Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT 

 

This EMPLOYMENT AGREEMENT
(this “Agreement”) is entered into by and between Jim Schutz (the “Executive”), and Oculus
Innovative Sciences, Inc., a Delaware corporation (the “Corporation”), as of July 26, 2016 (the “Effective
Date”). This Agreement replaces that certain employment agreement dated as of June 20, 2013 and entered into by and between
the Executive and the Corporation.

 

RECITALS

 

WHEREAS, prior to
the date hereof, the Executive has served in various capacities with the Corporation, including Chief Operating Officer and General
Counsel and as of February 4, 2013 as the Corporation’s President and Chief Executive Officer, in accordance with the terms
and conditions set forth in the related employment agreement dated as of January 1, 2004, as subsequently amended on June 20, 2013
between the Corporation and the Executive;

 

WHEREAS, the Corporation
desires that the Executive continue to be employed by the Corporation as its President and Chief Executive Officer, and to carry
out the duties and responsibilities described below, all on the terms and conditions set forth herein;

 

WHEREAS, the Executive
serves as a Director on the Corporation’s Board of Directors; and

 

WHEREAS, the Executive
is willing to accept and continue such employment on such terms and conditions.

 

NOW, THEREFORE,
in consideration of the foregoing premises and the mutual covenants and promises of the parties herein, the receipt and sufficiency
of which are hereby acknowledged by each of the parties, the Corporation and the Executive hereto agree as follows:

 

1. Employment and Duties.

 

1.1
Position. On the terms and subject to the conditions set forth herein, the Corporation agrees to continue to employ the
Executive as its President and Chief Executive Officer for the Term of Employment (as defined in Section 2). The Executive
does hereby accept and agree to such employment, on the terms and conditions expressly set forth in this Agreement. The
Executive shall, if requested, also serve as a member of the Board of Directors of the Corporation (the “Board”)
or as an officer or director of any affiliate of the Corporation for no additional compensation.

 

1.2 Duties. During
the Term of Employment (as defined in Section 2), the Executive shall serve the Corporation as its President and Chief Executive
Officer. The Executive shall, without limitation and without limiting the Executive’s other duties to the Corporation, and
without limiting the authority of the Corporation’s Board of Directors, be responsible for the general supervision, direction
and control of the business and affairs of the Corporation and have such other duties and responsibilities as the Board shall designate
that are consistent with the Executive’s position as President and Chief Executive Officer of the Corporation. The Executive
shall perform all of such duties and responsibilities in accordance with the legal directives of the Board and in accordance with
the practices and policies of the Corporation as in effect from time to time throughout the Term of Employment (as defined in Section
2) (including, without limitation, the Corporation’s insider trading and ethics policies, as they may change from time
to time). While employed as President and Chief Executive Officer of the Corporation, the Executive shall report exclusively to
the Board. Throughout the Term of Employment (as defined in Section 2), the Executive shall not serve on the boards of directors
or advisory boards of any other entity, except for any wholly or majority owned subsidiaries of the Corporation, unless such service
is expressly approved by the Board.

 

1.3 No Other Employment;
Minimum Time Commitment. Throughout the Term of Employment, the Executive shall both (i) devote substantially all of the Executive’s
business time, energy and skill to the performance of the Executive’s duties for the Corporation, and (ii) hold no other
job. The Executive agrees that any investment or direct involvement in, or any appointment to or continuing service on the board
of directors or similar body of, any corporation or other entity, other than wholly or majority owned subsidiaries of the Corporation,
must be first approved in writing by the Corporation. The foregoing provisions of this Section 1.3 shall not prevent the
Executive from investing in non-competitive, publicly-traded securities to the extent permitted by Section 6(b).

 

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1.4 No Breach of Contract.
The Executive hereby represents to the Corporation that: (i) the execution and delivery of this Agreement by the Executive and
the Corporation and the performance by the Executive of the Executive’s duties hereunder shall not constitute a breach of,
or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise bound; (ii)
the Executive has no information (including, without limitation, confidential information and trade secrets) of any other person
or entity which the Executive is not legally and contractually free to disclose to the Corporation; and (iii) the Executive is
not bound by any confidentiality, trade secret or similar agreement (other than this Agreement) with any other person or entity.

 

1.5 Place of Performance.
The principal place of Executive’s employment shall be the Corporation’s principal executive offices, currently located
in Petaluma, California, though such principal place of employment of the Executive may be moved from time to time upon mutual
agreement by the Executive and the Corporation. The Executive agrees that the Executive will be regularly present at the Corporation’s
principal executive offices, or such other location as the parties may designate, and that the Executive may be required to travel
from time to time in the course of performing the Executive’s duties for the Corporation.

 

1.6 Performance Review.
During the Term of Employment, the Compensation Committee of the Corporation, in its sole discretion, will review Executive’s
performance every six (6) months beginning on the Effective Date. The Compensation Committee will determine the performance goals
and factors after consultation with the Executive in its sole discretion and its decision shall be binding on all persons.

 

2. Term of Employment. The “Term
of Employment” shall commence on the Effective Date, and shall continue in full force and effect until the Termination
Date pursuant to Section 5.8. This Agreement shall govern the terms of Executive’s employment hereunder on and after
the Effective Date.

 

3. Compensation. 

 

3.1 Base Salary.
As of the Effective Date and during the Term of Employment, the Corporation shall pay to the Executive a base salary at the rate
of $250,000 per year, subject to increase (but not decrease) by the Board (the “Base Salary”). The Executive’s
Base Salary shall be paid in accordance with the Corporation’s regular payroll practices in effect from time to time, but
no less frequently than monthly.

 

3.2 Annual Bonus.
For each fiscal year during the Term of Employment, Executive shall be eligible to receive an annual bonus (the “Annual
Bonus”). However, the decision to provide any Annual Bonus and the amount and terms of any Annual Bonus shall be in the
sole and absolute discretion of the Compensation Committee of the Board. If the Compensation Committee decides to award an Annual
Bonus to Executive, it will independently negotiate a supplement to this Agreement with Executive setting forth the terms and conditions
of the Annual Bonus. Executive must be employed by the Corporation on the day that any Annual Bonus is paid. However, the Board
of Directors or the Compensation Committee, as appropriate, may in its sole discretion agree to pay a pro rata or full Annual Bonus,
and if such Annual Bonus is granted, then determine the amount, form and payment schedule.

 

3.3 Equity Awards.
During the Term of Employment, Executive shall be eligible to participate in the Company’s 2006 Amended and Restated Equity
Incentive Plan and the 2011 Equity Incentive Plan or any successor plan, subject to the terms of such plans, as determined by the
Board or the Compensation Committee, in its discretion.

 

3.4. Indemnification.
(a) In the event that the Executive is made a party or threatened to be made a party to any action, suit, or proceeding, whether
civil, criminal, administrative or investigative (a “Proceeding”), other than any Proceeding initiated by the
Executive or the Corporation related to any contest or dispute between the Executive and the Corporation or any of its affiliates
with respect to this Agreement or the Executive’s employment hereunder, by reason of the fact that the Executive is or was
a director or officer of the Corporation, or any affiliate of the Corporation, or is or was serving at the request of the Corporation
as a director, officer, member, employee or agent of another corporation or a partnership, joint venture, trust or other enterprise,
the Executive shall be indemnified and held harmless by the Corporation to the maximum extent permitted under applicable law and
the Corporation’s articles and bylaws, as may be amended from time to time, from and against any liabilities, costs, claims
and expenses, including all costs and expenses incurred in defense of any Proceeding (including attorneys’ fees).

 

 

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(b) During the Term of
Employment and for a period of six (6) years thereafter, the Corporation or any successor to the Corporation shall purchase and
maintain, at its own expense, directors’ and officers’ liability insurance providing coverage to the Executive on terms
that are no less favorable than the coverage provided to other directors and similarly situated executives of the Corporation.

 

3.5 Clawback Provisions.
Any incentive-based compensation, or any other compensation, paid to the Executive pursuant to this Agreement or any other agreement
or arrangement with the Corporation which is subject to recovery under any law, government regulation or stock exchange listing
requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation
or stock exchange listing requirement (or any policy adopted by the Corporation pursuant to any such law, government regulation
or stock exchange listing requirement). The Corporation will make any determination for clawback or recovery in accordance with
any applicable law or regulation.

 

4. Benefits.

 

4.1 Health and Welfare.
During the Term of Employment, the Executive shall be entitled to participate in all employee pension and welfare benefit plans
and programs made available by the Corporation to the Corporation’s senior-level employees generally, as such plans or programs
may be in effect from time to time.

 

4.2 Reimbursement of
Business Expenses. The Executive is authorized to incur reasonable expenses in carrying out the Executive’s duties for
the Corporation under this Agreement and entitled to reimbursement for all such expenses the Executive incurs during the Term of
Employment in connection with carrying out the Executive’s duties for the Corporation, subject to the Corporation’s
reasonable expense reimbursement policies in effect from time to time. The Corporation shall reimburse the Executive to the extent
required by the preceding sentence.

 

4.3 Vacation and Other
Leave. During the Term of Employment, the Executive shall accrue and be entitled to take paid vacation in accordance with the
Corporation’s standard vacation policies in effect from time to time, including the Corporation’s policies regarding
vacation accruals. The Executive shall also be entitled to all other holiday and leave pay generally available to all other employees
of the Corporation.

 

5. Termination. 

 

The Term of Employment
and the Executive’s employment hereunder may be terminated by either the Corporation or the Executive at any time and for
any reason; provided that, unless otherwise provided herein, either party shall be required to give the other party at least 30
calendar days advance written notice of any termination of the Executive’s employment in accordance with Sections 5.7
and 5.8. Upon termination of the Executive’s employment during the Term of Employment, the Executive shall be entitled
to the compensation and benefits described in this Section 5 and shall have no further rights to any compensation or any
other benefits from the Company or any of its affiliates.

 

 5.1 Definitions.
For purposes of this Agreement:

 

(a) “Accrued Amounts”
shall mean:

 

(i)  any accrued but unpaid
Base Salary and accrued but unused vacation which shall be paid within one (1) week following the Termination Date (as defined
below);

 

(ii)  reimbursement for
unreimbursed business expenses properly incurred by the Executive, which shall be subject to and paid in accordance with the Corporation’s
expense reimbursement policy; and

 

(iii)  such employee benefits
(including equity compensation), if any, to which the Executive may be entitled under the Corporation’s employee benefit
plans as of the Termination Date; provided that, in no event shall the Executive be entitled to any payments in the nature of severance
or termination payments except as specifically provided herein.

 

 

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(b) “Change in Control”
shall mean the occurrence of any of the following after the Effective Date:

 

(i)  one person (or more
than one person acting as a group) acquires ownership of stock of the Company that, together with the stock held by such person
or group, constitutes more than 50% of the total fair market value or total voting power of the stock of such corporation; provided
that, a Change in Control shall not occur if any person (or more than one person acting as a group) owns more than 50% of the total
fair market value or total voting power of the Company’s stock and acquires additional stock;

 

(ii)  a majority of the
members of the Board are replaced during any twelve-month period by directors whose appointment or election is not endorsed by
a majority of the Board before the date of appointment or election; or

 

(iii)  the sale of all or
substantially all of the Company’s assets.

 

Notwithstanding the foregoing, a Change
in Control shall not occur unless such transaction constitutes a change in the ownership of the Company, a change in effective
control of the Company, or a change in the ownership of a substantial portion of the Company’s assets under Section 409A.

 

For purposes of the definition of
“Change of Control”, the following definitions shall be applicable:

 

(i) The term “person”
shall mean any individual, corporation or other entity and any group as such term is used in Section 13(d) (3) or 14(d) (2) of
the Exchange Act.

