 

Base Rent 

Per Square Foot	Monthly NNN 

Base Rent
	10/1/2017 – 9/30/2018	$0.85	$11,764.00
	10/1/2018 – 9/30/2019	$0.88	$12,116.92
	10/1/2019 – 9/30/2020	$0.90	$12,480.43
	10/1/2020 – 9/30/2021	$0.93	$12,854.84
	10/1/2021 – 9/30/2022	$0.96	$13,240.49
	10/1/2022 – 9/30/2023	$0.99	$13,637.70
	10/1/2023 – 9/30/2024	$1.01	$14,046.83

 

*Monthly
Base Rent per square foot is rounded to the nearest penny and is provided for reference only.

 

 

 

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3.       Early
Termination Right. Tenant shall have the one-time
right to terminate this Lease effective as of the last day of the 36th month of the Seventh Extended Term if the Landlord is unable
to accommodate Tenant’s growth by at least fifty percent (50%) by finding a different property which is price competitive
and which provides for medical device and drug compliance in a cost effective manner (this right, the “Early Termination
Right”). Tenant shall give Landlord at least nine (9) months prior written notice thereof if Tenant chooses to exercise its
Early Termination Right. After Tenant provides notice to Landlord, then Landlord will have three months to provide potential, alternative
spaces to Tenant to evaluate. If Tenant exercises its Early Termination Right, it shall not be subject to a termination penalty,
and the Lease shall terminate and the parties shall have no further duties and obligations under the Lease or otherwise, except
for those obligations that expressly survive termination. If Tenant does not exercise its Early Termination Right, the Lease shall
remain in full force and effect for the remainder of the Seventh Extended Term.

 

4.       Tenant
Improvements. Landlord shall, at Landlord’s
sole cost and expense, replace the carpet in the office area and wrap the warehouse lights, using reasonable efforts not to disturb
Tenant’s use of the Premises. Tenant shall be responsible for moving and relocating any furniture or equipment.

 

5.       Costs
of Tenant Improvements. Notwithstanding anything to the contrary in the Lease and except
as otherwise specifically provided in this Amendment, Tenant shall be responsible, at its sole cost and expense, for the cost of
changes to the Premises, the Building or the Project required during the Term (or if any such requirement is enforced) under any
existing, ordinance, regulation or requirement (including, without limitation, the Americans with Disabilities Act and Title 24
of the California Code of Regulations) of any governmental authority having jurisdiction over the Building as a result of any improvements
or alterations to the Premises performed by or at the request of Tenant after the date of this Amendment. At the time of any improvements,
which are approved by the Landlord, Landlord will inform Tenant of any relevant non-compliance with existing codes or regulations.

 

6. Notice. The Landlord’s
address as set forth in the Lease is hereby deleted in its entirety and replaced by the following:

 

Landlord:

 

SSCOP Properties LLC

________________

________________

 

Attention:

 

 

7.       Previous
Extension Options.  Tenant’s
options or rights to extend the Term of the Lease are limited to those set forth in this Amendment. All of Tenant's previous
rights and options to extend the Term set forth in the Lease, if any, shall be of no further force or effect.

 

8.       Entire
Agreement. This Amendment, together with the Lease, represents the
entire understanding between Landlord and Tenant concerning the subject matter hereof, and there are no understandings or agreements
between them relating to the Lease or the Premises not set forth in writing and signed by the parties hereto. No party hereto
has relied upon any representation, warranty or understanding not set forth herein, either oral or written, as an inducement to
enter into this Amendment.

 

9.       Continuing
Obligations. Except as expressly set forth to the contrary in this
Amendment, the Lease remains unmodified and in full force and effect. To the extent of any conflict between the terms of this
Amendment and the terms of the Lease, the terms of this Amendment shall control.

