Exhibit 10.1
INDEPENDENT CONTRACTOR CONSULTANT AGREEMENT
This Independent Contractor Consultant Agreement (“Agreement”) is entered into as of this the 1st day of May 2026 (the “Effective Date”), by and between Michael Beindorff (hereinafter referred to as “Consultant”), and LifeVantage Corporation, a Delaware corporation based in Lehi, Utah of the USA (“LifeVantage”).
As full compensation for any Services performed by Consultant pursuant to this Agreement, LifeVantage shall pay Consultant a fee for such Services rendered as set forth in Exhibit A. Consultant will be reimbursed for reasonable and necessary expenditures made or incurred by Consultant in the course of the performance of Consultant’s Services under this Agreement, including economy airfare for Consultant’s commute between Colorado and Utah, an extended stay accommodation (such as the Town Suites near the corporate office) during the term of this Agreement, and a car rental when Consultant is in Utah to complete the Services during the term of this Agreement. LifeVantage will reimburse Consultant for such expenses regarding which Consultant presents an itemized written account within thirty (30) days after they have been incurred. Upon termination of this Agreement (other than for Consultant’s material breach), Consultant shall be paid fees on a proportional basis for Services performed, up to and including the effective date of such termination.
Other than Consultant serving as a director on the LifeVantage Board of Directors, Consultant’s relationship with LifeVantage shall be that of an independent contractor and nothing in this Agreement should be construed to create a partnership, joint venture, agency or employer-employee relationship between the parties. Consultant shall not be entitled to any of the benefits LifeVantage may make available to its employees, such as group insurance, profit-sharing or retirement benefits. Consultant shall be solely responsible for all tax returns and payments required to be filed with or made to any federal, state or local tax authority with respect to Consultant’s performance of the Services and receipt of fees under this Agreement. LifeVantage may regularly report amounts paid to Consultant with any applicable tax authorities as required by law. Because Consultant is an independent contractor, LifeVantage shall not withhold or make payments for social insurance nor make any such similar payments that an employer may make for employees such as unemployment insurance or disability insurance contributions or obtain worker’s compensation insurance on Consultant’s (or its employees’ or agents’) behalf. Consultant shall comply with, and agrees to accept exclusive liability for non-compliance with, all applicable local, state and federal laws, rules and regulations, including, without limitation, obligations such as payment of all taxes, social insurance, disability and other contributions based on fees paid to Consultant under this Agreement. Consultant hereby agrees to indemnify, hold harmless and defend LifeVantage against any and all such liability, taxes or contributions, including, without limitation, penalties and interest.
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This Agreement shall commence on the Effective Date and continue until August 4, 2026, unless otherwise extended by mutual written agreement of the parties.
LifeVantage may terminate this Agreement at its convenience, with or without cause, upon 15 days prior written notice to Consultant. Consultant may terminate this Agreement for convenience, with or without cause, upon 15 days written notice to LifeVantage, provided that termination by Consultant pursuant to this Section 8.2 shall not be effective until completion of any specifically defined term and/or LifeVantage’s final acceptance of the Services set forth on Exhibit A, unless otherwise agreed by the parties in writing.
If either party materially defaults in any of its obligations under this Agreement, the non-defaulting party, at its option shall have the right to terminate this Agreement by written notice unless the defaulting party remedies the default within 10 calendar days after receipt of written notice of such default. LifeVantage may also terminate this Agreement immediately for Consultant’s breach of Sections 4 or 9.
Upon the effective date of any termination of this Agreement, Consultant shall immediately cease performing any Services under this Agreement. Unless this Agreement has been terminated by LifeVantage for material breach by Consultant, LifeVantage agrees to pay Consultant compensation due for Services actually rendered, in accordance with Section 2, and such amounts shall be in full satisfaction of any obligation or liability of LifeVantage to Consultant for payments due to Consultant under this Agreement. Sections 4, 5, 6, 8.4, 8.5, 9, 10 and 11 shall survive the expiration or termination of this Agreement. Termination of this Agreement by either party shall not act as a waiver of any breach of this Agreement and shall not act as a release of either party from any liability for breach of such party’s obligations under this Agreement. Neither LifeVantage nor Consultant shall be liable to the other for damages of any kind solely as a result of terminating this Agreement in accordance with its terms, and termination of this Agreement by a party shall be without prejudice to any other right or remedy of such party under this Agreement or applicable law.
