Document:

Unassociated Document

    Exhibit 10.1

     

    AMENDED
AND RESTATED EMPLOYMENT AGREEMENT

     

    THIS AMENDED AND RESTATED EMPLOYMENT
AGREEMENT (this “Agreement”), is
entered into as of July 15, 2009, by and between Maven Media Holdings, Inc., a
Delaware corporation (the “Company”),
Waste2Energy, Inc., a Delaware corporation (the “Subsidiary”), and
Craig Brown (the “Executive”).

     

    WHEREAS, the Subsidiary and
Executive entered into the Employment Agreement, as of July 6, 2009 (the “Original
Agreement”);

     

    WHEREAS, the Subsidiary, and
not the Company, was inadvertently included as a party to the Original
Agreement;

     

    WHEREAS, the Company desires
to employ Executive, and Executive desires to be employed by the Company, upon
the terms and conditions hereinafter set forth;

     

    WHEREAS, the Company,
Executive and Subsidiary wish to amend and restate the Original Agreement in its
entirety, on the terms and conditions contained in this Agreement;

     

    NOW, THEREFORE, in
consideration of the covenants herein contained, and other good and valuable
consideration, the receipt and adequacy of which are hereby forever
acknowledged, the parties, with the intent of being legally bound hereby, agree
as follows:

     

    1. Term.  The
term of this Agreement shall commence on the 13th of
July, 2009 (the “Effective Date”) and
shall end on the date which is the first anniversary of the Effective Date
unless the Executive’s employment is terminated earlier in accordance with this
Agreement (the “Initial Term”);
provided, however, that the term of this Agreement shall automatically be
extended beyond the Initial Term for a one year  period, effective
upon the  anniversary of the Effective Date (the “Renewal Term”) unless
either party notifies the other by a date which is thirty (30) days prior to the
expiration of the Initial Term that such party desires not to extend the Initial
Term beyond the  anniversary of the Effective Date.  This
Agreement shall continue for successive one year  Renewal Terms unless
and until either party gives thirty (30) days notice to the other of its desire
not to extend further the term of this Agreement beyond the end of the
then-current Renewal Term, or this Agreement is otherwise terminated pursuant to
Section 5
hereof.  The term of this Agreement, whether during the Initial Term
or any Renewal Term, shall be referred to as the “Term.”

     

    2. Position
and Responsibilities.

     

    2.1 Position.  Executive
will be employed by the Company to render services to the Company in the
position of Chief Financial Officer.  In that capacity, Executive
shall be responsible for the Company’s long-term and short-term
financial  strategy, which includes, but is not limited to overseeing
the Company’s financial reporting to the Board of Directors, Executive team,
operations, business activities, implementation of its budgets, and financing
strategies.  The Executive shall also perform such other duties as may
be consistent with Executive’s position.  The Executive shall report
directly to the Chief Executive Officer of the Company.  Executive
shall, in all material respects, abide by all material and written Company
rules, policies, and practices as adopted or modified, from time to time, in the
Company’s sole discretion; and Executive shall attempt to use his best efforts
in the performance of his duties hereunder.

     

    2.2 Other
Activities. While
employed by the Company, Executive shall devote  all of his time to
the Company’s business utilizing his full, attention, and skill to perform his
assigned duties, services, and responsibilities hereunder, and shall act at all
times in the furtherance of the Company’s business and
interests.  Executive shall not, during the term of this Agreement
engage, directly or indirectly, in any other business activity (whether or not
pursued for pecuniary advantage) which could reasonably be expected to
materially interfere with Executive’s duties and responsibilities hereunder or
create a conflict of interest with the Company.  The foregoing
limitations shall not prohibit Executive from making and managing his personal
and family investments in such form or manner as will neither require
Executive’s services in the operation or affairs of the companies or enterprises
in which such investments are made nor materially interfere with the performance
of the Executive’s duties hereunder.  The Company acknowledges that
Executive will from time-to-time serve on the boards of corporations, advisory
committees, trade organizations, philanthropic organizations or other
entities.  Accordingly, the foregoing limitations shall not prohibit
Executive from serving on the boards of corporations, advisory committees, trade
organizations, philanthropic organizations or other entities, provided that such
service does not create a material conflict of interest with the
Company.

     

     

    
      
         

      

      
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    2.3 No
Conflict.  Executive
represents and warrants that Executive’s execution of this Agreement,
Executive’s employment with the Company, and the performance of Executive’s
proposed duties under this Agreement shall not violate any obligations Executive
may have to any other employer, person, or entity, including but not limited to
any obligations with respect to not disclosing any proprietary or confidential
information of any other person or entity.

     

    3. Compensation
and Benefits.

     

    3.1  Base
Salary.  In
consideration of the services to be rendered under this Agreement, the Company
shall pay Executive an initial base salary of one hundred seventy five thousand
dollars ($175,000.00) per annum. (“Base Salary”),
exclusive of Business Expenses as defined in Article 3.5, and in accordance with
the Company’s standard payroll and expense reimbursement
policies.   Base Salary shall be paid from Company’s payroll
account and subject to such withholding or deductions as may be mutually agreed
between the Company and Executive and as required by law. Executive’s Base
Salary will be reviewed, from time to time, and may be adjusted (upward, but not
downward) at the discretion of the Board.  The first such review shall
be at the first anniversary date of this agreement.

     

    3.2  Salary
and reimbursable out of pocket expenses shall be paid in arrears on the 1st and
15th
of each month commencing on the effective date hereof.

     

    3.3  Cashless
Warrants.  In consideration of the services to be rendered
under this Agreement, the Company hereby grants Executive “cashless” warrants to
purchase 400,000 shares of the Company’s Common Stock at a price of $0.67 per
share vested two years from the effective date of the registration statement on
Form S-1, provided the Executive is still employed by the Company on such
date.   Further, the vesting of these cashless warrants shall
automatically vest in the event of a sale of the company or the company’s
failure to raise an aggregate of four million ($4,000,000.00)
dollars.

