Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT 
 TO

 FIRST AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 GLADSTONE LAND
LIMITED PARTNERSHIP 
 THIS FIRST AMENDMENT (this “Amendment”) to the FIRST AMENDED AND RESTATED AGREEMENT OF
LIMITED PARTNERSHIP OF GLADSTONE LAND LIMITED PARTNERSHIP (the “Partnership”) is made and entered into to be effective as of August 10, 2016. Capitalized terms used herein and not defined herein shall have the meanings
ascribed thereto in the First Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of October 7, 2014 (“Partnership Agreement”). 

W I T N E S S E T H: 

WHEREAS, the Certificate of Limited Partnership of the Partnership was filed in the office of the Secretary of State of the State of
Delaware on December 31, 2003; 
 WHEREAS, Gladstone Land Partners, LLC, a Delaware limited liability company (the
“General Partner”), is the sole general partner of the Partnership; 
 WHEREAS, Gladstone Land Corporation, a
Maryland corporation (the “Parent”), is the sole member of the General Partner; 
 WHEREAS, pursuant to
Section 4.03 of the Partnership Agreement, the General Partner is permitted to cause the Partnership to issue additional Partnership Units, for any Partnership purpose, at any time or from time to time, to the Partners (including the Parent) or
to other Persons, for such consideration and on such terms and conditions as shall be established by the General Partner and such additional Partnership Units may be issued in one or more classes, or one or more series of any of such classes, with
such designations, preferences and relative participating, optional or other special rights, powers and duties as shall be determined by the General Partner and set forth in a written document thereafter attached to and made an exhibit to the
Partnership Agreement (a “Partnership Unit Designation”); 
 WHEREAS, pursuant to Section 15.15 of the
Partnership Agreement, the Partnership Agreement may be amended by the General Partner without the consent of the Limited Partners to set forth the designations, preferences or other rights, voting powers, restrictions, limitations as to
distributions, qualifications or terms or conditions of redemption of the holders of any additional Partnership Units and to issue additional Partnership Interests in accordance with Section 4.03; and 

WHEREAS, the General Partner desires to establish a new series of Preferred Units, which shall be referred to as “Series A
Preferred Units”, and to amend the Partnership Agreement, pursuant to, and in accordance with, the Partnership Agreement, for the purpose of setting forth the rights and preferences of the Series A Preferred Units. 

 NOW, THEREFORE, the General Partner has set forth in this Amendment and in the related
Partnership Unit Designation to be attached to and made Exhibit SA to the Partnership Agreement the preferences and other rights, voting powers, restrictions, limitations as to payments, qualifications and terms and conditions of redemption
of the Series A Preferred Units. 
 1. Terms of Series A Preferred Units. 

(a) In making distributions pursuant to Article V of the Partnership Agreement and allocations pursuant to Article VI of the Partnership
Agreement, the General Partner shall take into account the provisions of Exhibit SA. 
 2. Article XIII Amendments. 

(a) Article XIII of the Partnership Agreement shall be amended by deleting the existing Section 13.02(a)(iv) and adding the following new
Section 13.02(a)(iv): 
 “Fourth, to the holders of Series A Preferred Units, in accordance with the terms of Exhibit
SA.” 
 (b) Article XIII of the Partnership Agreement shall be amended by adding the following new Section 13.02(a)(v): 

“The balance, if any, to the Holders in amounts equal to their respective Capital Account balances, after giving effect to all
contributions, distributions and allocations for all periods, including after giving effect to the distributions pursuant to Section 13.02(a)(iv).” 

3. Exhibits. The Partnership Agreement is hereby supplemented by adding after Exhibit E-2 to the Partnership Agreement the following
new Exhibit SA to the Partnership Agreement: 

 IN WITNESS WHEREOF, Gladstone Land Partners, LLC, as the sole general partner of the
Partnership, has executed this Amendment as of the date first written above, and the Partnership Agreement is hereby amended by giving effect to the terms set forth herein as of such date. 

 

					
	GENERAL PARTNER:
	
	Gladstone Land Partners, LLC
		
	        By:	 	Gladstone Land Corporation, its sole member
			
		 	By:	 	 /s/ David J. Gladstone

		 	Name:	 	David J. Gladstone
		 	Title:	 	Chief Executive Officer

 EXHIBIT SA 

SERIES A PREFERRED UNITS 

PARTNERSHIP UNIT DESIGNATION 

Reference is made to the First Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”) of
Gladstone Land Limited Partnership, a Delaware limited partnership (the “Partnership”), of which this Partnership Unit Designation shall become a part. 

