Document:

Scripps Executive Deferred Compensation Plan, as amended

 EXHIBIT 10.76 
 SCRIPPS EXECUTIVE DEFERRED COMPENSATION PLAN, AS AMENDED 
 Scripps Executive Deferred Compensation Plan 
 Effective as of July 1, 2008 

 TABLE OF CONTENTS 
  

					
	 ARTICLE 1.
	  	AMENDMENTS TO COMPLY WITH CODE SECTION 409a AND EMPLOYEE MATTERS AGREEMENT	  	i
			
	 ARTICLE 2.
	  	DEFINITIONS	  	ii
			
	 ARTICLE 3.
	  	ELIGIBILITY AND PARTICIPATION	  	vi
			
	 ARTICLE 4.
	  	PARTICIPANT DEFERRAL CONTRIBUTIONS	  	viii
			
	 ARTICLE 5.
	  	COMPANY MATCHING CONTRIBUTIONS	  	ix
			
	 ARTICLE 6.
	  	VESTING	  	x
			
	 ARTICLE 7.
	  	ACCOUNTS	  	x
			
	 ARTICLE 8.
	  	INVESTMENT FUNDS	  	xi
			
	 ARTICLE 9.
	  	PAYMENT ELECTIONS	  	xi
			
	 ARTICLE 10.
	  	PAYMENT OF BENEFITS	  	xii
			
	 ARTICLE 11.
	  	BENEFICIARIES; PARTICIPANT DATA	  	xvii
			
	 ARTICLE 12.
	  	ADMINISTRATION	  	xviii
			
	 ARTICLE 13.
	  	AMENDMENT OR TERMINATION OF PLAN.	  	xx
			
	 ARTICLE 14.
	  	MISCELLANEOUS PROVISIONS	  	xxii

 ARTICLE 1. AMENDMENTS TO COMPLY WITH CODE SECTION 409A AND EMPLOYEE MATTERS AGREEMENT 
  

	1.1	IN GENERAL. The E.W. Scripps Company (the “Company”) adopted the Scripps Executive Deferred Compensation Plan (the “Plan”) effective as of July 1,
2004. The Plan is maintained for the benefit of certain key executives of the Company. The Plan is amended and restated, effective as of the Effective Date, to comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”) and to conform to the terms of the terms and conditions of the Employee Matters Agreement by and between The E. W. Scripps Company and Scripps Networks Interactive, Inc. (the “Employee Matters Agreement”).

  

	1.2	SECTION 409A OF THE CODE. In order to comply with Section 409A of the Code, effective immediately before the Effective Date, the Plan is divided into two parts, one of
which shall be named “Part One” and the other of which shall be named “Part Two”. Except as otherwise provided under this Article I, Part One of the Plan shall be governed by the terms and conditions of the Plan as in effect on
October 3, 2004. Part Two of the Plan shall be governed by the terms and conditions set forth herein. 

  

	 	(a)	Part One. Any “amounts deferred” by Participants in taxable years beginning before January 1, 2005 (within the meaning of Section 409A of the Code) and
any earnings thereon shall be governed by the terms of Part One of the Plan, and it is intended that such amounts and the earnings thereon shall be exempt from the application of Section 409A of the Code. Nothing contained herein is intended to
materially enhance a benefit or right existing under Part One of the Plan as of October 3, 2004, or add a new material benefit or right to Part One of the Plan. As of the Effective Date, Part One of the Plan is frozen, and neither the Company,
its affiliates nor any individual shall make or permit to be made any additional contributions or deferrals under Part One of the Plan (other than earnings) on or after that date. 

  

	 	(b)	Part Two. Any “amounts deferred” by Participants in taxable years beginning on or after January 1, 2005 (within the meaning of Section 409A of the Code)
and any earnings thereon shall be governed by the terms and conditions of Part Two of the Plan. To the extent that any of those amounts were deferred under the Plan prior to the Effective Date (the “Transferred Amounts”), then the
Committee shall transfer the Transferred Amounts from Part One of the Plan to Part Two of this Plan and credit those amounts to the appropriate Subaccounts under Part Two of this Plan, as selected by the Committee in its sole discretion. As a result
of such transfer and crediting, all of the Company’s obligations and Participant's rights with respect to the Transferred Amounts under Part One of the Plan, if any, shall automatically be extinguished and become obligations and rights under
Part Two of this Plan without further action. 

  

	1.3	EMPLOYEE MATTERS AGREEMENT. In order to comply with the terms and conditions of the Employee Matters Agreement: 

  

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	 	(a)	Transfer of SNI Participants. The Account of each SNI Participant maintained under the Plan immediately prior to the Effective Date shall be transferred to the Scripps
Networks Interactive, Inc. Executive Deferred Compensation Plan and assumed by Scripps Networks Interactive, Inc. as of the Effective Date (the “Assumed Amounts”). For purposes of this Plan, the term Assumed Amounts shall include any
amounts of Base Compensation and Incentive Compensation of an SNI Participant that are earned but not yet paid as of the Effective Date that were properly deferred by the SNI Participant under the Plan but that had not yet been credited to his or
her Account under the Plan as of the Effective Date. Each such SNI Participant shall have no further rights under the Plan immediately after his or her Account is transferred to the Scripps Networks Interactive, Inc. Executive Deferred Compensation
Plan and assumed by Scripps Networks Interactive, Inc. in accordance with the terms and conditions of the Employee Matters Agreement. 

  

	 	(b)	Re-Employment of SNI Participants. If an SNI Participant in the Scripps Networks Interactive, Inc. Executive Deferred Compensation Plan ceases employment with Scripps
Networks Interactive, Inc. and its subsidiaries and immediately thereafter becomes an employee of the Affiliated Group at any time after the Effective Date, but at a time when the Company and Scripps Networks Interactive, Inc. are in the same
Controlled Group, then to the extent required to comply with Section 409A of the Code: 

  

	 	(i)	The individual’s Deferral Elections and Payment Elections that were controlling under the Scripps Networks Interactive, Inc. Executive Deferred Compensation Plan immediately
prior to that date shall continue to apply to Base Compensation and Incentive Compensation paid by the Affiliated Group for the remainder of the period or periods for which such elections or designations are by their original terms applicable.

  

	 	(ii)	The Committee is authorized to establish one or more sub-plans or sub-accounts for the SNI Participant the terms of which may vary from those set forth in or required or authorized
by this Plan in order to implement the purposes of this Section 1.3. 

  

	1.4	TERMS. Capitalized terms that are not defined in Article 2 shall have the meaning set forth in the Employee Matters Agreement. 

 ARTICLE 2. DEFINITIONS 
  

	2.1	“Account” means the balance credited to a Participant’s or Beneficiary’s Plan bookkeeping account, including contribution credits and deemed
income, gains, and losses credited thereto. A Participant’s or Beneficiary’s Account shall consist of a Deferral Contributions Subaccount, and/or a Company Matching Contributions Subaccount. Accounts are further described in Article 7.

  

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	2.2	“Affiliated Group” means the Company and each Subsidiary. 

  

	2.3	“Assumed Amounts” has the meaning given to such term in Section 1.4 hereof. 

  

	2.4	“Base Compensation” means the annual base rate of cash compensation payable by the Affiliated Group to a Participant during a calendar year, excluding
Incentive Compensation, bonuses, commissions, severance payments, Company Matching Contributions, qualified plan contributions or benefits, expense reimbursements, fringe benefits and all other payments, and prior to reduction for any deferrals
under this Plan or any other plan of the Affiliated Group under Sections 125 or 401(k) of the Code. 

  

	2.5	“Base Deferrals” means deferrals from Base Compensation, as described in Section 4.1(a). 

  

	2.6	“Basic Plan” means the Scripps Retirement & Investment Plan. 

  

	2.7	“Beneficiary” means any person or persons so designated in accordance with the provisions of Section 11.1. 

  

	2.8	“Board” means the Board of Directors of The E. W. Scripps Company or any successor. 

  

	2.9	“Change in Control” has the meaning given to such term in the Scripps Senior Executive Change in Control and Severance Plan, as in effect on the Effective
Date, provided that the transaction or event also constitutes a “change in the ownership,” a “change in the effective control” or a “change in the ownership of a substantial portion of the assets” of the Company within
the meaning of Section 409A of the Code. 

  

	2.10	“Code” means the Internal Revenue Code of 1986, as amended. 

  

	2.11	“Committee” means the committee selected by the Board or its designee, whose membership is appointed or removed by the Board or its designee, that is
responsible for administering this Plan. The Committee is further described in Article 12. Unless and until otherwise provided by the Board, the Committee shall be the Senior Vice President, Human Resources of the Company, or her designee.

  

	2.12	“Company” means The E. W. Scripps Company and its successors, including, without limitation, the surviving corporation resulting from any merger or
consolidation of The E. W. Scripps Company with any other corporation, limited liability company, joint venture, partnership or other entity or entities. 

  

	2.13	“Company Matching Contributions” means the contributions deemed made by the Company pursuant to Article 5. 

  

	2.14	“Company Matching Contributions Subaccount” means the portion of an Account credited with Company Matching Contributions for a given Participant, adjusted
for gains and losses and payments. 

  

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	2.15	“Controlled Group” means (i) the Company, and (ii) all entities with whom the Company would be considered a single employer under Sections 414(b)
and 414(c) of the Code, provided that in applying Section 1563(a)(1), (2), and (3) for purposes of determining a controlled group of corporations under Section 414(b) of the Code, the language “at least 50 percent” is used
instead of “at least 80 percent” each place it appears in Section 1563(a)(1), (2), and (3), and in applying Treasury Regulation Section 1.414(c)-2 for purposes of determining trades or businesses (whether or not incorporated)
that are under common control for purposes of Section 414(c), “at least 50 percent” is used instead of “at least 80 percent” each place it appears in that regulation. Such term shall be interpreted in a manner consistent
with the definition of “service recipient” contained in Section 409A of the Code. 

  

	2.16	“Deferral Contributions” means the combined Base Deferrals and Incentive Deferrals made pursuant to Article 4. 

  

	2.17	“Deferral Contributions Subaccount” means the portion of an Account credited with Deferral Contributions for a given Participant, adjusted for gains and
losses and payments. 

  

	2.18	“Deferral Election” shall mean the Election Agreement (or portion thereof) completed by a Participant and filed with the Committee in accordance with Article
4 that indicates the Base Deferrals, Incentive Deferrals or both that will be deferred under the Plan for a calendar year or Performance Period. 

  

	2.19	“Effective Date” means the Distribution Date as defined in the Employee Matters Agreement. 

  

	2.20	“Election Agreement” means the agreement on a form that the Committee may designate from time to time, on which a Participant makes certain elections and
other designations as set forth in Section 3.1(b). 