     

    Such
Warrants shall be more fully documented in the actual Warrant
agreement.  The warrants set forth in this Section 3.3 shall expire on
the fifth (5th) anniversary of the Effective Date.

     

    3.4 Additional Incentives,
Bonuses and Benefits

     

    3.1.
Executive understands that there are no additional incentive, bonus or benefits
plans at the Effective Date.  To the extent that the Board and the
stockholders of the Company approve any additional incentive or benefits plans
(the “Plans”), the Executive shall be eligible to participate in such
Plans.  Vacation.  During the Term, Executive shall be
entitled to vacation each year in accordance with the Company’s policies in
effect from time to time, but in no event less than three (3) weeks paid
vacation per calendar year.  The Executive shall also be entitled to
such periods of sick leave as is customarily provided by the Company for its
senior executive Executives.

     

    3.5  Business
Expenses.  Throughout
the term of Executive’s employment hereunder, the Company shall reimburse
Executive for all reasonable and necessary travel, entertainment, promotional,
and other business expenses that may be incurred by Executive in the course of
performing Executive’s duties.  Authorized expenses shall be
reimbursed by the Company in accordance with policies and practices adopted,
from time to time, by the Company concerning expense reimbursement for
Executives and shall be reimbursed upon timely presentation to the Company of an
itemized expense statement with respect thereto, including substantiation of
expenses incurred and such other documentation as may be required by the
Company’s reimbursement policies from time to time and in accordance with US
Internal Revenue Service guidelines.

     

    3.6   Medical: Company will
reimburse Executive for current coverage of his existing medical plan to a
maximum of $1,200 per month until a new plan of medical coverage is secured and
bound.

     

    3.7   Temporary Living
Expenses:  Company shall reimburse Executive a maximum amount
of $1,000 per month to cover rent and utilities for a maximum period of one (1)
year.

     

    4. Nondisclosure
of Confidential and Proprietary Information:  At
all times before and after the termination of Executive’s service (for any
reason by the Company or by Executive), Executive agrees to keep all
Confidential or Proprietary Information in strict confidence and secrecy, and
not to disclose or use the Confidential or Proprietary Information in any way
outside of Executive’s assigned responsibilities for the Company. “Confidential
or Proprietary Information” means any non-public information or idea (whether or
not a trade secret) relating to the business of the Company that is not
generally known outside the Company or not generally known in the industry or by
persons engaged in businesses similar to that of the Company (including
information which may be available from sources outside the Company, but not in
the form, arrangement, or compilation in which it exists within the Company)
that the Company considers confidential, including, but not limited to: (i)
customer lists and records of current, former, and prospective customers; (ii)
special needs and characteristics of current, former, or prospective customers;
(iii) present or future business plans; (iv) trade secrets, proprietary, or
confidential information of any customer or other entity to which the Company
owes an obligation not to disclose such information; (v) marketing, financing,
business development, or strategic plans; (vi) sales methods, practices, and
procedures; (vii) personnel information; (viii) research and development data
and projections; (ix) information or data concerning the Company’s competitive
position in its various lines of business; (x) existing, new, or envisioned
products, programs, services, methods, techniques, processes, projects, or
systems; and (xi) sales, pricing, billing, costs, and other financial data and
projections.  All documents containing this information will be
considered Confidential or Proprietary Information whether or not marked with
any proprietary or confidential notice or legend.  Notwithstanding the
foregoing, nothing herein shall prohibit the Executive from disclosing any
information:  (1) in connection with performance of his duties
hereunder as he deems in good faith to be necessary or desirable; or (2) if
compelled pursuant to the order of a court or other governmental or legal body
having jurisdiction over such matter.  In the event Executive is
compelled by order of a court or other governmental or legal body to communicate
or divulge any such information, knowledge or data, he shall promptly notify the
Company.

     

     

    
      
         

      

      
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    5. Termination; Rights and Obligations
on Termination. The Executive’s
employment under this Agreement may be terminated in any one of the followings
ways:

     

    (a) Death:  The
death of Executive shall immediately and automatically terminate the Executive’s
employment under this Agreement.  If Executive dies while employed by
the Company, any unvested equity compensation granted to Executive under the
Plan shall immediately vest and any vested warrants may be exercised on or
before the earlier of (i) the warrant’s expiration date or (ii) twelve months
after the Executive’s death.  Any warrant that remains unexercised
after this period shall be forfeited.  Upon the Executive’s death, the
Executive’s legal representative shall receive:  (1) any compensation
earned but not yet paid, including and without limitation, any bonus if declared
or earned but not yet paid for a completed fiscal year, any amount of Base
Salary earned but unpaid, any accrued vacation pay payable pursuant to the
Company’s policies, and any unreimbursed business expenses, which shall promptly
be paid in a lump sum, and (2) any other amounts or benefits owing to Executive
under any then applicable employee benefit plans, long term incentive plans or
equity plans and programs of Company which shall be paid or treated in
accordance with the terms of such plans and programs shall be collectively
referred to as, the "Accrued
Amounts"). which
amounts shall be promptly paid in a lump sum  Other than the benefits
described above, no further compensation or benefits shall be due or owing upon
the Executive’s death.