Capitalized terms used herein and not defined herein shall have the meanings ascribed thereto in the Partnership Agreement. Section references
are (unless otherwise specified) references to sections in this Partnership Unit Designation. 
 The General Partner has set forth in this
Partnership Unit Designation the following description of the preferences and other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption of a class and series of Partnership
Interests to be represented by Partnership Units which shall be referred to as the “Series A Preferred Units”: 
 1.
Designation and Number. A series of Partnership Units in the Partnership, designated as the “Series A Preferred Units”, is hereby established. The number of Series A Preferred Units shall be 2,000,000. 

2. Rank. Series A Preferred Units will, with respect to distribution rights and rights upon liquidation of the Partnership, rank
(a) senior to the OP Units, and to all other classes and series of Units ranking junior to Series A Preferred Units with respect to distribution rights or rights upon liquidation of the Partnership; (b) on a parity with the Preferred
Parity Units with respect to distribution rights and rights upon liquidation of the Partnership; (c) junior to all classes and series of Units issued by the Partnership, the terms of which specifically provide that such Units rank senior to
Series A Preferred Units with respect to distribution rights and rights upon liquidation of the Partnership; and (d) junior to all existing and future indebtedness of the Partnership. 

3. Voting. Holders of Series A Preferred Units shall not have any voting rights, except with respect to those matters required by law.

 4. Nonliquidating Distributions. Except as otherwise provided in Sections 5 and 6 of this Partnership Unit
Designation: 
 (a) Holders of Series A Preferred Units shall be entitled to receive, when and as authorized by the General Partner and
declared by the Partnership out of funds of the Partnership legally available for payment, preferential cumulative cash distributions at the rate of 6.375% per annum of the $25.00 liquidation preference per Series A Preferred Unit, equal to a
fixed annual amount of $1.59375 per Series A Preferred Unit; provided, however, that if the Parent fails to redeem or call for redemption all shares of 6.375% Series A Cumulative Term Preferred Stock of the Parent on September 30, 2021, the
distribution rate on the Series A Preferred Units shall increase by 3.0% per Series A Preferred Unit per annum to 9.375% until such shares of 6.375% Series A Cumulative Term Preferred Stock of the Parent are redeemed or

 
called for redemption. Distributions on the Series A Preferred Units shall be cumulative from (but excluding) the date of original issue and shall be payable monthly in arrears on or before the
last day of each month, or if such day is not a Business Day, on the immediately succeeding Business Day or on such later date as designated by the Parent’s Board of Directors, with the same force and effect as if paid on such date. Any
distribution payable on the Series A Preferred Units for any partial distribution period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Distributions will be payable to holders of record as they appear in the
records of the Partnership at the close of business on the applicable record date, which shall be such date designated by the General Partner that is not more than 20 nor less than seven days prior to the applicable distribution payment date. 

(b) No distribution on Series A Preferred Units shall be authorized by the General Partner or declared or paid or set apart for payment by the
Partnership at such time as the terms and provisions of any agreement of the General Partner, the Parent or the Partnership, including any agreement relating to the indebtedness of any of them, prohibits such declaration, payment or setting apart
for payment or provides that such declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such declaration or payment shall be restricted or prohibited by law. 