 

10.       
Partial Invalidity. If any provision of this
Amendment or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder
of this Amendment, or the application of such provision to persons or circumstances other than those as to which it is invalid
or unenforceable, shall not be affected thereby, and each provision of this Amendment shall remain in effect and shall be enforceable
to the full extent permitted by law.

 

 

 

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11.       
Authority to Execute. Each signatory of this
Amendment represents hereby that he or she has the authority to execute and deliver the same on behalf of the party hereto for
which such signatory is acting.

 

12.       
Counterparts/Facsimile. This Amendment may
be executed in counterparts and delivered via facsimile.

 

[Remainder of page left intentionally blank]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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IN WITNESS WHEREOF,
the parties hereto have executed this Amendment as of the day and year first above written.

 

	
        LANDLORD:

         

        SSCOP PROPERTIES LLC

        a Delaware limited liability company

         

        By:   G&W Ventures, LLC

                 a
California limited liability company

                 Its Manager

         

         

        By:  /s/ Matthew White

                Matthew T. White,

                Manager

         

         
	
        TENANT:

         

        OCULUS INNOVATIVE SCIENCES, INC.,

 a Delaware corporation

         

        By:   /s/ Robert Miller

                 Name: Robert Miller

                 Its: CFO

         

         

        By:   _____________

                 Name:
________

                 Its: __________

         

	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	4EX-10.48

 

 
 EXHIBIT 10.48 

March 17, 2017 
 PERSONAL AND CONFIDENTIAL

 Mr. Mark Arian 
 C/O Korn Ferry Hay Group 

200 Park Ave 33rd Floor 

New York, New York 10166 
 Dear Mark, 

We are delighted to extend to you this offer of employment to be the Chief Executive Officer of Korn Ferry International’s (“Korn
Ferry” or the “firm”) Hay Group. The purpose of this offer letter (referred to herein as this “Offer Letter”) is to confirm the terms of your employment, including your responsibilities, reporting relationships,
compensation, employee benefits, and professional requirements. Your employment with Korn Ferry will commence on April 3, 2017 or another date if mutually agreed to by you and Korn Ferry (“Start Date”).  

Base Salary 
 Your monthly base salary
will be $37,500.00, payable in semi-monthly increments. 
 Annual Incentive Award 

You will be eligible for an annual incentive award of up to $1,550,000 (cash and LTIP) with a target annual incentive award of $1,000,000 (cash and LTIP). This
award will be based on an appraisal of your achievements in meeting goals established by the Compensation and Personnel Committee of the Board of Directors of Korn Ferry (“Compensation Committee”) and such other factors as may be
determined in the discretion of the Compensation Committee. For fiscal year 2018, goals will be established for you by the Compensation Committee within 90 days of the Start Date. For fiscal year 2019 and fiscal year 2020, at least 60% of any earned
annual incentive award (up to 60% of the target annual incentive amount) shall be allocated to cash awards, with the balance allocated to LTIP awards or cash awards, as determined by the Compensation Committee in its discretion. 

For fiscal year 2018, you will be guaranteed a minimum annual incentive award of $950,000. This guarantee (the “2018 Minimum
Incentive”) will be paid to you in cash, as an advance, in equal semi-monthly payments during the fiscal year. Any annual incentive award for fiscal year 2018 earned in excess of this guarantee/advance will be paid at such time and in such
manner as determined by the Compensation Committee. Following fiscal year 2018, you will not have any guaranteed minimum incentive award amount or be entitled to any further advance incentive award payments. 