 

(ii)  Any person shall be
deemed to be the beneficial owner of any shares of capital stock of the Corporation:

 

a. which that person owns directly
whether or not of record, or

 

b. which that person has the right
to acquire pursuant to any agreement or understanding or upon exercise of conversion rights, warrants, or options, or otherwise,
or

 

c. which are beneficially owned,
directly or indirectly (including shares deemed owned through application of clause (b) above, by an “affiliate” or
“associate” (as defined in the rules of the Securities and Exchange Commission under the Securities Act of 1933, as
amended) of that person, or

 

d. which are beneficially owned,
directly or indirectly (including shares deemed owned through application of clause (b) above), by any other person with which
that person or his “affiliate” or “associate” (defined as aforesaid) has any agreement, arrangement, or
understanding for the purpose of acquiring, holding, voting or disposing of capital stock of the Corporation.

  

(iii)  The outstanding shares
of capital stock of the Corporation shall include shares deemed owned through application of clause (ii) (b), (c), and (d) above,
but shall not include any other shares which may be issuable pursuant to any agreement or upon exercise of conversion rights, warrants
or options, or otherwise, but which are not actually outstanding.

 

(c) “Cause”
shall mean:

 

(i)  the Executive’s
willful failure to perform his duties (other than any such failure resulting from incapacity due to physical or mental illness);

 

(ii)  the Executive’s
willful failure to comply with any valid and legal directive of the Board communicated to him in writing;

 

 

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(iii)  the Executive’s
willful engagement in dishonesty, illegal conduct or gross misconduct, which is, in each case, materially injurious to the Company
or its affiliates;

 

(iv)  the Executive’s
embezzlement, misappropriation or fraud, whether or not related to the Executive’s employment with the Corporation;

 

(v)  the Executive’s
conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime
that constitutes a misdemeanor involving moral turpitude;

 

(vi)  the Executive’s
violation of a material policy of the Corporation that has been provided to Executive (documents made public on the Company’s
website or through filings with the U.S. Securities and Exchange Commission are deemed provide to the Executive);

 

(vii)  the Executive’s
willful unauthorized disclosure of Confidential Information (as defined below);

 

(viii)  the Executive’s
material breach of any material obligation under this Agreement or any other written agreement between the Executive and the Corporation;
or

 

(ix)  any material failure
by the Executive to comply with the Corporation’s written policies or rules, as they may be in effect from time to time during
the Employment Term, if such failure causes material, reputational or financial harm to the Company.

 

For purposes of this provision,
no act or failure to act on the part of the Executive shall be considered “willful” unless it is done, or omitted to
be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best
interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board
or upon the advice of counsel for the Corporation shall be conclusively presumed to be done, or omitted to be done, by the Executive
in good faith and in the best interests of the Corporation. In all cases the Company shall notify the Executive in writing of the
basis for any for Cause termination by providing a detailed description of the alleged facts and circumstances giving rise to Cause.
In addition, with respect to clauses (i), (ii), (vi), (viii) and (ix) Executive shall be given a period of at least 30 days to
cure and only if Executive fails to cure within such time period will a termination be for Cause.

 

(d) “Disability”
shall mean the Executive’s inability, due to physical or mental incapacity, to substantially perform his duties and responsibilities
under this Agreement, with or without reasonable accommodation, for 90 calendar days out of any three hundred sixty-five (365)
calendar day period, but only if the Executive is considered disabled within the meaning of Treasury Regulation section 1.409A-3(i)(4).
Without limiting the circumstances in which the Executive may be determined to be disabled as defined in Treasury Regulation section
1.409A-3(i)(4), the Executive will be presumed to be disabled if determined to be totally disabled by the Social Security Administration
or if determined to be disabled in accordance with a disability insurance program, provided the definition of disability applied
under such disability insurance program complies with the requirements of Treasury Regulation section 1.409A-3(i)(4). Any question
as to the existence of the Executive’s Disability as to which the Executive and the Corporation cannot agree shall be determined
in writing by a qualified independent physician mutually acceptable to the Executive and the Corporation. If the Executive and
the Corporation cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians
shall select a third who shall make such determination in writing. The determination of Disability made in writing to the Corporation
and the Executive shall be final and conclusive for all purposes of this Agreement.

 

(e) “Good Reason”
shall mean the occurrence of any of the following, in each case during the Employment Term without the Executive’s written
consent:

 

(i)  a reduction in the
Executive’s then current Base Salary; 

 

(ii)  only after a sale
of the Corporation, a relocation of the Executive’s principal place of employment by more than 50 miles, unless the new principal
place of employment is closer to Executive’s principal residence;

 

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(iii)  the Corporation’s
failure to obtain an agreement from any successor to the Corporation to assume and agree to perform this Agreement in the same
manner and to the same extent that the Corporation would be required to perform if no succession had taken place, except where
such assumption occurs by operation of law; or

 

(iv)  a material, adverse
change in the Executive’s title, authority, duties or responsibilities (other than temporarily while the Executive is physically
or mentally incapacitated or as required by applicable law).

  

The Executive cannot terminate
his employment for Good Reason unless he has provided written notice to the Corporation of the existence of the circumstances providing
grounds for termination for Good Reason within 30 business days of the initial existence of such grounds and the Corporation has
had at least 30 business days from the date on which such notice is provided to cure such circumstances. If the Executive does
not terminate his employment for Good Reason within 30 calendar days after the expiration of the cure period, then the Executive
will be deemed to have waived his right to terminate for Good Reason with respect to such grounds.

 

5.2  Termination for
Cause or Without Good Reason.

 

The Executive’s employment
hereunder may be terminated by the Corporation for Cause or by the Executive without Good Reason. If the Executive’s employment
is terminated, by the Corporation for Cause or by the Executive without Good Reason, the Executive shall be entitled to receive
the Accrued Amounts.

 

5.3 Termination Without Cause
or for Good Reason.

 

The Term of Employment and
the Executive’s employment hereunder may be terminated by the Executive for Good Reason or by the Corporation without Cause.
In the event of such termination, the Executive shall be entitled to receive the Accrued Amounts and subject to the Executive’s
compliance with Section 6, Section 7, Section 8,Section 9, and Section 10 of this Agreement
and his execution of a release of claims in favor of the Company, its affiliates and their respective officers and directors in
a form attached hereto (the “Release”) and such Release becoming effective within the applicable time period
set forth in the Release, (the “Release Execution Period”), the Executive shall be entitled to receive the following:

 

		(a)	a lump sum payment equal to one-and-a half (1.5) times the Executive’s Base Salary, which
shall be paid on the 30th day following the Termination Date; and

		(b)	upon determination by the Corporation’s Board of Directors or Compensation Committee, as
appropriate, to be made in its sole discretion as to whether to grant a bonus, and if such bonus is granted, the amount, form and
payment schedule. For the avoidance of doubt, Executive shall not be entitled to any bonus solely for reason of termination, unless
the Board of Directors or the Compensation Committee, as appropriate, in its sole discretion awards a bonus to Executive.

 

(c)   If the Executive
timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”),
the Company shall reimburse the Executive for the monthly COBRA premium paid by the Executive for himself and his dependents. Such
reimbursement shall be paid to the Executive on the 10th day of the month immediately following the month in which the
Executive timely remits the premium payment (“COBRA Premium Reimbursements”). The Executive shall be eligible
to receive such COBRA Premium Reimbursement until the earliest of: (i) the eighteen-month anniversary of the Termination Date;
(ii) the date the Executive is no longer eligible to receive COBRA continuation coverage; and (iii) the date on which the Executive
becomes eligible to receive substantially similar coverage from another employer or other source. Notwithstanding the foregoing,
if the Company’s making payments under this Section 5.3(b) would violate the nondiscrimination rules applicable to
non-grandfathered plans under the Affordable Care Act (the “ACA”), or result in the imposition of penalties
under the ACA and the related regulations and guidance promulgated thereunder), the parties agree to reform this Section 5.3(b)
in a manner as is necessary to comply with the ACA.

 

 

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(d)   Consistent
with the terms of any equity incentive plan of the Company, as approved by the stockholders, as applicable:

 

(i)   all outstanding time-based
equity-based compensation awards granted to the Executive during the Term of Employment shall become fully vested and exercisable
for the remainder of their full term; and

 

(ii)   all outstanding performance-based
equity compensation awards granted to the Executive during the Term of Employment shall remain outstanding and shall vest or be
forfeited in accordance with the terms of the applicable award agreements, if the applicable performance goals are satisfied. The
determination whether such performance goals are satisfied shall be in the sole discretion of the Compensation Committee or the
Board, as the case may be.

 

5.4   Death
or Disability.

 

(a)   The Executive’s
employment hereunder shall terminate automatically upon the Executive’s death during the Term of Employment, and the Corporation
may terminate the Executive’s employment on account of the Executive’s Disability.

 

(b)   If the Executive’s
employment is terminated during the Term of Employment on account of the Executive’s death or Disability, the Executive (or
the Executive’s estate and/or beneficiaries, as the case may be) shall be entitled to receive the Accrued Amounts. In addition,
Executive’s spouse and other dependents shall be entitled to COBRA Premium Reimbursements upon timely request to the Corporation
for such benefits. Notwithstanding any other provision contained herein, all payments made in connection with the Executive’s
Disability shall be provided in a manner which is consistent with federal and state law. The Corporation may deduct, from all payments
made hereunder, all applicable taxes and other appropriate deductions.

  

5.5   Change in Control
Termination.

 

(a)   Notwithstanding
any other provision contained herein, if the Executive’s employment hereunder is terminated by the Executive for Good Reason
or without Cause (other than on account of the Executive’s death or Disability), in each case within three (3) months prior
to or twelve (12) months following a Change in Control, the Executive shall be entitled to receive the Accrued Amounts and subject
to the Executive’s compliance with Section 6, Section 7, Section 8, Section 9 and Section
10 of this Agreement and his execution of a Release which becomes effective by the end of the Release Execution Period, the
Executive shall be entitled to receive a lump sum payment equal to one-and-a half (1.5) times the sum of the Executive’s
Base Salary, which shall be paid on the 30th day following the Termination Date; and

 

(b)   If the Executive
timely and properly elects health continuation coverage under COBRA, the Corporation shall reimburse the Executive for the monthly
COBRA premium paid by the Executive for himself and his dependents. Such reimbursement shall be paid to the Executive on the 10th
day of the month immediately following the month in which the Executive timely remits the premium payment. The Executive shall
be eligible to receive such reimbursement until the earliest of: (i) the eighteen-month anniversary of the Termination Date; (ii)
the date the Executive is no longer eligible to receive COBRA continuation coverage; and (iii) the date on which the Executive
becomes eligible to receive substantially similar coverage from another employer or other source. Notwithstanding the foregoing,
if the Corporation’s making payments under this Section 5.5(b) would violate the nondiscrimination rules applicable
to non-grandfathered plans under the ACA, or result in the imposition of penalties under the ACA, the parties agree to reform this
Section 5.5(b) in a manner as is necessary to comply with the ACA.

 

(c)   Consistent
with the terms of any equity incentive plan of the Company, as approved by the stockholders, as applicable:

 

(i)   all outstanding time-based
equity-based compensation awards granted to the Executive during the Term of Employment shall become fully vested and exercisable
for the remainder of their full term; and

 

 

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(ii)   all outstanding performance-based
equity compensation awards granted to the Executive during the Term of Employment shall remain outstanding and shall vest or be
forfeited in accordance with the terms of the applicable award agreements, if the applicable performance goals are satisfied. The
determination whether such performance goals are satisfied shall be in the sole discretion of the Compensation Committee or the
Board, as the case may be.