(c) Notwithstanding the foregoing, distributions on Series A Preferred Units will accrue whether or not the Partnership has earnings, whether
or not there are funds legally available for the payment of such distributions, whether or not such distributions are declared and whether or not such distributions are prohibited by agreement. Except as set forth in the next sentence, no
distributions will be declared or paid or set apart for payment on Preferred Parity Units, OP Units or other Partnership Units ranking junior to Series A Preferred Units with respect to distribution rights or rights upon liquidation of the
Partnership, for any period unless full cumulative distributions have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for such payment on Series A Preferred Units for all past
distribution periods and the then current distribution period. When distributions are not paid in full (or a sum sufficient for such full payment is not so set apart) upon Series A Preferred Units and other Preferred Parity Units, all distributions
declared upon Series A Preferred Units and other Preferred Parity Units shall be declared pro rata so that the amount of distributions declared per Series A Preferred Unit and other Preferred Parity Unit shall in all cases bear to each other the
same ratio that accumulated distributions per Series A Preferred Unit and other Preferred Parity Unit (which shall not include any accumulation in respect of unpaid distributions for prior distribution periods with respect to any Preferred Parity
Units that are not entitled to cumulative distributions) bear to each other. 
 (d) Except as provided in the immediately preceding
paragraph, unless full cumulative distributions on Series A Preferred Units have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for payment for all past distribution periods and
the then current distribution period, no distributions (other than in OP Units or other Partnership Units ranking junior to Series A Preferred Units with respect to distribution rights or rights upon liquidation of the Partnership) shall be declared
or paid or set aside for payment upon any Preferred Parity Units, OP Units or other Partnership Units ranking junior to Series A Preferred Units with respect to distribution rights or rights upon liquidation of the Partnership, nor shall any
Preferred Parity Units, OP Units or other Partnership Units ranking junior to Series A Preferred Units with respect to distribution rights or rights upon liquidation of the Partnership be redeemed, purchased or otherwise acquired for any

 
consideration (or any moneys be paid to or made available for a sinking fund for the redemption of any such shares) by the Partnership (except (i) by conversion into or exchange for OP Units
or other Partnership Units ranking junior to Series A Preferred Units with respect to distribution rights and rights upon liquidation of the Partnership, (ii) in connection with the redemption, purchase or acquisition of equity securities under
incentive, benefit or share purchase plans of the Parent for officers, directors or employees or others performing or providing similar services, or (iii) by other redemption, purchase or acquisition of such equity securities by the Parent for
the purpose of preserving the Parent’s ability to qualify to be taxed as a REIT). Nothing in this paragraph shall be construed to prohibit the Parent from acquiring OP Units pursuant to Section 8.06(b) of the Partnership Agreement. 

(e) Holders of Series A Preferred Units shall not be entitled to any distribution in excess of full cumulative distributions on Series A
Preferred Units as provided above. Any distribution made on Series A Preferred Units shall first be credited against the earliest accrued but unpaid distribution due with respect to such shares which remains payable. No interest, or sum of money in
lieu of interest, shall be payable in respect of any distribution payment or payments on Series A Preferred Units which may be in arrears. 

(f) In determining whether a distribution (other than upon voluntary or involuntary liquidation), redemption or other acquisition of the
Partnership Units or otherwise is permitted under Delaware law, no effect shall be given to the amounts that would be needed, if the Partnership were to be liquidated at the time of the distribution, to satisfy the preferential rights upon
distribution of holders of Partnership Units whose preferential rights are superior to those receiving the distribution. 
 (g) This
Section 4 is intended to provide the Holder of a Series A Preferred Unit with the same entitlement to periodic distributions per Series A Preferred Unit as a holder of a share of 6.375% Series A Cumulative Term Preferred Stock of the
Parent and shall be interpreted consistently therewith. 
 5. Liquidation Preference. 

(a) Upon the liquidation of the Partnership, the holders of Series A Preferred Units are entitled to be paid out of the assets of the
Partnership legally available for distribution to its Partners a liquidation preference equal to the sum of (i) $25.00 per Series A Preferred Unit, and (ii) an amount equal to all accumulated and unpaid distributions to but excluding the
date of the redemption without interest, in cash or property at its fair market value as determined by the General Partner before any distribution of assets is made with respect to OP Units or other Partnership Units ranking junior to Series A
Preferred Units with respect to distribution rights or rights upon liquidation of the Partnership. 
 (b) If upon any liquidation of the
Partnership, the assets of the Partnership, or proceeds thereof, distributable among the holders of Series A Preferred Units shall be insufficient to pay in full the preferential amount and liquidating payments on any other class or series of
Preferred Parity Units, then such assets, or the proceeds thereof, shall be distributed among the holders of Series A Preferred Units and any such other Preferred Parity Units ratably in the same proportion as the respective amounts that would be
payable on such Series A Preferred Units and any such other Preferred Parity Units if all amounts payable thereon were paid in full. 

 (c) Upon the liquidation of the Partnership, after payment shall have been made in full in
respect of the Series A Preferred Units, the holders of Series A Preferred Units shall not be entitled to receive any further amounts in respect of Series A Preferred Units. 

