Frankly
Inc.


333
Bryant Street, Suite 240


San
Francisco, CA 94107


 


August
5, 2016


 


Mr.
Steven R. Zenz


220
South Sixth Street, Suite 2125


Minneapolis,
MN 55402


 


Re:Frankly
Inc. - Board of Directors Agreement


 


Dear
Mr. Zenz:


 


The
board of directors (“Board”) of Frankly Inc. (“Frankly”) is delighted to invite you to serve as a member
of the Board as an independent director. This Agreement sets forth the material terms your service as a member of Frankly’s
Board. Accordingly, when signed below, we agree as follows:


 


1. Term.




 


1.1.Appointment:
You agree to serve as a member of the Board, and it is anticipated that you will also serve as the Chair of the Board’s
Audit Committee. Your term as a member of the Board under this Agreement shall commence on the later of: (a) the date of the Board’s
resolution confirming your appointment to the Board, or (b) the date that the TSX-V Exchange approves your Personal Information
Form (the “Effective Date”). Your term as director will continue until (x) Frankly’s next Annual General Shareholders’
Meeting at which you are not nominated and/or reelected to serve as a director, (y) your resignation from the Board, or (z) your
removal from the Board, subject in all regards to the provisions of applicable law and the Articles of Frankly. From and after
the Effective Date your compensation and other terms for service as a member of the Board shall be as provided under this Agreement.


 


1.2.Resignation:
You may resign your position at any time upon notice to the Chairman of the Board. You will endeavor to provide at least five
(5) business day’s prior written notice of any resignation.


 


1.3.Removal:
You acknowledge that in accordance with the charter documents of Frankly and applicable law, a director may be removed by resolution
of Frankly’s Board or stockholders entitled to vote.


 


1.4.Committees:
You will also serve as a member certain committees of the Board as from time to time agreed with you.


 


2. Compensation.




 


2.1.Restricted
Stock Units - As compensation for the director services to be rendered by you, upon commencement of your term as a Frankly
director, Frankly will issue you 120,000 Restricted Stock Units RSUs (the “RSUs”), which shall be subject to Frankly’s
Notice of RSU Grant, Award Agreement, Amended and Restated Incentive Plan, TSX-V Exchange approval and applicable law. All of
your RSUs shall vest in equal quarterly installments over a period of 12 months, commencing at the end of the first full quarter
following the Effective Date. Upon your resignation, removal or any other event that causes your separation with Frankly, you
shall retain the ownership of your RSUs that have vested and you shall have forfeited all other such RSUs. You will not transfer
or assign any RSUs that have not vested or any interest therein.


 




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2.2.Registration
Rights: The Shares have not been registered with the Securities and Exchange Commission, pursuant to the Securities Act of
1933, as amended or the Securities Exchange Act of 1934, as amended. These Shares shall bear a legend indicating that they have
not been so registered. You will not be given separate registration rights with respect to these shares.


 


2.3.Independent
Contractor Acknowledgment: You agree that you are an independent contractor and responsible for the payment of all income
and other applicable taxes arising from or related to the compensation paid or payable by Frankly under the terms of this Agreement.


 


2.4.Expense
Reimbursement: Frankly agrees to reimburse you for documented reasonable travel expenses and out of pocket expenses in accordance
with Frankly’s expense reimbursement policies.


 


3.Confidentiality:
The provisions of the Non-Disclosure Agreement between you and Frankly dated as of July 1, 2016, will apply to your services as
a director of Frankly.


 


4. Indemnification
/ D&O Insurance




 


4.1Indemnification:
In addition to any indemnification Frankly is required to provide to its directors under its Articles, and subject to the provisions
of the British Columbia Business Corporations Act and applicable law, Frankly will indemnify you for all costs, charges and expenses,
including any amount paid to settle an action or satisfy a judgment which you reasonably incur in respect of any civil, criminal
or administrative, investigative or other proceeding to which you are made a party by reason of having been a director of Frankly,
provided (i) you acted honestly and in good faith with a view to the best interests of Frankly, (ii) in the case of a criminal
or administrative proceeding that is enforced by a monetary penalty, you had reasonable grounds for believing the conduct in respect
of which the proceeding was brought was lawful, and (iii) in all events, you give Frankly prompt notice of any such civil, criminal
or administrative matter.


 


4.2D
& O Insurance: Frankly will provide you with the same Directors and Officers insurance coverage that it provides to its
other directors.


 


5. Miscellaneous:




 


5.1
Governing Law: This Agreement shall be interpreted and enforced in accordance with the laws of the British Columbia.


 


5.2
Amendment and Termination: No amendment, modification, termination or cancellation of this Agreement shall be effective
unless in writing signed by both parties hereto.


 


5.3
Identical Counterparts: This Agreement may be executed in one or more counterparts, each of which shall for all purposes
be deemed to be an original but all of which together shall constitute but one and the same Agreement. Only one such counterpart
need be produced to evidence the existence of this Agreement.


 


5.4.
Headings: The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction hereof.


 




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5.5.
Notices: All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have
been duly given (i) upon delivery if delivered by hand to the party to whom such communication was directed or (ii) upon the third
business day after the date on which such communication was mailed if mailed by certified or registered mail with postage prepaid
to the address for such party set forth herein:


 


We
are delighted that you have agreed to serve as a member of the Board.


 


	 	Sincerely,
	 	 	 
	 	Frankly
    Inc.
	 	 	 
	 	By:	/s/ Steve
    Chung 
	 	 	Steve
    Chung
	 	 	Chief
    Executive Officer
	Accepted
    and Agreed:	 	 
	 	 	 
	/s/ Steven
    R. Zenz 	 	 
	Steven
    R. Zenz	 	 


 






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