  

	2.21	“Eligible Employee” means, for any calendar year (or applicable portion thereof), a person employed by the Affiliated Group who meets the following
requirements: (i) is eligible to participate in The E.W. Scripps Company Amended and Restated 1997 Long-Term Incentive Plan (excluding awards issued through the President’s Club or any similar program); and (ii) either has Base
Compensation in excess of the Code Section 401(a)(17) limit with respect to the prior calendar year or has previously elected to defer Base Compensation or Incentive Compensation under the Plan for a prior calendar year. The term Eligible
Employee also includes any other management or highly compensated employee of the Company designated by the Committee. 

  

	2.22	“Employee Matters Agreement” has the meaning given such term in Section 1.4 hereof. 

  

	2.23	“Entry Date” with respect to an Eligible Employee means the first day of each calendar year. 

  

	2.24	“ERISA” means the Employee Retirement Security Act of 1974, as amended. 

  

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	2.25	“Incentive Compensation” means incentive compensation earned during a Performance Period under the Company’s Executive Bonus Plan, or its successor, or
such other plan that the Committee may designate from time to time. 

  

	2.26	“Incentive Deferrals” means deferrals from Incentive Compensation, as described in Section 4.1(b). 

  

	2.27	“Investment Fund(s)” means any fund(s) to which the Committee allows Eligible Employees to nominally allocate their Accounts. Investment Funds are further
described in Article 8. 

  

	2.28	“Participant” means any person so designated in accordance with the provisions of Article 3, including, where appropriate according to the context of the
Plan, any former Eligible Employee who is or may become (or whose Beneficiary may become) eligible to receive a benefit under the Plan. Moreover, any individual with respect to whom Assumed Amounts are credited hereunder shall automatically
participate, and be a “Participant,” in the Plan with respect to such Assumed Amounts. 

  

	2.29	“Payment Election” means the Election Agreement (or portion thereof) completed by a Participant and filed with the Committee in accordance with Article 9
hereof, that indicates the payment commencement date for Incentive Deferrals and the form of payment for Base Deferrals (including Company Matching Contributions) and Incentive Deferrals. 

  

	2.30	“Performance-Based Compensation” means that portion of a Participant's Incentive Compensation the amount of which, or the entitlement to which, is contingent
on the satisfaction of pre-established organizational or individual performance criteria relating to a Performance Period of at least twelve (12) consecutive months, and which satisfies the requirements for “performance-based
compensation” under Section 409A of the Code, including the requirement that the performance criteria be established in writing by not later than (i) ninety (90) days after the commencement of the period of service to which the
criteria relates and (ii) the date the outcome ceases to be substantially uncertain. Where a portion of an amount of Incentive Compensation would qualify as Performance-Based Compensation if the portion were the sole amount available under a
designated incentive plan, that portion of the award will not fail to qualify as Performance-Based Compensation if that portion is designated separately by the Committee on the Deferral Election or is otherwise separately identifiable under the
terms of the designated incentive plan, and the amount of each portion is determined independently of the other. 

  

	2.31	“Performance Period” means, with respect to any Incentive Compensation, the period of time during which such Incentive Compensation is earned.

  

	2.32	 “Plan” means the Scripps Executive Deferred Compensation Plan as set forth herein and as from time to time in effect. To the extent required
to comply with Section 409A of the 

  

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Code, the term Plan shall include any plan that is required to be aggregated with the Plan under Section 409A of the Code. 

 

	2.33	“Separation from Service” means a termination of employment with the Controlled Group in such a manner as to constitute a “separation from service”
as defined under Section 409A of the Code. Upon a sale or other disposition of the assets of the Company or any member of the Controlled Group to an unrelated purchaser, the Committee reserves the right, to the extent permitted by
Section 409A of the Code, to determine whether Participants providing services to the purchaser after and in connection with the purchase transaction have experienced a Separation from Service. 

  

	2.34	“Subsidiary” means a corporation, company or other entity (i) more than 50 percent of whose outstanding shares or securities (representing the right to
vote for the election of directors or other managing authority) are, or (ii) which does not have outstanding shares or securities (as may be the case in a partnership, joint venture or unincorporated association), but more than 50 percent of
whose ownership interest representing the right generally to make decisions for such other entity is, now or hereafter, owned or controlled, directly or indirectly, by the Company. 

  

	2.35	“Transferred Amounts” has the meaning given to such term in Section 1.3 hereof. 

  

	2.36	“Unforeseeable Emergency” means an “unforeseeable emergency” as defined under Section 409A of the Code. 

  

	2.37	“Valuation Date” means such date or dates as the Committee, in its sole discretion, designates as a Valuation Date, provided that such dates shall occur no
less frequently than quarterly as of the last business day of each calendar quarter. 

  

	2.38	In addition to the foregoing, certain other terms of more limited usage may be defined in other Articles of the Plan. All terms defined in the Plan are designated with
initial capital letters. 

  

	2.39	Whenever appropriate, words used herein in the singular may be read as the plural and the plural may be read as the singular. Unless otherwise clear from the context, words
used herein in the masculine shall also be deemed to include the feminine. 

  

	2.40	Except to the extent otherwise indicated herein, and except to the extent otherwise inappropriate in the context, the definition of Employer Contribution contained in the
Basic Plan is applicable under the Plan. 

 ARTICLE 3. ELIGIBILITY AND PARTICIPATION 
  

	3.1	REQUIREMENTS. 

  

	 	(a)	 Every Eligible Employee on the Effective Date shall be eligible to become a Participant as of the Effective Date. Every other person who becomes an Eligible
Employee after the Effective Date shall be eligible to become a Participant on the 

  

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first Entry Date occurring on or after the date on which he or she becomes an Eligible Employee. No individual shall become a Participant, however, if he/she
is not an Eligible Employee on the date his/her participation is to begin. 

  

	 	(b)	Except as otherwise provided in Article 1, in order to participate as of a specified Entry Date, an Eligible Employee must make written application by filing with the
Committee, within such time period as the Committee shall specify consistent with the terms of this Plan, an Election Agreement on which the Eligible Employee shall: 

  

	 	(i)	Make a Deferral Election in accordance with Article 4; 

  

	 	(ii)	Make a Payment Election in accordance with Article 9; 

  

	 	(iii)	Designate a Beneficiary or change a Beneficiary designation in accordance with Section 11.1; and 

  

	 	(iv)	Agree to the terms of the Plan. 

  

	 	(c)	An Eligible Employee who chooses not to participate in the Plan when first eligible to do so shall waive participation by so specifying on the Election Agreement and shall
not be eligible to participant until the next Entry Date. 

  

	3.2	CHANGE OF EMPLOYMENT CATEGORY. During any period in which a Participant remains in the employ of the Affiliated Group, but ceases to be an Eligible Employee, he/she shall not
be eligible to make new Deferral Elections or have Company Matching Contributions made on his/her behalf. However, his/her Account shall continue to be revalued in accordance with Article 7. 

  

	3.3	PARTICIPATION BY EMPLOYEES OF AFFILIATED GROUP MEMBERS. Any member of the Affiliated Group (other than the Company) may, by action of its board of directors or equivalent
governing body and with the consent of the Board, adopt the Plan; provided that the Board may waive the requirement that such board of directors or equivalent governing body effect such adoption. By its adoption of or participation in the Plan, the
adopting member of the Affiliated Group shall be deemed to appoint the Company its exclusive agent to exercise on its behalf all of the power and authority conferred by the Plan upon the Company and accept the delegation to the Committee of all the
power and authority conferred upon it by the Plan. The authority of the Company to act as such agent shall continue until the Plan is terminated as to the participating affiliate. An Eligible Employee who is employed by a member of the Affiliated
Group and who elects to participate in the Plan shall participate on the same basis as an Eligible Employee of the Company. The Account of a Participant employed by a participating member of the Affiliated Group shall be paid in accordance with the
Plan solely by such member to the extent attributable to Base Deferrals or Incentive Deferrals that would have been paid by such participating member in the absence of deferral pursuant to the Plan, unless the Board otherwise determines that the
Company shall be the obligor. 

  

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 ARTICLE 4. PARTICIPANT DEFERRAL CONTRIBUTIONS 
  

	4.1	DEFERRAL ELECTIONS. A Participant may elect to defer Base Compensation for a calendar year or Incentive Compensation for a Performance Period, as the case may be, by filing a
Deferral Election with the Committee in accordance with the following rules: 

  

	 	(a)	Base Compensation. The Deferral Election with respect to Base Compensation must be filed with the Committee by, and shall become irrevocable as of, December 31 (or such
earlier date as specified by the Committee on the Deferral Election) of the calendar year next preceding the calendar year for which such Base Compensation would otherwise be earned. For purposes of this Section 4.1(a), Base Compensation
payable after the last day of a calendar year solely for services performed during the final payroll period described in Section 3401(b) of the Code containing December 31 of such year shall be treated as earned during the subsequent
calendar year. 

  

	 	(b)	Incentive Compensation 

  

	 	(i)	The Deferral Election with respect to Incentive Compensation must be filed with the Committee by, and shall become irrevocable as of, December 31 (or such earlier date as
specified by the Committee on the Deferral Election) of the calendar year next preceding the first day of the Performance Period for which such Incentive Compensation would otherwise be earned. 

  

	 	(ii)	Notwithstanding anything contained in this 4.1 to the contrary, and only to the extent permitted by the Committee, the Deferral Election with respect to Incentive Compensation that
constitutes Performance-Based Compensation must be filed with the Committee by, and shall become irrevocable as of, the date that is 6 months before the end of the applicable Performance Period (or such earlier date as specified by the Committee on
the Deferral Election), provided that in no event may such Deferral Election be made after such Incentive Compensation has become “readily ascertainable” within the meaning of Section 409A of the Code. In order to make a Deferral
Election under this Section 4.1(b)(ii), the Participant must perform services continuously from the later of the beginning of the Performance Period or the date the performance criteria are established through the date a Deferral Election
becomes irrevocable under this Section 4.1(b)(ii). A Deferral Election made under this Section 4.1(b)(ii) shall not apply to any portion of the Performance-Based Compensation that is actually earned by a Participant regardless of
satisfaction of the performance criteria. 

  

	4.2	DURATION OF DEFERRAL ELECTIONS. 

  

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	 	(a)	Duration. Once irrevocable, a Deferral Election shall only be effective for the calendar year or Performance Period with respect to which such election was timely filed with
the Committee. Except as provided in Section 4.2(b) hereof, a Deferral Election, once irrevocable, cannot be cancelled or modified during a calendar year or Performance Period. 

  

	 	(b)	Cancellation 

  

	 	(i)	The Committee may, in its sole discretion, cancel a Participant's Deferral Election where such cancellation occurs by the later of the end of the Participant's taxable year or the
15th day of the third month following the date the Participant incurs a “disability.” For purposes of this Section 4.2(b)(i), a disability refers to any medically determinable physical or mental impairment resulting in the
Participant’s inability to perform the duties of his or her position or any substantially similar position, where such impairment can be expected to result in death or can be expected to last for a continuous period of not less than six months.

