Document:

Unassociated Document

    Exhibit 10.10

     

     

     

    EXECUTIVE
EMPLOYMENT AGREEMENT

    

         The
Executive Employment Agreement (the “Agreement”) is effective as
of  May 1, 2008 (the “Effective Date”) and is between Gen2Media
Corporation, a Nevada Corporation  (the “Company”) and Ian McDaniel
(the “Employee”).

    RECITALS:

    

                   WHEREAS,
the Company desires that the Employee become the Chief  Technology
Officer and Director of the Company.

    

                    WHEREAS,
the Employee desires to accept such role under the terms hereof.

         

    NOW,
THEREFORE, in consideration of the promises and mutual agreements herein set
forth, the parties hereby agree as follows:

    

    

    
      	
              1.

            	 
      	
              Term
      of Employment. The period of employment of Employee by the Company under
      the Agreement (the Employment Period) shall be deemed to have commenced on
      the Effective Date and shall terminate in accordance with Section 7,
      however, if not terminated sooner, shall continue until April 30,
      2012.

               

            
	
              2.

            	 
      	
              Duties.
      During her employment by the Company, the Employee shall perform such
      duties as are customary and typical by an officer and director of a
      publicly traded company, and shall discharge such duties in a professional
      and diligent manner at all times, to the best of her abilities. Employee’s
      employment shall also be subject to the policies maintained and
      established by the Company, if any, as the same may be amended from time
      to time. Unless otherwise agreed by the Company and Employee, Employee’s
      principal place of business with the Company shall be in Orlando, FL.
      Employee acknowledges and agrees that Employee owes a fiduciary duty of
      loyalty, fidelity and allegiance to act at all times in the best interests
      of the Company and to do no act that would injure the business, interests,
      or reputation of the Company or any of its Affiliates. In keeping with
      these duties, Employee shall make full disclosure to the Board of
      Directors of all business opportunities pertaining to the business of the
      Company or its Affiliates and should not appropriate for Employee’s own
      benefit business opportunities that fall within the scope of the
      businesses conducted by the Company and its Affiliates.

            
	 
      
	
              3.

            	 
      	
              Compensation.

            

    

    

    
      	 
      	
              (a)

            	 
      	
              Base
      Salary. The Company shall pay to Employee  a base salary of
      $65,000 per year.  At such time as the Company attains
      profitability (including any monies paid to officers and/or directors) the
      base salary will be increased to $72,000 per year, and once the Company
      achieves sustained (defined as profit for 2 consecutive quarters)
      profitability, the base salary shall be increased to $84,000
      annually.

            
	 
      	 
      	 
      	 
      
	 
      	
              (b)

            	 
      	
              Incentive
      Bonus. In addition to the Base Salary, during the Term of the Agreement,
      Employee shall be entitled to cash compensation, paid annually, equal to
      3% of the net profit of the Company, as determined by the year end audited
      financial statements. However, there shall be a cap on all cash
      compensation received by Employee for any fiscal year of $150,000 in the
      aggregate, including base salary  and incentive
      bonus.

            
	 
      	 
      	 
      	 
      
	 
      	
              (c)

            	 
      	
              Equity
      Compensation and Stock Options. The Employee shall be entitled to
      participate in the equity compensation plans established from time to time
      by the Company based on performance and profitability, and as awarded by
      the Board of Directors and Compensation Committee. In consideration for
      entering into and faithful discharge of this Agreement, Employee shall
      receive an initial stock option grant of 666,667 shares, exercisable at
      any time during the life of this agreement, with an exercise price
      of  5 cents per share. These options are previously listed and
      provided for in the minutes of the Company, and are now memorialized by
      execution of this Agreement.  The stock, when issued, will be
      restricted under applicable laws.

            

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    
      	 
      	 
      	 
      	 
      
	 
      	
              (d)

            	 
      	
              Housing
      Allowance. N/A.

            
	 
      	 
      	 
      	 
      
	 
      	
              (e)

            	 
      	
              Home
      Leave Allowance. N/A

            
	 
      	 
      	 
      	 
      
	 
      	
              (f)

            	 
      	
              Relocation
      Allowance. N/A

            
	 
      	 
      	 
      	 
      
	 
      	
              (g)

            	 
      	
              Additional
      Payment. N/A

            
	 
      	 
      	 
      	 
      
	 
      	
              (h)

            	 
      	
              As
      additional compensation for the Employee, the Company shall provide or
      maintain the medical and health insurance benefits on the same terms and
      conditions as are made available to all employees of the Company
      generally.

            

    

    

    
      	
              4.

            	 
      	
              Vacation.
      Employee shall be entitled to a reasonable vacation(s) during each year of
      her employment under the Agreement.

            
	 	 	 
	
              5.

            	 
      	
              Reimbursement
      For Expenses. The Company shall reimburse the Employee within 30 days of
      the submission of appropriate documentation, and in no event later than
      the last day of the calendar year following the year in which an expense
      was incurred, for all  reasonable and
      approved   travel  and entertainment expenses and
      other disbursements incurred by her for or on behalf of the Company in the
      course and scope of her employment under the
  Agreement.

            

    

    

    
      	
              6.

            	 
      	
              Remedies
      for Breach. In addition to the rights and remedies provided in
      Section 7, and without waiving the same if Employee breaches, or
      threatens to breach, any of the provisions of Sections 9 or 10, the
      Company shall have the following rights and remedies, in addition to any
      others, each of which shall be independent of the other and severally
      enforceable:

            
	 	 	 
	 
      	
              (a)

            	 
      	
              The
      right and remedy to have such provisions specifically enforced by any
      court having equity jurisdiction. Employee specifically acknowledges and
      agrees that any breach or threatened breach of the provisions of
      Sections 9 or 10 hereof will cause irreparable injury to the Company
      and that money damages will not provide an adequate remedy to the Company.
      Such injunction shall be available without the posting of any bond or
      other security. If the Employee is determined to have breached any
      provision of Sections 9 or 10 the court or arbitrators shall extend
      the effect of the non-competition provisions for an amount of time equal
      to the time the Employee was in breach thereof.

            
	 
      	 
      	 
      	 
      
	 
      	
              (b)

            	 
      	
              The
      right to require Employee to account for and pay over to the Company all
      compensation, profits, monies, accruals, increments or other benefits
      (hereinafter collectively the “Benefits”) derived or received by the
      Employee as a result of any transactions constituting a breach of any of
      the provisions of Sections 9 or 10.

            
	 
      	 
      	 
      	 
      
	 
      	
              (c)

            	 
      	
              Upon
      discovery by the Company of a breach or threatened breach of
      Sections 9 or 10, the right to immediately suspend payments to
      Employee under Section 3 or 8(b) pending a resolution of the
      dispute.

            
	 
      	 
      	 
      	 
      
	 
      	
              (d)

            	 
      	
              The
      right to terminate Employee’s employment pursuant to
      Section 7.

            

    

    

    
      	
              7.

            	 
      	
              Termination
      of Agreement.

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	 
      	
              (a)

            	 
      	
              Death.
      The Agreement shall automatically terminate upon the death of
      Employee.

            
	 
      	 
      	 
      	 
      
	 
      	
              (b)

            	 
      	
              Disability.
      If, as a result of Employee’s incapacity due to physical or mental
      illness, Employee shall have been substantially unable, either with or
      without reasonable accommodation, to perform her duties hereunder for an
      entire period of six (6) consecutive months, and within thirty
      (30) days after written Notice of Termination is given after such six
      (6) month period, Employee shall not have returned to the substantial
      performance of her duties on a full-time basis, the Company shall have the
      right to terminate Employee’s employment hereunder for Disability, and
      such termination in and of itself shall not be, nor shall it be deemed to
      be, a breach of the Agreement. Any dispute between the Employee and the
      Company regarding whether Employee has a Disability shall be determined in
      writing by a qualified independent physician mutually acceptable to the
      Employee and the Company. If the Employee and the Company cannot agree as
      to a qualified independent physician, each shall appoint 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 Company and Employee shall be final and conclusive for all purposes
      of the Agreement. Employee acknowledges and agrees that a request by the
      Company for such a determination shall not be considered as evidence that
      the Company regarded the Employee as having a
  Disability.

            
	 
      	 
      	 
      	 
      
	 
      	
              (c)

            	 
      	
              Termination
      By Company For Cause. The Company may terminate the Agreement upon written
      notice to Employee at any time for “Cause” in accordance with the
      procedures provided below; provided, however, that
      the Company may instead give the Employee a written notice that it has
      elected to place the Employee on “garden leave” for a period of up to 90
      days  and that the Agreement will terminate on the date
      immediately following the end of such garden leave period. If the Company
      elects to place the Employee on garden leave, the Company may during the
      period immediately preceding such termination date in its absolute
      discretion direct the Employee (i) to perform only such of her duties
      as the Company may direct; and/or, (ii) to refrain from contacting
      any customers, clients, advertisers, suppliers, agents, professional
      advisors, brokers or employees of the Company or any of its Affiliates (as
      defined in Section 12(b)(iii)); and/or, (iii) not to enter all
      or any premises of the Company or any of its Affiliates and/or;
      (iv) to immediately resign without claim for compensation from office
      as director of the Company and any of its Affiliates and from any other
      office held by him in the Company or any of its
  Affiliates.

