Document:

Exhibit 10.11

 

KITARA
MEDIA CORP.

525
Washington Blvd. 

Suite
2620 

Jersey
City, New Jersey 07310

 

October
14, 2014

  

Mr. Joshua
Silberstein

11
Hemlock Road

Short Hills,
NJ 07078

  

Re:
Separation Agreement

  

Dear Mr.
Silberstein:

  

This
Separation Agreement sets forth our mutual agreement and understanding with respect to the termination of your employment with
Kitara Media Corp. (the “Company”) and any remaining obligations between you and the Company relating to your
employment or the termination thereof. 

 

		1.	Termination
                                         of Your Employment. You are currently employed by the Company under the terms of
                                         an amended and restated employment agreement, dated December 3, 2013 (your “Employment
                                         Agreement”). You shall resign as the Company’s President and terminate
                                         your employment by the Company in accordance with Section 4.6 of your Employment Agreement
                                         on December 31, 2014 (the “Separation Date”). The Company shall accept
                                         your resignation and termination of employment as of the Separation Date. Your Employment
                                         Agreement shall be terminated effective as of the Separation Date, and thereafter you
                                         will not be entitled to any benefits thereunder.

 

		1.1.	The
                                         Company will pay you (i) your Base Salary (as defined in your Employment Agreement) through
                                         the Separation Date; (ii) reimbursements for all valid expenses incurred by you in the
                                         conduct of the business of the Company through the Separation Date, in accordance with
                                         Company policy; and (iii) all accrued but unused vacation pay. As of the Separation Date,
                                         if the Company has executed the Consulting Agreement (as defined below) and the Amended
                                         and Restated Stock Option Agreement (as defined below), you agree to waive payment of
                                         any bonus which may have become payable to you for fiscal year 2014 as provided for in
                                         Section 4.7(b)(iii) of your Employment Agreement.

 

		1.2.	At
                                         the earlier of (i) the Separation Date or (ii) the earliest date permissible under the
                                         Company’s 401k plan, the Company will make a contribution to your 401k account
                                         of the following amount: (A) the lesser of (i) the maximum contribution permitted to
                                         an employee’s 401k account and (ii) four (4) percent of the total amount that you
                                         have contributed to your 401k account during 2014; less (B) the total of all payments
                                         made by the Company to your 401k account as a matching payment for a contribution you
                                         made during 2014.

 

		1.3.	From
                                         and after your Separation Date, except as provided for in this Separation Agreement,
                                         the Consulting Agreement and the Amended and Restated Stock Option Agreement, you will
                                         not be entitled to any future benefit, payment, bonus, allowance, severance or contingent
                                         compensation from the Company by virtue of your employment or the termination thereof
                                         and no further payment, benefit or services will be made or provided to you by the Company
                                         in consideration for your entering into this Separation Agreement or the General Release
                                         (as defined below).

    	 

    	 

    

 

		1.4.	From
                                         and after your Separation Date, you will have no further obligations to render services
                                         as an employee of the Company and, subject to the provisions of Paragraph 3 below and
                                         the Consulting Agreement, you will be free to accept employment with or otherwise render
                                         services for any other business entity. Prior to the Separation Date, you will continue
                                         to be subject to all of the obligations under your Employment Agreement, including the
                                         obligation to devote substantially all of your business time, energies and attention
                                         to the performance of your duties under your Employment Agreement. In addition to, and
                                         not in limitation of the foregoing, you shall use your best efforts to complete the tasks
                                         set forth on Schedule 1 attached hereto.

 

		2.	Separation
                                         Benefits. In consideration of the General Release described in Paragraph 4 below,
                                         and in full payment, settlement and satisfaction of any and all obligations, liabilities
                                         and damages to which you may be entitled by reason of or resulting from your employment
                                         by the Company or the termination thereof, under your Employment Agreement or otherwise,
                                         and in addition to any amounts payable to you pursuant to Paragraphs 1.1 above, the Company
                                         shall, if you sign and return the General Release on or following your Separation Date
                                         (and provided that you do not subsequently revoke the General Release as provided for
                                         therein), provide the following additional separation benefits (“Separation
                                         Benefits”):

 

		2.1.	Provided
                                         that you have elected to continue your health insurance coverage under the Company’s
                                         group medical and dental insurance plans in accordance with your rights under the Consolidated
                                         Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company will pay
                                         on your behalf the monthly premium cost of such continuation of your medical and dental
                                         insurance coverage under COBRA for nine (9) months following your Separation Date, or
                                         until such earlier date as you are eligible to obtain any group insurance coverage from
                                         other employment (whether or not you elect such coverage) or you are otherwise ineligible
                                         by law for such COBRA continuation coverage.