  

	 	(ii)	The Committee may, in its sole discretion, cancel a Participant's Deferral Election due to an Unforeseeable Emergency or a hardship distribution pursuant to Treasury Regulation
Section 1.401(k)-1(d)(3). 

  

	 	(iii)	If a Participant's Deferral Election is cancelled with respect to a particular calendar year or Performance Period in accordance with this Section 4.2(b), he may make a new
Deferral Election for a subsequent calendar year or Performance Period, as the case may be, only in accordance with Section 4.1 hereof. 

  

	4.3	CHOICE OF CONTRIBUTION RATES 

  

	 	(a)	Unless the Committee otherwise specifies, an Eligible Employee may choose to make Base Deferrals for the specified calendar year at a rate not to exceed fifty percent
(50%) of Base Compensation and Incentive Deferrals for the specified Performance Period at a rate not to exceed one hundred percent (100%) of Incentive Compensation; provided, however, that the Participant shall not be
permitted to defer less than 1% of each of his Base Compensation or Incentive Compensation during any one calendar year or Performance Period, as the case may be, and any such attempted deferral shall not be effective. 

  

	 	(b)	Deferral Contributions shall be deducted by the Company from the pay of an Eligible Employee, and an equivalent amount shall be credited to his/her Deferral Contributions
Subaccount as soon as administratively practicable following the date that such amounts would have been paid to the Eligible Employee if he/she had not made a Deferral Election. 

 ARTICLE 5. COMPANY MATCHING CONTRIBUTIONS 
  

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	5.1	ELIGIBILITY. An Eligible Employee that participates in the Basic Plan will have Company Matching Contributions credited to his/her Company Matching Contributions Subaccount
for each month that he/she makes Base Deferrals. Notwithstanding the foregoing, if a Participant is ineligible for any reason to receive Employer Contribution credits under the Basic Plan for a given period, no credits shall be made to his/her
Company Matching Contributions Subaccount with respect to any Base Deferrals for the corresponding period. 

  

	5.2	AMOUNT. 

  

	 	(a)	Except as limited by Section 5.2(b), the amount credited to an eligible Participant’s Company Matching Contributions Subaccount shall equal fifty percent
(50%) of his/her Base Deferrals. 

  

	 	(b)	The maximum amount credited to an eligible Participant’s Company Matching Contributions Subaccount for a given period shall not exceed three percent (3%) of the
Participant’s Base Compensation for that period, reduced by the amount of his/her Employer Contribution credits under the Basic Plan for said period. 

  

	 	(c)	Company Matching Contributions shall be credited to the Participant’s Company Matching Contributions Subaccount on the date specified by the Committee.

  

	 	(d)	Notwithstanding anything contained in this Article 5 to the contrary, the total Company Matching Contributions credited to a Participant’s Company Matching Contributions
Subaccount for any calendar year may never exceed 100% of the Employer Contributions that would have been provided to the Participant for that calendar year under the Basic Plan absent any plan-based restrictions that reflect limits on qualified
plan contributions under the Code. 

 ARTICLE 6. VESTING 
  

	6.1	GENERAL. A Participant shall always be one hundred percent (100%) vested in that portion of his/her Account consisting of the Deferral Contributions Subaccount and the
Company Matching Contributions Subaccount. 

 ARTICLE 7. ACCOUNTS 
  

	7.1	ACCOUNTS. 

  

	 	(a)	 The Company will maintain on its books, as necessary, a Deferral Contributions Subaccount and a Company Matching Contributions Subaccount for each
Participant to which shall be credited, as appropriate, Deferral Contributions under Article 4, Company Matching Contributions under Article 5, and deemed investment earnings and/or losses as provided in Section 7.2. Amounts due to Base
Deferrals and Incentive Deferrals in the Deferral Contributions Subaccount shall be accounted for separately. There also shall be separate accounting, if and to the extent necessary, to track differing Payment Elections by a Participant with 

  

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respect to the commencement date or method of payment of different annual deferral/credit elections. 

  

	 	(b)	All Accounts shall be bookkeeping accounts only, and all amounts credited thereto shall, prior to being paid, in all events remain subject to the claims of the Company’s
general creditors. 

  

	7.2	ADJUSTMENTS. As of each Valuation Date, each Account will be adjusted, with either an increase or a decrease, to reflect the deemed investment experience of the Account since
the preceding Valuation Date. For this purpose, the Account will be adjusted to reflect the investment return under the Participant’s investment elections pursuant to Article 8. 

  

	7.3	ACCOUNTING FOR PAYMENTS. As of the date of any payment hereunder, the payment to a Participant or his/her Beneficiary shall be charged to such Participant’s Account.

 ARTICLE 8. INVESTMENT FUNDS 
  

	8.1	GENERAL. The amount that is ultimately payable to the Participant with respect to such Account shall be determined as if such Account had been invested in some or all of the
Investment Funds. The Committee, in its sole discretion, shall adopt (and modify from time to time) such rules and procedures as it deems necessary or appropriate to implement the deemed investment of Participant Accounts. In the event no election
has been made by a Participant, such Account will be deemed to be invested in an Investment Fund designated by the Committee which has the characteristics of a money market or other fixed income fund selected by the Committee. Participants shall be
able to reallocate their Accounts between the Investment Funds and reallocate amounts newly credited to their Accounts at such time and in such manner as the Committee shall prescribe. By electing to defer any amount under the Plan (or by receiving
or accepting any benefit under the Plan), each Participant acknowledges and agrees that the Affiliated Group is not and shall not be required to make any investment in connection with the Plan, nor is it required to follow the Participant's
investment directions in any actual investment it may make or acquire in connection with the Plan or in determining the amount of any actual or contingent liability or obligation of the Company or any other member of the Affiliated Group thereunder
or relating thereto. 

 ARTICLE 9. PAYMENT ELECTIONS 
  

	9.1	PAYMENT ELECTION. A Participant shall file a Payment Election with respect to each Deferral Election in accordance with the following rules: 

  

	 	(a)	 Timing; Irrevocability. Payment Elections with respect to Base Deferrals and Incentive Deferrals shall be filed with the Committee by, and shall become
irrevocable as of, the applicable filing deadline of the related Deferral Election as specified in Section 4.1. Different Payment Elections may be made for Base Deferrals and for Incentive Deferrals in subsequent calendar years or Performance

  

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Periods, as the case may be, but previously filed Payment Elections cannot be changed for prior years or periods. Different Payment Elections also may be
made for Base Deferrals and Incentive Deferrals, and the Payment Election for Base Deferrals for a given calendar year also shall be applicable to the related Company Matching Contributions for that calendar year. 

  

	 	(b)	Payment Date for Incentive Deferrals. Each Payment Election with respect to a Incentive Deferral shall contain the Participant's election regarding the time that such
Incentive Deferral shall commence to be paid. The Participant may choose to receive a Incentive Deferral upon a Separation from Service or a calendar year specified by the Participant that begins at least three years after the close of the
Performance Period to which the Payment Election applies. Any amounts from separate Incentive Deferral elections for which the Participant has chosen benefits to commence at Separation from Service or at the same specified calendar year shall be
commingled for bookkeeping purposes unless they are to have different methods of payment. This Section 9.1(b) only is applicable to Incentive Deferrals; payment of amounts attributable to Base Deferrals and Company Matching Contributions are
only made following Separation from Service as provided in Section 10.2(a). 

  

	 	(c)	Form of Payment. Each Payment Election shall also contain the Participant’s elections regarding the form of payment of any Base Deferrals for a calendar year (including
the related Company Matching Contributions for such year) and any Incentive Deferrals for a Performance Period. The Participant may choose to receive payment in a single lump sum, or in monthly installments, over a period of five (5), ten
(10) or fifteen (15) years. Notwithstanding the foregoing, if a Participant shall have failed to designate properly the form of payment of the Participant’s benefit under the Plan, such payment will be in a lump sum. In the event that
an Account (or portion thereof) is paid in installments (i) the first installment shall commence on the date specified in Section 10.2, and each subsequent installment shall be paid on the monthly commencement anniversary date until the
Account has been fully paid; (ii) the amount of each installment shall equal the quotient obtained by dividing the applicable portion of the Account balance to be paid in installments as of the end of the day preceding the date of such
installment payment by the number of installment payments remaining to be paid at the time of the calculation; and (iii) the amount of such portion of the Account remaining unpaid shall continue to be credited with gains, losses and earnings as
provided in Article 7 hereof. 

  

	9.2	SMALL BALANCES. Any other provision of the Plan to the contrary notwithstanding, if at the time of a Participant’s Separation from Service the value of his or her
Account is not in excess of $25,000, an amount equal to the Account balance shall be paid in a cash lump sum within 30 days after the first business day of the seventh month following the Participant's Separation from Service (or if earlier, upon
the Participant's death). 

 ARTICLE 10. PAYMENT OF BENEFITS 
  

 xii 

	10.1	CASH PAYMENTS. All payments under the Plan shall be made in cash. 

  

	10.2	PAYMENT DATE 

  

	 	(a)	In General. Except as otherwise provided in Section 10.2(b), a Participant's Account shall commence to be paid, in the form of payment selected by the Participant in
accordance with Section 9.1(c), following his Separation from Service on the date set forth in Section 10.2(c). 

  

	 	(b)	Incentive Deferrals. In the case of a Incentive Deferral that the Participant has elected in accordance with Section 9.1(b) to receive in a specified calendar year, such
Incentive Deferral, as adjusted for gains and losses, shall commence to be paid, in the form of payment selected by the Participant in accordance with Section 9.1(c), in January of the calendar year specified by the Participant with respect to
such amount; provided, however, that if a Participant’s Separation from Service occurs prior to such commencement date, then such amount shall commence to be paid at the same time as the Participant’s Base Deferrals under
Section 10.2(a), in the form of payment selected by the Participant under Section 9.1(c). Any Incentive Deferrals that have commenced to be paid prior to a Separation from Service shall continue to be paid in accordance with the form of
payment selected by the Participant under Section 9.1(c). 

  

	 	(c)	Mandatory Six Month Delay. Except as otherwise provided in Sections 10.6(a), (b) and (c), and to the extent required in order to comply with Section 409A of the
Code, all payments under this Agreement that are made as a result of a Separation from Service shall commence to be paid within 30 days after the first business day of the seventh month following the Participant's Separation from Service (or if
earlier, after the Participant's death). 