            

    

    

    
      	 
      	
              (i)

            	 
      	
              During
      any period when the provisions of the Section 7(c) are invoked, the
      Employee’s salary and other contractual benefits and compensation
      (including the vesting and exercisability of any equity awards) will
      continue to be paid or provided by the Company and the Employee will
      continue to comply without exception with all the Employee’s obligations
      under the Agreement. Notwithstanding anything herein to the contrary, the
      Company’s invocation of the provisions of the Section 7(c) shall
      not

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	 
      	 
      	 
      	
              constitute
      Good Reason and the Company shall not be obligated to make any new awards
      under the Company’s Bonus Plan or equity compensation plans (other than
      awards, if any, due prior to the date that the Employee ceases to perform
      substantial duties for the Company pursuant to the Section 7(c))
      during any period when the Employee is performing no substantial duties
      for the Company pursuant to the Section 7(c).

            
	 	 	 	 
	 
      	
              (d)

            	 
      	
              For
      purposes of the Agreement, “Cause” shall
mean:

            

    

    

    
      	 
      	
              (i)

            	 
      	
              the
      material breach of any provision of the Agreement by Employee which has
      not been cured within five business (5) days after the Company
      provides notice of the breach to Employee; provided, however, if the act
      or omission that is the subject of such notice is substantially similar to
      an act or omission with respect to which Employee has previously received
      notice and an opportunity to cure, then no additional notice is required
      and the Agreement may be terminated immediately upon the Company’s
      election and written notice to Employee);

            
	 
      	 
      	 
      	 
      
	 
      	
              (ii)

            	 
      	
              the
      entry of a plea of guilty or judgment entered after trial finding Employee
      guilty of a crime punishable by imprisonment in excess of one year
      involving moral turpitude (meaning a crime that includes the commission of
      an act of gross dishonesty or bad morals);

            
	 
      	 
      	 
      	 
      
	 
      	
              (iii)

            	 
      	
              willfully
      engaging by Employee in conduct that the Employee knows or reasonably
      should know is detrimental to the reputation, character or standing or
      otherwise injurious to the Company or any of its shareholders, direct or
      indirect subsidiaries and Affiliates, monetarily or
    otherwise;

            
	 
      	 
      	 
      	 
      
	 
      	
              (iv)

            	 
      	
              without
      limiting the generality of Section 7(c)(i), the breach or threatened
      breach of any of the provisions of Sections 9, 10 or 11;
      or

            
	 
      	 
      	 
      	 
      
	 
      	
              (v)

            	 
      	
              a
      ruling in any state or federal court or by an arbitration panel that the
      Employee has breached the provisions of a non-compete or non-disclosure
      agreement, or any similar agreement or understanding which would in any
      way limit, as determined by the Board of Directors of the Company, the
      Employee’s ability to perform under the Agreement now or in the
      future.

            
	 	 	 	 
	 
      	
              (e)

            	 
      	
              Termination
      By Company Without Cause. The Company may terminate the Agreement at any
      time, and for any reason, by providing at least thirty (30) days
      written notice to Employee.

            
	 
      	 
      	 
      	 
      
	 
      	
              (f)

            	 
      	
              Termination
      By Employee With Good Reason. Employee may terminate his employment with
      good reason anytime after Employee has actual knowledge of the occurrence,
      without the written consent of Employee, of one of the following events
      (each event being referred to herein as “Good Reason”):

               

            

    

    

    
      	 
      	
              (i)

            	 
      	
              (A) any
      change in the duties or responsibilities (including reporting
      responsibilities) of Employee that is inconsistent in any adverse respect
      with
      Employee’s position(s), duties, responsibilities or status with the
      Company immediately prior to such change (including any diminution of such
      duties or responsibilities) or (B) an adverse change in Employee’s
      titles or offices (including, membership on the Board of Directors) with
      the Company;

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      	 
      	
              (ii)

            	 
      	
              a
      reduction in Employee’s Base Salary or Bonus
  opportunity;

            
	 
      	 
      	 
      	 
      
	 
      	
              (iii)

            	 
      	
              the
      relocation of the Company’s principal executive offices from
      Orlando;

            
	 
      	 
      	 
      	 
      
	 
      	
              (iv)

            	 
      	
              the
      failure of the Company to continue in effect any material employee benefit
      plan, compensation plan, welfare benefit plan or fringe benefit plan in
      which Employee is participating immediately prior to the date
      of  the Agreement or the taking of any action by the Company
      which would adversely affect Employee’s participation in or reduce
      Employee’s benefits under any such plan, unless Employee is permitted to
      participate in other plans providing Employee with substantially
      equivalent benefits;

            
	 
      	 
      	 
      	 
      
	 
      	
              (v)

            	 
      	
              any
      refusal by the Company to continue to permit Employee to engage in
      activities not directly related to the business of the Company which
      Employee was permitted to engage in prior to the date of the
      Agreement;

            
	 
      	 
      	 
      	 
      
	 
      	
              (vi)

            	 
      	
              the
      Company’s failure to provide in all material respects the indemnification
      set forth in the Company’s Articles of Incorporation, By-Laws, or any
      other written agreement between Employee and Company;

            
	 
      	 
      	 
      	 
      
	 
      	
              (vii)

            	 
      	
              a
      Change in Control of the Company;

            
	 
      	 
      	 
      	 
      
	 
      	
              (viii)

            	 
      	
              the
      failure of the Company to obtain the assumption agreement from any
      successor giving rise to a Change of Control as contemplated in
      Section 12 (a);

            
	 
      	 
      	 
      	 
      
	 
      	
              (ix)

            	 
      	
              any
      other breach of a material provision of the Agreement by the
      Company.

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
              For
      purposes of clauses (iii) through (vi) and (ix) above, an
      isolated, insubstantial and inadvertent action taken in good faith and
      which is remedied by the Company within ten (10) days after receipt
      of notice thereof given by Employee shall not constitute Good Reason.
      Employee’s right to terminate employment with Good Reason shall not be
      affected by Employee’s incapacity due to mental or physical illness and
      Employee’s continued employment shall not constitute consent to, or a
      waiver of rights with respect to, any event or condition constituting
      cause.

            

    

    

    
      	
              8.

            	 
      	
              Effect
      of Termination. Upon the termination of the Agreement, no rights of
      Employee which shall have accrued prior to the date of such termination,
      including the right to receive any bonus Fully-Earned through the date of
      such termination, shall be affected in any way.

               

            

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      	 
      	
              (a)

            	 
      	
              Upon
      Death of Employee.

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
              During
      the Term, if Employee’s employment is terminated due to her death,
      Employee’s estate shall be entitled to receive the Base Salary set forth
      in Section 3 accrued through the date of death and any bonus
      Fully-Earned (as herein defined) through the date of such termination;
      provided, however, Employee’s estate shall not be entitled to any other
      benefits (except as provided by law or separate agreement). “Fully-Earned”
      shall mean that for purposes of determining whether the Employee shall be
      entitled to a bonus, that such Employee shall be treated as if he had been
      employed through the last date of the regular period for determining
      whether or not a bonus is payable in the standard manner that all such
      employees are evaluated even though Employee is no longer employed by the
      Company, and her eligibility for an incentive bonus, if any, shall be
      determined accordingly. Further, a surviving spouse of Employee shall be
      eligible for continuation
      of family benefits pursuant to Section 3(c) subject to compliance with
      Plan provisions at the full premium rate (Company plus employee portion)
      for a one year period after the date of termination.

            
	 
      	 
      	 
      	 
      
	 
      	
              (b)

            	 
      	
              For
      Disability; By Company Without Cause; By Employee with Good
      Reason.

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
              If
      the Agreement is terminated under Section 7 (b), (e) or
      (f):

            

    

    

    
      	 
      	
              (i)

            	 
      	
              Employee
      shall be entitled to receive her Base Salary set forth in Section 3
      accrued through the date of such termination and any bonus Fully-Earned
      through the date of such termination, and shall receive a severance equal
      to 12 months salary, paid out in 12 equal monthly
      installments.

            
	 
      	 
      	 
      	 
      
	 
      	
              (ii)

            	 
      	
              All
      unvested stock options and restricted stock grants previously awarded to
      Employee by the Company or Argonaut shall remain in full force and effect
      as if no termination had occurred, and

            
	 
      	 
      	 
      	 
      

    

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      	 
      	 
      	 
      	
              Employee
      may have against any of them, to the extent such claims arise from
      Employee’s employment hereunder, and any revocation period with respect to
      such release have expired, prior to the six month anniversary of the date
      of such termination, and

            
	 
      	
              (iv)

            	 
      	
              Employee
      shall no longer be bound by the prohibitions contained in
      Section 10.3 and 10.4.2 hereof prohibiting Employee from engaging or
      having any interests in, directly or indirectly, in a competitive business
      or soliciting employees; provided, however, Employee shall remain bound by
      the further prohibition contained in Section 10.4.1,
    and

            
	 
      	 
      	 
      	 
      
	 
      	
              (v)

            	 
      	
              Except
      as provided for in the Section 8(b), Employee shall not have any
      rights which have not previously accrued upon termination of the
      Agreement.

            

    

    

    
      	 
      	
              (c)

            	 
      	
              By
      Company With Cause

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
              In
      the event of termination of Employee’s employment Section 7(c) Employee
      shall be entitled to receive the Base Salary and benefits set forth in
      Section 3 accrued through the date of termination, and she shall not
      be entitled to any other benefits (except as required by
    law).

            

    

     

    
      	
              9.

            	 
      	
              Confidential
      Information.

            

    

    

    
      	 
      	
              (a)

            	 
      	
              The
      Company shall disclose to Employee, or place Employee in a position to
      have access to or develop, trade secrets or confidential information of
      Company or its Affiliates; and/or shall entrust Employee with business
      opportunities of Company or its Affiliates; and/or shall place Employee in
      a position to develop business good will on behalf of Company or its
      Affiliates.