(d) None of a consolidation or merger of the Partnership with or into another entity, a merger of another entity with or into the Partnership,
a sale, lease or conveyance of all or substantially all of the Partnership’s property shall be considered a liquidation of the affairs of the Partnership for purposes of this Section 5. 

6. Conversion. Series A Preferred Units are not convertible into or exchangeable for any other securities or property. 

7. Redemption. In the event that shares of 6.375% Series A Cumulative Term Preferred Stock of the Parent are redeemed for cash in
accordance with the governing documents of the Parent, then, concurrently therewith, an equivalent number of Series A Preferred Units held by the Parent shall be automatically redeemed for the same amount of cash paid with respect to the redeemed
shares of 6.375% Series A Cumulative Term Preferred Stock of Parent. Any such redemption of Series A Preferred Units will be effective at the same time as the redemption of the corresponding shares of 6.375% Series A Cumulative Term Preferred Stock
of Parent. 
 8. No Maturity or Sinking Fund. The Series A Preferred Units have no maturity date. No sinking fund has been
established for the retirement or redemption of Series A Preferred Units.mb-ex101_6.htm

Exhibit 10.1

 

SEPARATION AGREEMENT AND RELEASE

 

This Separation Agreement and Release (“Agreement”) is made by and between Robert Murphy (“Executive”) and MINDBODY, Inc. (the “Company”) (collectively referred to as the “Parties” or individually referred to as a “Party”).

 

RECITALS

 

WHEREAS, Executive signed a Founders Employment Agreement with the Company, effective May 22, 2015 (the “Employment Agreement”); 

 

WHEREAS, Executive signed a Confidential Information and Invention Assignment Agreement with the Company on or about August 15, 2005 (the “Confidentiality Agreement”); 

 

WHEREAS, Executive holds outstanding equity awards covering common stock of the Company as set forth on Exhibit A (the “Equity Awards”), pursuant to the Company’s 2009 Stock Option Plan and/or the Company’s 2015 Equity Incentive Plan (each, a “Plan”) and the equity awards agreements thereunder (each Equity Award agreement together with the Plans are collectively referred to herein as the “Stock Agreements”); 

 

WHEREAS, Executive resigned from employment with the Company, effective August 5, 2016 (the “Separation Date”); 

 

WHEREAS, Executive resigned from the Company’s Board of Directors, effective August 1, 2016; and 

 

WHEREAS, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that the Executive may have against the Company and any of the Releasees as defined below, including, but not limited to, any and all claims arising out of or in any way related to Executive’s employment with or separation from the Company. 

 

NOW, THEREFORE, in consideration of the mutual promises made herein, the Company and Executive hereby agree as follows:

 

1.Consideration.  In consideration of Executive’s execution of this Agreement and Executive’s fulfillment of all of its terms and conditions, the Company agrees that the vesting of the Equity Awards will accelerate and vest as if Executive had remained in service with the Company through March 31, 2017. The Equity Awards will continue to be subject to the Stock Agreements. Executive further acknowledges that he may exercise any outstanding vested stock options at any time (in accordance with applicable law) within his applicable post-termination exercise period for each stock option (which is set forth on Exhibit A). If Executive does not exercise any vested stock options after the end of the applicable post-termination exercise period, then any such unexercised stock options will terminate. Executive acknowledges and agrees that the Equity Awards as set forth on Exhibit A reflect all of his outstanding equity awards from the Company. Executive acknowledges that his voluntary resignation does not entitle him to any severance benefits under the Employment Agreement and without this Agreement, he is otherwise not entitled to the consideration listed in this Section 1.

 

2.Benefits.  Executive’s health insurance benefits shall cease on August 31, 2016, subject to Executive’s right to continue his health insurance under COBRA. Executive’s participation in all benefits and incidents of employment, including, but not limited to, vesting in stock options, and the accrual of bonuses, vacation, and paid time off, will cease as of the Separation Date.

 

3.Payment of Salary and Receipt of All Benefits.  Executive acknowledges and represents that, other than the consideration set forth in this Agreement and Executive’s final paycheck, which Executive will receive on the Company’s next regularly scheduled payroll date following the Separation Date, the Company and its agents have paid or provided all salary, wages, bonuses, accrued vacation/paid time off, notice periods, premiums, leaves, housing allowances, relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to Executive.  