     

    (b) Cause: The
Company may terminate this Agreement immediately upon written notice to
Executive for “Cause,” which shall mean: (i) the Executive’s willful, material,
and irreparable breach of this Agreement; (ii) Executive’s willful misconduct in
the performance of any of his material duties and responsibilities hereunder
that has a material adverse effect on the Company; (iii) Executive’s intentional
and continued non-performance (other than by reason of disability or incapacity)
of any of the Executive’s material duties and responsibilities hereunder or of
any reasonable, lawful instructions from the Board, which continues for ten (10)
days after receipt by Executive of written notice from the Company; (iv)
Executive’s material and willful dishonesty or fraud with regard to the Company
(other than good faith expense account disputes) that has a material adverse
effect on the Company (whether to the business or reputation of the Company; or
(v) Executive’s conviction of a felony (other than as a result of vicarious
liability or a traffic related offense).  For purposes of this
paragraph, no act, or failure to act, on Executive’s part shall be considered
“willful” unless done or omitted to be done, by him not in good faith and
without reasonable belief that his action or omission was in the best interests
of the Company.  In the event of the Executive’s termination of
employment by the Company for Cause, the Executive shall receive only the
Accrued Amounts.

     

    Notwithstanding
the foregoing, following the Executive’s receipt of written notice from the
Company of any of the events described in subsections (i) through (iv) above,
the Executive shall have ten (10) days in which to cure the alleged conduct (if
curable).

     

    (c) Without
Cause: At any
time after Executive’s commencement of employment, the Company may, without
Cause, terminate the Executive’s employment, effective thirty (30) days after
written notice is provided to Executive.  In the event Executive is
terminated by the Company without Cause, Executive shall receive from the
Company within ten (10) days after such termination, in a lump sum payment, an
amount equal to the sum of the Base Salary and bonus, if any, that would have
been paid to Executive through the end of the then remaining Term if the
Executive had not been terminated plus one year of base salary and continuation
of medical benefits for nine months.  Additionally, if Executive is
terminated by the Company without Cause, any unvested equity compensation
granted to Executive under the Plan shall immediately vest and any vested
warrants may be exercised on or before the earlier of:  (i) the
warrant’s expiration date or (ii) twelve months after the Executive’s
termination. Any warrant that remains unexercised after this period shall be
forfeited.

     

     

    
      
         

      

      
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    (d)  Resignation for Good
Reason: At any time after
Executive’s commencement of employment, the Executive may resign for Good Reason
(as defined below) effective thirty (30) days after written notice is provided
to the Company.  Upon the Executive’s termination of employment for
Good Reason, the Executive shall be entitled to all payments and benefits as if
his employment was terminated by the Company without Cause as provided in
subsection (c) above.  For purposes of this Agreement, Good Reason
means: (i) any adverse change in the Executive’s position, title or
reporting relationship or a material diminution of his then duties,
responsibilities or authority or the assignment to Executive of duties or
responsibilities that are inconsistent with the Executive’s then position;
(ii) the failure by the Company to continue in effect any material
compensation or benefit plan or arrangement in which Executive participates
unless an equitable and substantially comparable arrangement (embodied in a
substitute or alternative plan) has been made with respect to such plan or
arrangement, or the failure by the Company to continue Executive’s participation
therein (or in such substitute or alternative plan or arrangement) on a basis
not less favorable, both in terms of the amount of benefits provided and the
level of participation relative to other participants, as existed at the time of
the Executive’s termination of employment; (iii) any material breach of
this Agreement (or any other written agreement entered into between the
Executive and the Company) by the Company; or (iv) failure of any successor
to the Company (whether direct or indirect and whether by merger, acquisition,
consolidation or otherwise) to assume in a writing delivered to Executive upon
the assignee becoming such, the obligations of the Company
hereunder.

     

    (d) Disability

     

    (e) : If as a
result of incapacity due to physical or mental illness or injury, Executive
shall have been absent from Executive’s duties hereunder for sixty (60)
days  , then thirty (30) days after receiving written notice (which
notice may occur before or after the end of such sixty (60) day period, but
which shall not be effective earlier than the last day of
such  period, the Company may terminate Executive’s employment
hereunder provided Executive is unable to substantially perform his duties
hereunder at the conclusion of such notice period (a “Disability”), as
determined by a physician mutually selected by the parties hereto.  In
the event the Executive’s employment is terminated as a result of Disability,
Executive shall receive from the Company, in a lump-sum payment due within
thirty (30) days of the effective date of termination, an amount equal to the
sum of the Base Salary that would have been paid to Executive for six months if
the Executive was not disabled and assuming that Executive would have received
no further increases in his Base Salary after his
termination.  Additionally, if Executive is terminated due to a
Disability, any unvested equity compensation granted to Executive under the
cashless warrants shall immediately vest and may be exercised on or before the
earlier of: (i) the warrant’s expiration date or (ii) twelve months after the
Executive’s termination due to the Disability.  Any warrant that
remains unexercised after this period shall be forfeited.  Other than
the benefits described above, no further compensation or benefits shall be due
or owing upon the Executive’s termination

     

    Notwithstanding
the foregoing, following the Company’s receipt of written notice from the
Executive of any of the events described in subsections (i) through (iv) above,
the Company shall have ten (10) days in which to cure the alleged conduct (if
curable).

     

    (e)   Resignation without Good
Reason or Retirement by Executive. The
Executive may resign without Good Reason or retire upon thirty (30) days’
written notice, and upon such termination of employment, he shall receive the
Accrued Amounts.

     

    (f)    Liquidity Event. The
provisions of this Section 5(f) set forth certain terms reached between the
Executive and the Company regarding the Executive's rights and obligations upon
the occurrence of a Liquidity Event. These provisions are intended to assure and
encourage in advance the Executive's continued attention and dedication to his
assigned duties and his objectivity during the pendency and after the occurrence
of any such event.