Consultant acknowledges that LifeVantage’s relationships with its employees, agents, suppliers, distributors, customers and vendors are valuable business assets. Accordingly, Consultant agrees that, during the period of this Agreement and for one (1) year thereafter Consultant shall not (for itself or for any third party) divert or attempt to divert from LifeVantage any business, employee, agent, supplier, client, distributor, consultant, customer or vendor, through solicitation or otherwise.
To the extent permitted by applicable law: (a) in no event shall LifeVantage be liable under any legal theory for any special, indirect, consequential, exemplary or incidental damages, however caused, arising out of or relating to this Agreement, even if LifeVantage has been advised of the possibility of such damages; and (b) in no event shall LifeVantage’s aggregate liability arising out of or relating to this Agreement (regardless of the form of action giving rise to such liability, whether in contract, tort or otherwise) exceed the fees payable by LifeVantage hereunder.
This Agreement is to be construed in accordance with and governed by the internal laws of Utah in the USA without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the
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internal laws of Utah to the rights and duties of the parties. Any legal suit, action or proceeding arising out of or relating to this Agreement shall be commenced in the courts in Utah County, Utah and each party hereto irrevocably submits to the exclusive jurisdiction and venue of any such court in any such suit, action or proceeding.
If the application of any provision of this Agreement to any particular facts or circumstances shall for any reason be held to be invalid, illegal or unenforceable by a court, arbitration panel or other tribunal of competent jurisdiction, then (a) the validity, legality and enforceability of such provision as applied to any other particular facts or circumstances, and the other provisions of this Agreement, shall not in any way be affected or impaired thereby and (b) such provision shall be enforced to the maximum extent possible so as to effect the intent of the parties. If, moreover, any provision contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with applicable law.
Consultant acknowledges that LifeVantage has entered into this Agreement on the basis of the particular abilities of Consultant. Accordingly, LifeVantage shall be entitled to assign, sell, transfer, delegate or otherwise dispose of, whether voluntarily or involuntarily, by operation of law or otherwise, this Agreement and any of its rights or obligations of this Agreement, but Consultant shall not and shall not have the right to assign, sell, transfer, delegate or otherwise dispose of, whether voluntarily or involuntarily, by operation of law or otherwise, this Agreement or any of its rights or obligations under this Agreement without the prior written consent of LifeVantage. Except as provided herein, any purported assignment, transfer or delegation by Consultant shall be null and void. Subject to the foregoing, this Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors and permitted assigns.
Any notice, request, demand, or other communication required or permitted hereunder shall be in writing, shall reference this Agreement and shall be deemed to be properly given: (a) when delivered personally; (b) when sent by email with a read receipt acknowledgement, or a written confirmation by recipient; (c) when making three attempts to communicate using an electronic or digital communications channel verifiably used by recipient in previous communications even if acknowledgement is not given; (d) five (5) business days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (e) two (2) business days after deposit with a private industry express courier. All notices shall be sent to the address set forth on the signature page of this Agreement, or to such other address as may be designated by a party, or to the email address on file, or to such electronic or digital communication verifiably used by recipient.
If any legal action, including, without limitation, an action for arbitration or injunctive relief, is brought relating to this Agreement or the breach hereof, the prevailing party in any final judgment or arbitration award, or the non-dismissing party in the event of a voluntary dismissal by the party instituting the action, shall be entitled to the full amount of all reasonable expenses, including all court costs, arbitration fees and actual attorney fees paid or incurred in good faith.
Consultant recognizes that the covenants contained in this Agreement are reasonable and necessary to protect the legitimate interests of LifeVantage, that LifeVantage would not have entered into this Agreement in the absence of such covenants, and that Consultant’s breach or threatened breach of such covenants shall cause LifeVantage irreparable harm and significant injury, the amount of which shall be extremely difficult to estimate and ascertain, thus, making any remedy at law or in damages inadequate. Therefore, Consultant agrees that LifeVantage shall be entitled, without the necessity of posting of any bond or security, to the issuance of injunctive relief by any court of competent jurisdiction enjoining any breach or threatened breach of such covenants and for any other relief such court deems appropriate. This right shall be in addition to any other remedy available to LifeVantage at law or in equity.