 

4.Release of Claims.  Executive agrees that the foregoing consideration represents settlement in full of all outstanding obligations owed to Executive by the Company and its current and former officers, directors, Executives, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries, and predecessor and successor corporations and assigns (including, but not limited to, the Company’s professional employer organization, if applicable) (collectively, the “Releasees”).  Executive, on his own behalf and on behalf of his respective heirs, family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, demand, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the date Employee signs this Agreement, including, without limitation: 

 

(a) any and all claims relating to or arising from Executive’s employment relationship with the Company and Executive’s resignation from employment;  

 

(b) any and all claims relating to, or arising from, Executive’s right to purchase, or actual purchase of shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law; 

 

(c) any and all claims for wrongful discharge of employment, termination in violation of public policy, discrimination, harassment, retaliation, breach of contract (both express and implied), breach of covenant of good faith and fair dealing (both express and implied), promissory estoppel, negligent or intentional infliction of emotional distress, fraud, negligent or intentional misrepresentation, negligent or intentional interference with contract or prospective economic advantage, unfair business practices, defamation, libel, slander, negligence, personal injury, assault, battery, invasion of privacy, false imprisonment, conversion, and disability benefits; 

 

(d) any and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Rehabilitation Act of 1973, the Americans with Disabilities Act of 1990, the Equal Pay Act, the Fair Labor Standards Act, the Fair Credit Reporting Act, the Employee Retirement Income Security Act of 1974, the Worker Adjustment and Retraining Notification Act, the Family and Medical Leave Act, the Sarbanes-Oxley Act of 2002, the Uniformed Services Employment and Reemployment Rights Act, the New York State Human Rights Law, the New York Corrections Law, the New York Labor Law, the New York Civil Rights Law, the New York Administrative Code, the New York City Administrative Code, and the New York City Human Rights Law, the California Family Rights Act, the California Labor Code, the California Workers’ Compensation Act, and the California Fair Employment and Housing Act; 

 

(e) any and all claims for violation of the federal or any state constitution; 

 

(f) any and all claims arising out of any other laws and regulations relating to employment or employment discrimination; 

 

 

(g) any claim for any loss, cost, damage, or expense arising out of any dispute over the nonwithholding or other tax treatment of any of the proceeds received by Executive as a result of this Agreement; and 

 

(h) any and all claims for attorneys’ fees and costs. 

 

Executive agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters released. This release does not extend to any obligations incurred under this Agreement. This release does not release claims that cannot be released as a matter of law, including, but not limited to, Executive’s right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the Company (with the understanding that any such filing or participation does not give Executive the right to recover any monetary damages against the Company; Executive’s release of claims herein bars Executive from recovering such monetary relief from the Company). Executive is not releasing any rights that Executive may have to be indemnified (including any right to reimbursement of expenses) arising under applicable law, the Company’s certificate of incorporation or by-laws (or similar constituent documents of the Company), any indemnification agreement between Executive and the Company, or any directors’ and officers’ liability insurance policy of the Company.  This release does not extend to any right Executive may have to unemployment compensation benefits or workers’ compensation benefits. Executive represents that he has made no assignment or transfer of any right, claim, complaint, charge, duty, obligation, demand, cause of action, or other matter waived or released by this Section. This release does not extend to any right Executive may have to unemployment compensation benefits or workers’ compensation benefits. Executive represents that he has no lawsuits, claims, or actions pending in his name, or on behalf of any other person or entity, against the Company or any of the other Releasees. Executive also represents that he does not intend to bring any claims on his own behalf or on behalf of any other person or entity against the Company or any of the other Releasees.

 

5.Trade Secrets and Confidential Information/Company Property.  Executive reaffirms and agrees to observe and abide by the terms of the Confidentiality Agreement. Executive agrees that he will not disclose the Company’s trade secrets and confidential and proprietary information. Executive also reaffirms and agrees to observe and abide by the terms of the Employment Agreement that continue to remain in effect after the Separation Date. Executive specifically acknowledges and agrees that any violation of the restrictive covenants in the Employment Agreement shall constitute a material breach of this Agreement. Executive’s signature below constitutes his certification under penalty of perjury that he has returned, or will return on the Separation Date, all documents and other items provided to Executive by the Company, developed or obtained by Executive in connection with his employment with the Company, or otherwise belonging to the Company, including, but not limited to, all passwords to any software or other programs or data that Executive used in performing services for the Company.