  

5.6 Release; Exclusive
Remedy.

 

(a) The Executive agrees
that the payments contemplated by Section 5 shall constitute the exclusive and sole remedy for any termination of his employment
and the Executive covenants not to assert or to pursue any other remedies, at law or in equity, with respect to any termination
of employment. The Corporation and Executive acknowledge and agree that there is no duty of the Executive to mitigate damages under
this Agreement. All amounts paid to the Executive pursuant to Section 5 shall be paid without regard to whether the Executive
has taken or takes actions to mitigate damages.

 

(b) As used herein, “Release”
shall mean a written release, discharge and covenant not to sue entered into by the Executive in favor of the Corporation in the
form as in Exhibit A hereto.

 

5.7 Notice of Termination.
Any termination of the Executive’s employment hereunder by the Company or by the Executive during the Term of Employment
(other than termination pursuant to Section 5.4 on account of the Executive’s death) shall be communicated by written
notice of termination (the “Notice of Termination”) to the other party hereto in accordance with Section
14(j). The Notice of Termination shall specify:

 

		(a)	The termination provision of this Agreement relied upon;

		(b)	To the extent applicable, the facts and circumstances claimed to provide a basis for termination
of the Executive’s employment under the provisions so indicated; and

		(c)	The applicable Termination Date.

 

5.8 Termination Date.
The Executive’s Termination Date shall be:

 

		(a)	If the Executive’s employment hereunder terminates on account of the Executive’s death,
the date of the Executive’s death;

		(b)	If the Executive’s employment hereunder is terminated on account of the Executive’s
Disability, the date that it is determined that the Executive has a Disability;

		(c)	If the Corporation terminates the Executive’s employment hereunder for Cause, the date the
Notice of Termination is delivered to the Executive;

		(d)	If the Corporation terminates the Executive’s employment hereunder without Cause, the date
specified in the Notice of Termination, which shall be no less than 30 calendar days following the date on which the Notice of
Termination is delivered; provided that, the Corporation shall have the option to provide the Executive with a lump sum payment
equal to 30 calendar days’ Base Salary in lieu of such notice, which shall be paid in a lump sum on the Executive’s
Termination Date and for all purposes of this Agreement, the Executive’s Termination Date shall be the date on which such
Notice of Termination is delivered; and

		(e)	If the Executive terminates his employment hereunder with or without Good Reason, the date specified
in the Executive’s Notice of Termination, which shall be no less than 30 calendar days following the date on which the Notice
of Termination is delivered.

 

Notwithstanding anything contained herein,
the Termination Date shall not occur until the date on which the Executive incurs a Separation from Service within the meaning
of Section 409A.

 

5.9 Resignation From
Boards and Committees. Upon or promptly following any termination of Executive’s employment with the Corporation, the
Executive agrees to resign, as of the date of such termination, from (i) each and every board of directors (or similar body, as
the case may be) of the Corporation and each of its affiliates on which the Executive may then serve, including, but not limited
to, the Board (and any committees thereof), and (ii) each and every office of the Corporation and each of its affiliates that the
Executive may then hold, and all positions that he may have previously held with the Corporation and any of its affiliates.

 

 

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5.10 Section 409A of
the Internal Revenue Code.

 

(a) This Agreement is intended
to comply with Section 409A of the Internal Revenue Code of 1986 (“Section 409A”) and shall be construed and
interpreted consistent with that intent. In the event that any payment or benefit payable under Section 5 of this Agreement
is not compliant with Section 409A and any taxes, penalties or interest are imposed on the Executive under Section 409A as a result
of such noncompliance (the “Section 409A Penalties”), the Corporation shall put the Executive in an after tax
economic position equivalent to the position the Executive would have been in without the imposition of such Section 409A Penalties.
The Executive shall notify the Corporation in writing of any claim by the Internal Revenue Service or state tax authorities that,
if successful, would require the payment of any such Section 409A Penalties or related state tax statutes. The Executive’s
right to be put in an equivalent after tax economic position is subject to the Executive providing such notification no later than
ten (10) business days after Executive is informed in writing of such claim. If the Corporation desires to contest such claim,
Executive shall (i) cooperate with the Corporation in good faith in order to effectively contest such claim and (ii) permit the
Corporation to participate in any proceedings relating to such claim. The Corporation shall control all proceedings taken in connection
with such contest; provided, however, that the Corporation shall bear and pay directly all costs and expenses (including additional
interest and penalties) incurred in connection with such contest. This section shall also apply to any taxes, penalties, or interest
imposed by any state that are calculated in a manner similar to taxes, penalties, or interest imposed by Section 409A(a)(1)(B),
including those amounts imposed by the California Revenue and Taxation Code (R&TC) Sections 17501 and 24601.

 

(b) If and to the extent
that any payment or benefit under this Agreement, or any plan or arrangement of the Corporation, is determined by the Corporation
to constitute “non-qualified deferred compensation” subject to Section 409A and is payable to the Executive by reason
of the Executive’s termination of employment, then (a) such payment or benefit shall be made or provided to the Executive
only upon a “separation from service” as defined for purposes of Section 409A under applicable regulations (a “Separation
from Service”) and (b) if the Executive is a “specified employee” (within the meaning of Section 409A and
as determined by the Corporation), such payment or benefit shall not be made or provided before the date that is six (6) months
after the date of the Executive’s Separation from Service (or the Executive’s earlier death). For the purposes of clarity,
the first payment thereof will include a catch-up payment covering the amount that would have otherwise been paid to the Executive
during the period between the termination of Executive’s employment and the first payment date but for the application of
this provision, and the balance of the installments (if any) will be payable in accordance with their original schedule.

 

(c) To the extent any expense
reimbursement or in-kind benefit is determined to be subject to Section 409A, the amount of any such expenses eligible for reimbursement
or in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits provided
in any other taxable year (except under any lifetime limit applicable to expenses for medical care), in no event shall any expenses
be reimbursed after the last day of the calendar year following the calendar year in which the Executive incurred such expenses,
and in no event shall any right to reimbursement or in-kind benefits be subject to liquidation or exchange for another benefit.

 

(d) To the extent that
any provision of this Agreement is ambiguous as to its compliance with Section 409A, the provision will be read in such a manner
so that all payments hereunder comply with Section 409A. To the extent any payment under this Agreement may be classified as a
“short-term deferral” within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even
if it may also qualify for an exemption from Section 409A under another provision of Section 409A. Payments pursuant to this section
are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

 

6. Non-Competition.

 

The Executive acknowledges
and recognizes the highly competitive nature of the businesses of the Corporation, the amount of sensitive and confidential information
involved in the discharge of the Executive’s position with the Corporation, and the harm to the Corporation that would result
if such knowledge or expertise was disclosed or made available to a competitor. Based on that understanding, the Executive hereby
expressly agrees as follows:

 

 

    	 	9	 

     

    

 

(a) As a result of the
particular nature of the Executive’s relationship with the Corporation, in the capacities identified earlier in this Agreement,
for the Term of Employment, the Executive hereby agrees that he will not, directly or indirectly, (i) engage in any business for
the Executive’s own account or otherwise derive any personal benefit from any business that competes with the business of
the Corporation or any of its affiliates (the Corporation and its affiliates are referred to, collectively, as the “Company
Group”), (ii) enter the employ of, or render any services to, any person engaged in any business that competes with the
business of any entity within the Company Group, (iii) acquire a financial interest in any person engaged in any business that
competes with the business of any entity within the Company Group, directly or indirectly, as an individual, partner, member, shareholder,
officer, director, principal, agent, trustee or consultant, or (iv) interfere with business relationships (whether formed before
or after the Effective Date) between the Corporation, any of its respective affiliates or subsidiaries, and any customers, suppliers,
officers, employees, partners, members or investors of any entity within the Company Group. For purposes of this Agreement, businesses
in competition with the Company Group shall include, without limitation, businesses which any entity within the Company Group may
conduct operations, and any businesses which any entity within the Company Group has specific plans to conduct operations in the
future and as to which the Executive is aware of such planning, whether or not such businesses have or have not as of that date
commenced operations.

 

(b) Notwithstanding anything
to the contrary in this Agreement, the Executive may, directly or indirectly, own, solely as an investment, securities of any Person,
other than a business that competes with the business of the Company Group, which are publicly traded on a national or regional
stock exchange or on the over-the-counter market if the Executive (i) is not a controlling Person of, or a member of a group that
controls, such Person, and (ii) does not, directly or indirectly, beneficially own one percent (1%) or more of any class of securities
of such Person. Executive may indirectly, through a mutual or exchange traded fund, own, solely as an investment, securities of
a business that competes with the business of the Company Group, which are publicly traded on a national or regional stock exchange
or on the over-the-counter market if the Executive (i) is not a controlling Person of, or a member of a group that controls, such
Person, and (ii) does not, directly or indirectly, beneficially own one percent (1%) or more of any class of securities of such
business. For purposes of this Section 6(b), “Person” shall have the meaning ascribed to such terms in
Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as described
in Section 13(d) thereof.

 

7. Confidential Information.

 

As a material part of the
consideration for the Corporation’s commitment to the terms of this Agreement, the Executive hereby agrees that the Executive
will not at any time (whether during or after the Executive’s employment with the Corporation), other than in the course
of the Executive’s duties hereunder, or unless compelled by lawful process after written notice to the Corporation of such
notice along with sufficient time for the Corporation to try and overturn such lawful process, disclose or use for the Executive’s
own benefit or purposes or the benefit or purposes of any other person, firm, partnership, joint venture, association, corporation
or other business organization, entity or enterprise, any trade secrets, or other confidential data or information relating to
customers, development programs, costs, marketing, trading, investment, sales activities, promotion, credit and financial data,
financing methods, or plans of any entity within the Company Group; provided, however, that the foregoing shall not
apply to information which is generally known to the industry or the public, other than as a result of the Executive’s breach
of this covenant. The Executive further agrees that the Executive will not retain or use for his own account, at any time, any
trade names, trademark or other proprietary business designation used or owned in connection with the business of any entity within
the Company Group.

 

8. Proprietary Rights.

 

(a) Inventions.
All inventions, policies, systems, developments or improvements conceived, designed, implemented and/or made by the Executive,
either alone or in conjunction with others, at any time or at any place during the Term of Employment, whether or not reduced to
writing or practice during such Term of Employment, which directly or indirectly relate to the business of any entity within the
Company Group, or which were developed or made in whole or in part using the facilities and/or capital of any entity within the
Company Group, shall be the sole and exclusive property of the Company Group. The Executive shall promptly give notice to the Corporation
of any such invention, development, patent or improvement, and shall at the same time, without the need for any request by any
person or entity within the Company Group, assign all of the Executive’s rights to such invention, development, patent and/or
improvement to the Company Group. The Executive shall sign all instruments necessary for the filing and prosecution of any applications
for, or extensions or renewals of, letters patent of the United States or any foreign country that any entity in the Company Group
desires to file.

 

 

    	 	10	 

     

    

 

(b) Work Product.
The Executive acknowledges and agrees that all writings, works of authorship, technology, inventions, discoveries, ideas and other
work product of any nature whatsoever, that are created, prepared, produced, authored, edited, amended, conceived or reduced to
practice by the Executive individually or jointly with others during the Term of the Executive’s employment by the Corporation
and relating in any way to the business or contemplated business, research or development of the Corporation (regardless of when
or where the Work Product is prepared or whose equipment or other resources is used in preparing the same) and all printed, physical
and electronic copies, all improvements, rights and claims related to the foregoing, and other tangible embodiments thereof (collectively,
“Work Product”), as well as any and all rights in and to copyrights, trade secrets, trademarks (and related
goodwill), patents and other intellectual property rights therein arising in any jurisdiction throughout the world and all related
rights of priority under international conventions with respect thereto, including all pending and future applications and registrations
therefor, and continuations, divisions, continuations-in-part, reissues, extensions and renewals thereof (collectively, “Intellectual
Property Rights”), shall be the sole and exclusive property of the Corporation.