            
	 
      	 
      	 
      	 
      
	 
      	
              (b)

            	 
      	
              The
      Employee acknowledges that in her employment hereunder she occupies a
      position of trust and confidence and agrees that she will treat as
      confidential and will not, without prior written authorization from the
      Company, directly or indirectly, disclose or make known to any person or
      use for her own benefit or gain, the methods, process or manner of
      accomplishing the business undertaken by the Company or its Affiliates, or
      any non-public information, plans, formulas, products, trade secrets,
      marketing or merchandising strategies, or confidential material or
      information and instructions, technical or otherwise, issued or published
      for the sole use of the company, or information which is disclosed to the
      Employee or in any acquired by him during the term of the Agreement, or
      any information concerning the present or future business, processes, or
      methods of operation of the Company or its Affiliates, or concerning
      improvement, inventions or know how relating to the same or any part
      thereof, it being the intent of the Company, with which intent the
      Employee hereby agrees, to restrict him from disseminating or using for
      her own benefit any information belonging directly or indirectly to the
      Company which is unpublished and not readily available to the general
      public.

            

    

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    
      	 
      	
              (c)

            	 
      	
              The
      confidentiality obligations set forth in (a) and (b) of the
      Section 9 shall apply during Employee’s employment and for a period
      of one year after termination of employment.

            
	 
      	 
      	 
      	 
      
	 
      	
              (d)

            	 
      	
              All
      information, ideas, concepts, improvements, discoveries, and inventions,
      whether patentable or not, that are conceived, made, developed or acquired
      by Employee, individually or in conjunction with others, during Employee’s
      employment with Company (whether during business hours or otherwise and
      whether on the premises of the Company or one of its Affiliate or
      otherwise) that relate to the business, products or services of the
      Company or any of its Affiliates shall be disclosed to the Board of
      Directors and are and shall be the sole and exclusive property of the
      Company or such Affiliate. Moreover, all documents, drawings, memoranda,
      notes, records, files, correspondence, manuals, models, specifications,
      computer programs, e-mail, voice mail, electronic data bases, maps and all
      other writings and materials of any type embodying any such information,
      ideas, concepts, improvements, discoveries and inventions are and shall be
      the sole and exclusive property of the Company. Upon termination of
      Employee’s employment by the Company, for any reason, Employee promptly
      shall deliver the same, and all copies thereof, to the
      Company.

            
	 
      	 
      	 
      	 
      
	 
      	
              (e)

            	 
      	
              If,
      during Employee’s employment by the Company, Employee creates any work of
      authorship fixed in any tangible medium of expression that is the subject
      matter of copyright (such as video tapes, written presentations, or
      acquisitions, computer programs, e-mail, voice mail, electronic data
      bases, drawings, maps, architectural renditions, models, manuals,
      brochures or the like) relating to the Company’s business, products or
      services, whether such work is created solely by Employee or jointly with
      others (whether during business hours or otherwise and whether on the
      Company’s premises or otherwise), the Company shall be deemed the author
      of such work if the work is prepared by Employee in the scope of
      Employee’s employment.

               

            

    

    

    
      	      
              10.

            	 	 	      
              Restrictive
      Covenants

            
	 	 	 	 
	 	      
              10.1

            	 	For
      the purposes of the Section, the following words have the following
      meanings:
	 	 	 	 
	 
      	
              10.1.1

            	 
      	
              “Company
      Services” means any services (including but not limited to technical and
      product support, technical advice, underwriting and customer services)
      supplied by the Company or its Affiliates in the specialty property and/or
      casualty insurance business;

            
	 
      	 
      	 
      	 
      
	 
      	
              10.1.2

            	 
      	
              “Confidential
      Information” has the meaning ascribed thereto in
      Section 9;

            
	 
      	 
      	 
      	 
      
	 
      	
              10.1.3

            	 
      	
              “Customer”
      means any person or firm or company or other organization whatsoever to
      whom or which the Company supplied Company Services during the Restricted
      Period and with whom or which, during the Restricted Period:

              (a)  the
      Employee had material personal dealings pursuant to her employment;
      or

            

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    
      	 
      	 
      	 
      	
              (b)  any
      employee who was under the direct or indirect supervision of the Employee
      had material personal dealings pursuant to their
    employment.

            
	 
      	 
      	 
      	 
      
	 
      	
              10.1.5

            	 
      	
              “Prospective
      Customer” means any person or firm or company or other organization
      whatsoever with whom or which the Company or its Affiliates shall have had
      negotiations or material discussions regarding the possible distribution,
      sale or supply of Company Services during the Restricted Period and with
      whom or which during such period:

              (a)  the
      Employee shall have had material personal dealings pursuant to her
      employment; or

              (b)  any
      employee who was under the direct or indirect supervision of the Employee
      shall have had material personal dealings pursuant to their employment;
      or

              (c)  the
      Employee was directly responsible in a client management capacity on
      behalf of the Company.

            
	 
      	 
      	 
      	 
      
	 
      	
              10.1.6

            	 
      	
              “Restricted
      Area” means:

            
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
              (a)  any
      geographic area in which the Company or Affiliates provided Restricted
      Services and for which the Employee was responsible in the 12 months
      preceding the date of Employee’s termination of employment by the
      Company.

            
	 
      	 
      	 
      	 
      
	 
      	
              10.1.7

            	 
      	
              “Restricted
      Employee” means any person who on the date of Employee’s termination of
      employment by the Company was at the level of director, manager,
      underwriter or salesperson with whom the Employee had material contact or
      dealings in the course of her Employment during the Restricted
      Period;

            
	 
      	 
      	 
      	 
      
	 
      	
              10.1.8

            	 
      	
              “Restricted
      Period” means the period of 12 months ending on the last day of the
      Employee’s employment with the Company or, in the event that no duties
      were assigned to the Employee or the Employee was placed upon garden
      leave, the 12 months immediately preceding the last day on which the
      Employee carried out any duties for the Company;

            
	 
      	 
      	 
      	 
      
	 
      	
              10.1.10

            	 
      	
              “Restricted
      Services” means Company Services or any services of the same or of a
      similar kind.

               

            
	 	 	 	 
	 	      
              10.2

            	 	      
              The
      Employee recognizes that, whilst performing her duties for the Company,
      she will have access to and come into contact with trade secrets and
      confidential information belonging to the Company and its Affiliates and
      will obtain personal knowledge of and influence over its or their
      customers and/or employees. The Employee therefore agrees that the
      restrictions set out in the Section are reasonable and necessary to
      protect the legitimate business interests of the Company and its
      Affiliates both during and after the termination of her
      employment.

            

    

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    
      	 	      
              10.3

            	 	The
      Employee hereby undertakes with the Company that she will not during her
      employment with the Company and for the period of twelve months after she
      ceases to be employed by the Company whether by himself through her
      employees or agents or otherwise howsoever and whether on her own behalf
      or on behalf of any other person, firm, company or other organization,
      directly or indirectly:
	 	 	 	 
	 
      	
              10.3.1

            	 
      	
              in
      competition with the Company or its Affiliates within the Restricted Area,
      be employed or engaged or otherwise interested in the business of
      researching into, developing, underwriting, distributing, selling,
      supplying or otherwise dealing with Restricted Services;
  or

            
	 
      	 
      	 
      	 
      
	 
      	
              10.3.2

            	 
      	
              in
      competition with the Company or its Affiliates, accept orders or
      facilitate the acceptance of any orders or have any business dealings for
      Restricted Services from any Customer or Prospective Customer;
      or

            
	 
      	 
      	 
      	 
      
	 
      	
              10.3.3

            	 
      	
              employ
      or otherwise engage in the business of or be personally involved to a
      material extent in employing or otherwise engaging in the business of
      researching into, developing, distributing, selling, supplying or
      otherwise dealing with Restricted Services, any person who was during the
      Restricted Period employed or otherwise engaged by the Company and who by
      reason of such employment or engagement is reasonably likely to be in
      possession of any trade secrets or Confidential Information relating to
      the business of the Company.

               

            
	 	 	 	 
	 	      
              10.4

            	 	      
              The
      Employee hereby undertakes with the Company that she shall not during her
      employment with the Company and for the period
      of  24 months after  Employee ceases to be
      employed by the Company without the prior written consent of the Company
      whether by himself through her employees or agents or otherwise howsoever
      and whether on her own behalf or on behalf of any other person, firm,
      company or other organisation directly or
    indirectly:

            

    

    

    
      	 
      	
              10.4.1

            	 
      	
              in
      competition with the Company, solicit business from or endeavour to entice
      away or canvass any Customer or Prospective Customer if such solicitation
      or canvassing is in respect of Restricted Services;

            
	 
      	 
      	 
      	 
      
	 
      	
              10.4.2

            	 
      	
              solicit
      or induce or endeavor to solicit or induce any Restricted Employee to
      cease working for or providing services to the Company, whether or not any
      such person would thereby commit a breach of contract.

            
	 	 	 	 
	 	      
              10.5

            	 	      
              The
      benefit of Sections 10.3 and 10.4 shall be held on trust by the
      Company for each of its Affiliates and the Company reserves the right to
      assign the benefit of such provisions to any of its Affiliates, in
      addition such provisions also apply as though there were substituted for
      references to “the Company” references to each of its Affiliates in
      relation to which the Employee has in the course of her duties for the
      Company or by reason of rendering services to or holding office in such
      Affiliate:

            

    

    

    
      	 
      	
              10.5.1

            	 
      	
              acquired
      knowledge of its trade secrets or Confidential Information;
    or

            
	 
      	 
      	 
      	 
      
	 
      	
              10.5.2

            	 
      	
              had
      material personal dealings with its Customers or Prospective Customers;
      or

            

    

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

       

      
        
          
            	 
      	      
                    10.5.3

                  	 
      	supervised directly or
      indirectly employees having material personal dealings with its Customers
      or Prospective Customers but so that references in Section 10 to “the
      Company” shall for the purpose be deemed to be replaced by references to
      the relevant Affiliate. The obligations undertaken by the Employee
      pursuant to the Section 10.5 shall, with respect to each Affiliate of
      the Company, constitute a separate and distinct covenant and the
      invalidity or unenforceability of any such covenant shall not affect the
      validity or enforceability of the covenants in favour of any other
      Affiliate or the Company.
	 