  

	10.3	CHANGE IN CONTROL. Notwithstanding any other provision of this Plan or any Payment Election made by a Participant to the contrary, if a Change in Control occurs and a
Participant incurs a Separation from Service during the period beginning on the date of the Change in Control and ending on the second anniversary of the Change in Control, then the remaining amount of the Participant’s vested Account shall be
paid to the Participant or his Beneficiary in a single lump sum within 30 days after the first business day of the seventh month following the Participant's Separation from Service (or if earlier, after upon the Participant's death).

  

	10.4	 WITHDRAWAL DUE TO UNFORESEEABLE EMERGENCY. A Participant shall have the right to request, on a form provided by the Committee, an accelerated payment of all
or a portion of his Account in a lump sum if he experiences an Unforeseeable Emergency. The Committee shall have the sole discretion to determine, in accordance with the standards under Section 409A of the Code, whether to grant such a request
and the amount to be paid pursuant to such request. Payment shall be made within thirty (30) days following the determination by the Committee that a withdrawal will be permitted 

  

 xiii 

	 	 
under this Section 10.4, or such later date as may be required under Section 10.2(c) hereof. 

  

	10.5	DELAY OF PAYMENTS UNDER CERTAIN CIRCUMSTANCES. To the extent permitted under Section 409A of the Code, the Committee may, in its sole discretion, delay payment under any
of the following circumstances, provided that the Committee treats all payments to similarly situated Participants on a reasonably consistent basis: 

  

	 	(a)	Payments subject to Section 162(m). A payment may be delayed to the extent that the Committee reasonably anticipates that if the payment were made as scheduled, the
Company's deduction with respect to such payment would not be permitted due to the application of Section 162(m) of the Code. If a payment is delayed pursuant to this Section 10.5(a), then the payment must be made either (i) during
the Company's first taxable year in which the Committee reasonably anticipates, or should reasonably anticipate, that if the payment is made during such year, the deduction of such payment will not be barred by application of Section 162(m) of
the Code, or (ii) during the period beginning with the first business day of the seventh month following the Participant’s Separation from Service (the “six month anniversary”) and ending on the later of (x) the last day of
the taxable year of the Company in which the six month anniversary occurs or (y) the 15th day of the third month following the six month anniversary. Where any scheduled payment to a specific Participant in a Company's taxable year is delayed
in accordance with this paragraph, all scheduled payments to that Participant that could be delayed in accordance with this paragraph must also be delayed. The Committee may not provide the Participant an election with respect to the timing of the
payment under this Section 10.5(a). For purposes of this Section 10.5(a), the term Company includes any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code.

  

	 	(b)	Federal Securities Laws or Other Applicable Law. A Payment may be delayed where the Committee reasonably anticipates that the making of the payment will violate federal
securities laws or other applicable law; provided that the delayed payment is made at the earliest date at which the Committee reasonably anticipates that the making of the payment will not cause such violation. For purposes of the preceding
sentence, the making of a payment that would cause inclusion in gross income or the application of any penalty provision or other provision of the Code is not treated as a violation of applicable law. 

  

	 	(c)	Other Events and Conditions. A payment may be delayed upon such other events and conditions as the Internal Revenue Service may prescribe in generally applicable guidance
published in the Internal Revenue Bulletin. 

  

	10.6	 DISCRETIONARY ACCELERATION OF PAYMENTS. To the extent permitted by Section 409A of the Code, the Committee may, in its sole discretion, accelerate the
time or schedule of a payment under the Plan as provided in this Section. The provisions of 

  

 xiv 

	 	 
this Section are intended to comply with the exception to accelerated payments under Treasury Regulation Section 1.409A-3(j) and shall be interpreted
and administered accordingly. 

  

	 	(a)	Domestic Relations Orders. The Committee may, in its sole discretion, accelerate the time or schedule of a payment under the Plan to an individual other than the Participant
as may be necessary to fulfill a domestic relations order (as defined in Section 414(p)(1)(B) of the Code). 

  

	 	(b)	Conflicts of Interest. The Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to the extent necessary for
any Federal officer or employee in the executive branch to comply with an ethics agreement with the Federal government. Additionally, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under
the Plan the to the extent reasonably necessary to avoid the violation of an applicable Federal, state, local, or foreign ethics law or conflicts of interest law (including where such payment is reasonably necessary to permit the Participant to
participate in activities in the normal course of his or her position in which the Participant would otherwise not be able to participate under an applicable rule). 

  

	 	(c)	Employment Taxes. The Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to pay the Federal Insurance
Contributions Act (FICA) tax imposed under Sections 3101, 3121(a), and 3121(v)(2) of the Code, or the Railroad Retirement Act (RRTA) tax imposed under Sections 3201, 3211, 3231(e)(1), and 3231(e)(8) of the Code, where applicable, on compensation
deferred under the Plan (the FICA or RRTA amount). Additionally, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment, to pay the income tax at source on wages imposed under Section 3401
of the Code or the corresponding withholding provisions of applicable state, local, or foreign tax laws as a result of the payment of the FICA or RRTA amount, and to pay the additional income tax at source on wages attributable to the pyramiding
Section 3401 of the Code wages and taxes. However, the total payment under this acceleration provision must not exceed the aggregate of the FICA or RRTA amount, and the income tax withholding related to such FICA or RRTA amount.

  

	 	(d)	Limited Cash-Outs. Subject to Section 10.2(c) hereof, the Committee may, in its sole discretion, require a mandatory lump sum payment of amounts deferred under the Plan
that do not exceed the applicable dollar amount under Section 402(g)(1)(B) of the Code, provided that the payment results in the termination and liquidation of the entirety of the Participant's interest under the Plan, including all agreements,
methods, programs, or other arrangements with respect to which deferrals of compensation are treated as having been deferred under a single nonqualified deferred compensation plan under Section 409A of the Code. 

  

 xv 

	 	(e)	Payment Upon Income Inclusion Under Section 409A. Subject to Section 10.2(c) hereof, the Committee may, in its sole discretion, provide for the acceleration of the
time or schedule of a payment under the Plan at any time the Plan fails to meet the requirements of Section 409A of the Code. The payment may not exceed the amount required to be included in income as a result of the failure to comply with the
requirements of Section 409A of the Code. 

  

	 	(f)	Certain Payments to Avoid a Nonallocation Year under Section 409(p). Subject to Section 10.2(c) hereof, the Committee may, in its sole discretion, provide for the
acceleration of the time or schedule of a payment under the Plan to prevent the occurrence of a nonallocation year (within the meaning of Section 409(p)(3) of the Code) in the plan year of an employee stock ownership plan next following the
plan year in which such payment is made, provided that the amount paid may not exceed 125 percent of the minimum amount of payment necessary to avoid the occurrence of a nonallocation year. 

  

	 	(g)	Payment of state, local, or foreign taxes. Subject to Section 10.2(c) hereof, the Committee may, in its sole discretion, provide for the acceleration of the time or
schedule of a payment under the Plan to reflect payment of state, local, or foreign tax obligations arising from participation in the Plan that apply to an amount deferred under the Plan before the amount is paid or made available to the participant
(the state, local, or foreign tax amount). Such payment may not exceed the amount of such taxes due as a result of participation in the Plan. The payment may be made in the form of withholding pursuant to provisions of applicable state, local, or
foreign law or by payment directly to the participant. Additionally, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to pay the income tax at source on wages imposed under
Section 3401 of the Code as a result of such payment and to pay the additional income tax at source on wages imposed under Section 3401 of the Code attributable to such additional wages and taxes. However, the total payment under this
acceleration provision must not exceed the aggregate of the state, local, and foreign tax amount, and the income tax withholding related to such state, local, and foreign tax amount. 

  

	 	(h)	 Certain Offsets. Subject to Section 10.2(c) hereof, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a
payment under the Plan as satisfaction of a debt of the Participant to the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code), where such debt is
incurred in the ordinary course of the service relationship between the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code) and the Participant, the
entire amount of reduction in any of the taxable years of the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code) does not exceed $5,000, and the

  

 xvi 

	 	 
reduction is made at the same time and in the same amount as the debt otherwise would have been due and collected from the Participant.

  

	 	(i)	Bona fide disputes as to a right to a payment. Subject to Section 10.2(c) hereof, the Committee may, in its sole discretion, provide for the acceleration of the time or
schedule of a payment under the Plan where such payments occur as part of a settlement between the Participant and the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or
Section 414(c) of the Code) of an arm’s length, bona fide dispute as to the Participant's right to the deferred amount. 

  

	 	(j)	Plan Terminations and Liquidations. Subject to Section 10.2(c) hereof, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of
a payment under the Plan as provided in Section 13.2 hereof. 

 Except as otherwise specifically provided in this Plan, including but not
limited to Section 4.2(b), Section 9.2, this Section 10.6 and Section 13.2 hereof, the Committee may not accelerate the time or schedule of any payment or amount scheduled to be paid under the Plan within the meaning of
Section 409A of the Code. 
  

	10.7	ACTUAL DATE OF PAYMENT. To the extent permitted by Section 409A of the Code, the Committee may delay payment in the event that it is not administratively possible to
make payment on the date (or within the periods) specified in this Article 10, or the making of the payment would jeopardize the ability of the Company (or any entity which would be considered to be a single employer with the Company under
Section 414(b) or Section 414(c) of the Code) to continue as a going concern. Notwithstanding the foregoing, payment must be made no later than the latest possible date permitted under Section 409A of the Code.

 ARTICLE 11. BENEFICIARIES; PARTICIPANT DATA 
  

	11.1	DESIGNATION OF BENEFICIARIES. 

  

	 	(a)	Each Participant from time to time may designate any person or persons (who may be named contingently or successively) to receive such benefits as may be payable under the
Plan upon or after the Participant’s death, and such designation may be changed from time to time by the Participant by filing a new designation. However, if the Participant is legally married at the time of his/her death, any designation of a
Beneficiary other than the person who is his or her legal spouse at the time of his or her death shall be void, and such legal spouse will be the sole Beneficiary, unless such legal spouse has consented to the designation of such other person as
Beneficiary in a written and signed statement. Each designation will revoke all prior designations by the same Participant, shall be in a form prescribed by the Committee, and will be effective only when filed in writing with the Committee or its
designee during the Participant’s lifetime. 

  

 xvii 

	 	(b)	In the absence of a valid Beneficiary designation, or if, at the time any benefit payment is due to a Beneficiary, there is no living Beneficiary validly named by the
Participant, then any such benefit payment shall be made to the Participant’s spouse, if then living, but otherwise to the person or persons designated as Beneficiary under the Basic Plan, or, if such person(s) is not then living, to the
Participant’s then living descendants, if any, per stirpes, but, if none, to the Participant’s estate. In determining the existence or identity of anyone entitled to a benefit payment, the Committee may rely conclusively upon information
supplied by the Participant’s personal representative, executor, or administrator. If a question arises as to the existence or identity of anyone entitled to receive a benefit payment as aforesaid, or if a dispute arises with respect to any
such payment, then, notwithstanding the foregoing, the Committee, in its sole discretion, may cause such payment to be made to the Participant’s estate without liability for any tax or other consequences that might flow therefrom or may take
such other action as the Committee deems to be appropriate. 