Sign On Awards 
 In recognition of the
pension you will forfeit from your current employer, management will recommend to the Compensation Committee that you be awarded 8 Long Term Performance Units (the “LTPU Award”), a one-time
contribution to the Long Term Performance Units Plan (LTPUP). This contribution will be made on the later of your Start Date or the date they are approved by the Compensation Committee, and will vest in accordance with, and otherwise be subject to,
the LTPUP provisions, provided that you remain in active, full-time employment with Korn Ferry. 
 In addition to the award under the LTPUP,
you shall also be entitled to receive a one-time award of restricted stock units (the “Sign On Equity Award”), covering a number of shares with a fair market value on the grant date of the award (as
determined by the Compensation Committee) of $400,000. Such restricted stock unit award will vest in five equal annual installments on the 1st,
2nd, 3rd, 4th and 5th anniversaries
of the grant date, subject to your continuous active full-time employment with Korn Ferry through each vesting date and the terms and conditions of Korn Ferry’s standard form of restricted stock unit award agreement. The date of grant of this
award will be the later of your Start Date or the date the awards are approved by the Compensation Committee. All other terms of the award shall be determined by the Compensation Committee and consistent with Korn Ferry’s equity compensation
plan and applicable form of award agreement. 
 Employee Benefits and Perquisites 

You will be eligible to participate in such employee benefit plans, arrangements and programs maintained by Korn Ferry from time to time for
the benefit of its senior executives generally. In addition, while employed by Korn Ferry you will receive $450 per month as an automobile allowance. Please be aware that these programs are subject to change. If they are modified in the future, you
will continue to be eligible for such benefits as are provided to other senior executives of the firm. 

  
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 “At will” Employment and Termination of Employment 

Your employment with Korn Ferry will be an employment “at will” and this arrangement may be altered only in writing by the CEO or
General Counsel of Korn Ferry. 
 In the event that your employment with Korn Ferry is terminated (i) by Korn Ferry for any reason
other than Cause (as defined below) and not due to your death or Disability or (ii) by you for Good Reason (as defined below), and such termination of employment occurs prior to or more than 12 months after the occurrence of a Change in Control
(as defined below), then Korn Ferry will pay to you your Accrued Compensation (as defined below), payable within 30 days after your termination (with the payment date during such 30 day period to be determined by Korn Ferry in its sole discretion),
and a pro rata portion of the annual cash incentive award you would have received for the fiscal year in which your employment terminates (based on Korn Ferry’s actual performance over the entire year and the number of days of your actual
service to Korn Ferry during such fiscal year), which pro rata portion will be payable to you at the same time bonuses are paid to executives generally for the applicable fiscal year, and 

(1) Korn Ferry will pay to you the amount in cash equal, in the aggregate, to twelve (12) months of your then current annual base salary,
to be paid in equal monthly installments over a period of twelve (12) months after the date your employment terminates; 
 (2) any
portion of the 2018 Minimum Incentive that has not already been paid to you prior to the date of such termination of employment shall be paid to you in a lump sum within thirty (30) days following your termination date (with the payment date
during such 30-day period to be determined by Korn Ferry in its sole discretion); 
 (3) for up to
eighteen (18) months after such termination, to the extent you and/or your covered dependent(s) continue to participate in Korn Ferry’s group health plan(s) pursuant to COBRA after your termination of employment and to the extent permitted
by applicable law, Korn Ferry will provide reimbursement of COBRA coverage premiums paid by you and your covered dependent(s) so that you and your covered dependent(s) enjoy coverage at the same benefit level and to the same extent and for the same
effective contribution, if any, as participation is available to other executive officers of Korn Ferry; 
 (4) to the extent then
outstanding and unvested, your Sign On Equity Award will become fully vested, and to the extent applicable, payable, as of the date your employment terminates; 