 

6.No Cooperation.  Executive agrees that he will not knowingly encourage, counsel, or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against any of the Releasees, unless under a subpoena or other court order to do so. Executive agrees both to immediately notify the Company upon receipt of any such subpoena or court order, and to furnish, within three (3) business days of its receipt, a copy of such subpoena or other court order. If approached by anyone for counsel or assistance in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints against any of the Releasees, Executive shall state no more than that he cannot provide counsel or assistance.

 

7.Mutual Nondisparagement.  Executive agrees to refrain from any disparagement, defamation, libel, or slander of any of the Releasees, and agrees to refrain from any tortious interference with the contracts and relationships of any of the Releasees. The Company agrees to instruct the Company’s current executive officers and members of its Board of Directors to refrain from any disparaging statements about Executive. Executive 

 

understands that the Company’s obligations under this section extend only to the Company’s current executive officers and members of its Board of Directors and only for so long as each officer or member is an Executive or Director of the Company. 

 

8.Breach.  In addition to the rights provided in the “Attorneys’ Fees” section below, Executive acknowledges and agrees that any material breach of this Agreement or of any provision of the Confidentiality Agreement or the Employment Agreement shall entitle the Company immediately to recover and/or cease providing the consideration provided to Executive under this Agreement and to obtain damages, except as provided by law.  

 

9.No Admission of Liability.  Executive understands and acknowledges that this Agreement constitutes a compromise and settlement of any and all actual or potential disputed claims by Executive. No action taken by the Company hereto, either previously or in connection with this Agreement, shall be deemed or construed to be (a) an admission of the truth or falsity of any actual or potential claims or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to Executive or to any third party.

 

10.Tax Consequences.  The Company makes no representations or warranties with respect to the tax consequences of the payments and any other consideration provided to Executive or made on his behalf under the terms of this Agreement. Executive agrees and understands that he is responsible for payment, if any, of local, state, and/or federal taxes on the payments and any other consideration provided hereunder by the Company and any penalties or assessments thereon. Executive further agrees to indemnify and hold the Company harmless from any claims, demands, deficiencies, penalties, interest, assessments, executions, judgments, or recoveries by any government agency against the Company for any amounts claimed due on account of (a) Executive’s failure to pay, or Executive’s delayed payment of, federal or state taxes, or (b) damages sustained by the Company by reason of any such claims, including attorneys’ fees and costs.

 

11.Section 409A.  It is intended that this Agreement comply with, or be exempt from, Code Section 409A and the final regulations and official guidance thereunder (“Section 409A”) and any ambiguities herein will be interpreted to so comply and/or be exempt from Section 409A. Each payment and benefit to be paid or provided under this Agreement is intended to constitute a series of separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. The Company and Executive will work together in good faith to consider either (i) amendments to this Agreement; or (ii) revisions to this Agreement with respect to the payment of any awards, which are necessary or appropriate to avoid imposition of any additional tax or income recognition prior to the actual payment to Executive under Section 409A.  

 

12.Protected Activity Not Prohibited.  Executive understands that nothing in this Agreement shall in any way limit or prohibit Executive from engaging for a lawful purpose in any Protected Activity. For purposes of this Agreement, “Protected Activity” shall mean filing a charge or complaint, or otherwise communicating, cooperating, or participating with, any state, federal, or other governmental agency, including the Securities and Exchange Commission, the Equal Employment Opportunity Commission, and the National Labor Relations Board. Notwithstanding any restrictions set forth in this Agreement, Executive understands that he is not required to obtain authorization from the Company prior to disclosing information to, or communicating with, such agencies, nor is Executive obligated to advise the Company as to any such disclosures or communications. Notwithstanding, in making any such disclosures or communications, Executive agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Company confidential information under the Confidentiality Agreement to any parties other than the relevant government agencies. Executive further understands that “Protected Activity” does not include his disclosure of any Company attorney-client privileged communications, and that any such disclosure without the Company’s written consent shall constitute a material breach of this Agreement. In addition, pursuant to the Defend Trade Secrets Act of 2016, Employee is notified that an individual will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made in confidence to a federal, state, 

 

or local government official (directly or indirectly) or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if (and only if) such filing is made under seal. In addition, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the individual’s attorney and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.  