  

	11.2	INFORMATION TO BE FURNISHED BY PARTICIPANTS AND BENEFICIARIES; INABILITY TO LOCATE PARTICIPANTS OR BENEFICIARIES. Any communication, statement, or notice addressed to a
Participant or to a Beneficiary at his or her last post office address as shown on the Company’s or Committee’s records shall be binding on the Participant or Beneficiary for all purposes of the Plan. The Company or Committee shall not be
obliged to search for any Participant or Beneficiary beyond the sending of a registered letter to such last known address. If a benefit payable to an unlocated Participant or Beneficiary is subject to escheat pursuant to applicable state law, the
Company shall not be liable to any person for any payment made in accordance with such law. 

 ARTICLE 12. ADMINISTRATION 
  

	12.1	 COMMITTEE. The Company, through the Committee, shall be responsible for the general administration of the Plan and for carrying out the provisions hereof. In
general, the Committee shall have the full power, discretion and authority to carry out the provisions of the Plan; in particular, the Committee shall have full discretion to (a) interpret all provisions of the Plan, (b) resolve all
questions relating to eligibility for participation in the Plan and the amount in the Account of any Participant and all questions pertaining to claims for benefits and procedures for claim review, (c) resolve all other questions arising under
the Plan, including any factual questions and questions of construction, (d) determine all claims for benefits, and (e) take such further action as the Company shall deem advisable in the administration of the Plan. The actions taken and
the decisions made by the Committee hereunder shall be final, conclusive, and binding on all persons, including the Company, its shareholders, the other members of the Affiliated Group, employees, Participants, and their estates and Beneficiaries.
Decisions by the Committee shall be made by majority vote of all members of the Committee. No member of the Committee shall be liable for any act done or determination made in good faith. No member of the Committee who is a Participant in this Plan
may vote on matters affecting his/her personal benefit under this Plan, but any such member shall otherwise be 

  

 xviii 

	 	 
fully entitled to act in matters arising out of or affecting this Plan notwithstanding his/her participation herein. 

  

	12.2	CLAIMS PROCEDURE. 

  

	 	(a)	Notice of Claim. Any Participant or Beneficiary, or the duly authorized representative of a Participant or Beneficiary, may file with the Committee a claim for a Plan
benefit. Such a claim must be in writing on a form provided by the Committee and must be delivered to the Committee, in person or by mail, postage prepaid. Within ninety (90) days (or forty-five (45) days if the claim relates to
disability) after the receipt of such a claim, the Committee or its designee shall send to the claimant, by mail, postage prepaid, a notice of the granting or the denying, in whole or in part, of such claim, unless special circumstances require an
extension of time for processing the claim. In no event may the extension exceed ninety (90) days (or thirty (30) days if the claim relates to disability) from the end of the initial period. If such an extension is necessary, the claimant
will be given a written notice to this effect prior to the expiration of the initial period. The Committee or its designee shall have full discretion to deny or grant a claim in whole or in part in accordance with the terms of the Plan.

  

	 	(b)	Action on Claim. The Committee or its designee shall provide to every claimant who is denied a claim for benefits a written notice setting forth, in a manner calculated to be
understood by the claimant: 

  

	 	(i)	The specific reason or reasons for the denial; 

  

	 	(ii)	A specific reference to the pertinent Plan provisions on which the denial is based; 

  

	 	(iii)	A description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary;

  

	 	(iv)	An explanation of the Plan’s claim review procedure and a statement of the Participant's right to file suit in federal court following a denial upon review; and

  

	 	(v)	In the case of a claim involving disability, any additional information required by federal regulations. 

  

	 	(c)	 Review of Denial. Within sixty (60) days (or one hundred eighty (180) days if the claim relates to disability) after the receipt by a claimant of
written notification of the denial (in whole or in part) of a claim, the claimant or the claimant’s duly authorized representative, upon written application to the Committee, delivered in person or by certified mail, postage prepaid, may review
pertinent documents and may submit to the Committee, in writing, issues, documents and comments concerning the claim. Upon the Committee’s receipt of 

  

 xix 

	 	 
a notice of a request for review, the Committee shall review all submitted information, regardless of whether such information was considered as part of the
original decision, and shall communicate the decision on review in writing to the claimant. The decision on review shall be written in a manner calculated to be understood by the claimant and shall include the information described in
Section 9(b). The decision on review shall be made no later than sixty (60) days (or forty-five (45) days if the claim relates to disability) after the Committee’s receipt of a request for a review, unless special circumstances
require an extension of time for processing, in which case a decision shall be rendered not later than one hundred twenty (120) days (or ninety (90) days if the claim relates to disability) after receipt of the request for review. If an
extension is necessary, the claimant shall be given written notice of the extension by the Committee prior to the expiration of the initial period. Actions under this Section 12.2(c) shall be taken by the full Committee (excluding any members
of the Committee who participated in any decision on the initial claim pursuant to Section 12.2(a)). 

  

	12.3	COMPLIANCE WITH SECTION 409A. It is intended that the Plan comply with the provisions of Section 409A of the Code, so as to prevent the inclusion in gross income of any
amounts deferred hereunder in a taxable year that is prior to the taxable year or years in which such amounts would otherwise actually be paid or made available to Participants or Beneficiaries. This Plan shall be construed, administered, and
governed in a manner that effects such intent, and the Committee shall not take any action that would be inconsistent with such intent. Although the Committee shall use its best efforts to avoid the imposition of taxation, interest and penalties
under Section 409A of the Code, the tax treatment of deferrals under this Plan is not warranted or guaranteed. Neither the Company, the other members of the Affiliated Group or the Controlled Group, the Board, nor the Committee (nor its
designee) shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any Participant, Beneficiary or other taxpayer as a result of the Plan. Any reference in this Plan to Section 409A of the Code will also include
any proposed, temporary or final regulations, or any other guidance, promulgated with respect to such Section 409A by the U.S. Department of Treasury or the Internal Revenue Service. For purposes of the Plan, the phrase “permitted by
Section 409A of the Code,” or words or phrases of similar import, shall mean that the event or circumstance shall only be permitted to the extent it would not cause an amount deferred or payable under the Plan to be includible in the gross
income of a Participant or Beneficiary under Section 409A(a)(1) of the Code. 

 ARTICLE 13. AMENDMENT OR TERMINATION OF PLAN.

  

	13.1	 IN GENERAL. The Company reserves the right to amend, terminate or freeze the Plan, in whole or in part, at any time by action of the Board. Moreover, the
Committee may amend the Plan at any time in its sole discretion to ensure that the Plan complies with the requirements of Section 409A of the Code or other applicable law or to implement the provisions of Article 1. In no event shall any such
action by the Board or Committee reduce the amounts that have been credited to the Account of any Participant prior to the date such action is taken without the consent of the Participant, unless the Board or the 

  

 xx 

	 	 
Committee, as the case may be, determines in good faith that such action is necessary to ensure compliance with Section 409A of the Code. To the extent
permitted by Section 409A of the Code, the Committee may, in its sole discretion, modify the rules applicable to Deferral Elections, Payment Elections and Subsequent Payment Elections to the extent necessary to satisfy the requirements of the
Uniformed Service Employment and Reemployment Rights Act of 1994, as amended, 38 U.S.C. 4301-4334. 

  

	13.2	PAYMENTS UPON TERMINATION. In the event that the Plan is terminated, the amounts allocated to a Participant’s Account shall be paid to the Participant or his Beneficiary
on the dates on which the Participant or his Beneficiary would otherwise receive benefits hereunder without regard to the termination of the Plan. Notwithstanding the preceding sentence, and to the extent permitted under Section 409A of the
Code, the Company, by action taken by its Board, may terminate the Plan and accelerate the payment of the vested Account balances subject to the following conditions (and subject to the additional payment restrictions of Section 10.2(c)
hereof): 

  

	 	(a)	Company’s Discretion. The termination does not occur “proximate to a downturn in the financial health” of the Company (within the meaning of Treasury
Regulation Section 1.409A-3(j)(4)(ix)), and all other arrangements required to be aggregated with the Plan under Section 409A of the Code are also terminated and liquidated. In such event, the entire vested Account balance shall be paid at
the time and pursuant to the schedule specified by the Committee, so long as all payments are required to be made no earlier than twelve (12) months, and no later than twenty-four (24) months, after the date the Board irrevocably approves
the termination of the Plan. Notwithstanding the foregoing, any payment that would otherwise be paid pursuant to the terms of the Plan prior to the twelve (12) month anniversary of the date that the Board irrevocably approves the termination of
the Plan shall continue to be paid in accordance with the terms of the Plan. If the Plan is terminated pursuant to this Section 13.2(a), the Company shall be prohibited from adopting a new plan or arrangement that would be aggregated with this
Plan under Section 409A of the Code within three (3) years following the date that the Board irrevocably approves the termination and liquidation of the Plan. 

  

	 	(b)	Change in Control. The termination occurs pursuant to an irrevocable action of the Board that is taken within the thirty (30) days preceding or the twelve
(12) months following a Change in Control, and all other plans sponsored by the Company (determined immediately after the Change in Control) that are required to be aggregated with this Plan under Section 409A of the Code are also
terminated with respect to each participant therein who experienced the Change in Control (“Change in Control Participant”). In such event, the vested Account balance of each Participant under the Plan and each Change in Control
Participant under all aggregated plans shall be paid at the time and pursuant to the schedule specified by the Committee, so long as all payments are required to be made no later than twelve (12) months after the date that the Board irrevocably
approves the termination. 

  

 xxi 

	 	(c)	Dissolution; Bankruptcy Court Order. The termination occurs within twelve (12) months after a corporate dissolution taxed under Section 331 of the Code, or with the
approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A). In such event, the vested Account balance of each Participant shall be paid at the time and pursuant to the schedule specified by the Committee, so long as all payments are
required to be made by the latest of: (A) the end of the calendar year in which the Plan termination occurs, (B) the first calendar year in which the amount is no longer subject to a substantial risk of forfeiture, or (C) the first
calendar year in which payment is administratively practicable. 

  

	 	(d)	Transition Relief. The termination occurs during calendar year 2008 pursuant to the terms and conditions of the transition relief set forth in Notice 2007-86 and the
applicable proposed and final Treasury Regulations issued under Section 409A of the Code. In such event, the vested Account balance of each Participant shall be paid at the time and pursuant to the schedule specified by the Committee, subject
to the following rules: (i) any payment that would otherwise be paid during 2008 pursuant to the terms of the Plan shall be paid in accordance with such terms, and (ii) any payment that would otherwise be paid after 2009 pursuant to the
terms of the Plan shall not be accelerated into 2008. 