      	 
      	 
      	 
      
	 
      	      
                    10.6

                  	 
      	The parties agree that
      the periods referred to in Sections 10.3 and 10.4 above will be
      reduced by one day for every day, during which, at the Company’s direction
      the Employee has been excluded from the Company’s premises and has not
      carried out any duties.
	 	 	 	 
	 	10.7	 	      
                    While
      the restrictions in the Section 10 (on which the Employee has had the
      opportunity to take independent advice, as the Employee hereby
      acknowledges) are considered by the parties to be reasonable in all the
      circumstances, it is agreed that if any such restrictions, by themselves,
      or taken together, shall be adjudged to go beyond what is reasonable in
      all the circumstances for the protection of the legitimate interests of
      the Company or its Affiliates but would be adjudged reasonable if part or
      parts of the wording thereof were deleted, the relevant restriction or
      restrictions shall apply with such deletion(s) as may be necessary to make
      it or them valid and effective.

                  
	 	 	 	 
	      
                    11.

                  	 	 	      
                    [Intentionally
      blank]

                  
	 	 	 	 
	      
                    12

                  	 	 	      
                    Change
      Of Control.

                  
	 	 	 	 
	 	      
                    (f)

                  	 	      
                    For
      purposes of the Agreement, a “Change of Control” shall be deemed to occur
      if:

                  
	 	 	 	 
	 	      
                    (i)

                  	 	      
                    Any
      Person, other than (1) the Company or any of its subsidiaries,
      (2) a trustee or other fiduciary holding securities under an employee
      benefit plan of the Company or any of its Affiliates, (3) an
      underwriter temporarily holding securities pursuant to an offering of such
      securities, or (4) a corporation owned, directly or indirectly, by
      the shareholders of the Company in substantially the same proportions as
      their ownership of stock of the Company, is or becomes the Beneficial
      Owner, directly or indirectly, of securities of the Company (not including
      in the securities beneficially owned by such person any securities
      acquired directly from the Company or its Affiliates) representing 50% or
      more of the combined voting power of the Company’s then outstanding
      securities, or 50% or more of the then outstanding common stock of the
      Company, excluding any Person who becomes such a Beneficial Owner inconnection
      with a merger or consolidation of the Company described in (ii)
      below.

                  

          

           

        

      

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    
      	 
      	
              (ii)

            	 
      	
              There
      is consummated a merger or consolidation of the Company or any direct or
      indirect subsidiary of the Company with any other corporation, except if:
      (A) the merger or consolidation would result in the voting securities
      of the Company outstanding immediately prior thereto continuing to
      represent (either by remaining outstanding or by being converted into
      voting securities of the surviving entity or any parent thereof) at least
      fifty percent (50%) of the combined voting power of the voting securities
      of the Company or such surviving entity or any parent thereof outstanding
      immediately after such merger or consolidation; or (B) the merger or
      consolidation is effected to implement a recapitalization of the Company
      (or similar transaction) in which no Person is or becomes the beneficial
      owner, directly or indirectly, of securities of the Company (not including
      in the securities beneficially owned by such Person any securities
      acquired directly from the Company or its Affiliates other than in
      connection with the acquisition by the Company or its Affiliates of a
      business) representing 50% or more of the combined voting power of the
      Company’s then outstanding securities;

            
	 
      	 
      	 
      	 
      
	 
      	
              (iii)

            	 
      	
              The
      shareholders of the Company approve a plan of complete liquidation or
      dissolution of the Company or an agreement for the sale or disposition by
      the Company of all or substantially all the Company’s assets, other than a
      sale or disposition by the Company of all or substantially all of the
      Company’s assets to an entity, at least 50% of the combined voting power
      of the voting securities of which are owned by the stockholders of the
      Company in substantially the same proportions as their ownership of the
      Company immediately prior to such sale.

            
	 
      	 
      	 
      	 
      
	 
      	
              (iv)

            	 
      	
              During
      any one year period, individuals who at the beginning of the period
      constitute the Board of Directors of the Company cease for any reason to
      constitute a majority of the Board of Directors.

            
	 	 	 	 
	 
      	
              (g)

            	 
      	
              For
      purposes of the Section 12:

            

    

    

    
      	 
      	
              (i)

            	 
      	
              The
      term “Person” shall have the meaning
      given in Section 3(a)(9) of the 1934 Act as modified and used in Sections
      13(d) and 14(d) of the 1934 Act.

            
	 
      	 
      	 
      	 
      
	 
      	
              (ii)

            	 
      	
              The
      term “Beneficial Owner” shall have the meaning provided in Rule 13d-3
      under the 1934 Act.

            
	 
      	 
      	 
      	 
      
	 
      	
              (iii)

            	 
      	
              The
      term “Affiliate” means, with respect to any individual or a corporation,
      partnership, trust, incorporated or unincorporated association, joint
      venture, limited liability company, joint stock company, government
      (or an agency or political subdivision thereof) or other entity of any
      kind (each a “person”), any other person that directly or indirectly
      controls or is controlled by or under common control with such person. For
      the purposes of the definition, “control” when used with respect to any
      person, means the possession, direct or indirect, of the power to direct
      or cause the direction of the management and policies of such person,
      whether through the ownership of voting securities, by contract or
      otherwise; and the terms of “affiliated”, “controlling” and “controlled”
      have meanings correlated to the
foregoing.

            

    

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    
      	
              13.

            	 
      	
              Successors
      and Assigns. The Agreement is personal in its nature and neither of the
      parties hereto shall, without the consent of the other, assign or transfer
      the Agreement or any rights or obligations hereunder, provided, however,
      that the provisions hereof shall ensure to the benefit of, and be binding
      upon, each successor of the Company, whether by merger, consolidation,
      acquisition or otherwise, unless otherwise agreed to by the Employee and
      the Company.

            

    

    

    
      	
              14.

            	 
      	
              Notices.
      Any notice required or permitted to be given to the Employee pursuant to
      the Agreement shall be sufficiently given if sent to the Employee by
      registered or certified mail addressed to the Employee at
      ________________________________________________________________________,
      or at such other address as she shall designate by notice to the Company,
      and any notice required or permitted to be given to the Company pursuant
      to the Agreement shall be sufficiently given if sent to the Company by
      registered or certified mail addressed to it at
      ____________________________________________________________, or at such
      other address as it shall designate by notice to the
    Employee.

            
	 	 	 
	
              15.

            	 
      	
              Invalid
      Provisions. The invalidity or unenforceability of a particular provision
      of the Agreement shall not affect the enforceability of any other
      provisions hereof and the Agreement shall be construed in all respects as
      if such invalid or unenforceable provision were
  omitted.

            

    

    

    
      	
              16.

            	 
      	
              Amendments
      To The Agreement. The Agreement may only be amended in writing by an
      agreement executed by both parties hereto.

            
	 	 	 
	
              17.

            	 
      	
              Entire
      Agreement. The Agreement contains the entire agreement of the parties
      hereto and supersedes any and all prior agreements, oral or written, and
      negotiations between said parties regarding the subject matter contained
      herein.

            

    

    

    
      	
              18.

            	 
      	
              Applicable
      Law and Venue. The Agreement is entered into under, and shall be governed
      for all purposes, by the laws of the United States; with venue of any
      lawsuit between the parties in United
States.

            

    

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    
      	
              19.

            	 
      	
              No
      Waiver. No failure by either party hereto at any time to give notice of
      any breach by the other party of, or to require compliance with, any
      condition or provision of the Agreement shall be deemed a waiver of
      similar or dissimilar provisions or conditions at the same or at any prior
      or subsequent time.

               

            

    

    

    
      	
              20.

            	 
      	
              Severability.
      If a Court of competent jurisdiction determines that any provision of the
      Agreement is invalid or unenforceable, then the invalidity or
      unenforceability of that provision shall not affect the validity or
      unenforceability of any other provision of the Agreement, and all other
      provisions shall remain in full force and effect.

               

            
	
              21.

            	 
      	
              Counterparts.
      The Agreement may be executed in one or more counterparts, each of which
      shall be deemed to be an original, but all of which together will
      constitute one in the same agreement.

               

            

    

    

    
      	
              22.

            	 
      	
              Withholding
      of Taxes and Other Employee Deductions. The Company may withhold from any
      benefits and payments made pursuant to the Agreement all federal, state,
      city and other taxes as may be required pursuant to any law or
      governmental regulation or ruling and any and all other normal employee
      deductions made with respect to the Company’s employees
      generally.

               

            
	
              23.

            	 
      	
              Section 409A
      of the Code. The provisions of the Agreement and any payments made herein
      are intended to comply with, and should be interpreted consistent with,
      the requirements of Section 409A of the Code, and any related
      regulations or other effective guidance promulgated thereunder
      (collectively, “Section 409A”). The time or schedule of a payment to
      which the Executive is entitled under the Agreement may be accelerated at
      any time that the Agreement fails to meet the requirements of
      Section 409A and any such payment will be limited to the amount
      required to be included in the Executive’s income as a result of the
      failure to comply with Section 409A. Reference herein to termination
      of employment shall be deemed to mean a separation from
      service.

            
	 
      	 
      	 
      
	 
      	 
      	
              In
      witness whereof, the parties hereto have executed the Agreement as of the
      day and year above written.