 

For purposes of this Agreement,
Work Product includes, but is not limited to, Company Group information, including plans, publications, research, strategies, techniques,
agreements, documents, contracts, terms of agreements, negotiations, know-how, computer programs, computer applications, software
design, web design, work in process, databases, manuals, results, developments, reports, graphics, drawings, sketches, market studies,
formulae, notes, communications, algorithms, product plans, product designs, styles, models, audiovisual programs, inventions,
unpublished patent applications, original works of authorship, discoveries, experimental processes, experimental results, specifications,
customer information, client information, customer lists, client lists, manufacturing information, marketing information, advertising
information, and sales information.

 

(c) Work Made for Hire;
Assignment. All copyrightable work by the Executive during the Term of Employment that relates to the business of any entity
in the Company Group is intended to be “work made for hire” as defined in Section 101 of the Copyright Act of 1976,
and shall be the property of the Company Group. If the copyright to any such copyrightable work is not the property of the Company
Group by operation of the law, the Executive will, without further consideration, assign to the Company Group all right, title
and interest in such copyrightable work and will assist the entities in the Company Group and their nominees in every way, at the
Company Group’s expense, to secure, maintain and defend for the Company Group’s benefit, copyrights and any extensions
and renewals thereof on any and all such work including translations thereof in any and all countries, such work to be and to remain
the property of the Company Group whether copyrighted or not.

 

(d) Further Assurances;
Power of Attorney. During and after the Executive’s employment, the Executive agrees to reasonably cooperate with the
Corporation to (i) apply for, obtain, perfect and transfer to the Company Group the Work Product as well as an Intellectual Property
Right in the Work Product in any jurisdiction in the world; and (ii) maintain, protect and enforce the same, including, without
limitation, executing and delivering to the Corporation any and all applications, oaths, declarations, affidavits, waivers, assignments
and other documents and instruments as shall be requested by the Corporation. The Executive hereby irrevocably grants the Corporation
power of attorney to execute and deliver any such documents on the Executive’s behalf in the Executive’s name and to
do all other lawfully permitted acts to transfer the Work Product to the Corporation and further the transfer, issuance, prosecution
and maintenance of all Intellectual Property Rights therein, to the full extent permitted by law, if the Executive does not promptly
cooperate with the Corporation’s request (without limiting the rights the Corporation shall have in such circumstances by
operation of law). The power of attorney is coupled with an interest and shall not be effected by the Executive’s subsequent
incapacity.

 

(e) No License.
The Executive understands that this Agreement does not, and shall not be construed to, grant the Executive any license or right
of any nature with respect to any Work Product or Intellectual Property Rights or any Confidential Information, materials, software
or other tools made available to the Executive by the Corporation.

 

9. Anti-Solicitation.

 

In light of the amount
of sensitive and confidential information involved in the discharge of the Executive’s duties, and the harm to the Corporation
that would result if such knowledge or expertise were disclosed or made available to a competitor, and as a reasonable step to
help protect the confidentiality of such information, the Executive promises and agrees that during the Term of Employment and
for a period of two (2) years thereafter, the Executive will not use the Company’s confidential information to, directly
or indirectly, individually or as a consultant to, or as an employee, officer, shareholder, director or other owner or participant
in any business, influence or attempt to influence the customers, vendors, suppliers, joint venturers, associates, consultants,
agents, or partners of any entity within the Company Group, either directly or indirectly, to divert their business away from the
Company Group, to any individual, partnership, firm, corporation or other entity then in competition with the business of any entity
within the Company Group, and he will not otherwise materially interfere with any business relationship of any entity within the
Company Group.

 

 

    	 	11	 

     

    

 

10. Non-Solicitation of Employees.

 

In light of the amount
of sensitive and confidential information involved in the discharge of the Executive’s duties, and the harm to the Corporation
that would result if such knowledge or expertise were disclosed or made available to a competitor, and as a reasonable step to
help protect the confidentiality of such information, the Executive promises and agrees that during the Term of Employment and
for a period of one (1) year thereafter, the Executive will not, directly or indirectly, individually or as a consultant to, or
as an employee, officer, shareholder, director, or other owner of or participant in any business, solicit (or assist in soliciting)
any person who is then, or at any time within six (6) months prior thereto was, an employee of an entity within the Company Group,
who earned annually $25,000 or more as an employee of such entity during the last six (6) months of his or her own employment to
work for (as an employee, consultant or otherwise) any business, individual, partnership, firm, corporation, or other entity whether
or not engaged in competitive business with any entity in the Company Group.

 

11. Return of Property.

 

The Executive agrees to
truthfully and faithfully account for and deliver to the Corporation all property belonging to the Corporation, any other entity
in the Company Group, or any of their respective affiliates, which the Executive may receive from or on account of the Corporation,
any other entity in the Company Group, or any of their respective affiliates, and upon the termination of the Term of Employment,
or the Corporation’s demand, the Executive shall immediately deliver to the Corporation all such property belonging to the
Corporation, any other entity in the Company Group, or any of their respective affiliates.

 

12. Withholding Taxes.

 

Notwithstanding anything
else herein to the contrary, the Corporation may withhold (or cause there to be withheld, as the case may be) from any amounts
otherwise due or payable under or pursuant to this Agreement such federal, state and local income, employment, or other taxes as
may be required to be withheld pursuant to any applicable law or regulation.

 

13. Cooperation in Litigation.

 

The Executive agrees that,
during the Term of Employment or after the termination of the Executive’s employment, he will reasonably cooperate with the
Corporation, subject to his reasonable personal and business schedules, in any litigation which arises out of events occurring
prior to the termination of his employment, including but not limited to, serving as a witness or consultant and producing documents
and information relevant to the case or helpful to the Corporation. The Corporation agrees to reimburse the Executive for all reasonable
costs and expenses he incurs in connection with his obligations under this Section 13 and, in addition, to reasonably compensate
the Executive for time actually spent in connection therewith following the termination of his employment with the Corporation.

 

14. Miscellaneous. 

 

(a) Assignment. This Agreement is personal
in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any
rights or obligations hereunder; provided, however, that in the event of a merger, consolidation, or transfer or
sale of all or substantially all of the assets of the Corporation with or to any other individual(s) or entity, this Agreement
shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge
and perform all the promises, covenants, duties, and obligations of the Corporation hereunder.

 

 

    	 	12	 

     

    

 

(b) Number and Gender. Where the context
requires, the singular shall include the plural, the plural shall include the singular, and any gender shall include all other
genders.

 

(c) Section Headings. The section headings
of, and titles of paragraphs and subparagraphs contained in, this Agreement are for the purposes of convenience only, and they
neither form a part of this Agreement nor are they to be used in the construction or interpretation thereof.

 

(d)
Governing Law. This Agreement, and all questions relating to its validity, interpretation, performance and enforcement,
as well as the legal relations hereby created between the parties hereto, shall be governed by and construed under, and interpreted
and enforced in accordance with, the laws of the State of California, notwithstanding any California or other conflict of law provision
to the contrary. This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986 and the regulations
promulgated thereunder. Any action or proceeding
by either of the parties to enforce this Agreement shall be brought only in a state or federal court located in the state of California,
Sonoma county. The parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient
forum to the maintenance of any such action or proceeding in such venue.

 

(e) Severability. If any provision of
this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of
this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this
Agreement are declared to be severable.

 

(f) Entire Agreement. This Agreement
replaces and supersedes prior employment agreements, including the employment agreement executed by and between the Executive and
the Corporation dated January 1, 2004 and June 20, 2013. This Agreement embodies the entire agreement of the parties hereto respecting
the matters within its scope. Any prior negotiations, correspondence, agreements, proposals or understandings relating to the subject
matter hereof shall be deemed to have been merged into this Agreement, and to the extent inconsistent herewith, such negotiations,
correspondence, agreements, proposals, or understandings shall be deemed to be of no force or effect. There are no representations,
warranties, or agreements, whether express or implied, or oral or written, with respect to the subject matter hereof, except as
expressly set forth herein.

 

(g) Modifications. This Agreement may
not be amended, modified or changed (in whole or in part), except by a formal definitive written agreement expressly referring
to this Agreement, which agreement is executed by both of the parties hereto.

 

(h) Waiver. Neither the failure nor
any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise
of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect
to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver
shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

 

(i) Resolution of Disputes.

 

(i) Any controversy arising
out of or relating to the Executive’s employment (whether or not before or after the expiration of the Term of Employment),
any termination of the Executive’s employment, this Agreement or the enforcement or interpretation of this Agreement, or
because of an alleged breach, default, or misrepresentation in connection with any of the provisions of this Agreement, including
(without limitation) any state or federal statutory claims, shall be submitted to arbitration in Santa Rosa, California, before
a sole arbitrator (the “Arbitrator”) selected from the American Arbitration Association (“AAA”),
and shall be conducted in accordance with the provisions of California Code of Civil Procedure §§ 1280 et seq.
as the exclusive remedy of such dispute; provided, however, that provisional injunctive relief may, but need not,
be sought in a court of law while arbitration proceedings are pending, and any provisional injunctive relief granted by such court
shall remain effective until the matter is finally determined by the Arbitrator. Final resolution of any dispute through arbitration
may include any remedy or relief that the Arbitrator deems just and equitable, including any and all remedies provided by applicable
state or federal statutes. At the conclusion of the arbitration, the Arbitrator shall issue a written decision that sets forth
the essential findings and conclusions upon which the Arbitrator’s award or decision is based. Any award or relief granted
by the Arbitrator hereunder shall be final and binding on the parties hereto and may be enforced by any court of competent jurisdiction.

 

 

    	 	13	 

     

    

 

(ii) The parties acknowledge
and agree that they are hereby waiving any rights to trial by jury in any action, proceeding or counterclaim brought by either
of the parties against the other in connection with any matter whatsoever arising out of or in any way connected with any of the
matters referenced in the first sentence of Section 14(i)(i).

 

(iii) The parties agree
that the Corporation shall be responsible for payment of the forum costs of any arbitration hereunder, including the Arbitrator’s
fee. The parties further agree that in any proceeding with respect to such matters, the prevailing party will be entitled to recover
its reasonable attorney’s fees and costs from the non-prevailing party (other than forum costs associated with the arbitration
which in any event shall be paid by the Corporation).

 

(iv) Without limiting the
remedies available to the parties and notwithstanding the foregoing provisions of this Section 14, the Executive and the
Corporation acknowledge that any breach of any of the covenants or provisions contained in Sections 5.9, and Sections
6 through 11 could result in irreparable injury to either of the parties hereto for which there might be no adequate
remedy at law, and that, in the event of such a breach or threat thereof, the non-breaching party shall be entitled to obtain a
temporary restraining order and/or a preliminary injunction and a permanent injunction restraining the other party hereto from
engaging in any activities prohibited by any covenant or provision in Sections 5.9, and Sections 6 through 11
or such other equitable relief as may be required to enforce specifically any of the covenants or provisions of Sections 5.9,
and Sections 6 through 11.

 

(j) Publicity.