     

     (i)  Definition A
"Liquidity Event" shall be deemed to have occurred upon the consummation of (A)
any consolidation or merger of the Company where the stockholders of the
Company, immediately prior to the consolidation or merger, would not,
immediately after the consolidation or merger, beneficially own (as such term is
defined in Rule 13d-3 under the Act), directly or indirectly, shares
representing in the aggregate more than 50 percent of the voting shares of the
Company issuing cash or securities in the consolidation or merger (or of its
ultimate parent corporation, if any, or (B) any sale, lease, exchange or other
transfer (in one transaction or a series of transactions contemplated or
arranged by any party as a single plan) of all or substantially. all of the
assets of the Company. However, in no event shall this include any sale if
Executive is not required to move further than fifty miles from the existing
office, Executives direct reporting is not affected, no material change has been
made to Executives job description or the Company raises further capital in the
form of Public or Private financings for itself, its affiliates and or
subsidiaries which requires a merger or dilution with a related
party.

     

     

    
      
         

      

      
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     (ii)
Gross-Up
Payment.  This Gross –Up payment will have affect only in the
case of a liquidity event. and the event it shall be determined that any
compensation, payment or distribution by the Company to or for the benefit of
the Executive, whether paid or payable or distributed or distributable pursuant
to the terms of this Agreement or otherwise (the "Severance Payments"), would be
subject to the excise tax imposed by Section 4999 of the Code, or any interest
or penalties are incurred by the Executive with respect to such excise tax (such
excise tax, together with any such interest and penalties, are hereinafter
collectively referred to as the "Excise Tax"), then the Executive shall be
entitled to receive an additional payment (a "Gross-Up Payment") such that the
net amount retained by the Executive, after deduction of any Excise Tax on the
Severance Payments, any Federal, state, and local income tax, employment tax and
Excise Tax upon the payment provided by this Section, and any interest and/or
penalties assessed with respect to such Excise Tax, shall be equal to the
Severance Payments.

    

     

    (g)
  Superseding
Agreement.  This
Agreement shall be terminated immediately and automatically if the parties enter
into another employment agreement which supersedes this Agreement.  In
the event the parties enter into a superseding agreement, no severance pay or
other compensation shall be due to Executive with respect to the termination of
this Agreement.

     

    6. Use
and Return of Company Property.  Executive
acknowledges the Company’s proprietary rights and interests in its tangible and
intangible property.  Accordingly, Executive agrees that upon
termination of Executive’s employment with the Company, for any reason, and at
any time, Executive shall deliver to the Company all Company property,
including: (a) all documents, contracts, writings, disks, diskettes, computer
files or programs, computer-generated materials, information, documentation, or
data stored in any medium, recordings and drawings pertaining to trade secrets,
proprietary or confidential information, or other inventions and works of the
Company; (b) all records, designs, plans, sketches, specifications, patents,
business plans, financial statements, accountings, flow charts, manuals,
notebooks, memoranda, lists, and other property delivered to or compiled by
Executive, by or on behalf of the Company or any of its representatives,
vendors, or customers which pertain to the business of the Company, all of which
shall be and remain the property of the Company, and shall be subject, at all
times, to its discretion and control; (c) all equipment, devices, products, and
tangible property entrusted to Executive by the Company; and (d) all
correspondence, reports, records, notes, charts, advertisement materials, and
other similar data pertaining to the business, activities, or future plans of
the Company, in the possession or control of Executive, shall be delivered
promptly to the Company without request by it.  Executive shall
certify to the Company, in writing, within five (5) days of any request by the
Company that all such materials have been returned to the Company.
Notwithstanding the foregoing, the Executive may retain his rolodex and similar
address and telephone directories (whether in writing or electronic
format).

     

    6.1 Non-competition. At all
times while the Executive is employed by the Company and for a period of: (i)
one (1) year after any termination of the Executive’s employment for Cause or
the Executive’s termination of his employment without Good Reason; (ii) the
lesser of one (1) year or the remainder of the Term after any termination of the
Executive’s employment by the Company without Cause or the Executive’s
termination for Good Reason; and (iii) one (1) year following the non-renewal of
this Agreement or any termination pursuant to Section 5, the
Executive shall not, directly or indirectly, engage in or have any interest in
any person (whether as an Executive, officer, director, partner, agent, security
holder, creditor, consultant or otherwise) that directly or indirectly (or
through any affiliated entity) competes with the Company’s Business (as defined
below); provided that such provision shall not apply to the Executive’s
ownership of securities of the Company or the acquisition by the Executive,
solely as an investment, of securities of any issuer that is registered under
Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended and
that are listed or admitted for trading on any United States national securities
exchange or that are quoted on the National Association of Securities Dealers
Automated Quotations System, or any similar system or automated dissemination of
quotations of securities prices in common use, so long as the Executive does not
control, acquire a controlling interest in or become a member of a group which
exercises direct or indirect control of, more than five percent of any class of
capital stock of such issuer.  For purposes of this Section 6.1, the term
“Business” shall mean the Business and any other business in which the Company
is engaged prior to the delivery of a notice of termination by the Company or
the Executive hereunder and which business the Company is engaged at the date of
termination of the Executive’s employment.

     

    6.2 Non-Solicitation. At all
times while the Executive is employed by the Company and for a period of: (i)
one (1) year after any termination of the Executive’s employment for Cause or
the Executive’s termination of his employment without Good Reason; (ii) the
lesser of one (1) year or the remainder of the Term after any termination of the
Executive’s employment by the Company without Cause or the Executive’s
termination for Good Reason; and (iii) one (1) year following the non-renewal of
this Agreement or any termination pursuant to Section 5, the
Executive shall not, directly or indirectly, for himself or for any other person
(a) employ or attempt to employ or enter into any contractual arrangement with
any Executive unless the former Executive was no longer employed by Company for
a period of twenty four (24) months, or (b) call on or solicit any of the actual
or targeted prospective customers or suppliers of the Company on behalf of any
person in connection with any business that competes with the Business of the
Company nor shall the Executive make known the names and addresses of such
customers or suppliers or any information relating in any manner to the
Company’s trade or business relationships with such customers or suppliers,
other than in connection with the performance of Executive’s duties under this
Agreement.