            

    

     

    
      
        	 	Gen2Media
      Corporation	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

      

    

     

    
 

    14ex1011.htm

    
      Exhibit 10.11

       

       

       

      EXECUTIVE
EMPLOYMENT AGREEMENT

      

           The
Executive Employment Agreement (the “Agreement”) is effective as
of  May 1, 2008 (the “Effective Date”) and is between Gen2Media
Corporation, a Nevada Corporation  (the “Company”) and Mark Argenti
(the “Employee”).

      RECITALS:

      

                     WHEREAS,
the Company desires that the Employee become the Chief Creative Officer and
Director of the Company.

      

                      WHEREAS,
the Employee desires to accept such role under the terms hereof.

           

      NOW,
THEREFORE, in consideration of the promises and mutual agreements herein set
forth, the parties hereby agree as follows:

      

      

      
        	
                1.

              	 
      	
                Term
      of Employment. The period of employment of Employee by the Company under
      the Agreement (the Employment Period) shall be deemed to have commenced on
      the Effective Date and shall terminate in accordance with Section 7,
      however, if not terminated sooner, shall continue until April 30,
      2012.

                 

              
	
                2.

              	 
      	
                Duties.
      During his employment by the Company, the Employee shall perform such
      duties as are customary and typical by an officer and director of a
      publicly traded company, and shall discharge such duties in a professional
      and diligent manner at all times, to the best of his abilities. Employee’s
      employment shall also be subject to the policies maintained and
      established by the Company, if any, as the same may be amended from time
      to time. Unless otherwise agreed by the Company and Employee, Employee’s
      principal place of business with the Company shall be in Orlando, FL.
      Employee acknowledges and agrees that Employee owes a fiduciary duty of
      loyalty, fidelity and allegiance to act at all times in the best interests
      of the Company and to do no act that would injure the business, interests,
      or reputation of the Company or any of its Affiliates. In keeping with
      these duties, Employee shall make full disclosure to the Board of
      Directors of all business opportunities pertaining to the business of the
      Company or its Affiliates and should not appropriate for Employee’s own
      benefit business opportunities that fall within the scope of the
      businesses conducted by the Company and its Affiliates.

              
	 
      
	
                3.

              	 
      	
                Compensation.

              

      

      

      
        	 
      	
                (a)

              	 
      	
                Base
      Salary. The Company shall pay to Employee  a base salary of
      $65,000 per year.  At such time as the Company attains
      profitability (including any monies paid to officers and/or directors) the
      base salary will be increased to $72,000 per year, and once the Company
      achieves sustained (defined as profit for 2 consecutive quarters)
      profitability, the base salary shall be increased to $84,000
      annually.

              
	 
      	 
      	 
      	 
      
	 
      	
                (b)

              	 
      	
                Incentive
      Bonus. In addition to the Base Salary, during the Term of the Agreement,
      Employee shall be entitled to cash compensation, paid annually, equal to
      3% of the net profit of the Company, as determined by the year end audited
      financial statements. However, there shall be a cap on all cash
      compensation received by Employee for any fiscal year of $150,000 in the
      aggregate, including base salary  and incentive
      bonus.

              
	 
      	 
      	 
      	 
      
	 
      	
                (c)

              	 
      	
                Equity
      Compensation and Stock Options. The Employee shall be entitled to
      participate in the equity compensation plans established from time to time
      by the Company based on performance and profitability, and as awarded by
      the Board of Directors and Compensation Committee. In consideration for
      entering into and faithful discharge of this Agreement, Employee shall
      receive an initial stock option grant of 666,667 shares, exercisable at
      any time during the life of this agreement, with an exercise price
      of  5 cents per share. These options are previously listed and
      provided for in the minutes of the Company, and are now memorialized by
      execution of this Agreement.  The stock, when issued, will be
      restricted under applicable laws.

              

      

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      	 
      	 
	 
      	
                (d)

              	 
      	
                Housing
      Allowance. N/A.

              
	 
      	 
      	 
      	 
      
	 
      	
                (e)

              	 
      	
                Home
      Leave Allowance. N/A

              
	 
      	 
      	 
      	 
      
	 
      	
                (f)

              	 
      	
                Relocation
      Allowance. N/A

              
	 
      	 
      	 
      	 
      
	 
      	
                (g)

              	 
      	
                Additional
      Payment. N/A

              
	 
      	 
      	 
      	 
      
	 
      	
                (h)

              	 
      	
                As
      additional compensation for the Employee, the Company shall provide or
      maintain the medical and health insurance benefits on the same terms and
      conditions as are made available to all employees of the Company
      generally.

                 

              

      

      

      
        	
                4.

              	 
      	
                Vacation.
      Employee shall be entitled to a reasonable vacation(s) during each year of
      his employment under the Agreement.

                 

              
	
                5.

              	 
      	
                Reimbursement
      For Expenses. The Company shall reimburse the Employee within 30 days of
      the submission of appropriate documentation, and in no event later than
      the last day of the calendar year following the year in which an expense
      was incurred, for all  reasonable and
      approved   travel  and entertainment expenses and
      other disbursements incurred by his for or on behalf of the Company in the
      course and scope of his employment under the Agreement.

                 

              

      

      

      
        	
                6.

              	 
      	
                Remedies
      for Breach. In addition to the rights and remedies provided in
      Section 7, and without waiving the same if Employee breaches, or
      threatens to breach, any of the provisions of Sections 9 or 10, the
      Company shall have the following rights and remedies, in addition to any
      others, each of which shall be independent of the other and severally
      enforceable:

                 

              
	 
      	
                (a)

              	 
      	
                The
      right and remedy to have such provisions specifically enforced by any
      court having equity jurisdiction. Employee specifically acknowledges and
      agrees that any breach or threatened breach of the provisions of
      Sections 9 or 10 hereof will cause irreparable injury to the Company
      and that money damages will not provide an adequate remedy to the Company.
      Such injunction shall be available without the posting of any bond or
      other security. If the Employee is determined to have breached any
      provision of Sections 9 or 10 the court or arbitrators shall extend
      the effect of the non-competition provisions for an amount of time equal
      to the time the Employee was in breach thereof.

              
	 
      	 
      	 
      	 
      
	 
      	
                (b)

              	 
      	
                The
      right to require Employee to account for and pay over to the Company all
      compensation, profits, monies, accruals, increments or other benefits
      (hereinafter collectively the “Benefits”) derived or received by the
      Employee as a result of any transactions constituting a breach of any of
      the provisions of Sections 9 or 10.

              
	 
      	 
      	 
      	 
      
	 
      	
                (c)

              	 
      	
                Upon
      discovery by the Company of a breach or threatened breach of
      Sections 9 or 10, the right to immediately suspend payments to
      Employee under Section 3 or 8(b) pending a resolution of the
      dispute.

              
	 
      	 
      	 
      	 
      
	 
      	
                (d)

              	 
      	
                The
      right to terminate Employee’s employment pursuant to
      Section 7.

                 

              

      

      

      
        	
                7.

              	 
      	
                Termination
      of Agreement.

              

      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        	 
      
	 
      	
                (a)

              	 
      	
                Death.
      The Agreement shall automatically terminate upon the death of
      Employee.

              
	 
      	 
      	 
      	 
      
	 
      	
                (b)

              	 
      	
                Disability.
      If, as a result of Employee’s incapacity due to physical or mental
      illness, Employee shall have been substantially unable, either with or
      without reasonable accommodation, to perform his duties hereunder for an
      entire period of six (6) consecutive months, and within thirty
      (30) days after written Notice of Termination is given after such six
      (6) month period, Employee shall not have returned to the substantial
      performance of his duties on a full-time basis, the Company shall have the
      right to terminate Employee’s employment hereunder for Disability, and
      such termination in and of itself shall not be, nor shall it be deemed to
      be, a breach of the Agreement. Any dispute between the Employee and the
      Company regarding whether Employee has a Disability shall be determined in
      writing by a qualified independent physician mutually acceptable to the
      Employee and the Company. If the Employee and the Company cannot agree as
      to a qualified independent physician, each shall appoint 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 Company and Employee shall be final and conclusive for all purposes
      of the Agreement. Employee acknowledges and agrees that a request by the
      Company for such a determination shall not be considered as evidence that
      the Company regarded the Employee as having a
  Disability.

              
	 
      	 
      	 
      	 
      
	 
      	
                (c)

              	 
      	
                Termination
      By Company For Cause. The Company may terminate the Agreement upon written
      notice to Employee at any time for “Cause” in accordance with the
      procedures provided below; provided, however, that
      the Company may instead give the Employee a written notice that it has
      elected to place the Employee on “garden leave” for a period of up to 90
      days  and that the Agreement will terminate on the date
      immediately following the end of such garden leave period. If the Company
      elects to place the Employee on garden leave, the Company may during the
      period immediately preceding such termination date in its absolute
      discretion direct the Employee (i) to perform only such of his duties
      as the Company may direct; and/or, (ii) to refrain from contacting
      any customers, clients, advertisers, suppliers, agents, professional
      advisors, brokers or employees of the Company or any of its Affiliates (as
      defined in Section 12(b)(iii)); and/or, (iii) not to enter all
      or any premises of the Company or any of its Affiliates and/or;
      (iv) to immediately resign without claim for compensation from office
      as director of the Company and any of its Affiliates and from any other
      office held by him in the Company or any of its Affiliates.