(5) outstanding equity incentive awards held by you (other than the Sign On Equity Award and any performance shares) and all of your benefits
under the Executive Capital Accumulation Plan, if any, at the time of your termination that would have vested in the twelve (12) months following the date your employment terminates (in each case, as if such incentives and benefits permitted
proportionate vesting in monthly increments rather than any longer increment) will become fully vested as of the date your employment terminates and, to the extent applicable, shall remain exercisable until the date that is the earlier of
(x) two (2) years after the date your employment terminates and (y) its originally scheduled expiration date; 
 (6)
outstanding LTPU Awards shall be treated in accordance with the LTPUP; and 
 (7) you shall receive a number of performance shares and/or a
payout under any long-term performance-based cash incentive program (as applicable), payable no later than the March 15 of the year following the calendar year in which the applicable performance period ends, equal to the product of
(A) the performance shares and/or cash award that would have been earned if you had served Korn Ferry for the entirety of any open performance period at the time of your termination of employment based upon Korn Ferry’s actual performance
during such period, and (B) a fraction, (x) the numerator of which fraction shall be the sum of (i) the number of days of your employment during any such performance period and (ii) 365 (provided that the numerator shall not
exceed the number of days in the applicable performance period) and (y) the denominator of which fraction shall be the number of days in the applicable performance period (as determined in the sole discretion of the Compensation Committee).

 In addition, if your employment with Korn Ferry is terminated (i) by Korn Ferry for any reason other than Cause and not due to your
death or Disability or (ii) by you for Good Reason, and such termination of employment occurs within 12 months after the occurrence of a Change in Control (as defined on Schedule A hereto), then you will be entitled to the same severance and
other benefits as described in clauses (1) through (7) above, except that the aggregate payment in 

  
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clause (1) above shall be in the amount equal to twelve (12) months of your then current annual base salary plus your full target annual incentive award (and these severance payments
will be made in the same form and at such time as set forth in this section in paragraph (1) above), and you will be entitled to vesting of 100% of your outstanding equity incentive awards and all benefits under the Executive Capital
Accumulation Plan, if any, provided that with respect to performance-based awards such vesting will be based on actual performance through the date of the Change in Control. 

In the event that your employment is terminated by Korn Ferry for Cause, by you without Good Reason or as a result of your death or
Disability, you will not be entitled to the severance compensation described above, but instead will only be entitled to payment of the Accrued Compensation through the date your employment terminates, payable within 30 days after your termination
(with the payment date during such 30 day period to be determined by Korn Ferry in its sole discretion). In the event of your Disability or death, payments under the LTPUP will be in accordance with the terms of the LTPUP plan provisions. 

Notwithstanding anything in this letter to the contrary, other than the payment of the Accrued Compensation through the date of termination of
your employment, you shall not be entitled to any severance payments or benefits described in clauses (1) through (7) above (i) unless and until you execute and deliver to Korn Ferry, within
twenty-one (21) days of the date of termination of your employment, a unilateral general release of all known and unknown claims against Korn Ferry and its officers, directors, employees, agents and
affiliates in a form acceptable to Korn Ferry, and such release becomes fully effective and irrevocable under applicable law, and (ii) unless you are, and continue to be, in compliance with the terms set forth below under the headings
“Business Information and Non-Competition” and “Assignment of Inventions”. In addition, promptly following any termination of your employment (other than by reason of your death), you will
deliver to Korn Ferry reasonably satisfactory written evidence of your resignation from all positions that you may then hold as an employee, officer or director of Korn Ferry or any affiliate. 

For purposes of this letter: 

“Accrued Compensation” means, as of any date, the amount of any unpaid base salary earned by you through the date of the termination
of your employment and any annual cash incentive award earned by you, but not yet paid, for the most recently completed fiscal year prior to the termination of your employment. 