 

The Executive hereby irrevocably
consents during the term of this Agreement to any and all uses and displays, by the Company Group and its agents, representatives
and licensees, of the Executive’s name, voice, likeness, image, appearance and biographical information in, on or in connection
with any pictures, photographs, audio and video recordings, digital images, websites, television programs and advertising, other
advertising and publicity, sales and marketing brochures, books, magazines, other publications, CDs, DVDs, tapes and all other
printed and electronic forms and media throughout the world, at any time during or after the period of his employment by the Company,
for all legitimate commercial and business purposes of the Company Group (”Permitted Uses”) without further consent
from or royalty, payment or other compensation to the Executive. The Executive hereby forever waives and releases the Company Group
and its directors, officers, employees and agents from any and all claims, actions, damages, losses, costs, expenses and liability
of any kind, arising under any legal or equitable theory whatsoever at any time during or after the period of his employment by
the Company, arising directly or indirectly from the Company Group’s and its agents’, representatives’ and licensees’
exercise of their rights in connection with any Permitted Uses. At the end of the term of this Agreement, the Company shall have
no obligation to remove any previously-published displays described in this paragraph.

 

(k) Notices.

 

(i) All notices, requests,
demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been
duly received if (i) delivered by hand or by courier, effective upon delivery, (ii) given by facsimile or electronic version, when
transmitted if transmitted on a business day and during normal business hours of the recipient, and otherwise delivered on the
next business day following transmission, or (iii) sent by registered or certified mail, postage prepaid, return receipt requested,
5 business days after being deposited in the U.S. postal mail. Any notice shall be duly addressed to the parties as follows:

 

(i) If to the Corporation:

 

Oculus Innovative Sciences, Inc.

Chairman of the Board or any Independent Director

1129 North McDowell Boulevard

Petaluma, California 94954

Fax: +1 (707) 283-0551

 

 

    	 	14	 

     

    

 

(ii) If to the Executive:

 

Jim Schutz

At the address on file with the Corporation

 

(ii) Any party may alter
the address to which communications or copies are to be sent by giving notice of such change of address in conformity with the
provisions of this Section 24 for the giving of notice.

 

(l) Legal Counsel; Mutual Drafting.
Each party recognizes that this is a legally binding contract and acknowledges and agrees that they have had the opportunity to
consult with legal counsel of their choice. Each party has cooperated in the drafting, negotiation and preparation of this Agreement.
Hence, in any construction to be made of this Agreement, the same shall not be construed against either party on the basis of that
party being the drafter of such language.

 

(m) Provisions that Survive Termination.
The provisions of Sections 3.4, 3.5, 5 through 13, and this Section 14 shall survive any termination
of the Term of Employment.

 

(n) Counterparts. This Agreement may
be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears
thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or
more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the
signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

(o) Tolling. Should the Executive violate
any of the terms of the restrictive covenant obligations articulated herein, the obligation at issue will run from the first date
on which the Executive ceases to be in violation of such obligation.

 

[Signature Page Follows]

 

 

    	 	15	 

     

    

 

IN WITNESS WHEREOF, the Corporation and
the Executive have executed this Employment Agreement as of the Effective Date.

  

	 	CORPORATION
	 	 
	 	Oculus Innovative Sciences, Inc.,
	 	a Delaware corporation
	 	 
	 	By:	/s/ Jerry McLaughlin
	 	
        Name:

        Title:
	Jerry McLaughlin

Chairman of the Compensation Committee of
	 	 	Oculus Innovative Sciences, Inc.
	 	 	 
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	By:	/s/ Jim Schutz
	 	Name:	Jim Schutz

 

 

 

 

 

 

    	 	16	 

     

    

 

EXHIBIT A — RELEASE 

 

1. Definitions.
I intend all words used in this Release to have their plain meanings in ordinary English. Technical legal words are not needed
to describe what I mean. Specific terms I use in this Release have the following meanings:

 

A. “I,” “me,”
and “my” include me, Jim Schutz, and anyone who has or obtains any legal rights or claims through me, including my
heirs and estate, and each of my descendants, dependents, executors, administrators, assigns and successors.

 

B. “Employer,”
as used in this Release, shall at all times mean Oculus Innovative Sciences, Inc. and “Released Party” or “Released
Parties”, individual and collectively, means the Employer and the Employer’s parent, past or present subsidiaries,
affiliates, each of any present or former officers, directors, shareholders, employees, agents or attorneys, trustees, insurers,
successors, predecessors, assigns, or personal representatives.

 

C. “My Claims”
mean actions or causes of action, suits, claims, charges, complaints, contracts (whether oral or written, express or implied from
any source), and promises, whatsoever, in law or equity, that I ever had, may now have or hereafter can, shall or may have against
the Employer or other Released Party as of the date of the execution of this Release, including all unknown, undisclosed and unanticipated
losses, wrongs, injuries, debts, claims or damages to me for, upon, or by reason of any matter, cause or thing whatsoever, that
are in any way related to my employment with or separation (termination of employment) from the Employer.

 

By signing this Release,
I am agreeing to release any actual and potential claim, known or unknown, I have or may potentially have, in law or in equity,
either as an individual or standing in the shoes of the government, under any federal, state or local law, administrative regulation
or legal principle (except as provided in Paragraph 4 of this Release). The following listing of laws and types of claims is not
meant to, and shall not be interpreted to, exclude any particular law or type of claim, law, regulation or legal principle not
listed. I understand I am releasing all my Claims, including, but not limited to, claims for invasion of privacy; breach of written
or oral, express or implied, contract; fraud or misrepresentation; and any claim under Section 1981 of the Civil Rights Act of
1866, Title VII of the Civil Rights Act of 1964, Age Discrimination in Employment Act of 1967 (“ADEA”), 29 U.S.C. §
626, as amended, the Older Workers Benefit Protection Act of 1990 (“OWBPA”), 29 U.S.C. 626(f), Title VII of the Civil
Rights Act of 1964 (“Title VII”), 42 U.S.C. § 2000e, et seq., the Americans with Disabilities Act Amendments Act
(“ADAAA”), 29 U.S.C. § 2101, et seq., the Family and Medical Leave Act (“FMLA”), 29 U.S.C. §
2601 et seq., the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, 29 U.S.C. §§ 1001,
et seq., Equal Pay Act (“EPA”), 29 U.S.C. § 206(d), the Worker Adjustment and Retraining Notification Act (“WARN”),
29 U.S.C. § 2101 et seq., the False Claims Act, 31 U.S.C. § 3729 et seq., the California Fair Employment and Housing
Act, the California Family Rights Act, any other state human rights or fair employment practices act, and any other federal, state,
or local statute, law, rule, regulation, ordinance or order. This includes, but is not limited to, claims for violation of any
civil rights laws based on protected class status; claims for assault, battery, defamation, intentional or negligent infliction
of emotional distress, breach of the covenant of good faith and fair dealing, promissory estoppel, negligence, negligent hiring,
retention or supervision, retaliation, constructive discharge, violation of whistleblower protection laws, unjust enrichment, payment
of any kind, including any other claim for severance pay, bonus or incentive pay, sick leave, holiday pay, vacation pay, life insurance,
health or medical insurance or any other fringe benefit, medical expenses, or disability, violation of public policy, and all other
claims for unlawful employment practices, and all other common law or statutory claims. To the maximum extent permitted by law,
I agree that I will not seek and waive any right to accept any relief or award from any charge or action against the Employer before
any federal, state, or local administrative agency or federal state or local court whether filed by me or on my behalf with respect
to any claim or right covered by this Release.

 

2. Agreement to Release
My Claims. Except as stated in Paragraph 4, I agree to give up all My Claims, waive any rights thereunder, and forever discharge
the Employer and all Released Parties of and from any and all liability to me for actions or causes of action, suits, or Claims.
To the maximum extent permitted by law, I agree that I will not seek and I waive any right to accept any relief or award from any
charge or action against the Employer or other Released Party before any federal, state, or local administrative agency or federal
state or local court whether filed by me or on my behalf with respect to any claim or right covered by this Release. I also agree
to withdraw any and all of my charges and lawsuits against Employer or other Released Party, except that I may, but am not required
to, withdraw or dismiss, or attempt to withdraw or dismiss, any charges that I may have pending against the Employer or other Released
Party with the EEOC or other civil rights enforcement agency.

 

 

    	 	17	 

     

    

 

I represent and warrant
that I have not transferred or otherwise assigned my Claims, or parts thereof, to any person or entity, other than the Employer.
I will defend, indemnify and hold harmless the Employer from and against any claim (including the payment of attorneys’ fees
and costs actually incurred whether or not litigation is commenced) that is directly or indirectly based on or in connection with
or arising out of any such assignment or transfer made, purported or claimed.

 

In exchange for my agreement
to release my Claims, I am receiving satisfactory Consideration (compensation) from the Employer to which I am not otherwise entitled
by law, contract, or under any Employer policy. The consideration I am receiving is a full and fair payment for the release of
all my Claims. The Employer and the Released Parties do not owe me anything in addition to what I will be receiving.

 

3. Older Workers Benefit
Protection Act. [This section may be revised if Executive terminates employment as part of a “group” termination.]
The Older Workers Benefit Protection Act (“OWBPA”) applies to individuals age 40 and older and sets forth certain criteria
for such individuals to waive their rights under the Age Discrimination in Employment Act (“ADEA”) in connection with
an exit incentive program or other employment termination program. I understand and have been advised that this Release of My Claims
is subject to the terms of the OWBPA. The OWBPA provides that an individual cannot waive a right or claim under the ADEA unless
the waiver is knowing and voluntary. I have been advised of this law, and I agree that I am signing this Release voluntarily, and
with full knowledge of its consequences. I understand that the Employer is giving me at least twenty-one (21) calendar days from
the date I received a copy of this Release to decide whether I want to sign it. I acknowledge that I have been advised to use this
time to consult with an attorney about the effect of this Release. If I sign this Release before the end of the twenty-one (21)
day period it will be my personal, voluntary decision to do so, and will be done with full knowledge of my legal rights. I agree
that material and/or immaterial changes to the Separation Agreement or this Release will not restart the running of this consideration
period.

 

4. Exclusions from Release.
My Claims do not include my rights, if any, to claim the following: unemployment insurance or workers compensation benefits; claims
for my vested post-termination benefits under any 401(k) or similar tax-qualified retirement benefit plan; my COBRA rights; and
my rights to enforce the terms of this Release.

 

A. Nothing in this Release
interferes with my right to file a charge with the Equal Employment Opportunity Commission (“EEOC”) or other local
civil rights enforcement agency, or participate in any manner in an EEOC investigation or proceeding under Title VII, the ADA,
the ADEA, or the EPA. I, however, understand that I am waiving my right to recover individual relief including, but not limited
to, back pay, front pay, reinstatement, attorneys’ fees, and/or punitive damages, in any administrative or legal action whether
brought by the EEOC or other civil rights enforcement agency, me or any other party.

 

B. Nothing in this Release
interferes with my right to challenge the knowing and voluntary nature of this Release under the ADEA and/or OWBPA, if I have rights
under such laws.

 

C. I agree that the Employer
and the Released Parties reserve any and all defenses, which any of them has or might have against any claims brought by me. This
includes, but is not limited to, the Employer’s or other Released Party’s right to seek available costs and attorneys’
fees, and to have any monetary award granted to me, if any, reduced by the amount of money that I received in consideration for
this Release.

 

D. Nothing in this Release
releases any claims for indemnification by Executive pursuant to any indemnification agreement, statute or otherwise or claims
for coverage under any D&O or other similar insurance policy.