                 

              

      

      

      
        	 
      	
                (i)

              	 
      	
                During
      any period when the provisions of the Section 7(c) are invoked, the
      Employee’s salary and other contractual benefits and compensation
      (including the vesting and exercisability of any equity awards) will
      continue to be paid or provided by the Company and the Employee will
      continue to comply without exception with all the Employee’s obligations
      under the Agreement. Notwithstanding anything herein to the contrary, the
      Company’s invocation of the provisions of the Section 7(c) shall
      not

              

      

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      	 
      	
                constitute
      Good Reason and the Company shall not be obligated to make any new awards
      under the Company’s Bonus Plan or equity compensation plans (other than
      awards, if any, due prior to the date that the Employee ceases to perform
      substantial duties for the Company pursuant to the Section 7(c))
      during any period when the Employee is performing no substantial duties
      for the Company pursuant to the Section 7(c).

                 

              
	 
      	
                (d)

              	 
      	
                For
      purposes of the Agreement, “Cause” shall mean:

                 

              

      

      

      
        	 
      	
                (i)

              	 
      	
                the
      material breach of any provision of the Agreement by Employee which has
      not been cured within five business (5) days after the Company
      provides notice of the breach to Employee; provided, however, if the act
      or omission that is the subject of such notice is substantially similar to
      an act or omission with respect to which Employee has previously received
      notice and an opportunity to cure, then no additional notice is required
      and the Agreement may be terminated immediately upon the Company’s
      election and written notice to Employee);

              
	 
      	 
      	 
      	 
      
	 
      	
                (ii)

              	 
      	
                the
      entry of a plea of guilty or judgment entered after trial finding Employee
      guilty of a crime punishable by imprisonment in excess of one year
      involving moral turpitude (meaning a crime that includes the commission of
      an act of gross dishonesty or bad morals);

              
	 
      	 
      	 
      	 
      
	 
      	
                (iii)

              	 
      	
                willfully
      engaging by Employee in conduct that the Employee knows or reasonably
      should know is detrimental to the reputation, character or standing or
      otherwise injurious to the Company or any of its shareholders, direct or
      indirect subsidiaries and Affiliates, monetarily or
    otherwise;

              
	 
      	 
      	 
      	 
      
	 
      	
                (iv)

              	 
      	
                without
      limiting the generality of Section 7(c)(i), the breach or threatened
      breach of any of the provisions of Sections 9, 10 or 11;
      or

              
	 
      	 
      	 
      	 
      
	 
      	
                (v)

              	 
      	
                a
      ruling in any state or federal court or by an arbitration panel that the
      Employee has breached the provisions of a non-compete or non-disclosure
      agreement, or any similar agreement or understanding which would in any
      way limit, as determined by the Board of Directors of the Company, the
      Employee’s ability to perform under the Agreement now or in the
      future.

                 

              
	 
      	
                (e)

              	 
      	
                Termination
      By Company Without Cause. The Company may terminate the Agreement at any
      time, and for any reason, by providing at least thirty (30) days
      written notice to Employee.

              
	 
      	 
      	 
      	 
      
	 
      	
                (f)

              	 
      	
                Termination
      By Employee With Good Reason. Employee may terminate his employment with
      good reason anytime after Employee has actual knowledge of the occurrence,
      without the written consent of Employee, of one of the following events
      (each event being referred to herein as “Good Reason”):

                 

              

      

      

      
        	 
      	
                (i)

              	 
      	
                (A) any
      change in the duties or responsibilities (including reporting
      responsibilities) of Employee that is inconsistent in any adverse
      respect

              

      

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      	 
      	
                with
      Employee’s position(s), duties, responsibilities or status with the
      Company immediately prior to such change (including any diminution of such
      duties or responsibilities) or (B) an adverse change in Employee’s
      titles or offices (including, membership on the Board of Directors) with
      the Company;

                 

              
	 
      	
                (ii)

              	 
      	
                a
      reduction in Employee’s Base Salary or Bonus
  opportunity;

              
	 
      	 
      	 
      	 
      
	 
      	
                (iii)

              	 
      	
                the
      relocation of the Company’s principal executive offices from
      Orlando;

              
	 
      	 
      	 
      	 
      
	 
      	
                (iv)

              	 
      	
                the
      failure of the Company to continue in effect any material employee benefit
      plan, compensation plan, welfare benefit plan or fringe benefit plan in
      which Employee is participating immediately prior to the date
      of  the Agreement or the taking of any action by the Company
      which would adversely affect Employee’s participation in or reduce
      Employee’s benefits under any such plan, unless Employee is permitted to
      participate in other plans providing Employee with substantially
      equivalent benefits;

              
	 
      	 
      	 
      	 
      
	 
      	
                (v)

              	 
      	
                any
      refusal by the Company to continue to permit Employee to engage in
      activities not directly related to the business of the Company which
      Employee was permitted to engage in prior to the date of the
      Agreement;

              
	 
      	 
      	 
      	 
      
	 
      	
                (vi)

              	 
      	
                the
      Company’s failure to provide in all material respects the indemnification
      set forth in the Company’s Articles of Incorporation, By-Laws, or any
      other written agreement between Employee and Company;

              
	 
      	 
      	 
      	 
      
	 
      	
                (vii)

              	 
      	
                a
      Change in Control of the Company;

              
	 
      	 
      	 
      	 
      
	 
      	
                (viii)

              	 
      	
                the
      failure of the Company to obtain the assumption agreement from any
      successor giving rise to a Change of Control as contemplated in
      Section 12 (a);

              
	 
      	 
      	 
      	 
      
	 
      	
                (ix)

              	 
      	
                any
      other breach of a material provision of the Agreement by the
      Company.

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                For
      purposes of clauses (iii) through (vi) and (ix) above, an
      isolated, insubstantial and inadvertent action taken in good faith and
      which is remedied by the Company within ten (10) days after receipt
      of notice thereof given by Employee shall not constitute Good Reason.
      Employee’s right to terminate employment with Good Reason shall not be
      affected by Employee’s incapacity due to mental or physical illness and
      Employee’s continued employment shall not constitute consent to, or a
      waiver of rights with respect to, any event or condition constituting
      cause.

                 

              

      

      

      
        	
                8.

              	 
      	
                Effect
      of Termination. Upon the termination of the Agreement, no rights of
      Employee which shall have accrued prior to the date of such termination,
      including the right to receive any bonus Fully-Earned through the date of
      such termination, shall be affected in any way.

                 

              

      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (a)

              	 
      	
                Upon
      Death of Employee.

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                During
      the Term, if Employee’s employment is terminated due to his death,
      Employee’s estate shall be entitled to receive the Base Salary set forth
      in Section 3 accrued through the date of death and any bonus
      Fully-Earned (as herein defined) through the date of such termination;
      provided, however, Employee’s estate shall not be entitled to any other
      benefits (except as provided by law or separate agreement). “Fully-Earned”
      shall mean that for purposes of determining whether the Employee shall be
      entitled to a bonus, that such Employee shall be treated as if he had been
      employed through the last date of the regular period for determining
      whether or not a bonus is payable in the standard manner that all such
      employees are evaluated even though Employee is no longer employed by the
      Company, and his eligibility for an incentive bonus, if any, shall be
      determined accordingly. Further, a surviving spouse of Employee shall be
      eligible for

                 

                continuation
      of family benefits pursuant to Section 3(c) subject to compliance with
      Plan provisions at the full premium rate (Company plus employee portion)
      for a one year period after the date of termination.

              
	 
      	 
      	 
      	 
      
	 
      	
                (b)

              	 
      	
                For
      Disability; By Company Without Cause; By Employee with Good
      Reason.

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                If
      the Agreement is terminated under Section 7 (b), (e) or
      (f):

              

      

      

      
        	 
      	
                (i)

              	 
      	
                Employee
      shall be entitled to receive his Base Salary set forth in Section 3
      accrued through the date of such termination and any bonus Fully-Earned
      through the date of such termination, and shall receive a severance equal
      to 12 months salary, paid out in 12 equal monthly
      installments.

              
	 
      	 
      	 
      	 
      
	 
      	
                (ii)

              	 
      	
                All
      unvested stock options and restricted stock grants previously awarded to
      Employee by the Company or Argonaut shall remain in full force and effect
      as if no termination had occurred, and

              
	 
      	 
      	 
      	 
      

      

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      	 
      	
                Employee
      may have against any of them, to the extent such claims arise from
      Employee’s employment hereunder, and any revocation period with respect to
      such release have expired, prior to the six month anniversary of the date
      of such termination, and

              
	 
      	
                (iv)

              	 
      	
                Employee
      shall no longer be bound by the prohibitions contained in
      Section 10.3 and 10.4.2 hereof prohibiting Employee from engaging or
      having any interests in, directly or indirectly, in a competitive business
      or soliciting employees; provided, however, Employee shall remain bound by
      the further prohibition contained in Section 10.4.1,
    and

              
	 
      	 
      	 
      	 
      
	 
      	
                (v)

              	 
      	
                Except
      as provided for in the Section 8(b), Employee shall not have any
      rights which have not previously accrued upon termination of the
      Agreement.

                 

              

      

      

      
        	 
      	
                (c)

              	 
      	
                By
      Company With Cause

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                In
      the event of termination of Employee’s employment Section 7(c) Employee
      shall be entitled to receive the Base Salary and benefits set forth in
      Section 3 accrued through the date of termination, and she shall not
      be entitled to any other benefits (except as required by
    law).

              

      

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      
        	
                9.

              	 
      	
                Confidential
      Information.

                 

              

      

      

      
        	 
      	
                (a)

              	 
      	
                The
      Company shall disclose to Employee, or place Employee in a position to
      have access to or develop, trade secrets or confidential information of
      Company or its Affiliates; and/or shall entrust Employee with business
      opportunities of Company or its Affiliates; and/or shall place Employee in
      a position to develop business good will on behalf of Company or its
      Affiliates.