“Cause” shall mean (a) conviction of any felony or other crime involving fraud, dishonesty or acts of moral turpitude or
pleading guilty or nolo contendere to such charges, (b) reckless or willful behavior or conduct that causes or is reasonably likely to cause Korn Ferry material harm or injury or exposes or is reasonably likely to expose Korn Ferry to any
material civil, criminal or administrative liability, (c) any material misrepresentation or false statement made by you in any application for employment, employment history, resume or other document submitted to Korn Ferry, either before,
during or after employment, (d) any material violation of Korn Ferry’s material written policies or procedures including those described under Professional Requirements below, or (e) any of your representations or warranties set forth
in the third paragraph under Professional Requirements below are, or become, untrue or inaccurate. 
 “Disability” shall mean you
are unable, by reason of mental or physical disability, incapacity or illness, to perform substantially all of your duties and obligations hereunder, which condition lasts for a continuous period in excess of three (3) months, or an aggregate
period in excess of four (4) months in any one (1) calendar year. 
 You shall be deemed to have “Good Reason” to
terminate your employment hereunder if, without your prior written consent, (A) Korn Ferry materially reduces your duties or responsibilities as Chief Executive Officer, Hay Group; (B) Korn Ferry materially reduces your then current
base salary or target annual incentive award as set forth herein (in each case, other than as part of an across-the-board reduction applicable to all “named
executive officers” of Korn Ferry (as defined under Item 402 of Regulation S-K and to the extent employed by Korn Ferry at that time)); or (C) Korn Ferry materially breaches a material term of
this letter agreement. Prior to terminating for Good Reason, you are required to provide Korn Ferry with 30 days advance written notice of your intention to terminate employment for Good Reason, and Korn Ferry shall be permitted to cure any events
giving rise to such Good Reason that are subject to being cured during such 30 day period, after which, if such event remains uncured, your employment must terminate within 30 days. 

Professional Requirements 
 You will be
subject to (and hereby acknowledge) the firm’s Code of Business Conduct, Code of Business Conduct and Ethics, Non-Harassment and Non-Discrimination Policy,
Information Technology Security Policies and Procedures, Policy Statement Regarding Insider Trading, Media Contacts, and Securities Analysts, Policy Statement Prohibiting Payments to Foreign Government Agencies and Officials, Political Parties,
Leaders and Candidates, and False Entries in Books and Records, and the Agreement to Protect Confidential Information which govern all aspects of our professional practice. Copies of the Codes, Policies and Agreement have been provided to you. Your
employment will be contingent on your abiding by the provisions of these documents. 

  
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 In addition, as an executive officer of Korn Ferry, you hereby acknowledge and agree that you
are subject to the terms and conditions of the Korn Ferry International Clawback Policy, as in effect from time to time, a current copy of which has already been provided to you. You also agree that all “incentive payments” and
“performance-based equity awards” you receive, as such terms are defined in the Policy, are subject to the terms and conditions of the Policy. 

You also represent and warrant that as of the Start Date you will be legally available to work for Korn Ferry, that you have the full legal
right and authority to negotiate and accept this offer letter of employment and to render the services as required under this offer letter, and that by negotiating, accepting and signing such offer letter and rendering such services, you will not
have breached or violated and will not breach or otherwise violate any contract or legal obligation that you may owe to any third party. You further represent and warrant that you have not and will not breach or violate any contract or legal
obligation owed to any third party, e.g., a fiduciary obligation owed to your current employer. If for any reason whatsoever, any of the foregoing representations or warranties are untrue or inaccurate, or become untrue or inaccurate after your
acceptance of such offer letter, in any respect, then Korn Ferry shall have the right to terminate your employment for Cause. 
 Business Information and
Non-Competition 
 You acknowledge and agree that, during your employment with Korn Ferry, you
will have access to Korn Ferry’s customer information, trade secrets and other confidential and proprietary information relating to the business of Korn Ferry and, therefore, in consideration of the payments and benefits provided under this
letter, you will comply with the restrictions and obligations set forth in this letter. 
 You agree that during the term of your
employment, except as necessary to carry on the business of Korn Ferry or its subsidiaries or affiliates, and after the expiration of your employment for any reason, you shall not, directly or indirectly, use or disclose to any person, firm, or
corporation, any candidate list, personal histories or resumes, employment information, business information, customer lists, business secrets or any other information not generally known in the industry concerning business or policies of the firm
or its subsidiaries or affiliates, including, but not limited to the list of clients or placement candidates of the firm or its subsidiaries or affiliates. 