  

	 	(e)	Other Events. The termination occurs upon such other events and conditions as the Internal Revenue Service may prescribe in generally applicable guidance published in the
Internal Revenue Bulletin. 

 The provisions of paragraphs (a), (b), (c) and (d) of this Section 13.2 are
intended to comply with the exception to accelerated payments under Treasury Regulation Section 1.409A-3(j)(4)(ix) and shall be interpreted and administered accordingly. The term “Company” as used in paragraphs (a) and
(b) of this Section 13.2 shall include the Company and any entity which would be considered to be a single employer with the Company under Code Sections 414(b) or Section 414(c). 
 ARTICLE 14. MISCELLANEOUS PROVISIONS 
  

	14.1	LIMITATION OF RIGHTS. Nothing contained in this Plan shall be construed to: 

  

	 	(a)	Limit in any way the right of the Company to terminate an Eligible Employee’s employment at any time; or 

  

	 	(b)	Be evidence of any agreement or understanding, express or implied, that the Company will employ an Eligible Employee in any particular position or at any particular rate of
remuneration. 

  

	14.2	 INTEREST OF PARTICIPANTS. The obligation of the Company and any other participating member of the Affiliated Group under the Plan to make payment of amounts
reflected in an Account merely constitutes the unsecured promise of the Company (or, if applicable, the participating members of the Affiliated Group) to make payments from their general assets and no Participant or Beneficiary shall have any
interest in, or a lien 

  

 xxii 

	 	 
or prior claim upon, any property of the Affiliated Group. Nothing in the Plan shall be construed as guaranteeing future employment to Eligible Employees. It
is the intention of the Affiliated Group that the Plan be unfunded for tax purposes and for purposes of Title I of ERISA. The Company may create a trust to hold funds to be used in payment of its and the Affiliated Group's obligations under the
Plan, and may fund such trust; provided, however, that any funds contained therein shall remain liable for the claims of the general creditors of the Company and the other participating members of the Affiliated Group. 

 

	14.3	NONALIENATION OF BENEFITS. Except as permitted by the Plan, no right or interest under the Plan of any Participant or Beneficiary shall, without the written consent of the
Company, be (i) assignable or transferable in any manner, (ii) subject to alienation, anticipation, sale, pledge, encumbrance, attachment, garnishment or other legal process or (iii) in any manner liable for or subject to the debts or
liabilities of the Participant or Beneficiary. Notwithstanding the foregoing, to the extent permitted by Section 409A of the Code and subject to Section 10.6(a) hereof, the Committee shall honor a judgment, order or decree from a state
domestic relations court which requires the payment of part or all of a Participant's or Beneficiary's interest under this Plan to an “alternate payee” as defined in Section 414(p) of the Code. 

  

	14.4	CLAIMS OF OTHER PERSONS. The provisions of the Plan shall in no event be construed as giving any other person, firm or corporation any legal or equitable right as against the
Affiliated Group or the officers, employees or directors of the Affiliated Group, except any such rights as are specifically provided for in the Plan or are hereafter created in accordance with the terms and provisions of the Plan.

  

	14.5	ERISA AND GOVERNING LAW. The Plan is an unfunded deferred compensation plan for a select group of management or highly compensated employees, as defined in
Section 201(2) and 401(a)(1) of ERISA. As such, the Plan is expressly excluded from all, or substantially all, of the provisions of ERISA, including but not limited to Parts 2 and 3 of Title I thereof. None of the statutory rights and
protections conferred on participants by ERISA are conferred under the terms of this Plan, except as expressly noted or required by operation of law. To the extent not superseded by federal law, the laws of the State of Ohio shall control in any and
all matters relating to the Plan. 

  

	14.6	SEVERABILITY. If any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions hereof;
instead, each provision shall be fully severable and the Plan shall be construed and enforced as if the illegal or invalid provision had never been included herein. 

  

	14.7	 SUCCESSORS. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or
substantially all of the business and/or assets of the Company expressly to assume this Plan. This Plan shall be binding upon and inure to the benefit of the Company and any successor of or to the Company, including without limitation any persons
acquiring directly or indirectly all or substantially all of the business and/or assets of the Company whether by sale, merger, 

  

 xxiii 

	 	 
consolidation, reorganization or otherwise (and such successor shall thereafter be deemed the “Company” for the purposes of this Plan), and the
heirs, beneficiaries, executors and administrators of each Participant. 

  

	14.8	ELECTRONIC OR OTHER MEDIA. Notwithstanding any other provision of the Plan to the contrary, including any provision that requires the use of a written instrument, the
Committee may establish procedures for the use of electronic or other media in communications and transactions between the Plan or the Committee and Participants and Beneficiaries. Electronic or other media may include, but are not limited to,
e-mail, the Internet, intranet systems and automated telephonic response systems. 

  

	14.9	PARTICIPANTS DEEMED TO ACCEPT PLAN. By accepting any benefit under the Plan, each Participant and each person claiming under or through any such Participant shall be
conclusively deemed to have indicated his acceptance and ratification of, and consent to, all of the terms and conditions of the Plan and any action taken under the Plan by the Board, the Committee or the Company or the other members of the
Affiliated Group, in any case in accordance with the terms and conditions of the Plan. 

  

 xxivEmployment Agreement

 Exhibit 10.1 
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into, effective as of February 19, 2008 (the “Effective
Date”), by and between CALLWAVE, INC., a Delaware corporation (the “Company”), and RICHARD ROBERTS (“Employee”), with
reference to the following facts: 
 RECITALS: 
 The parties have agreed to execute this Agreement in order to memorialize the terms and conditions on which the Company shall employ Employee. 
 AGREEMENTS: 
 NOW, THEREFORE, the parties hereto, intending to be legally bound, do hereby agree as follows: 
 1. POSITION AND DUTIES 
 1.1 POSITION
AND TITLE. The Company hereby hires Employee to serve as the Chief Marketing Officer of the Company. 
 (a) LIMITS ON AUTHORITY. Employee shall perform his duties as Chief Marketing Officer of the Company pursuant to this Agreement in compliance with
applicable law and consistent with such budgets as the Company’s Board of Directors adopts and modifies from time to time. 
 (b) ANNUAL REVIEWS. Within thirty (30) days after each annual anniversary of the Effective Date of this Agreement, the Company shall review Employee’s performance of his duties
pursuant to this Agreement and advise Employee of the results of that review; provided, however, that Company may elect to conduct a partial-year performance review in order to synchronize Employee’s annual review date with that of the
Company’s other executives. In connection with each such review, the Company shall evaluate whether any increase in Employee’s compensation under Section 2, below, is appropriate. 
 (c) REPORTING AND AUTHORITY. Employee shall report to the
Company’s Chief Executive Officer or his designee. Employee shall render such business and professional services in the performance of his duties, consistent with the Employee’s position within the Company, as shall be assigned to him by
the Company’s Chief Executive Officer. 
 1.2 ACCEPTANCE. Employee hereby accepts employment by the Company in the
capacity set forth in Section 1.1, above, and agrees to perform the duties of such position from and after the Effective Date of this Agreement in a diligent, efficient, trustworthy, and businesslike manner. Employee agrees that, to the
best of the Employee’s ability and experience, Employee at all times shall loyally and conscientiously discharge all of the duties and responsibilities imposed upon Employee pursuant to this Agreement. 
 1.3 BUSINESS TIME. Employee shall devote his exclusive business time to the performance of his duties
under this Agreement. 
 1.4 LOCATION. Employee shall perform his duties under this Agreement from the
Company’s principal offices in California. Employee acknowledges and agrees that from time to time he shall be required to travel (at the cost and expense of the Company) to other locations outside of California, in order to discharge his
duties under this Agreement. 
 1.5 TERM. The term of this Agreement shall commence as of the Effective
Date and shall expire upon termination pursuant to Section 3 of this Agreement. 

 2. COMPENSATION. The Company shall compensate Employee for his services pursuant to this Agreement
as follows: 
 2.1 SALARY. The Company shall pay to Employee an annual salary in the amount of Two Hundred Fifteen
Thousand Dollars ($215,000.00) (the “Base Compensation”). Such annual salary shall be subject to periodic increases at the time of Employee’s annual review pursuant to Section 1.1(b), above, and such other times and
in such amounts as the Company, in its discretion, shall determine to be appropriate. The Base Compensation will be paid periodically in accordance with the Company’s normal payroll practices and shall be subject to the usual, required
withholding. 
 2.2 ANNUAL PERFORMANCE BONUS. For each full fiscal year
during the term of this Agreement, Employee will be eligible to receive a bonus based upon the achievement of reasonable performance criteria; provided that the bonus arrangement described in this Section 2.2 shall be effective as
of February 19, 2008. One hundred percent (100%) of such bonus shall be based upon the Company’s achievement of corporate objectives determined by the Chief Executive Officer. Consistent with Company policy, the amount of any
performance-based bonus shall be subject to the final discretion of the Compensation Committee of the Company’s board of directors. Subject to the foregoing, the goal for the Annual Bonus payable for any calendar year shall be fifty percent
(50%) of Base Compensation. 
 2.3 OPTION GRANT. Concurrently herewith or on the
date of the first meeting of the Company’s Board of Directors following the Effective Date hereof, the Company shall grant to Employee an option to purchase two hundred thousand (200,000) shares of Company common stock at an exercise price
equal to the fair market value of such common stock on the date that such option is approved by the Company’s Board of Directors (the “Date of Grant”), as determined under the Company’s 2004 Stock Incentive Plan, vesting
over a period of four (4) years from the Date of Grant, with (A) 25% vested following twelve (12) months’ continuous employment, and (B) the remaining 75% vesting in equal monthly increments over the subsequent thirty-six
(36) months of the term of this Agreement, subject to acceleration in such vesting at the time and upon the occurrence of the conditions, and further subject to the other terms and conditions, respectively set forth in section 3 of this
agreement. 
 2.4 FRINGE BENEFITS/VACATION. Employee shall accrue paid vacation in each
period of twelve (12) consecutive months of employment during the term of this Agreement in accordance with the terms of the Company’s vacation accrual policies and limits. Employee shall be eligible for such other fringe benefits as are
provided to the Company’s senior executive level employees generally from time to time. 
 2.5 REIMBURSEMENT
OF USUAL AND CUSTOMARY BUSINESS EXPENSES. The Company shall reimburse Employee for authorized business expenses incurred by Employee in the performance of
his duties; provided that such business expenses are reasonable in amount, incurred for the benefit of the Company, and are supported by itemized accountings and expense receipts submitted to the Company prior to any reimbursement in
accordance with the Company’s business expense reimbursement policies. 
 3. TERMINATION 
 3.1 DEFINITIONS. For purposes of this Agreement, the term: 
 (a) “CHANGE OF CONTROL” shall mean the occurrence of one of the following
events: 
 (i) Any transaction or series of related transactions by which any “person” (as such term
is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), including all affiliates of such person, is or becomes the “beneficial owner” (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities other than (A) a trustee or other fiduciary holding
securities under an employee benefit plan of the Company, or (B) any affiliate, or any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the
Company. 
 (ii) The date of the consummation of a merger or consolidation of the Company with any other corporation,
other than a merger or consolidation which 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) more than 50% of the combined voting power of the voting securities of the Company (or such surviving entity) outstanding immediately after such merger or consolidation; or 