     

     

    
      
         

      

      
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    6.3 Inventions Retained and
Licensed.  Executive represents and warrants that Executive has
disclosed to the Company all inventions, original works of authorship,
developments, improvements, and trade secrets which were conceived of, reduced
to practice, created or otherwise developed prior to Executive’s employment with
the Company which belong to Executive, which relate to the Company’s proposed
business, products or research and development, and which are not assigned to
the Company hereunder.  If in the course of Executive’s employment
with the Company, Executive incorporates into a Company product, service or
process any of the foregoing, Executive hereby grants to the Company a
nonexclusive, royalty-free, irrevocable, perpetual, worldwide license to make,
have made, modify, use and sell same as part of or in connection with such
product, process or machine.

     

    6.4 Work
Product.  Executive agrees that, during his employment with the
Company:

     

    (a)           Executive
will disclose promptly and fully to the Company all works of authorship, ideas,
inventions, discoveries, improvements, designs, processes, formulae, software,
or any improvements, enhancements, or documentation of or to the same that
Executive makes, works on, conceives, or reduces to practice, individually or
jointly with others, in the course of Executive’s employment by the Company or
with the use of the Company’s time, materials or facilities, in any way related
or pertaining to or connected with the present or anticipated business,
development, work or research of the Company or which results from or is
suggested by any work Executive may do for the Company and whether produced
during normal business hours or on personal time (collectively the “Work Product”) (b)All
Work Product of Executive shall be deemed, as applicable, to be a “work made for
hire” within the meaning of §101 of the Copyright Act.  All
intellectual property rights, including patent, trademark, trade secret and
copyright rights, in and to the Work Product are and shall be the sole property
of the Company.  To the extent that the Work Product is deemed not to
be “work made for hire,” this Agreement shall constitute an irrevocable
assignment by the Executive to the Company of all right, title and interest in
and to all intellectual property rights in and to the Work
Product.  Any and all rights of whatever kind and nature, now or
hereafter, to make, use, sell, license, distribute or otherwise transfer and
reproduce such Work Product in any and all media throughout the world, are and
shall be the sole property of the Company.  Executive hereby agrees to
assist the Company in any manner as shall be reasonably requested by the Company
to protect the Company’s interest in such intellectual property rights and to
execute and deliver such legal instruments or documents as the Company shall
request in order for the Company to obtain protection of the Work Product
throughout the world, including but not limited to, declarations of
inventorship, powers of attorney and assignment documents. Likewise, Executive
hereby agrees to assist the Company by executing such other documents and
instruments which the Company deems necessary to enable it to evidence, perfect
and protect its rights, title and interest in and to the Work
Product.  Executive further agrees that Executive’s obligation to
execute or cause to be executed any such instrument or document shall continue
after Executive’s cessation of employment with the Company, regardless of reason
for cessation of employment.  If the Company is unable because of
Executive’s mental or physical incapacity or for any other reason to secure
Executive’s signature to apply for or to pursue any application for any United
States or foreign patents or copyright registrations assigned to the Company in
accordance herewith, then Executive hereby irrevocably designates and appoints
the Company and its duly authorized officers and agents as Executive’s agent and
attorney in fact, to act for and in Executive behalf and stead to execute and
file any such applications and to do all other lawfully permitted acts to
further the prosecution and issuance of patent or copyright registrations
thereon with the same legal force and effect as if executed by
Executive.  Executive will at any time, including after termination of
Executive’s employment with the Company, upon request, communicate to the
Company, its successors, assigns, or other legal representatives, such facts
relating to the Work Product as may be known to Executive, and to testify, at
the Company’s expense, as to the same in any interference or other legal
proceeding.

     

    (b)           Executive
shall make and maintain adequate and current written records and evidence of all
Work Product, including drawings, work papers, graphs, computer code,
documentation, records and any other document which shall be and remain the
property of the Company, and which shall be surrendered to the Company upon
request and upon the cessation of Executive’s employment with the Company,
regardless of the reason for such cessation.

     

    (c)           Executive
hereby waives, and further agrees not to assert, any moral rights in or to the
Work Product, including, but not limited to, rights to attribution and
identification of authorship, rights to approval of modifications or limitations
on subsequent modifications, and rights to restrict, cause or suppress
publication or distribution of the Work Product.

     

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

     

    6.5 Reasonable
Restrictions.  Executive hereby acknowledges and agrees that
the limits on his ability to engage in activities that are competitive with the
Company, as defined above, are warranted in order to protect the Company’s trade
secrets and Confidential or Proprietary Information, and further, are warranted
to protect the Company in developing and maintaining its reputation, goodwill,
and status in the marketplace.  Executive specifically agrees that the
time period and nature of the restrictions set forth in Sections 6.1 and 6.2 are
reasonable and necessary to protect the Company’s legitimate business interests
and do not impose any limitations greater than those necessary to protect those
interests.

     

    6.6  Remedies.  Executive
hereby acknowledges and agrees that the services Executive has rendered and will
continue to render to the Company are of a special and unique character, which
gives this Agreement a peculiar value to the Company, and further acknowledges
and agrees that the loss of those services to a direct competitor or the direct
competition by Executive against the Company cannot be reasonably or adequately
compensated for by damages in an action at law.  Executive further
acknowledges and agrees that any material breach by Executive of any provision
of Sections 4 or 6 of this
Agreement shall cause irreparable harm to the Company, which harm cannot be
reasonably or adequately compensated for by damages in an action at
law.  Accordingly, without prejudice to the rights and remedies
otherwise available to the Company, Executive agrees that, in addition to any
other right or remedy the Company may have, upon adequate proof of a material
breach the Company shall be entitled to a temporary restraining order and to a
preliminary and permanent injunction enjoining or restraining the breach of this
Agreement by Executive, without the necessity of proving the inadequacy of
monetary damages or the posting of any bond or security.  Executive
acknowledges and agrees that the preceding remedies shall be in addition to any
and all other rights available to the Company at law or in
equity.  The failure of the Company to promptly institute legal action
upon any breach of this Agreement shall not constitute a waiver of that or any
other breach hereof.