              
	 
      	 
      	 
      	 
      
	 
      	
                (b)

              	 
      	
                The
      Employee acknowledges that in his employment hereunder she occupies a
      position of trust and confidence and agrees that she will treat as
      confidential and will not, without prior written authorization from the
      Company, directly or indirectly, disclose or make known to any person or
      use for his own benefit or gain, the methods, process or manner of
      accomplishing the business undertaken by the Company or its Affiliates, or
      any non-public information, plans, formulas, products, trade secrets,
      marketing or merchandising strategies, or confidential material or
      information and instructions, technical or otherwise, issued or published
      for the sole use of the company, or information which is disclosed to the
      Employee or in any acquired by him during the term of the Agreement, or
      any information concerning the present or future business, processes, or
      methods of operation of the Company or its Affiliates, or concerning
      improvement, inventions or know how relating to the same or any part
      thereof, it being the intent of the Company, with which intent the
      Employee hereby agrees, to restrict him from disseminating or using for
      his own benefit any information belonging directly or indirectly to the
      Company which is unpublished and not readily available to the general
      public.

              

      

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (c)

              	 
      	
                The
      confidentiality obligations set forth in (a) and (b) of the
      Section 9 shall apply during Employee’s employment and for a period
      of one year after termination of employment.

              
	 
      	 
      	 
      	 
      
	 
      	
                (d)

              	 
      	
                All
      information, ideas, concepts, improvements, discoveries, and inventions,
      whether patentable or not, that are conceived, made, developed or acquired
      by Employee, individually or in conjunction with others, during Employee’s
      employment with Company (whether during business hours or otherwise and
      whether on the premises of the Company or one of its Affiliate or
      otherwise) that relate to the business, products or services of the
      Company or any of its Affiliates shall be disclosed to the Board of
      Directors and are and shall be the sole and exclusive property of the
      Company or such Affiliate. Moreover, all documents, drawings, memoranda,
      notes, records, files, correspondence, manuals, models, specifications,
      computer programs, e-mail, voice mail, electronic data bases, maps and all
      other writings and materials of any type embodying any such information,
      ideas, concepts, improvements, discoveries and inventions are and shall be
      the sole and exclusive property of the Company. Upon termination of
      Employee’s employment by the Company, for any reason, Employee promptly
      shall deliver the same, and all copies thereof, to the
      Company.

              
	 
      	 
      	 
      	 
      
	 
      	
                (e)

              	 
      	
                If,
      during Employee’s employment by the Company, Employee creates any work of
      authorship fixed in any tangible medium of expression that is the subject
      matter of copyright (such as video tapes, written presentations, or
      acquisitions, computer programs, e-mail, voice mail, electronic data
      bases, drawings, maps, architectural renditions, models, manuals,
      brochures or the like) relating to the Company’s business, products or
      services, whether such work is created solely by Employee or jointly with
      others (whether during business hours or otherwise and whether on the
      Company’s premises or otherwise), the Company shall be deemed the author
      of such work if the work is prepared by Employee in the scope of
      Employee’s employment.

                 

              
	
                10.

              	 
      	
                Restrictive
      Covenants

              

      

      

      
        	 	

                10.1

              	 	

                For
      the purposes of the Section, the following words have the following
      meanings:

              
	 	 	 	 
	 
      	
                10.1.1

              	 
      	
                “Company
      Services” means any services (including but not limited to technical and
      product support, technical advice, underwriting and customer services)
      supplied by the Company or its Affiliates in the specialty property and/or
      casualty insurance business;

              
	 
      	 
      	 
      	 
      
	 
      	
                10.1.2

              	 
      	
                “Confidential
      Information” has the meaning ascribed thereto in
      Section 9;

              
	 
      	 
      	 
      	 
      
	 
      	
                10.1.3

              	 
      	
                “Customer”
      means any person or firm or company or other organization whatsoever to
      whom or which the Company supplied Company Services during the Restricted
      Period and with whom or which, during the Restricted Period:

                (a)  the
      Employee had material personal dealings pursuant to his employment;
      or

              

      

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      	 
      	
                (b)  any
      employee who was under the direct or indirect supervision of the Employee
      had material personal dealings pursuant to their
    employment.

              
	 
      	 
      	 
      	 
      
	 
      	
                10.1.5

              	 
      	
                “Prospective
      Customer” means any person or firm or company or other organization
      whatsoever with whom or which the Company or its Affiliates shall have had
      negotiations or material discussions regarding the possible distribution,
      sale or supply of Company Services during the Restricted Period and with
      whom or which during such period:

                (a)  the
      Employee shall have had material personal dealings pursuant to his
      employment; or

                (b)  any
      employee who was under the direct or indirect supervision of the Employee
      shall have had material personal dealings pursuant to their employment;
      or

                (c)  the
      Employee was directly responsible in a client management capacity on
      behalf of the Company.

              
	 
      	 
      	 
      	 
      
	 
      	
                10.1.6

              	 
      	
                “Restricted
      Area” means:

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                (a)  any
      geographic area in which the Company or Affiliates provided Restricted
      Services and for which the Employee was responsible in the 12 months
      preceding the date of Employee’s termination of employment by the
      Company.

              
	 
      	 
      	 
      	 
      
	 
      	
                10.1.7

              	 
      	
                “Restricted
      Employee” means any person who on the date of Employee’s termination of
      employment by the Company was at the level of director, manager,
      underwriter or salesperson with whom the Employee had material contact or
      dealings in the course of his Employment during the Restricted
      Period;

              
	 
      	 
      	 
      	 
      
	 
      	
                10.1.8

              	 
      	
                “Restricted
      Period” means the period of 12 months ending on the last day of the
      Employee’s employment with the Company or, in the event that no duties
      were assigned to the Employee or the Employee was placed upon garden
      leave, the 12 months immediately preceding the last day on which the
      Employee carried out any duties for the Company;

              
	 
      	 
      	 
      	 
      
	 
      	
                10.1.10

              	 
      	
                “Restricted
      Services” means Company Services or any services of the same or of a
      similar kind.

              
	 	 	 	 
	 	

                10.2

              	 	

                The
      Employee recognizes that, whilst performing his duties for the Company,
      she will have access to and come into contact with trade secrets and
      confidential information belonging to the Company and its Affiliates and
      will obtain personal knowledge of and influence over its or their
      customers and/or employees. The Employee therefore agrees that the
      restrictions set out in the Section are reasonable and necessary to
      protect the legitimate business interests of the Company and its
      Affiliates both during and after the termination of his
      employment.

              

      

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      
      

      
        	 	

                10.3

              	 	 
      

                The
      Employee hereby undertakes with the Company that she will not during his
      employment with the Company and for the period of twelve months after she
      ceases to be employed by the Company whether by himself through his
      employees or agents or otherwise howsoever and whether on his own behalf
      or on behalf of any other person, firm, company or other organization,
      directly or indirectly:

              
	 	 	 	 
	 
      	
                10.3.1

              	 
      	
                in
      competition with the Company or its Affiliates within the Restricted Area,
      be employed or engaged or otherwise interested in the business of
      researching into, developing, underwriting, distributing, selling,
      supplying or otherwise dealing with Restricted Services;
  or

              
	 
      	 
      	 
      	 
      
	 
      	
                10.3.2

              	 
      	
                in
      competition with the Company or its Affiliates, accept orders or
      facilitate the acceptance of any orders or have any business dealings for
      Restricted Services from any Customer or Prospective Customer;
      or

              
	 
      	 
      	 
      	 
      
	 
      	
                10.3.3

              	 
      	
                employ
      or otherwise engage in the business of or be personally involved to a
      material extent in employing or otherwise engaging in the business of
      researching into, developing, distributing, selling, supplying or
      otherwise dealing with Restricted Services, any person who was during the
      Restricted Period employed or otherwise engaged by the Company and who by
      reason of such employment or engagement is reasonably likely to be in
      possession of any trade secrets or Confidential Information relating to
      the business of the Company.

                 

              
	 	 	 	 
	 	

                10.4

              	 	 The
      Employee hereby undertakes with the Company that she shall not during his
      employment with the Company and for the period
      of  24 months after  Employee ceases to be
      employed by the Company without the prior written consent of the Company
      whether by himself through his employees or agents or otherwise howsoever
      and whether on his own behalf or on behalf of any other person, firm,
      company or other organisation directly or
  indirectly:

      

      

      
        	 
      	
                10.4.1

              	 
      	
                in
      competition with the Company, solicit business from or endeavour to entice
      away or canvass any Customer or Prospective Customer if such solicitation
      or canvassing is in respect of Restricted Services;

              
	 
      	 
      	 
      	 
      
	 
      	
                10.4.2

              	 
      	
                solicit
      or induce or endeavor to solicit or induce any Restricted Employee to
      cease working for or providing services to the Company, whether or not any
      such person would thereby commit a breach of contract.

              
	 	 	 	 
	 	

                10.5

              	 	The
      benefit of Sections 10.3 and 10.4 shall be held on trust by the
      Company for each of its Affiliates and the Company reserves the right to
      assign the benefit of such provisions to any of its Affiliates, in
      addition such provisions also apply as though there were substituted for
      references to “the Company” references to each of its Affiliates in
      relation to which the Employee has in the course of his duties for the
      Company or by reason of rendering services to or holding office in such
      Affiliate:

      

      

      
        	 
      	
                10.5.1

              	 
      	
                acquired
      knowledge of its trade secrets or Confidential Information;
    or

              
	 
      	 
      	 
      	 
      
	 
      	
                10.5.2

              	 
      	
                had
      material personal dealings with its Customers or Prospective Customers;
      or

              

      

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      
        

        
          	 
      	

                  10.5.3

                	 
      	

                  supervised
      directly or indirectly employees having material personal dealings with
      its Customers or Prospective Customers but so that references in
      Section 10 to “the Company” shall for the purpose be deemed to be
      replaced by references to the relevant Affiliate. The obligations
      undertaken by the Employee pursuant to the Section 10.5 shall, with
      respect to each Affiliate of the Company, constitute a separate and
      distinct covenant and the invalidity or unenforceability of any such
      covenant shall not affect the validity or enforceability of the covenants
      in favour of any other Affiliate or the Company.