 

5. Effective Date; Right
to Rescind or Revoke. I understand that insofar as this Release relates to my rights under the Age Discrimination in Employment
Act (“ADEA”), it shall not become effective or enforceable until seven (7) calendar days after I sign it. I also have
the right to rescind (or revoke) this Release insofar as it extends to potential claims under the ADEA by written notice to Employer
within seven (7) calendar days following my signing this Release (the “Rescission Period”). Any such rescission (or
revocation) must be in writing and hand-delivered to Employer or, if sent by mail, postmarked within the applicable time period,
sent by certified mail, return receipt requested, and addressed as follows:

 

 

    	 	18	 

     

    

 

 

A. post-marked within the
seven (7) calendar day Rescission Period;

 

B. properly addressed to

 

[INSERT NAME AND ADDRESS];
and

 

C. sent by certified mail,
return receipt requested.

 

6. I Understand the
Terms of this Release. I have had the opportunity to read this Release carefully and understand all its terms. I have had the
opportunity to review this Release with my own attorney. In agreeing to sign this Release, I have not relied on any statements
or explanations made by the Employer or its attorneys. I understand and agree that this Release and the attached Agreement contain
all the agreements between the Employer (and any other Released Party) and me. We have no other written or oral agreements. I understand
this Release is a very important legal document and I agree to be bound by the terms of this Release.

 

 

	 	 	 
	 	Dated: ____________, 20__	_______________________________
	 	 	Jim Schutz
	 	 	 

 

 

 

 

 

 

    	 	19Exhibit

INDEMNIFICATION AGREEMENT

INDEMNIFICATION AGREEMENT (this “Agreement”), made and executed as of July 27, 2016, by and between Oasis Petroleum Inc., a Delaware corporation (the “Company”) and John E. Hagale, an individual resident of the State of Texas (the “Indemnitee”).
WITNESSETH:
WHEREAS, the Company is aware that, to induce and to retain highly competent persons to serve the Company as directors or officers or in other capacities, the Company must provide such persons with adequate protection through insurance and indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the Company;
WHEREAS, the Company recognizes the substantial increase in corporate litigation in general, subjecting directors and officers to expensive litigation risks at the same time as the availability and coverage of liability insurance has been severely limited;
WHEREAS, the Amended and Restated Bylaws of the Company (the “Bylaws”) contain indemnification provisions which entitle the members of the Board of Directors and officers of the Company to indemnification protection to the fullest extent permitted by applicable law; and
WHEREAS, it is reasonable, prudent and necessary for the Company to obligate itself contractually to indemnify such persons to the fullest extent permitted by applicable law and to provide an express process and procedure for seeking indemnification so that they will continue to serve the Company free from undue concern.
AGREEMENT:
NOW, THEREFORE, in consideration of the premises and the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Indemnitee do hereby agree as follows:
1.DEFINITIONS.  For purposes of this Agreement, the following terms shall have the meanings set forth below:
(a)    “Disinterested Director” shall mean a director of the Company who is not or was not a party to the Proceeding in respect of which indemnification is being sought.

(b)    “Expenses” shall include all reasonable attorneys’ fees, accountants’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating or being or preparing to be a witness in any Proceeding or establishing the Indemnitee’s right of entitlement to indemnification for any of the foregoing.

(c)    “Independent Counsel” shall mean a law firm of at least 50 attorneys or a member of a law firm of at least 50 attorneys that is experienced in matters of corporate law and that neither is presently nor in the past five years has been retained to represent (i) the Company or the Indemnitee or any affiliate thereof in any matter material to either such party or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s right to indemnification under this Agreement.
(d)    “Proceeding” shall mean any threatened, pending or completed action, suit, arbitration, investigation, inquiry, alternate dispute resolution mechanism, administrative or legislative hearing, or any other proceeding (including, without limitation, any securities laws action, suit, arbitration, investigation, inquiry, alternative dispute resolution mechanism, hearing or procedure) whether civil, criminal, administrative, arbitrative or investigative and whether or not based upon events occurring, or actions taken, before the date hereof, and any appeal in or related to any such action, suit, arbitration, investigation, inquiry, alternate dispute resolution mechanism, hearing or proceeding and any inquiry or investigation (including discovery), whether conducted by or in the right of the Company or any other person, that the Indemnitee in good faith believes could lead to any such action, suit, arbitration, investigation, inquiry, alternative dispute resolution mechanism, hearing or other proceeding or appeal thereof.
2.    SERVICE BY THE INDEMNITEE.  The Indemnitee agrees to serve or to continue to serve as a director or officer of the Company and will discharge his/her duties and responsibilities to the best of his/her ability so long as the Indemnitee is duly elected or appointed in accordance with the provisions of the Company’s Amended and Restated Certificate of Incorporation (the “Certificate”), the Bylaws, and the Delaware General Corporation Law, as amended (the “DGCL”), or until his/her earlier death, retirement, resignation or removal, or also in the case of a director, until his/her successor shall have been duly elected and qualified. The Indemnitee may at any time and for any reason resign from such position (subject to any other obligation, whether contractual or imposed by operation of law), in which event this Agreement shall continue in full force and effect after such resignation.  Additionally, this Agreement shall remain in full force and effect after the death, retirement or removal of the Indemnitee, or also in the case of a director, until his/her successor shall have been duly elected and qualified.  Notwithstanding the forgoing, this Agreement may be terminated in accordance with Section 22 hereof.  Nothing in this Agreement shall confer upon the Indemnitee the right to continue in the employ of the Company or as a director of the Company, or affect the right of the Company to terminate, in the Company’s sole discretion (with or without cause) and at any time, the Indemnitee’s employment or position as a director, in each case, subject to any contractual rights of the Indemnitee existing otherwise than under this Agreement.
3.    INDEMNIFICATION.  The Company shall indemnify the Indemnitee and advance Expenses to the Indemnitee as provided in this Agreement to the fullest extent permitted by the Certificate, the Bylaws in effect as of the date hereof and the DGCL or other applicable law in effect on the date hereof and to any greater extent that the Bylaws, the DGCL, or applicable law 

2

may in the future from time to time permit.  Without diminishing the scope of the indemnification provided by this Section 3, the rights of indemnification of the Indemnitee provided hereunder shall include, but shall not be limited to, those rights hereinafter set forth, except that no indemnification shall be paid hereunder to the Indemnitee:
(a)    on account of conduct of the Indemnitee which is adjudged in a final adjudication by a court of competent jurisdiction from which there is no further right of appeal or in a final adjudication of an arbitration pursuant to Section 12 hereof, if the Indemnitee elects to seek such arbitration, to have been knowingly fraudulent or to constitute conduct not in good faith, or in the case of a criminal matter, to have been knowingly unlawful;
(b)    in any circumstance where such indemnification is expressly prohibited by applicable law in effect as of the date of this Agreement or subsequently determined to be expressly prohibited by applicable law;
(c)    with respect to liability for which payment is actually made to the Indemnitee under an insurance policy or under an indemnity clause, Bylaws provision or other agreement (other than this Agreement), except in respect of any liability in excess of payment under such insurance, clause, Bylaws provision or other agreement; or
(d)    if a final decision by a court having jurisdiction in the matter shall determine that such indemnification is not lawful.
4.    ACTIONS OR PROCEEDINGS OTHER THAN AN ACTION BY OR IN THE RIGHT OF THE COMPANY.  The Indemnitee shall be entitled to the indemnification rights provided in this Agreement if the Indemnitee was or is a party or is threatened to be made a party to any Proceeding, other than a Proceeding by or in the right of the Company, by reason of the fact that the Indemnitee is or was a director, officer, employee, agent or fiduciary of the Company or any of the Company’s direct or indirect wholly-owned subsidiaries, or is or was serving at the request of the Company or any of the Company’s direct or indirect wholly-owned subsidiaries as a director, officer, employee, agent or fiduciary of any other entity, including, but not limited to, another corporation, partnership, limited liability company, employee benefit plan, joint venture, trust or other enterprise, or by reason of any act or omission by him/her in such capacity. Pursuant to this Section 4, the Indemnitee shall be indemnified against all judgments, penalties (including, but not limited to, excise and similar taxes) and fines against the Indemnitee, and all Expenses, liabilities and amounts paid in settlement which were actually and reasonably incurred by, or in the case of retainers, to be incurred by, the Indemnitee or on the Indemnitee’s behalf in connection with such Proceeding (including, but not limited to, the investigation, defense or appeal thereof).
5.    ACTIONS BY OR IN THE RIGHT OF THE COMPANY.  The Indemnitee shall be entitled to the indemnification rights provided in this Agreement if the Indemnitee was or is a party or is threatened to be made a party to any Proceeding brought by or in the right of the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was a director, officer, employee, agent or fiduciary of the Company or any of the Company’s direct or indirect wholly-owned subsidiaries, or is or was serving at the request of the Company or any of the Company’s direct or indirect wholly-owned subsidiaries as a director, officer, employee, agent 

3

or fiduciary of another entity, including, but not limited to, another corporation, partnership, limited liability company, employee benefit plan, joint venture, trust or other enterprise, or by reason of any act or omission by him/her in any such capacity. Pursuant to this Section 5, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by, or in the case of retainers, to be incurred by, him/her in connection with such Proceeding (including, but not limited to the investigation, defense or appeal thereof); provided, however, that no indemnification shall be made in respect of any claim, issue or matter as to which the Indemnitee shall have been  adjudged to be liable to the Company in a final adjudication by a court of competent jurisdiction from which there is no further right of appeal or in a final adjudication of an arbitration pursuant to Section 12 hereof, if the Indemnitee elects to seek such arbitration, unless and to the extent that the Court of Chancery of the State of Delaware, or the court in which such Proceeding shall have been brought or is pending, shall determine that such indemnification may be made.
6.    GOOD FAITH DEFINITION.  For purposes of this Agreement, the Indemnitee shall be deemed to have acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, or, with respect to any criminal Proceeding, to have had no reasonable cause to believe the Indemnitee’s conduct was unlawful, if such action was based on any of the following: (a) the records or books of the account of the Company or other enterprise, including financial statements; (b) information supplied to the Indemnitee by the officers of the Company or any of the Company’s direct or indirect wholly-owned subsidiaries or any entity at which the Indemnitee is or was serving as a director, officer, employee, agent or fiduciary at the request of the Company or any of the Company’s direct or indirect wholly-owned subsidiaries (each such entity, a “Subject Enterprise”) in the course of his/her duties; (c) the advice of legal counsel for the Company or Subject Enterprise; or (d) information or records given in reports made to the Company or Subject Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company or other enterprise.  The provisions of this Section 6 shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.
7.    INDEMNIFICATION FOR EXPENSES OF WITNESS. Notwithstanding the other provisions of this Agreement, to the extent that the Indemnitee has served on behalf of the Company or any of the Company’s direct or indirect wholly-owned subsidiaries, or is or was serving at the request of the Company or any of the Company’s direct or indirect wholly-owned subsidiaries, as a witness or other similar participant in any Proceeding, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by, or in the case of retainers, to be incurred by, the Indemnitee in connection therewith to be paid by the Company within seven days of receipt by the Company of a statement from the Indemnitee requesting such payment and detailing such Expenses.
8.    PARTIAL INDEMNIFICATION.  If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the judgments, penalties and fines and Expenses and amounts paid in settlement actually and reasonably incurred by, or in the case of retainers to be incurred by, the Indemnitee in connection with the investigation, defense, appeal or settlement of such Proceeding described in Sections 4 and 5 hereof, but is not entitled to indemnification for the total amount thereof, the Company shall nevertheless indemnify 