     

    7. Indemnification;
Insurance.

     

    7.1 Indemnification of
Executive

     

    . Except
as otherwise provided by applicable law, while the Executive is employed by the
Company and thereafter while potential liability exists (but in no event less
than five (5) years after termination), in the event Executive is made a party
to any threatened, pending, or contemplated action, suit, or proceeding, whether
civil, criminal, administrative, or investigative (other than an action by the
Company against Executive), by reason of the fact that Executive is or was
performing services under this Agreement, then the Company shall indemnify
Executive to the fullest extent permitted by applicable law against all expenses
(including attorneys’ fees), judgments, fines, and amounts paid in settlement,
as actually and reasonably incurred by Executive in connection
therewith.  In the event that both Executive and the Company are made
a party to the same third party action, complaint, suit, or proceeding, the
Company will engage competent legal representation, and Executive will use the
same representation, provided that if counsel selected by the Company shall have
a conflict of interest that prevents such counsel from representing Executive,
then the Company may engage separate counsel on Executive’s behalf, and subject
to the provisions of this Section 7, the Company will
pay all attorneys’ fees of such separate counsel.

     

    7.2 Indemnification
of Company.  Executive assumes full
responsibility for any material acts he makes in his personal capacity from any
liability associated with such acts.

     

    7.3 Insurance Provided by
Company

     

    . The
Company shall maintain in effect at all times a directors and officers liability
insurance policy covering all directors and officers of the Company, including
Executive, which insurance policy shall provide adequate insurance coverage for
each of such persons, as shall be approved by the Board.  The
Executive shall be entitled to such coverage while employed and thereafter while
potential liability exists.

     

    8. Assignment;
Binding Effect.  Executive shall have no right to
assign this Agreement to another party other than by will or by the laws of
descent and distribution.  This Agreement may be assigned or
transferred by the Company only to an acquirer of all or substantially all of
the assets of the Company provided such acquirer promptly assumes all of the
obligations hereunder of the Company in writing delivered to the Executive and
otherwise complies with the provisions hereof with regard to such
assumption.  Nothing in this Agreement shall prevent the
consolidation, merger, or sale of the Company or a sale of any or all or
substantially all of its assets.  Subject to the foregoing restriction
on assignment by Executive, this Agreement shall be binding upon, inure to the
benefit of, and be enforceable by the parties hereto and their respective heirs,
legal representatives, successors, and assigns.

     

    9. Additional Provisions.

     

    9.1 Damages.  Nothing
contained herein shall be construed to prevent the Company or the Executive from
seeking and recovering from the other damages sustained by either or both of
them as a result of its or his breach of any term or provision of this
Agreement.  In the event that either party hereto brings suit for the
collection of any damages resulting from, or the injunction of any action
constituting, a breach of any of the terms or provisions of this Agreement, then
the party found to be at fault shall pay all reasonable court costs and
attorneys’ fees of the other.

     

     

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

     

    9.2 Amendments; Waivers;
Remedies. This
Agreement may not be amended, and no provision of this Agreement may be waived,
except by a writing signed by Executive and by a duly authorized representative
of the Company. Failure to exercise any right under this Agreement shall not
constitute a waiver of such right.  Any waiver of any breach of this
Agreement shall not operate as a waiver of any subsequent
breaches.  All rights or remedies specified for a party herein shall
be cumulative and in addition to all other rights and remedies of the party
hereunder or under applicable law.

     

    9.3 Notices.  Any
notice under this Agreement must be in writing and addressed to the Company or
to Executive at the corresponding address below.  Notices under this
Agreement shall be effective upon: (a) hand delivery, when personally delivered;
(b) written verification of receipt, when delivered by overnight courier or
certified or registered mail; or (c) acknowledgment of receipt of electronic
transmission, when delivered via electronic mail or
facsimile.  Executive shall be obligated to notify the Company, in
writing, of any change in Executive’s address.  Notice of change of
address shall be effective only when done in accordance with this Section 9.3.

     

    
      	
              Company’s
      Notice Address:

            	
              Waste2Energy,
      Inc.

              1
      Chick Springs Road

              Greenville,
      SC

              Attn.:  Peter
      Bohan

              Telephone:
      646-723-4000

              Facsimile:
      646-723-4001

              Email:
      pbohan@waste2energy.com

            
	
              Executive’s
      Notice Address:

            	
              3038
      Willowstone Drive

              Duluth,
      GA

              30096

              Telephone:
      678 417 6151

              Email:
      craigbrown1205@gmail.com

            

    

     

    9.4 Severability. If any
provision of this Agreement shall be held by a court of competent jurisdiction
to be invalid, unenforceable, or void, such provision shall be enforced to the
fullest extent permitted by law, and the remainder of this Agreement shall
remain in full force and effect.  In the event that the time period or
scope of any provision is declared by a court of competent jurisdiction to
exceed the maximum time period or scope that such court deems enforceable, then
such court shall reduce the time period or scope to the maximum time period or
scope permitted by law.

     

    9.5 Taxes.  All
amounts paid under this Agreement (including, without limitation, Base Salary)
shall be reduced by all applicable state and federal tax withholdings and any
other withholdings required by any applicable jurisdiction.

     

    9.6 Governing
Law.  The
validity, interpretation, enforceability and performance of this Agreement shall
be governed by and construed in accordance with the laws of the State of New
York, without regard to conflict of laws principles that would cause the laws of
another jurisdiction to apply.