 (iii) The date of the consummation of a plan of complete liquidation of the
Company or the sale or disposition by the Company of all or substantially all of the Company’s assets. For purposes of this clause (iii), the phrase “the sale or disposition by the Company of all or substantially all of the
Company’s assets” shall mean a sale or other disposition transaction or series of related transactions involving assets of the Company or of any direct or indirect subsidiary of the Company (including the stock of any direct or
indirect subsidiary of the Company) in which the value of the assets or stock being sold or otherwise disposed of (as measured by the purchase price being paid therefor or by such other method as the Board of Directors of the Company determines is
appropriate in a case where there is no readily ascertainable purchase price) constitutes more than two-thirds of the “fair market value of the Company” (as hereinafter defined). For purposes of the preceding sentence, the “fair
market value of the Company” shall be the aggregate market value of the Company’s outstanding common stock (on a fully diluted basis) plus the aggregate market value of the Company’s other outstanding equity securities. The
aggregate market value of the Company’s equity securities shall be determined by multiplying the number of shares of the Company’s common stock (on a fully diluted basis) outstanding on the date of the execution and delivery of a
definitive agreement with respect to the transaction or series of related transactions (the “Transaction Date”) by the average closing price of such security for the ten trading days immediately preceding the Transaction Date, or if
not publicly traded, by such other method as the Board of Directors of the Company shall determine is appropriate. 
 (b)
“DATE OF TERMINATION” shall mean the date specified in the Notice of Termination (as defined below).  
 (c) “DISABILITY” OR “DISABLED” shall mean that Employee either
(i) is unable to engage in any substantial gainful activity due to physical or mental impairment which can be expected to result in death or to last for a continuous period of twelve (12) months or more, or (ii) is, by reason of any
medically determinable physical mental impairment which can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three months under an accident and
health plan sponsored by the Company. Employee covenants and agrees to submit to a reasonable physical examination by such licensed medical doctor for the purpose of evaluating whether Employee is Disabled. 
 (d) “GOOD REASON” shall mean the occurrence of any of the following circumstances without
Employee’s consent; provided, however, that such circumstances shall not constitute Good Reason unless (x) Employee provides the Company with thirty (30) days’ written notice specifying the purported grounds for Good
Reason and (y) the purported grounds are not cured within thirty (30) days after the date upon which such notice is delivered to the Company: 
 (i) a ten percent (10%) or greater reduction by the Company or the Board of his then current total compensation at plan (other than a reduction generally applicable to other senior Employees of the
Company) or, any reduction in Employee’s Base Compensation (other than a reduction generally applicable to other senior employees of the Company) or 
 (ii) any reduction in Employee’s minimum annual option grant (other than a reduction generally applicable to other senior employees of the Company), as specified in Section 2.2. 
 (e) “MISCONDUCT” shall mean (i) the willful failure by Employee to substantially perform his duties
with the Company (other than any such failure resulting from Employee’s incapacity due to physical or mental illness), (ii) the willful engaging by Employee in conduct which is demonstrably and materially injurious to the Company,
monetarily or otherwise, (iii) Employee’s conviction of, or plea of nolo contendere to, a felony or a crime involving moral turpitude, or (iv) Employee’s gross misconduct. 
 (f) “NOTICE OF TERMINATION” shall mean a notice which shall set forth in
reasonable detail the reason for termination of Employee’s employment. No purported termination which is not effected pursuant to this Section 3.1 shall be effective. 
 3.2 TERMINATION BY COMPANY. The Company may terminate this Agreement:

 (a) FOR MISCONDUCT. At any time for Misconduct upon delivery of
a Notice of Termination. Upon termination for Misconduct, all vesting of all option grants shall terminate immediately and the Company shall pay to Employee all accrued and unpaid compensation for the period ending on the Date of Termination,
including any and all pro rated cash bonuses to which Employee would otherwise be entitled, and shall not be obligated to pay any additional amounts to Employee hereunder. 

 (b) OTHER THAN MISCONDUCT
OR DISABILITY. At any time for reasons other than Misconduct. Employee’s employment is at will and the Company may terminate this Agreement and Employee’s employment for any reason deemed sufficient by the
Company upon notice as provided in Section 3.1. Upon any such termination other than for Misconduct or Disability, the Company shall pay to Employee all accrued and unpaid compensation for the period ending on the Date of Termination,
including such pro rated cash bonus to which Employee would otherwise be entitled, if any. If such termination by the Company other than for Misconduct or Disability occurs after Employee has been employed by the Company for at least three
(3) consecutive months, then in addition to the foregoing, the Company shall provide Employee the following severance benefits: 
 (i) The Company shall pay to Employee an amount equal to six (6) months of Employee’s Base Compensation at the rate in effect as of the Date of Termination and such pro rated cash bonus to which Employee would otherwise be
entitled, if any, subject to the usual, required withholding (any such amount to be payable in equal monthly installments at the time and in the amounts due under the Company’s regular payroll practices, as if Employee had remained employed
during the period of six (6) months following the Date of Termination, provided, however, that the Company shall have the right, in its sole discretion, to accelerate any payment under this Section 3.2(b)(i). 
 (ii) Employee’s vesting in all stock options held by Employee as of the Effective Date of this Agreement shall be accelerated
to the same extent as Employee would have become vested therein if Employee had remained employed by the Company for an additional six (6) months after the Date of Termination. 
 (iii) Provided that Employee timely elects to receive continuation of health insurance coverage pursuant to COBRA, the Company
shall subsidize the premiums payable by Employee thereunder, so that Employee pays the same monthly premium as an active employee with similar coverage, for the period ending on the earlier of (A) six months following the Date of Termination,
or (B) the first date as of which Employee is covered under the health insurance plan of another employer. 
 (c)
“DISABILITY” OR “DISABLED” shall mean that Employee either (i) is unable to engage in any substantial gainful activity due to physical or mental impairment which can be
expected to result in death or to last for a continuous period of twelve (12) months or more, or (ii) is, by reason of any medically determinable physical mental impairment which can be expected to last for a continuous period of not less
than twelve (12) months, receiving income replacement benefits for a period of not less than three months under an accident and health plan sponsored by the Company. Employee covenants and agrees to submit to a reasonable physical examination
by such licensed medical doctor for the purpose of evaluating whether Employee is Disabled. 
 3.3 TERMINATION
BY EMPLOYEE. Employee may resign from employment and terminate this Agreement at any time. 
 (a) OTHER THAN GOOD REASON. If Employee terminates this Agreement and resigns from employment other than for Good Reason, then all vesting in all
Options shall terminate immediately and the Company (i) shall pay to Employee all accrued and unpaid compensation for the period ending on the Date of Termination, and (ii) shall not be obligated to pay any additional amounts to Employee
hereunder. 
 (b) FOR GOOD REASON. If Employee terminates this
Agreement and resigns from employment for Good Reason after Employee has been employed by the Company for at least three (3) months consecutive months, then the Employee shall be entitled to the following severance benefits: 
 (i) The Company shall pay to Employee an amount equal to six (6) months of Employee’s Base Compensation at the rate in
effect as of the Date of Termination and such pro rated cash bonus to which Employee would otherwise be entitled, if any, subject to the usual, required withholding (any such amount to be payable in equal monthly installments at the time and in the
amounts due under the Company’s regular payroll practices, as if Employee had remained employed during the period of six (6) months following the Date of Termination, provided, however, that the Company shall have the right, in its
sole discretion, to accelerate any payment under this Section 3.3(b)(i). 
 (ii) Employee’s vesting in all
stock options held by Employee as of the Effective Date of this Agreement shall be accelerated to the same extent as Employee would have become vested therein if Employee had remained employed by the Company for an additional six (6) months
after the Date of Termination. 

 (iii) Provided that Employee timely elects to receive continuation of health
insurance coverage pursuant to COBRA, the Company shall subsidize the premiums payable by Employee thereunder, so that Employee pays the same monthly premium as an active employee with similar coverage, for the period ending on the earlier of
(A) six months following the Date of Termination, or (B) the first date as of which Employee is covered under the health insurance plan of another employer. 
 (c) CHANGE OF CONTROL. If, after Employee has been employed by
the Company for at least three (3) months and within twenty-four (24) months following the closing of a Change of Control, Employee terminates his employment with Company or successor corporation due to Good Reason, or the Company or the
successor corporation terminates the Employee’s employment with the Company or successor corporation for other than Misconduct or Disability, then the Employee shall be entitled to the following severance benefits: 
 (i) The Company shall pay to Employee an amount equal to twelve (12) months of Employee’s Base Compensation at the rate
in effect as of the Date of Termination and such pro rated cash bonus to which Employee would otherwise be entitled, if any, subject to the usual, required withholding (any such amount to be payable in equal monthly installments at the time and in
the amounts due under the Company’s regular payroll practices, as if Employee had remained employed during the period of twelve (12) months following the Date of Termination, provided, however, that the Company shall have the right,
in its sole discretion, to accelerate any payment under this Section 3.3(b)(i). 
 (ii) Employee shall become
one hundred percent (100%) vested in all Options granted to Employee during the period of his employment with the Company. 
 (iii) Provided that Employee timely elects to receive continuation of health insurance coverage pursuant to COBRA, the Company shall subsidize the premiums payable by Employee thereunder, so that Employee pays the same monthly
premium as an active employee with similar coverage, for the period ending on the earlier of (A) twelve (12) months following the Date of Termination, or (B) the first date as of which Employee is covered under the health insurance
plan of another employer. 
 3.4 CONDITIONAL NATURE OF SEVERANCE
PAYMENTS 
 (a) THREE-MONTH PROBATIONARY
PERIOD. For the avoidance of doubt, the parties acknowledge and agree that the Company shall not be obligated to pay any severance pay to Employee under Section 3.2(b), 3.3(b), or
3.3(c), unless, inter alia, Employee has been employed with the Company for at least three (3) months prior to the date on which Employee’s employment is terminated. 
 (b) NONCOMPETE. Employee acknowledges that the nature of the Company’s business is such that if
Employee were to become employed by, or substantially involved in, the business of a competitor of the Company during the period following the termination of Employee’s employment with the Company, it would be very difficult for Employee not to
rely on or use the Company’s trade secrets and confidential information. Thus, to avoid the inevitable disclosure of the Company’s trade secrets and confidential information, Employee agrees and acknowledges that Employee’s right to
receive the severance payments set forth in Section 3.2(b), Section 3.3(b), and Section 3.3(c) (to the extent Employee is otherwise entitled to such payments) shall be conditioned upon Employee, during the period
following termination of employment equal to the number of months for which payments are to be made under Section 3.2(b), Section 3.3(b), or Section 3.3(c), as applicable, not directly or indirectly engaging in
(whether as an employee, consultant, agent, proprietor, principal, partner, stockholder, corporate officer, director or otherwise), nor having any ownership interest in or participating in the financing, operation, management or control of, any
person, firm, corporation or business that directly competes with Company or is a customer of the Company. 
 (c)
NON-SOLICITATION. Until the date six (6) months after the termination of Employee’s employment with the Company for any reason, Employee agrees and acknowledges that Employee’s right to
receive the severance payments set forth in Section 3.2(b), Section 3.3(b), and Section 3.3(c) (to the extent Employee is otherwise entitled to such payments) shall be conditioned upon Employee not either directly
or indirectly soliciting, inducing, attempting to hire, recruiting, encouraging, taking away, hiring any employee of the Company or causing an employee to leave his or her employment either for Employee or for any other entity or person. 