You further agree that during the term of your employment and the period ending two years after your employment terminates for any reason, you
will not directly or indirectly (as owner, principal, agent, partner, officer, employee, independent contractor, consultant, stockholder or otherwise) (1) solicit or accept any executive search or leadership development/consulting assignment
from, or otherwise attempt to provide services then provided by the firm or its subsidiaries or affiliates to, any existing client of the firm or its subsidiaries or affiliates or any person who has been a client of the firm or its subsidiaries or
affiliates during the preceding two years, or (2) solicit for employment or otherwise attempt to engage the services of any employee of the firm or its subsidiaries or affiliates. The term “client” as used in this clause shall mean
only clients as to which you, at any time during the three years preceding the date your employment terminates for any reason, contacted or engaged in activities on behalf of the firm or its subsidiaries or affiliates. 

In addition, you agree that during the term of your employment and the period ending twelve months after your employment terminates for any
reason you will not directly or indirectly in the entire United States and any other country where Korn Ferry or its subsidiaries or affiliates has operated or offered its services at any time in the one-year
period ending on the last day of your employment with Korn Ferry, (a) own, manage, operate, be employed by, provide services to, sell, control or participate in the ownership, management, operation, sales or control of any Competitor
(including, but not limited to, any of their subsidiaries or affiliates) provided that the foregoing shall not be applicable to the ownership of not more than 1% of the publicly traded equity securities of any of the foregoing or to the indirect
ownership of any of the foregoing through the ownership of mutual funds; or (b) request or advise any of the clients, vendors or other business contacts of Korn Ferry or its subsidiaries or affiliates with which you had contact while employed
by Korn Ferry to withdraw, curtail, cancel or not increase their business with Korn Ferry or its subsidiaries or affiliates. The term “Competitor” means any person, firm or entity, or any division, department or business unit of any
person, firm or entity, rendering or providing in whole or in part any of the Competitive Services for the account of others. The term “Competitive Services” shall mean executive search and recruitment services, leadership, rewards and
talent consulting, and/or any other services, products or offerings of the firm or its subsidiaries or affiliates at the time of your termination and the management and/or supervision of those activities for or on behalf of others.

Finally, you agree to notify Korn Ferry of each employment or consulting engagement you accept during the one year period following your
termination of employment (including the name and address of the hiring party) and will, upon request by Korn Ferry, describe in reasonable detail the nature of your duties in each such position. 

The terms of this letter shall be governed by and construed under and in accordance with the internal laws of the State of New York without
reference to the principles of conflicts of laws. Should any court or other authority of competent jurisdiction determine that any agreement or covenant in this letter, in order to be effective, must be modified to limit its duration or scope, you
and Korn Ferry agree to consider such agreement or covenant to be so modified in its duration and/or scope and such agreement or covenant, and all other agreements and covenants in this letter, shall otherwise continue in full force and effect. 

  
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 Assignment of Inventions 

Korn Ferry shall be the sole and exclusive owner and the sole author of all of the results and proceeds of your efforts, including, but not
limited to, all ideas or suggestions, whether or not in writing, which are created, suggested and/or obtained by you in the course and scope of your employment with Korn Ferry (collectively, the “Work”), from the moment of their creation
and at every stage of their development, production, or completion. Without limiting the foregoing, in the event that any element(s) of the Work are not deemed to be a “work made for hire” for Korn Ferry, you hereby irrevocably and
exclusively assign to Korn Ferry (or if any applicable law prohibits or limits such assignment, you hereby exclusively and irrevocably license to Korn Ferry) all right, title and interest in and to such element(s) (including all copyrights therein
and thereto and all renewals and extensions thereof), and all rights to exploit the same throughout the world, in perpetuity (but in any event for not less than the period of copyright and any renewals and extensions thereof), in any and all media,
whether now or hereafter known or devised. You hereby grant to Korn Ferry the right to change, add to, take from, translate, reformat and/or reprocess the Work in any manner Korn Ferry may in its sole discretion determine. To the fullest extent
allowable under any applicable law, you hereby irrevocably waive or assign to Korn Ferry, your so-called “moral rights” or “droit moral.” You agree to execute and deliver to Korn Ferry such
assignments, certificates of engagement or other instruments as Korn Ferry may reasonably require from time to time to evidence Korn Ferry’s ownership of the Work. 