     

    9.7 Venue.  Each
of the parties hereto irrevocably submits to the exclusive jurisdiction of the
courts of the State of New York, for the purposes of any suit, action, or other
proceeding arising out of this Agreement or any transaction contemplated
hereby.

     

    9.8 Interpretation. This
Agreement shall be construed as a whole, according to its fair meaning, and not
in favor of or against any party.  Sections and section headings
contained in this Agreement are for reference purposes only, and shall not
affect, in any manner, the meaning or interpretation of this
Agreement.  Whenever the context requires, references to the singular
shall include the plural and the plural the singular.

     

    9.9 Survival.  Sections
4, 6.1, 6.2, 6.3, 6.4 and any other provision in this Agreement that requires
performance by Executive following termination of Executive’s employment
hereunder shall survive any termination of this Agreement.

     

    9.10 Counterparts.  This
Agreement may be executed in several counterparts (including by means of
telecopied signature pages), each of which shall be deemed an original but all
of which shall constitute one and the same instrument.

     

     

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

     

     

    9.11 Authority.  Each
party represents and warrants that such party has the right, power, and
authority to enter into and execute this Agreement and to perform and discharge
all of the obligations hereunder and that this Agreement constitutes the valid
and legally binding agreement and obligation of such party and is enforceable in
accordance with its terms.

     

    9.12 Additional
Assurances. The
provisions of this Agreement shall be self-operative and shall not require
further agreement by the parties except as may be herein specifically provided
to the contrary; provided, however, that at the request of the Company,
Executive shall execute such additional instruments and take such additional
acts as the Company may deem necessary to effectuate this
Agreement.

     

    9.13 Entire
Agreement. This
Agreement 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 oral statements or prior written material not
specifically incorporated herein shall be of any force and effect, and no
changes in or additions to this Agreement shall be recognized unless
incorporated herein by amendment, as provided herein (such amendment to become
effective on the date stipulated therein).

     

    9.14 Executive
Acknowledgment.
Executive acknowledges that, before signing this Agreement, Executive was
advised of his right to consult with an attorney of his choice to review this
Agreement and that Executive had sufficient opportunity to have an attorney
review the provisions of this Agreement and negotiate its terms. Executive
further acknowledges that Executive had a full and adequate opportunity to
review this Agreement before signing it; that Executive carefully read and fully
understood all the provisions of this Agreement before signing it, including the
rights and obligations of the parties; and that Executive has entered into this
Agreement knowingly and voluntarily.

     

     

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    IN WITNESS WHEREOF, the
parties have executed this Agreement as of the date first above
written.

     

    
      
        
          
            
              	 	COMPANY:	 
	 	 	 
	 	Maven
      Media Holdings, Inc.	 
	 	 	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/ Peter
      Bohan	 
	 	 	Name:
      Peter Bohan	 
	 	 	Title:
      President and Chief Operating
      Officer	 
	 	 	 	 

            

          

        

      

    
      
        
          
            	 	SUBSIDIARY:	 
	 	 	 
	 	Waste2Energy,
      Inc.	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/ Peter Bohan	 
	 	 	Name:
      Peter Bohan	 
	 	 	Title:
      President and Chief Operating
      Officer	 
	 	 	 	 

          

        

      

    

    

    
      
        	 	Executive	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Craig
      Brown	 
	 	 	Craig
      Brown	 
	 	 	 	 
	 	 	 	 

      

     

    

    

     

     

    

     

    
10ex101.htm

    

     

    July 8,
2009

     

    NAME

    ADDRESS

    ADDRESS

     

    Re:           Special Warrant Offer as a
holder of warrants.

     

    Attention:
NAME

     

    On June
17, 2009, Aspyra, Inc., a California corporation (the “Company”), offered a Special
Reduced Exercise Price (as defined below) to investors (collectively, the “Holders”) that held
outstanding warrants to purchase shares of common stock of the Company
(collectively, the “Outstanding
Warrants”) to encourage such Holders to exercise their Outstanding
Warrants (the “Special Warrant
Offer”).  The benefit to Holders was a reduction in the
exercise price of all Outstanding Warrants to $0.15 per share (the “Special Reduced Exercise
Price”).

     

    The
Special Warrant Offer occurred from June 17, 2009 through the close of business
on June 26, 2009.  The undersigned Holder elected to effect a valid
exercise under the Special Warrant Offer, and in accordance with such exercise,
the Company received payment in full from the undersigned Holder of the
applicable total aggregate Special Exercise Price (the “Funds Received”).

     

    This is
to confirm that, notwithstanding anything to the contrary in the Special Warrant
Offer, the Funds Received by the Company from the undersigned Holder shall be
deemed a loan by the undersigned Holder to the Company (the “Loan”), until such time as the
Special Warrant Offer, and the issuance of shares of the Company’s common stock
in accordance therewith, is approved by the Company’s shareholders, and such
approval has become effective in accordance with applicable law, including,
without limitation, Section 14 of the Securities Exchange Act of 1934, as
amended (the “Shareholder
Approval”).

     

    Without
limiting the generality of the foregoing, the undersigned Holder acknowledges
and agrees that the Loan may be used for the Company’s working capital or any
other purpose in the Company’s sole discretion.