4

the Indemnitee for the portion of such judgments, penalties and fines and Expenses and amounts paid in settlement actually and reasonably incurred by, or in the case of retainers, to be incurred by, the Indemnitee for which the Indemnitee is entitled to be indemnified.  For purposes of this Section 8 and without limitation, the termination of any claim, issue, or matter in such a Proceeding described herein (a) by dismissal, summary judgment, judgment on the pleading, or final judgment, with or without prejudice, or (b) by agreement without payment or assumption or admission of liability by the Indemnitee, shall be deemed to be a successful determination or result as to such claim, issue or matter.    
9.    PROCEDURE FOR DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION.
(a)    To obtain indemnification under this Agreement, the Indemnitee shall submit to the Company a written request, including documentation and information which is reasonably available to the Indemnitee and is reasonably necessary to determine whether the Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of a request for indemnification, advise the Board of Directors that the Indemnitee has requested indemnification. Any Expenses incurred by, or in the case of retainers, to be incurred by, the Indemnitee in connection with the Indemnitee’s request for indemnification hereunder shall be borne by the Company. 
(b)    Upon written request by the Indemnitee for indemnification pursuant to Sections 4 and 5 hereof, the entitlement of the Indemnitee to indemnification pursuant to the terms of this Agreement shall be determined by the following person or persons, who shall be empowered to make such determination: (i) if requested by the Indemnitee, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee; or (ii) if not so requested, (A) by the Board of Directors of the Company, by a majority vote of a quorum (determined in accordance with the Bylaws) consisting of Disinterested Directors, or (B) if a quorum consisting of Disinterested Directors is not obtainable or if a majority vote of a quorum consisting of Disinterested Directors so directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee. The Independent Counsel shall be selected by the Board of Directors of the Company unless there shall have occurred within two years prior to the date of the commencement of the Proceeding for which indemnification is claimed a “Change of Control” as defined in the Company’s Amended and Restated 2010 Long Term Incentive Plan in which case the Independent Counsel shall be selected by the claimant unless the claimant shall request that such selection be made by the Board of Directors. Such determination of entitlement to indemnification shall be made not later than 45 days after receipt by the Company of a written request for indemnification.  If it is so determined that the Indemnitee is entitled to indemnification, payment to the Indemnitee shall be made within 15 days after such determination.
(c)    The Indemnitee shall be entitled to indemnification hereunder without a separate determination by or on behalf of the Company pursuant to Section 9(b) hereof with respect to any Proceeding and/or any claim, issue, or matter with respect thereto: (i) which is resolved by agreement without any payment or assumption or admission of liability by 

5

the Indemnitee; or (ii) as to which a final decision on the merits has been made by the court or other body with jurisdiction over that Proceeding, in which the Indemnitee was not determined to be liable with respect to such claim, issue, or matter asserted against the Indemnitee in the Proceeding; or (iii) as to which a court or arbitrator determines upon application that, despite such a determination of liability on the part of the Indemnitee, but in view of all the circumstances of the Proceeding and of the Indemnitee’s conduct with respect thereto, the Indemnitee is fairly and reasonably entitled to indemnification for such judgments, penalties, fines, amounts paid in settlement, and Expenses as such court or arbitrator shall deem proper; provided, however, such decision shall have been rendered in or with respect to the Proceeding for which the Indemnitee seeks indemnification under this Agreement.
10.    PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS.
(a)    In making a determination with respect to entitlement to indemnification, the Indemnitee shall be presumed to be entitled to full indemnification hereunder, and the Company shall have the burden of proof in the making of any determination contrary to such presumption.  Neither the failure of the Board of Directors (or such other person or persons empowered to make the determination of whether the Indemnitee is entitled to indemnification) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because the Indemnitee has met the applicable standard of conduct, nor any determination thereby that the Indemnitee has not met such applicable standard of conduct, shall be a defense or admissible as evidence in any Proceeding for any purpose or create a presumption that the Indemnitee has acted in bad faith or failed to meet any other applicable standard of conduct.
(b)    If the Board of Directors or the Independent Counsel, as applicable, shall have failed to make a determination as to entitlement to indemnification within 45 days after receipt by the Company of such request, the requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be absolutely entitled to such indemnification, absent actual and material fraud in the request for indemnification, a prohibition of indemnification under applicable law in effect as of the date of this Agreement, or a subsequent determination that such indemnification is prohibited by applicable law.  The termination of any Proceeding described in Sections 4 or 5 hereof by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself: (i) create a presumption that the Indemnitee acted in bad faith or in a manner which he/she reasonably believed to be opposed to the best interests of the Company, or, with respect to any criminal Proceeding, that the Indemnitee has reasonable cause to believe that the Indemnitee’s conduct was unlawful; or (ii) otherwise adversely affect the rights of the Indemnitee to indemnification, except as may be provided herein.
11.    ADVANCEMENT OF EXPENSES.  Subject to applicable law, all reasonable Expenses actually incurred by, or in the case of retainers, to be incurred by, the Indemnitee in connection with any Proceeding shall be paid by the Company in advance of the final disposition of such Proceeding, if so requested by the Indemnitee, within seven days after the receipt by the Company of a statement or statements from the Indemnitee requesting such advance or advances. 

6

The Indemnitee may submit such statements from time to time. The Indemnitee’s entitlement to such Expenses shall include those incurred, or in the case of retainers, to be incurred, in connection with any Proceeding by the Indemnitee seeking an adjudication or award in arbitration pursuant to this Agreement. Such statement or statements shall reasonably evidence the Expenses incurred by, or in the case of retainers, to be incurred by, the Indemnitee in connection therewith and shall include or be accompanied by a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the Indemnitee has met the standard of conduct necessary for indemnification under this Agreement and an undertaking by or on behalf of the Indemnitee to repay such amount if it is ultimately determined that the Indemnitee is not entitled to be indemnified against such Expenses by the Company pursuant to this Agreement or otherwise. The form of Written Affirmation is attached as Exhibit A hereto.  Each written undertaking to pay amounts advanced must be an unlimited general obligation but need not be secured, and shall be accepted without reference to financial ability to make repayment.
12.    REMEDIES OF THE INDEMNITEE IN CASES OF DETERMINATION NOT TO INDEMNIFY OR FAILURE TO ADVANCE EXPENSES.  In the event that a determination is made that the Indemnitee is not entitled to indemnification hereunder or if the payment has not been timely made following a determination of entitlement to indemnification pursuant to Sections 9 and 10 hereof, or if Expenses are not advanced pursuant to Section 11 hereof, the Indemnitee shall be entitled to seek a final adjudication in an appropriate court of the State of Delaware or any other court of competent jurisdiction of the Indemnitee’s entitlement to such indemnification or advance.  Alternatively, the Indemnitee may, at the Indemnitee’s option, seek an award in arbitration to be conducted by a single arbitrator chosen by the Indemnitee and approved by the Company, which approval shall not be unreasonably withheld or delayed. If the Indemnitee and the Company do not agree upon an arbitrator within 30 days following notice to the Company by the Indemnitee that it seeks an award in arbitration, the arbitrator will be chosen pursuant to the rules of the American Arbitration Association (the “AAA”). The arbitration will be conducted pursuant to the rules of the AAA, and an award shall be made within 60 days following the filing of the demand for arbitration. The arbitration shall be held in Houston, Texas.  The Company shall not oppose the Indemnitee’s right to seek any such adjudication or award in arbitration or any other claim. Such judicial proceeding or arbitration shall be made de novo, and the Indemnitee shall not be prejudiced by reason of a determination (if so made) that the Indemnitee is not entitled to indemnification. If a determination is made or deemed to have been made pursuant to the terms of Section 9 or Section 10 hereof that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination and shall be precluded from asserting that such determination has not been made or that the procedure by which such determination was made is not valid, binding and enforceable. The Company further agrees to stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement and is precluded from making any assertions to the contrary. If the court or arbitrator shall determine that the Indemnitee is entitled to any indemnification hereunder, the Company shall pay all reasonable Expenses actually incurred by, or in the case of retainers to be incurred by, the Indemnitee in connection with such adjudication or award in arbitration (including, but not limited to, any appellate Proceedings).
13.    NOTIFICATION AND DEFENSE OF CLAIM.  Promptly after receipt by the Indemnitee of notice of the commencement of any Proceeding, the Indemnitee will, if a claim in 

7

respect thereof is to be made against the Company under this Agreement, notify the Company in writing of the commencement thereof. The omission or delay by the Indemnitee to so notify the Company will not relieve the Company from any liability that it may have to the Indemnitee under this Agreement or otherwise, except to the extent that the Company may suffer material prejudice by reason of such failure or delay. Notwithstanding any other provision of this Agreement, with respect to any such Proceeding as to which the Indemnitee gives notice to the Company of the commencement thereof:
(a)    The Company will be entitled to participate therein at its own expense.
(b)    Except as otherwise provided in this Section 13(b), to the extent that it may wish, the Company, jointly with any other indemnifying party similarly notified, shall be entitled to assume the defense thereof with counsel reasonably satisfactory to the Indemnitee. After prior written notice from the Company to the Indemnitee of its election to so assume the defense thereof, the Company shall not be liable to the Indemnitee under this Agreement for any legal or other Expenses subsequently incurred by the Indemnitee in connection with the defense thereof other than reasonable costs of investigation or as otherwise provided below. The Indemnitee shall have the right to employ the Indemnitee’s own counsel in such Proceeding, but the fees and Expenses of such counsel incurred after such notice from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee unless (i) the employment of counsel by the Indemnitee has been authorized by the Company; (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of such Proceeding, and such determination by the Indemnitee shall be supported by an opinion of counsel, which opinion shall be reasonably acceptable to the Company; or (iii) the Company shall not in fact have employed counsel to assume the defense of the Proceeding, in each of which cases the fees and Expenses of counsel shall be at the expense of the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee shall have reached the conclusion provided for in clause (ii) above.
(c)    The Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding without its prior written consent, which consent shall not be unreasonably withheld. The Company shall not be required to obtain the consent of the Indemnitee to settle any Proceeding which the Company has undertaken to defend if the Company assumes full and sole responsibility for such settlement and such settlement grants the Indemnitee a complete and unqualified release in respect of any potential liability.  The Company shall have no obligation to indemnify the Indemnitee under this Agreement with regard to any judicial award issued in a Proceeding, or any related Expenses of the Indemnitee, if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense of such Proceeding, except to the extent the Company was not materially prejudiced thereby.
(d)    If, at the time of the receipt of a notice of a claim pursuant to this Section 13, the Company has director and officer liability insurance in effect, the Company shall 

8

give prompt notice of the commencement of the Proceeding for which indemnification is sought to the insurers in accordance with the procedures set forth in the respective policies.
The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of the policies.
14.    OTHER RIGHTS TO INDEMNIFICATION.  The indemnification and advancement of Expenses provided by this Agreement are cumulative, and not exclusive, and are in addition to any other rights to which the Indemnitee may now or in the future be entitled under any provision of the Bylaws or Certificate of the Company, or other governing documents of any direct or indirect wholly-owned subsidiary of the Company, any vote of the stockholders of the Company or Disinterested Directors, any provision of law or otherwise. Except as required by applicable law, the Company shall not adopt any amendment to its Bylaws or Certificate the effect of which would be to deny, diminish or encumber the Indemnitee’s right to indemnification under this Agreement.
15.    NO IMPUTATION. The knowledge or actions, or failure to act, of any director, officer, agent or employee of the Company or the Company itself shall not be imputed to the Indemnitee for purposes of determining the right to indemnification under this Agreement.
16.    DIRECTOR AND OFFICER LIABILITY INSURANCE.  The Company shall, from time to time, make the good faith determination whether it is practicable for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors of the Company and any direct or indirect wholly-owned subsidiary of the Company with coverage for losses from wrongful acts or to ensure the Company’s performance of its indemnification obligations under this Agreement. Among other considerations, the Company will weigh the costs of obtaining such insurance coverage against the protection afforded by such coverage. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain such insurance if the Company determines in good faith that such insurance is not necessary or is not reasonably available, if the premium costs for such insurance are disproportionate to the amount of coverage provided, if the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit or if the Indemnitee is covered by similar insurance maintained by a direct or indirect wholly-owned subsidiary of the Company.  However, the Company’s decision whether or not to adopt and maintain such insurance shall not affect in any way its obligations to indemnify the Indemnitee under this Agreement or otherwise. In all policies of director and officer liability insurance, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s directors, if the Indemnitee is a director; or of the Company’s officers, if the Indemnitee is not a director of the Company but is an officer. The Company agrees that the provisions of this Agreement shall remain in effect regardless of whether liability or other insurance coverage is at any time obtained or retained by the Company; except that any payments made to, or on behalf of, the Indemnitee under an insurance policy shall reduce the obligations of the Company hereunder with respect to the amount of such payment in accordance with Section 3(c) hereof. 
17.    INTENT.  This Agreement is intended to be broader than any statutory indemnification rights applicable in the State of Delaware and shall be in addition to and 