Section 409A Compliance 

Notwithstanding any inconsistent provision herein, to the extent Korn Ferry determines in good faith that (a) one or more of the payments
or benefits received or to be received by you pursuant hereunder in connection with your termination of employment would constitute deferred compensation subject to the rules of Internal Revenue Code Section 409A (“Section 409A”)
and not exempt from Section 409A, and (b) that you are a “specified employee” under Section 409A, then only to the extent required to avoid your incurrence of any additional tax or interest under Section 409A, such
payment or benefit will be delayed until the earlier of your death or the date which is six (6) months after your “separation from service” within the meaning of Section 409A. For purposes of Section 409A of the Code, each
right to receive payment hereunder shall be treated as a right to receive a series of separate payments and, accordingly, any installment payment shall at all times be considered a separate and distinct payment. Anything herein to the contrary
notwithstanding, the terms of this letter shall be interpreted and applied in a manner consistent with the requirements of Section 409A the regulations promulgated thereunder so as not to subject you to the payment of any tax penalty or
interest which may be imposed by Section 409A of the Code and Korn Ferry shall have no right to accelerate or make any payment hereunder except to the extent such action would not subject you to the payment of any tax penalty or interest under
Section 409A. If, under the terms of this Agreement, it is possible for a payment that is subject to Section 409A to be made in two separate taxable years, payment shall be made in the later taxable year. 

To the extent that any reimbursements pursuant to this Agreement or otherwise are taxable to you, any reimbursement payment due to you shall
be paid to you on or before the last calendar day of your taxable year following the taxable year in which the related expense was incurred; provided, that, you have provided Korn Ferry written documentation of such expenses in a timely fashion and
such expenses otherwise satisfy Korn Ferry’s expense reimbursement policies. Reimbursements pursuant to this Agreement or otherwise are not subject to liquidation or exchange for another benefit and the amount of such reimbursements that you
receive in one taxable year shall not affect the amount of such reimbursements that you receive in any other taxable year. 
 Section 280G 

Anything in this letter to the contrary notwithstanding, in the event it shall be determined that any payment, benefit or distribution made or
provided by Korn Ferry or its affiliated companies to you or for your benefit (whether paid or payable or distributed or distributable pursuant to the terms hereof or otherwise) (a “Payment”) would be subject to the excise tax imposed by
Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), or interest or penalties with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively
referred to as the “Excise Tax”), then such Payments shall either (a) be delivered in full, or (b) subject to and in a manner consistent with the requirements of Section 409A of the Code, be reduced to the minimum extent
necessary to ensure that no portion thereof will be subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state or local income and employment taxes and the Excise Tax, results in your receipt, on
an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be subject to the Excise Tax. In the event that any Payments are to be reduced pursuant to
this paragraph, then the reduction shall be applied as follows: (i) first, on a pro rata basis to your cash severance payments and your pro rata annual cash incentive award payment for the year of termination, (ii) second, on a pro rata
basis to your equity incentive awards, (iii) third, to your benefits under the Executive Capital Accumulation Plan, if any, and (iv) to outstanding LTPU Awards. 

  
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 Withholding 

All amounts payable to you hereunder will be subject to customary tax and other withholdings. 

Entire Agreement 
 This offer letter,
along with any award agreement entered into thereunder, constitutes the entire agreement between you and Korn Ferry pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, negotiations and
discussions, whether oral or written, of the parties with respect to such subject matter. 
 Acceptance 

Upon your acceptance of this offer of employment, please acknowledge your agreement with the terms set forth in this letter by signing in the
designated space below. A copy of this letter agreement is enclosed for your records. 
 I look forward to your success with Korn Ferry
International. If you have any questions, please don’t hesitate to call me. 
  