                
	 
      	 
      	 
      	 
      
	 
      	

                  10.6

                	 
      	

                  The
      parties agree that the periods referred to in Sections 10.3 and 10.4
      above will be reduced by one day for every day, during which, at the
      Company’s direction the Employee has been excluded from the Company’s
      premises and has not carried out any duties.

                
	 	 	 	 
	 	

                  10.7

                	 	

                  While
      the restrictions in the Section 10 (on which the Employee has had the
      opportunity to take independent advice, as the Employee hereby
      acknowledges) are considered by the parties to be reasonable in all the
      circumstances, it is agreed that if any such restrictions, by themselves,
      or taken together, shall be adjudged to go beyond what is reasonable in
      all the circumstances for the protection of the legitimate interests of
      the Company or its Affiliates but would be adjudged reasonable if part or
      parts of the wording thereof were deleted, the relevant restriction or
      restrictions shall apply with such deletion(s) as may be necessary to make
      it or them valid and effective.

                
	 	 	 	 
	

                   

                	11.	 	

                  [Intentionally
      blank]

                
	 	 	 	 
	

                   

                	12	 	

                  Change
      Of Control.

                
	 	 	 	 
	 	

                  (f)

                	 	

                  For
      purposes of the Agreement, a “Change of Control” shall be deemed to occur
      if:

                
	 	 	 	 
	 	

                  (i)

                	 	

                  Any
      Person, other than (1) the Company or any of its subsidiaries,
      (2) a trustee or other fiduciary holding securities under an employee
      benefit plan of the Company or any of its Affiliates, (3) an
      underwriter temporarily holding securities pursuant to an offering of such
      securities, or (4) a corporation owned, directly or indirectly, by
      the shareholders of the Company in substantially the same proportions as
      their ownership of stock of the Company, is or becomes the Beneficial
      Owner, directly or indirectly, of securities of the Company (not including
      in the securities beneficially owned by such person any securities
      acquired directly from the Company or its Affiliates) representing 50% or
      more of the combined voting power of the Company’s then outstanding
      securities, or 50% or more of the then outstanding common stock of the
      Company, excluding any Person who becomes such a Beneficial Owner in connection
      with a merger or consolidation of the Company described in (ii)
      below.

                

        

         

      

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (ii)

              	 
      	
                There
      is consummated a merger or consolidation of the Company or any direct or
      indirect subsidiary of the Company with any other corporation, except if:
      (A) the merger or consolidation would result in the voting securities
      of the Company outstanding immediately prior thereto continuing to
      represent (either by remaining outstanding or by being converted into
      voting securities of the surviving entity or any parent thereof) at least
      fifty percent (50%) of the combined voting power of the voting securities
      of the Company or such surviving entity or any parent thereof outstanding
      immediately after such merger or consolidation; or (B) the merger or
      consolidation is effected to implement a recapitalization of the Company
      (or similar transaction) in which no Person is or becomes the beneficial
      owner, directly or indirectly, of securities of the Company (not including
      in the securities beneficially owned by such Person any securities
      acquired directly from the Company or its Affiliates other than in
      connection with the acquisition by the Company or its Affiliates of a
      business) representing 50% or more of the combined voting power of the
      Company’s then outstanding securities;

              
	 
      	 
      	 
      	 
      
	 
      	
                (iii)

              	 
      	
                The
      shareholders of the Company approve a plan of complete liquidation or
      dissolution of the Company or an agreement for the sale or disposition by
      the Company of all or substantially all the Company’s assets, other than a
      sale or disposition by the Company of all or substantially all of the
      Company’s assets to an entity, at least 50% of the combined voting power
      of the voting securities of which are owned by the stockholders of the
      Company in substantially the same proportions as their ownership of the
      Company immediately prior to such sale.

              
	 
      	 
      	 
      	 
      
	 
      	
                (iv)

              	 
      	
                During
      any one year period, individuals who at the beginning of the period
      constitute the Board of Directors of the Company cease for any reason to
      constitute a majority of the Board of Directors.

              
	 	 	 	 
	 
      	
                (g)

              	 
      	
                For
      purposes of the Section 12:

              

      

      

      
        	 
      	
                (i)

              	 
      	
                The
      term “Person” shall have the meaning
      given in Section 3(a)(9) of the 1934 Act as modified and used in Sections
      13(d) and 14(d) of the 1934 Act.

              
	 
      	 
      	 
      	 
      
	 
      	
                (ii)

              	 
      	
                The
      term “Beneficial Owner” shall have the meaning provided in Rule 13d-3
      under the 1934 Act.

              
	 
      	 
      	 
      	 
      
	 
      	
                (iii)

              	 
      	
                The
      term “Affiliate” means, with respect to any individual or a corporation,
      partnership, trust, incorporated or unincorporated association, joint
      venture, limited liability company, joint stockcompany,
      government (or an agency or political subdivision thereof) or other entity
      of any kind (each a “person”), any other person that directly or
      indirectly controls or is controlled by or under common control with such
      person. For the purposes of the definition, “control” when used with
      respect to any person, means the possession, direct or indirect, of the
      power to direct or cause the direction of the management and policies of
      such person, whether through the ownership of voting securities, by
      contract or otherwise; and the terms of “affiliated”, “controlling” and
      “controlled” have meanings correlated to the
    foregoing.

              

      

       

      

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      
        	
                13.

              	 
      	
                Successors
      and Assigns. The Agreement is personal in its nature and neither of the
      parties hereto shall, without the consent of the other, assign or transfer
      the Agreement or any rights or obligations hereunder, provided, however,
      that the provisions hereof shall ensure to the benefit of, and be binding
      upon, each successor of the Company, whether by merger, consolidation,
      acquisition or otherwise, unless otherwise agreed to by the Employee and
      the Company.

              

      

      

      
        	
                14.

              	 
      	
                Notices.
      Any notice required or permitted to be given to the Employee pursuant to
      the Agreement shall be sufficiently given if sent to the Employee by
      registered or certified mail addressed to the Employee at
      ________________________________________________________________________,
      or at such other address as she shall designate by notice to the Company,
      and any notice required or permitted to be given to the Company pursuant
      to the Agreement shall be sufficiently given if sent to the Company by
      registered or certified mail addressed to it at
      ____________________________________________________________, or at such
      other address as it shall designate by notice to the
    Employee.

              
	 	 	 
	
                15.

              	 
      	
                Invalid
      Provisions. The invalidity or unenforceability of a particular provision
      of the Agreement shall not affect the enforceability of any other
      provisions hereof and the Agreement shall be construed in all respects as
      if such invalid or unenforceable provision were
  omitted.

              

      

      

      
        	
                16.

              	 
      	
                Amendments
      To The Agreement. The Agreement may only be amended in writing by an
      agreement executed by both parties hereto.

              
	 	 	 
	
                17.

              	 
      	
                Entire
      Agreement. The Agreement contains the entire agreement of the parties
      hereto and supersedes any and all prior agreements, oral or written, and
      negotiations between said parties regarding the subject matter contained
      herein.

              

      

      

      
        	
                18.

              	 
      	
                Applicable
      Law and Venue. The Agreement is entered into under, and shall be governed
      for all purposes, by the laws of the United States; with venue of any
      lawsuit between the parties in United
States.

              

      

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      
        	
                19.

              	 
      	
                No
      Waiver. No failure by either party hereto at any time to give notice of
      any breach by the other party of, or to require compliance with, any
      condition or provision of the Agreement shall be deemed a waiver of
      similar or dissimilar provisions or conditions at the same or at any prior
      or subsequent time.

              

      

      

      
        	
                20.

              	 
      	
                Severability.
      If a Court of competent jurisdiction determines that any provision of the
      Agreement is invalid or unenforceable, then the invalidity or
      unenforceability of that provision shall not affect the validity or
      unenforceability of any other provision of the Agreement, and all other
      provisions shall remain in full force and effect.

              
	 	 	 
	
                21.

              	 
      	
                Counterparts.
      The Agreement may be executed in one or more counterparts, each of which
      shall be deemed to be an original, but all of which together will
      constitute one in the same
agreement.

              

      

      

      
        	
                22.

              	 
      	
                Withholding
      of Taxes and Other Employee Deductions. The Company may withhold from any
      benefits and payments made pursuant to the Agreement all federal, state,
      city and other taxes as may be required pursuant to any law or
      governmental regulation or ruling and any and all other normal employee
      deductions made with respect to the Company’s employees
      generally.

              
	 	 	 
	
                23.

              	 
      	
                Section 409A
      of the Code. The provisions of the Agreement and any payments made herein
      are intended to comply with, and should be interpreted consistent with,
      the requirements of Section 409A of the Code, and any related
      regulations or other effective guidance promulgated thereunder
      (collectively, “Section 409A”). The time or schedule of a payment to
      which the Executive is entitled under the Agreement may be accelerated at
      any time that the Agreement fails to meet the requirements of
      Section 409A and any such payment will be limited to the amount
      required to be included in the Executive’s income as a result of the
      failure to comply with Section 409A. Reference herein to termination
      of employment shall be deemed to mean a separation from
      service.

              
	 
      	 
      	 
      
	 
      	 
      	
                In
      witness whereof, the parties hereto have executed the Agreement as of the
      day and year above written.

              

      

       

       

      
        
          	 	Gen2Media
      Corporation	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ 	 
	 	 	Name 	 
	 	 	Title

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