     

    The
Company agrees to obtain the Shareholder Approval by October 31, 2009 (the
“Approval Date”). The
Loan shall bear interest at the rate of 12%. If the Shareholder Approval is not
received by the Approval Date, the Loan and all interest thereon shall be due
and payable on the Approval Date. The Loan may not be repaid prior to the
Approval Date without the written consent of the undersigned Holder. Upon
Shareholder Approval, provided the Shareholder Approval is obtained by the
Approval Date, the Funds Received shall be deemed an exercise of the Holder’s
Outstanding Warrant in accordance with the Special Warrant Offer, the Company
shall issue to the undersigned Holder shares of the Company’s common stock in
accordance with the Special Warrant Offer (the “Warrant Exercise”), and no
interest or other payments shall be due on the Loan. The undersigned Holder
agrees that, notwithstanding anything to the contrary in the Special Warrant
Offer or the Holder’s Outstanding Warrant, the failure by the Company to issue
shares of the Company’s common stock to the undersigned Holder prior to the
Warrant Exercise shall not be deemed a breach by the Company of any right of the
Holder under the Holder’s Outstanding Warrant, and the undersigned Holder hereby
waives any damages in connection with the failure by the Company to issue shares
of the Company’s common stock to the undersigned Holder prior to the Warrant
Exercise. The undersigned Holder further agrees that, notwithstanding anything
to the contrary in the Special Warrant Offer or the Holder’s Outstanding
Warrant, if the Company fails to obtain the Shareholder Approval by the Approval
Date, the failure by the Company to issue shares of the Company’s common stock
to the undersigned Holder shall not be deemed a breach by the Company of the any
right of the Holder under the Holders’ Outstanding Warrant, and the undersigned
Holder hereby waives any damages in connection with the failure by the Company
to issue shares of the Company’s common stock to the undersigned Holder, if the
Company fails to receive the Shareholder Approval by the Approval
Date.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    The
undersigned Holder acknowledges that there is no assurance the Company will
obtain the Shareholder Approval by the Approval Date, or that, if the
Shareholder Approval is not obtained by the Approval Date, the Company will have
sufficient funds available to repay the Loan.

     

    The
undersigned Holder represents and warrants to the Company that it is an
accredited investor as defined under the Securities Act of 1933, as
amended.

     

    Neither
the Company, nor any of its officers, directors, employees, or affiliates has
either directly or indirectly, including through a broker or finder
(a) engaged in any general solicitation, or (b) published any
advertisement in connection with the Loan.  Accordingly, as a
condition of the undersigned Holder’s temporary conversion of the Funds Received
into the Loan in accordance with this letter agreement, the undersigned Holder
agrees not to disclose to any third party and to keep confidential all of the
terms of the Loan, until such time as the terms of the Loan are made public by
the Company.

     

    Prohibition on Transactions in
Company Securities.  Whether or not Holder intends to effect
the temporary conversion of the Funds Received into the Loan in accordance with
this letter agreement, neither Holder, nor any of Holder’s respective affiliates
(or any other third party acting on the instructions of the Holder or its
respective affiliates), shall be permitted to purchase or sell shares of the
Company’s Common Stock or any other type of Company security during the period
commencing on the date of Holder’s receipt of any information or documents
related to the Loan through the second business day following the Company’s
public release of information relating to the Loan.

     

    Very truly yours,

    

    Aspyra, Inc.

    

    By:______________

    Rodney Schutt

    Chief Executive Officer

    

     

     

    Acknowledged
and Agreed

    

    [________________________]

    

    By:______________

    Name

    Title:

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    ACCESS TO
INFORMATION

     

    The Company files annual, quarterly and
special reports, proxy statements and other information with the Securities and
Exchange Commission (the “SEC”).  Holders may read and copy any
document the Company files at the SEC’s public reference rooms in Washington,
D.C., New York, and Chicago.  Please call the SEC at 1-800-SEC-0330
for further information on the public reference rooms.  SEC filings
are also available to the public at the SEC’s web site at http://www.sec.gov.

     

    The SEC allows the Company to
“incorporate by reference” the information the Company files with them, which
means the Company can disclose important information to Holders by referring
them to those documents instead of having to repeat the information in this Form
of Election to Purchase.  The information incorporated by reference is
considered to be part of this Form of Election to Purchase, and later
information that the Company files with the SEC will automatically update and
supersede this information.  The Company incorporates by reference the
documents listed below and any future filings made with the SEC under Sections
13(a), 13(c), 14, or 15(d) of the Securities Exchange Act of 1934 until the
Holders sell all the shares:

     

    
      	
              ·  

            	
              Our
      annual report on Form 10-K for the fiscal year ended December 31,
      2008;

            

    

     

    
      	
              ·  

            	
              Our
      quarterly report on Form 10-Q for the period ended March 31,
      2009;

            

    

     

    
      	
              ·  

            	
              Our
      definitive proxy statement filed pursuant to Section 14 of the Exchange
      Act in connection with our June 11, 2009 Annual Meeting of
      Shareholders;

            

    

     

    
      	
              ·  

            	
              Our
      Current Reports filed on Form 8-K on February 19, 2009, April 3, 2009 (as
      amended on April 17, 2009), May 4, 2009 and May 15,
  2009;

            

    

     

    
      	
              ·  

            	
              The
      description of our Common Stock contained in our Registration Statement on
      Form 8-A filed with the Securities and Exchange Commission on February 10,
      2000 (File No. 001-13268), and any amendment or report filed for the
      purpose of updating such
description.

            

    

     

    The documents, reports and other
information we have filed with the SEC, as of the applicable date, did not
include any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. Holders can request a
copy of these filings, at no cost, by writing or telephoning the Company at the
following address:

     

    Aspyra,
Inc.

    26115-A
Mureau Road

    Calabasas,
CA 91302

    (818)
880-6700

     

    The Company has not authorized anyone
else to provide Holders with different information.  Holders should
not assume that the information in the documents incorporated by reference is
accurate on any date other than the date on the front of those
documents.

     

    Holder acknowledges receipt of the
documents listed above which have been incorporated by
reference.  Holder acknowledges that the Company has made available to
the Holder, or to the Holder’s personal advisors, the opportunity to obtain
additional information to verify the accuracy of information contained herein
and to evaluate the merits and risks of Holder’s investment in the
Company.

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