							
		 		 		 	Sincerely,
				
		 		 		 	 /s/ Gary D. Burnison

		 		 		 	Gary D. Burnison
		 		 		 	Chief Executive Officer
		 		 		 	Korn Ferry International
				
	ACCEPTED:	 		 		 	
				
	 /s/ Mark D. Arian
	 		 		 	 March 17, 2017

	Mark Arian	 		 		 	        Date

  
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 SCHEDULE A 

DEFINITION OF CHANGE IN CONTROL 

For purposes of the foregoing, a “Change in Control” shall mean any of the following: 

(a) an acquisition by any Person (excluding one or more Excluded Persons) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) or a pecuniary interest (as defined in Section 16a-1(a)(2) of the Exchange Act) in (either comprising “ownership of”) more than
30% of the Common Stock of the Company or voting securities entitled to then vote generally in the election of directors (“Voting Stock”) of the Company, after giving effect to any new issue in the case of an acquisition from the Company;
or 
 (b) consummation of merger, consolidation, or reorganization of the Company or of a sale or other disposition of all or substantially
all of the Company’s consolidated assets as an entirety (collectively, a “Business Combination”), other than a Business Combination (1) in which all or substantially all of the holders of Voting Stock of the Company hold or
receive directly or indirectly more than 50% of the Voting Stock of the entity resulting from the Business Combination (or a parent company), and (2) after which no Person (other than any one or more of the Excluded Persons) owns more than 30%
of the Voting Stock of the resulting entity (or a parent company) who did not own directly or indirectly at least that percentage of the Voting Stock of the Company immediately before the Business Combination, and (3) after which one or more
Excluded Persons own an aggregate amount of Voting Stock of the resulting entity owned by any Persons who (i) own more than 5% of the Voting Stock of the resulting entity, (ii) are not Excluded Persons, (iii) did not own directly or
indirectly at least the same percentage of the Voting Stock of the Company immediately before the Business Combination, and (iv) in the aggregate own more than 30% of the Voting Stock of the resulting entity; or 

(c) approval by the Board of Directors of the Company and (if required by law) by shareholders of the Company of a plan to consummate the
dissolution or complete liquidation of Korn Ferry International; or 
 (d) during any period of two consecutive years, individuals who at the
beginning of such period constituted the Board and any new directors (excluding any new director designated by a person who has entered into an agreement or arrangement with Korn Ferry International to effect a transaction described in clause
(a) or (b) of this definition) whose appointment, election, or nomination for election was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were
directors at the beginning of the period or whose appointment, election or nomination for election was previously so approved (all such directors, “Incumbent Directors”), cease for any reason to constitute a majority of the Board; provided
that for purposes of this clause (d), any directors elected at any time during 1999 shall be deemed to be Incumbent Directors. 

Notwithstanding the above provisions in this Schedule A, no Change in Control shall be deemed to have occurred if a Business Combination, as
described in paragraph (b) above, is effected and a majority of the Incumbent Directors, through the adoption of a Board resolution, determines that, in substance, no Change in Control has occurred. 

The “Company” means Korn Ferry International, a Delaware corporation, its successors, and/or its Subsidiaries, as the context
requires. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

“Excluded Person” means 

(i) the Company; or 

(ii) any person described in and satisfying the conditions of Rule 13d-1(b)(1) under
the Exchange Act; or 
 (iii) any employee benefit plan of the Company; or 

(iv) any affiliates (within the meaning of the Exchange Act), successors, or heirs, descendants or members of the immediate
families of the individuals identified in part (ii) of this definition. 
 “Person” means an organization, a corporation, an
individual, a partnership, a trust or any other entity or organization, including a governmental entity and a “person” as that term is used under Section 13(d) or 14(d) of the Exchange Act. 

 

  
 7

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