 (d) GENERAL RELEASE. Employee shall
not be entitled to receive any of the severance consideration described in Sections 3.2 and 3.3 above, unless prior to receiving the same Employee executes a commercially reasonable general release of claims (including a release of all
rights under Section 1542 of the California Civil Code) against the Company and its directors, officers, employees, stockholders, and other agents and their respective insurers, successors, and assigns, of all claims arising from or in any way
relating to Employee’s employment by the Company or the termination of that employment, provided that such release shall not extend to (i) any claims for benefits under any qualified retirement plan maintained by the Company, (ii) any
claims for governmental unemployment benefits, or (iii) Employee’s right to receive indemnification from the Company under applicable provisions of California law or the certificate of incorporation or bylaws of the Company. 
 (e) UNDERSTANDING OF COVENANTS. Employee represents that he (i) is familiar with
the foregoing covenants not to compete and not to solicit, and (ii) is fully aware of his obligations hereunder, including, without limitation, the reasonableness of the length of time, scope and geographic coverage of these covenants.

 3.5 TERMINATION BY EMPLOYEE. Employee may resign from employment and terminate this
Agreement at any time. If Employee terminates this Agreement voluntarily, then all vesting of all options shall terminate immediately and the Company shall pay to Employee all accrued and unpaid compensation for the period ending on the Date of
Termination, and shall not be obligated to pay any additional amounts to Employee hereunder. 
 3.6
DEATH. This Agreement shall terminate automatically upon the death of Employee. If Employee’s employment is terminated by reason of Employee’s death, then the Company shall pay to Employee’s
beneficiaries or legal representatives (i) within 15 days, all accrued and unpaid Base Compensation and vacation pay for all periods ended on or before the date of Employee’s death, and (ii) the Company shall not be obligated to make
any further payments hereunder. 
 3.7 DEFERRAL IN COMMENCEMENT PER IRC §
409A. Notwithstanding the foregoing provisions of this Section 3, to the extent required to avoid the imposition of any excise or penalty tax pursuant to or other violation of the rules of Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”), the commencement of payment of any severance consideration pursuant to this Section 3 following the date as of which Employee’s employment with the Company is terminated for
any reason (such date, the “termination date”) shall be delayed for six (6) months following such termination date. 
 4.
MISCELLANEOUS 
 4.1
NOTICES. All notices permitted or required by this Agreement shall be in writing, and shall be deemed to have been delivered and received (i) when personally delivered, or (ii) on the third (3rd) business day after the date on which deposited in the United States mail, postage prepaid, certified or registered mail, return receipt requested, or
(iii) on the date on which transmitted by facsimile or other electronic means generating a receipt confirming a successful transmission (provided that on that same date a copy of such notice is deposited in the United States mail,
postage prepaid, certified or registered mail, return receipt requested), or (iv) on the next business day after the date on which deposited with a regulated public carrier (e.g., Federal Express) designating overnight delivery
service with a return receipt requested or equivalent thereof administered by such regulated public carrier, freight prepaid, and addressed in a sealed envelope to the party for whom intended at the address appearing on the signature page of this
Agreement, or such other address or facsimile number, notice of which is given in a manner permitted by this Section 4.1. 
 4.2 ARBITRATION 
 (a) GENERAL. In consideration of
Employee’s service to the Company, its promise to arbitrate all employment related disputes and Employee’s receipt of the compensation, pay raises and other benefits paid to Employee by the Company, at present and in the future, Employee
agrees that any and all controversies, claims, or disputes with anyone (including the Company and any employee, officer, director, shareholder or benefit plan of the Company in their capacity as such or otherwise) arising out of, relating to, or
resulting from Employee’s service to the Company under this Agreement or otherwise or the termination of Employee’s service with the Company, including any breach of this Agreement, shall be subject to binding arbitration under the
Arbitration Rules set forth in California Code of Civil Procedure Section 1280 through 1294.2, including Section 1283.05 (the “Rules”) and pursuant to California law. Disputes which Employee agrees to arbitrate, and
thereby agrees to waive any right to a trial by jury, include any statutory claims under state or federal law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the
Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the California Fair Employment and Housing Act, the California Labor Code, claims of harassment, discrimination or wrongful termination and any statutory claims.
Employee further understands that this Agreement to arbitrate also applies to any disputes that the Company may have with Employee. 

 (b) PROCEDURE. Employee agrees that any arbitration
will be administered by the American Arbitration Association (“AAA”) and that a neutral arbitrator will be selected in a manner consistent with its National Rules for the Resolution of Employment Disputes. The arbitration
proceedings will allow for discovery according to the rules set forth in the National Rules for the Resolution of Employment Disputes or California Code of Civil Procedure. Employee agrees that the arbitrator shall have the power to decide
any motions brought by any party to the arbitration, including motions for summary judgment and/or adjudication and motions to dismiss and demurrers, prior to any arbitration hearing. Employee agrees that the arbitrator shall issue a written
decision on the merits. Employee also agrees that the arbitrator shall have the power to award any remedies, including attorneys’ fees and costs, available under applicable law. Employee understands the Company will pay for any administrative
or hearing fees charged by the arbitrator or AAA except that Employee shall pay the first $200.00 of any filing fees associated with any arbitration Employee initiates. Employee agrees that the arbitrator shall administer and conduct any arbitration
in a manner consistent with the Rules and that to the extent that the AAA’s National Rules for the Resolution of Employment Disputes conflict with the Rules, the Rules shall take precedence. 
 (c) REMEDY. Except as provided by the Rules, arbitration shall be the sole, exclusive and final
remedy for any dispute between Employee and the Company. Accordingly, except as provided for by the Rules, neither Employee nor the Company will be permitted to pursue court action regarding claims that are subject to arbitration. Notwithstanding,
the arbitrator will not have the authority to disregard or refuse to enforce any lawful Company policy, and the arbitrator shall not order or require the Company to adopt a policy not otherwise required by law, which the Company has not adopted.

 (d) AVAILABILITY OF INJUNCTIVE RELIEF. In
addition to the right under the Rules to petition the court for provisional relief, Employee agrees that any party may also petition the court for injunctive relief where either party alleges or claims a violation of this Agreement or the
Confidentiality Agreement or any other agreement regarding trade secrets, confidential information, nonsolicitation or Labor Code §2870. In the event either party seeks injunctive relief, the prevailing party shall be entitled to recover
reasonable costs and attorneys fees. 
 (e) ADMINISTRATIVE RELIEF.
Employee understands that this Agreement does not prohibit Employee from pursuing an administrative claim with a local, state or federal administrative body such as the Department of Fair Employment and Housing, the Equal Employment Opportunity
Commission or the workers’ compensation board. This Agreement does, however, preclude Employee from pursuing court action regarding any such claim. 
 (f) VOLUNTARY NATURE OF AGREEMENT. Employee acknowledges and agrees that Employee is executing this Agreement voluntarily and without
any duress or undue influence by the Company or anyone else. Employee further acknowledges and agrees that Employee has carefully read this Agreement and that Employee has asked any questions needed for Employee to understand the terms, consequences
and binding effect of this Agreement and fully understand it, including that Employee is waiving Employee’s right to a jury trial. Finally, Employee agrees that Employee has been provided an opportunity to seek the advice of an attorney of
Employee’s choice before signing this Agreement. 
 4.3 BINDING ON SUCCESSORS;
ASSIGNMENT. This Agreement shall be binding upon, and inure to the benefit of, each of the parties hereto, as well as their respective heirs, successors, assigns, and personal representatives. 
 4.4 GOVERNING LAW. This Agreement shall be construed in accordance with and shall be governed by the
laws of the State of California, without regard to conflict of law principles. 
 4.5 SEVERABILITY. If
any of the provisions of this Agreement shall otherwise contravene or be invalid under the laws of any state, country or other jurisdiction where this Agreement is applicable but for such contravention or invalidity, such contravention or invalidity
shall not invalidate all of the provisions of this Agreement but rather it shall be construed, insofar as the laws of that state or other jurisdiction are concerned, as not containing the provision or provisions contravening or invalid under the
laws of that state or jurisdiction, and the rights and obligations created hereby shall be construed and enforced accordingly. 
 4.6
COUNTERPARTS. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which, taken together, shall be one and the same instrument, binding on all the signatories.

 4.7 FURTHER ASSURANCES. Each party agrees, upon the
request of another party, to make, execute, and deliver, and to take such additional steps as may be necessary to effectuate the purposes of this Agreement. 
 4.8 ENTIRE AGREEMENT; AMENDMENT. This Agreement, together with the Initial Option Grant Agreement, and the Company’s standard Confidential
Information Agreement (a) represents the entire understanding of the parties with respect to the subject matter hereof, and supersedes all prior and contemporaneous understandings, whether written or oral, regarding the subject matter hereof,
and (b) may not be modified or amended, except by a written instrument, executed by the party against whom enforcement of such amendment may be sought. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement, effective as of the date set forth above. 
  

									
	1 “COMPANY:”	 		 	2 “EMPLOYEE:”
			
	CALLWAVE, INC., a Delaware corporation	 		 	
					
	By 	 	/s/ Jeffrey M. Cavins	 		 		 	/s/ Richard Roberts
		 	Jeffrey M. Cavins, President and CEO	 		 		 	Richard Roberts
		 		 		 	
		 		 		 	
				
	Address, Facsimile No. and Email for Notices	 		 		 	Address, Facsimile No. and Email for Notices:
	136 West Canon Perdido Street	 		 		 	136 West Canon Perdido Street
	Santa Barbara, California 93101	 		 		 	Santa Barbara, California 93101

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