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supplemental to any other rights the Indemnitee may have under the Certificate, the Bylaws, applicable law or otherwise. To the extent that a change in applicable law (whether by statute or judicial decision) permits greater indemnification by agreement than would be afforded currently under the Certificate, the Bylaws, applicable law or this Agreement, it is the intent of the parties that the Indemnitee enjoy by this Agreement the greater benefits so afforded by such change. To the extent there is any conflict between this Agreement and the Bylaws with respect to any right or obligation of any party hereto, the terms of this Agreement shall control; provided, however, the foregoing shall not apply to a reduction of any right of the Indemnitee. 
18.    ATTORNEY’S FEES AND OTHER EXPENSES TO ENFORCE AGREEMENT.  In the event that the Indemnitee is subject to or intervenes in any Proceeding in which the validity or enforceability of this Agreement is at issue or seeks an adjudication or award in arbitration to enforce the Indemnitee’s rights under, or to recover damages for breach of, this Agreement the Indemnitee, if he/she prevails in whole or in part in such action, shall be entitled to recover from the Company and shall be indemnified by the Company against any actual expenses for attorneys’ fees and disbursements reasonably incurred by the Indemnitee.
19.    SUBROGATION.  In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce such rights.
20.    EFFECTIVE DATE.  The provisions of this Agreement shall cover claims or Proceedings whether now pending or hereafter commenced and shall be retroactive to cover acts or omissions or alleged acts or omissions which heretofore have taken place. The Company shall be liable under this Agreement, pursuant to Sections 4 and 5 hereof, for all acts of the Indemnitee while serving as a director and/or officer, notwithstanding the termination of the Indemnitee’s service, if such act was performed or omitted to be performed during the term of the Indemnitee’s service to the Company.
21.    GROSS-UP FOR TAXES.  In the event any payment of indemnity to the Indemnitee under this Agreement shall be deemed to be income for federal, state or local income, excise or other tax purposes, then the Company shall pay to the Indemnitee, in addition to any amount for indemnification provided for herein, an amount equal to the amount of taxes for which the Indemnitee shall become liable (with offset for any deductions which the Indemnitee may have that are related to the indemnification amount but without offset for any other deductions which the Indemnitee may have that are not related to the indemnification amount), promptly upon receipt from the Indemnitee of a request for reimbursement of such taxes together with a copy of the Indemnitee’s tax return, which shall be maintained in strictest confidence by the Company. Any such tax gross-up payment shall be paid to the Indemnitee within 60 days following receipt by the Company of the Indemnitee’s request and tax return, which shall be received by the Company no later than the end of the calendar year next following the calendar year in which the Indemnitee remits the related taxes; provided, however, that in the event the Indemnitee is audited by the Internal Revenue Service, the deadline for receipt by the Company of the Indemnitee’s request and tax return shall be extended to the end of three calendar years (plus the time length 

10

of any audit extensions requested by the Internal Revenue Service) next following the calendar year in which the Indemnitee remits the related taxes.
22.    DURATION OF AGREEMENT.  This Agreement shall continue until and terminate upon the later of: (a) ten years after the Indemnitee has ceased to occupy any of the positions or have any relationships described in Sections 4 and 5 of this Agreement; (b) the final termination of all Proceedings to which the Indemnitee may be subject by reason of the fact that he/she is or was a director, officer, employee, agent or fiduciary of the Company or any of the Company’s direct or indirect wholly-owned subsidiaries, or is or was serving at the request of the Company or any of the Company’s direct or indirect wholly-owned subsidiaries as a director, officer, employee, agent or fiduciary of any other entity, including, but not limited to, another corporation, partnership, limited liability company, employee benefit plan, joint venture, trust or other enterprise, or by reason of any act or omission by the Indemnitee in any such capacity; or (c) the expiration of all statutes of limitation applicable to possible Proceedings to which the Indemnitee may be subject arising out of the Indemnitee’s positions or relationships described in Sections 4 and 5 of this Agreement. The indemnification provided under this Agreement shall continue as to the Indemnitee even though he/she may have ceased to be a director or officer of the Company or any of the Company’s direct or indirect wholly-owned subsidiaries. This Agreement shall be binding upon the Company and its successors and assigns, including, without limitation, any corporation or other entity which may have acquired all or substantially all of the Company’s assets or business or into which the Company may be consolidated or merged, and shall inure to the benefit of the Indemnitee and his/her spouse, successors, assigns, heirs, devisees, executors, administrators or other legal representations. The Company shall require any successor or assignee (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, by written agreement in form and substance reasonably satisfactory to the Company, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession or assignment had taken place.
23.    DISCLOSURE OF PAYMENTS.  Except as required by any federal securities laws or other federal or state law, neither party hereto shall disclose any payments under this Agreement unless prior approval of the other party is obtained.
24.    CONTRIBUTION.  To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to the Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying the Indemnitee, shall contribute to the amount incurred by the Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement, and/or for Expenses, in connection with any claim relating a Proceeding under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and the Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees, and agents) and the Indemnitee in connection with such event(s) and/or transaction(s). If such contribution constitutes deferred compensation subject to Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations and other guidance thereunder (“Section 409A”), as determined by the Company, such contribution shall be paid to the Indemnitee (or the 

11

Indemnitee’s estate in the event of death) upon the earlier of (a) the Indemnitee’s “separation from service” (as defined by the Company in accordance with Section 409A); (b) the Indemnitee’s death; (c) the Indemnitee’s becoming “disabled” (as defined in Section 409A); (d) the occurrence of an “unforeseeable emergency” (as defined in Section 409A); or (e) a change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company (as defined in Section 409A).
25.    IRC SECTION 409A.  This Agreement is intended to comply with Section 409A (as defined in Section 23 of this Agreement) and any ambiguous provisions will be construed in a manner that is compliant with the application of Section 409A. If (a) the Indemnitee is a “specified employee” (as such term is defined by the Company in accordance with Section 409A) and (b) any payment payable upon “separation from service” (as such term is defined by the Company in accordance with Section 409A) under this Agreement is subject to Section 409A and is required to be delayed under Section 409A because the Indemnitee is a specified employee, that payment shall be payable on the earlier of (i) the first business day that is six months after the Indemnitee’s “separation from service”; (ii) the date of the Indemnitee’s death; or (iii) the date that otherwise complies with the requirements of Section 409A. This Section 25 shall be applied by accumulating all payments that otherwise would have been paid within six months of the Indemnitee’s separation from service and paying such accumulated amounts on the earliest business day which complies with the requirements of Section 409A. For purposes of Section 409A, each payment or amount due under this Agreement shall be considered a separate payment, and the Indemnitee’s entitlement to a series of payments under this Agreement is to be treated as an entitlement to a series of separate payments.
26.    SEVERABILITY.  If any provision or provisions of this Agreement shall be held invalid, illegal or unenforceable for any reason whatsoever, (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, but not limited to, all portions of any Sections of this Agreement containing any such provision held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (b) to the fullest extent possible, the provisions of this Agreement (including, but not limited to, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.
27.    COUNTERPARTS.  This Agreement may be executed by one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same agreement. Only one such counterpart signed by the party against whom enforceability is sought shall be required to be produced to evidence the existence of this Agreement.
28.    CAPTIONS.  The captions and headings used in this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
29.    ENTIRE AGREEMENT, MODIFICATION AND WAIVER.  This Agreement, along with any employment agreement addressing the subject matter hereof and the Certificate and the Bylaws, interpreted as described in Section 17 hereof, constitutes the entire agreement 

12

and understanding of the parties hereto regarding the subject matter hereof, and no supplement, modification or amendment of this Agreement shall be binding unless executed in writing by all parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. No supplement, modification or amendment to this Agreement shall limit or restrict any right of the Indemnitee under this Agreement in respect of any act or omission of the Indemnitee prior to the effective date of such supplement, modification or amendment unless expressly provided therein. 
30.    NOTICES.  All notices, requests, demands or other communications hereunder shall be in writing and shall be deemed to have been duly given if (a) delivered by hand with receipt acknowledged by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered mail, return receipt requested with postage prepaid, on the date shown on the return receipt or (c) delivered by facsimile transmission on the date shown on the facsimile machine report:
(a)    If to the Indemnitee to:
Mr. John E. Hagale
222-D South Post Oak Ln.
Houston, TX 77056
Email: john@hagale.net

(b)    If to the Company, to:
Oasis Petroleum Inc.
1001 Fannin Street, Suite 1500
Houston, TX 77002
Facsimile:  (281) 404-9501
Attn: Board of Directors

or to such other address as may be furnished to the Indemnitee by the Company or to the Company by the Indemnitee, as the case may be.

31.    GOVERNING LAW.  The parties hereto agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, applied without giving effect to any conflicts of law principles.

[Signature Page Follows]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.
THE COMPANY:

OASIS PETROLEUM INC.

By: /s/ Nickolas J. Lorentzatos
Name: Nickolas J. Lorentzatos        
Title:  Executive Vice President, 
           General Counsel & Corporate   
           Secretary

INDEMNITEE:

/s/ John E. Hagale
Name:    John E. Hagale            
                            

    

EXHIBIT A

[DATE]

The Board of Directors of Oasis Petroleum Inc.
1001 Fannin Street, Suite 1500
Houston, TX 77002

Ladies and Gentlemen:

Pursuant to Section 11 (“Advancement of Expenses”) of that certain Indemnification Agreement, dated July 27, 2016, by and among Oasis Petroleum Inc., a Delaware corporation (the “Company”) and me (the “Indemnification Agreement”), I request that the Company pay in advance the reasonable expenses incurred by me in the defense of a Proceeding (as such term is defined in the Indemnification Agreement).  I also request that the Company pay in advance the reasonable Expenses incurred by me in the defense of any other Proceeding, as such terms are defined in the Indemnification Agreement, arising from substantially the same matters that are in the original Proceeding in which I am named as a defendant by reason of the fact that I am or was an officer or member of the Board of Directors of the Company or its affiliates.

In relation to the request made above, I believe, in good faith, that I have met the standard of conduct necessary for indemnification under the Indemnification Agreement, and I hereby undertake to repay to the Company, immediately and upon demand, any expenses (including attorneys’ fees) paid by it to me or on my behalf in advance of the final disposition of the above-described Proceedings, if it shall ultimately be determined that I am not entitled to be indemnified by the Company pursuant to the Indemnification Agreement or otherwise.

Sincerely,

Printed Name:

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