 

13.Miscellaneous.  Executive represents and warrants that he has the capacity to act on his own behalf and on behalf of all who might claim through him to bind them to the terms and conditions of this Agreement. Executive warrants and represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein. The Parties shall each bear their own costs, attorneys’ fees, and other fees incurred in connection with the preparation of this Agreement. In the event that any provision or any portion of any provision hereof or any surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect without said provision or portion of provision. In the event that either Party brings an action to enforce or effect its rights under this Agreement, the prevailing Party shall be entitled to recover its costs and expenses, including the costs of mediation, arbitration, litigation, court fees, and reasonable attorneys’ fees incurred in connection with such an action. This Agreement may only be amended in a writing signed by Executive and the Company’s Chief Executive Officer. This Agreement may be executed in counterparts and by facsimile or email PDF, and each counterpart shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. This Agreement shall be governed by the laws of the State of New York, without regard for choice-of-law provisions. Executive consents to personal and exclusive jurisdiction and venue in the State of New York.

 

14.Entire Agreement.  This Agreement represents the entire agreement and understanding between the Company and Executive concerning the subject matter of this Agreement and Executive’s employment with and separation from the Company and the events leading thereto and associated therewith, and supersedes and replaces any and all prior agreements and understandings concerning the subject matter of this Agreement and Executive’s relationship with the Company, with the exception of the Confidentiality Agreement, the provisions of the Employment Agreement that remain in effect after the Separation Date, and the Stock Agreements, as amended herein. 

 

15.Voluntary Execution of Agreement.  Executive understands and agrees that he executed this Agreement voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of his claims against the Company and any of the other Releasees. Executive acknowledges that: 

 

	
 
	
(a)
	
he has read this Agreement; 

 

	
 
	
(b)
	
he has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of his own choice or has elected not to retain legal counsel; 

 

	
 
	
(c)
	
he understands the terms and consequences of this Agreement and of the releases it contains; 

 

	
 
	
(d)
	
he is fully aware of the legal and binding effect of this Agreement; and 

 

	
 
	
(e)
	
he has not relied upon any representations or statements made by the Company that are not specifically set forth in this Agreement.

 

 

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IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below.

 

	
 
	
ROBERT MURPHY, an individual

	
 
	
 
	
 

	
Dated: August 5, 2016
	
 
	
/s/ Robert Murphy

	
 
	
 
	
Robert Murphy

 

 

	
 
	
MINDBODY, INC.

	
 
	
 
	
 

	
Dated: August 5, 2016
	
 
	
By /s/ Jeff Harper

	
 
	
 
	
Jeff Harper

	
 
	
 
	
SVP People & Culture

 

 

 

 

Exhibit 10.1

 

EXHIBIT A

 

Equity Awards of Stock Options and RSUs

 

Stock Options

 

								
	
Plan
	
Grant No.
	
Grant Date
	
NSO/ISO*
	
Strike Price
	
Vested as of 3.31.17
	
Unvested as of 3.31.17
	
Post-Termination Exercise Period from Separation Date (in months)

	
2009 Stock Option Plan (“2009 Plan”)
	
110711
	
11/15/2011
	
NSO
	
$1.392
	
124,890
	
0
	
12

	
2009 Plan
	
112911
	
6/27/2013
	
ISO
	
$7.708
	
23,437
	
1,563
	
12

	
2009 Plan
	
113641
	
2/6/2014
	
ISO
	
$11.52
	
4,498
	
0
	
12

	
2009 Plan
	
113651
	
2/6/2014
	
NSO
	
$11.52
	
120,502
	
0
	
12

	
2009 Plan
	
15341
	
2/5/2015
	
ISO
	
$14.476
	
9,390
	
8,860
	
3

	
2009 Plan
	
1534N1
	
2/5/2015
	
NSO
	
$14.476
	
32,927
	
30,073
	
3

	
2009 Plan
	
17541
	
5/22/2015
	
ISO
	
$14.496
	
11,457
	
13,543
	
3

	
2015 Equity Incentive Plan
	
812
	
3/21/2016
	
NSO
	
$13.91
	
6,086
	
18,258
	
3

 

* To the extent that the options continue to qualify as ISOs, any shares underlying the options must be exercised within 3 months of your termination date to retain qualification as an ISO.

 

 

Restricted Stock Units

 

				
	
Plan
	
Grant Date
	
RSUs Outstanding
	
Vested as of 3.31.17

	
2015 Equity Incentive Plan
	
03/21/2016
	
10,794
	
0

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