The waiver by either party of a breach of or a default under any provision of this Agreement shall not be effective unless in writing and shall not be construed as a waiver of any subsequent breach of or default under the same or any other provision of this Agreement, nor shall any delay or omission on the part of either party to exercise or avail itself of any right or remedy that it has or may have hereunder operate as a waiver of any right or remedy.
This Agreement has been negotiated by the parties and shall be interpreted fairly in accordance with its terms and without any construction in favor of or against either party.
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The captions and section and paragraph headings used in this Agreement are inserted for convenience only and shall not affect the meaning or interpretation of this Agreement.
This Agreement may be executed (including, without limitation, by electronic signature or by email) in one or more counterparts, with the same effect as if the parties had signed the same document. Each counterpart so executed shall be deemed to be an original, and all such counterparts shall be construed together and shall constitute one Agreement.
The rights granted to LifeVantage hereunder are rights in “intellectual property” within the scope of Section 101 of the United States Bankruptcy Code (the “Code”). LifeVantage shall have the rights set forth herein with respect to the Work Product when and as developed or created. In addition, LifeVantage, as a licensee of intellectual property rights hereunder, shall have and may fully exercise all rights available to a licensee under the Code, including, without limitation, under Section 365(n) or its successors. In the event of a case under the Code involving Consultant, LifeVantage shall have the right to obtain (and Consultant or any trustee for Consultant or its assets shall, at LifeVantage’s written request, deliver to LifeVantage) a copy of all embodiments (including, without limitation, any work in progress) of any intellectual property rights granted hereunder, including, without limitation, embodiments of any Work Product or any other intellectual property necessary or desirable for LifeVantage to use or exploit any Work Product or to exercise its rights hereunder. In addition, Consultant shall take all steps reasonably requested by LifeVantage to perfect, exercise and enforce its rights hereunder, including, without limitation, filings in the U.S. Copyright Office and U.S. Patent and Trademark Office, and under the U.S. Uniform Commercial Code.
This Agreement (including the Exhibits attached hereto, which are incorporated herein by reference) is the final, complete and exclusive agreement of the parties with respect to the subject matter hereof and supersedes and merges all prior or contemporaneous representations, discussions, proposals, negotiations, conditions, communications and agreements, whether written or oral, between the parties relating to the subject matter hereof and all past courses of dealing or industry custom. No modification of or amendment to this Agreement shall be effective unless in writing and signed by each of the parties.
Signatures on the Next Page
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In Witness Whereof, the parties have caused this Agreement to be executed by their duly authorized representatives as of the Effective Date.
LifeVantage Corporation Michael Beindorff (Consultant)
By: /s/ Raymond b. Greer By:/s/ Michael Beindorff
Name: Raymond B. Greer Name: Michael Beindorff
Title: Chairman of the Board
Address: 3300 N. Triumph Blvd., Suite 700 Address: 5959 S. Ogden Ct.
Lehi, Utah 84043 Greenwood Village, CO 80121
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Exhibit A
Services
Services to be Provided by Independent Contractor Consultant
Compensation and Billing
Consultant will be paid for the Services a flat fee of US$45,833 per month and pro-rated accordingly through the term of the Agreement outlined in Section 8.1 in the event the Agreement expires or terminates on a date other than the end of the month. The foregoing compensation is inclusive of taxes and social security contributions due in any country wherein Consultant may reside and for which taxes and social contributions are exclusively the sole responsibility of the Consultant. Such monthly fee is the only payment to Consultant and Consultant shall be solely responsible for any vehicle, daily transportation and/or health insurance costs that Consultant may determine are needed for himself to fulfill the Services.
Term
This Agreement is for a period of 3 months beginning on May 1, 2026, and ending on August 4, 2026, unless terminated earlier or extended further by either party in writing in accordance with this Agreement.
General
Except to the extent, if any, otherwise expressly set forth in this Exhibit A, this Exhibit A and the Services provided herein are governed by the terms of the Independent Contractor Consultant Agreement, between LifeVantage and Consultant, dated May 1, 2026.
LifeVantage Corporation Michael Beindorff (Consultant)
_/s/ Raymond B Greer _/s/ Michael Beindorff___________
Name: Raymond B. Greer Name: Michael Beindorff
Title: Chairman of Board
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