 

		2.2.	At
                                         the Separation Date, the Company shall (i) retain you as a consultant pursuant to an
                                         independent consulting agreement between you and the Company in the form attached hereto
                                         as Exhibit A (the “Consulting Agreement”) and (ii) amend the
                                         vesting schedule of your outstanding stock option pursuant to an amended and restated
                                         stock option agreement between you and the Company in the form attached hereto as Exhibit
                                         B (the “Amended and Restated Stock Option Agreement”). If the
                                         Company does not execute and deliver both the Consulting Agreement and the Amended and
                                         Restated Stock Option Agreement on or prior to the Separation Date, (i) the Company shall
                                         pay you a lump sum amount equal to the total value of sections 4.7(c)(i), 4.7(c)(ii),
                                         4.7(c)(iii), and 4.7(c)(iv) within seven (7) calendar days of the Separation Date; and
                                         (ii) your options shall vest as described in Section 4.7 (c)(v), and the Company shall
                                         amend your existing stock option agreement so that the option provided for therein, including
                                         both the vested and unvested portions thereof, shall survive your termination and will
                                         remain exercisable until December 4, 2018.

 

		2.3.	The
                                         Company shall pay you a bonus equal to three months’ of your Base Salary as of
                                         the earlier of: (i) the Separation Date or (ii) the date of occurrence of the Special
                                         Conditions (as defined in Schedule 2), in either case net of applicable taxes and customary
                                         deductions, within thirty (30) days such date, but in no event prior to the end of the
                                         revocation period provided in the General Release.

 

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		3.	Continuing
                                         Obligations. In consideration of this Separation Agreement, including but not limited
                                         to the Separation Benefits described above, you acknowledge and agree that the provisions
                                         set forth in Schedule 3 shall apply following the termination of your employment.

 

		4.	Release.
                                         In further consideration of Company’s undertakings and agreements hereunder, and
                                         specifically in consideration for the Company’s obligations with respect to the
                                         Separation Benefits provided for in Paragraph 2 above, on the Separation Date, you will
                                         deliver to the Company a signed copy of the attached General Release in the form attached
                                         hereto as Exhibit C (the “General Release”). You understand
                                         that the Company will not be obligated to pay or provide the Separation Benefits unless
                                         you sign and return the General Release to the Company as specified in the preceding
                                         sentence and you do not thereafter revoke the General Release as permitted thereunder.

 

		5.	Return
                                         of Documents, Property, Etc. You agree that on or before December 31, 2014, you will
                                         return to the Company all documents, software, files, equipment and other property and
                                         materials belonging to the Company, including, but not limited to, Company security card,
                                         credit cards, keys, computers, and the like, wherever such items may be located, together
                                         with all copies (in whatever form) of all materials relating to your employment or obtained
                                         and created in the course of your employment by the Company. Notwithstanding the foregoing,
                                         you shall be allowed to retain any documents or property necessary for you to complete
                                         your work as a Consultant.

 

		6.	Press
                                         Release, Notice of Departure. The Company and you have agreed to the dissemination
                                         of the press release attached as Exhibit D hereto, announcing your departure from
                                         the Company which shall be disseminated within one (1) business day after the date hereof.
                                         The Company and you will work together to compose a mutually acceptable e-mail farewell
                                         message to be sent to the Company’s personnel on such date.

 

		7.	Confidentiality.
                                         You agree that unless and until publicly disclosed by the Company, you will keep the
                                         terms, amount, and fact of this Separation Agreement confidential, and you will not hereafter
                                         disclose any information concerning this Separation Agreement to any person, firm, corporation,
                                         governmental agency, or other entity, without the prior written consent of the Company;
                                         provided, however, that, where reasonably necessary, you may reveal the existence of
                                         this Separation Agreement to any prospective employer or to any firm, person, or agent
                                         whom you are working with as part of your job search. The Company will also use its reasonable
                                         efforts, consistent with its dissemination of information to employees who have a need
                                         to know the same for business purposes, to maintain the confidentiality of the terms
                                         and provisions of this Separation Agreement. The provisions of this Paragraph do not
                                         apply to public and other disclosures by either you or the Company required by law or
                                         regulation, any filing or communication with any federal, state, or local taxing or other
                                         governmental authority or communications with professional advisors or immediate family
                                         and nothing in this Paragraph shall be construed so as to prohibit either you or the
                                         Company from (i) responding to any legal process or (ii) testifying in any legal proceeding
                                         in a complete and truthful manner.

 

		8.	No
                                         Denigration. You agree that you will not, at any time, denigrate or disparage the
                                         Company, or any of its affiliates or their respective directors, officers or employees,
                                         or be intentionally detrimental to the reputation or stature of any such person. The
                                         Company, through any official spokesperson or through its board members or senior executives,
                                         acting on behalf of the Company, will not, and will use reasonable efforts to ensure
                                         that its board members and senior executives, acting in any capacity, do not, denigrate
                                         or disparage you or make any statement which is intended to be detrimental to your reputation
                                         or stature.

 

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		9.	No
                                         Compulsion. You acknowledge and agree that the Company has not compelled you to execute
                                         this Separation Agreement as a condition to the payment of any salary, wages, benefits
                                         or other compensation for the period ending on your Separation Date. Further, you acknowledge
                                         that the Company has advised you to have your own counsel review this Separation Agreement
                                         and you have had such counsel do so. You acknowledge that you have freely and voluntarily
                                         entered into this Separation Agreement without compulsion and that you have read this
                                         Separation Agreement and fully understand and consent to all of its terms and conditions.

 

		10.	Termination.
                                         This Separation Agreement shall terminate upon the occurrence of any of the following:

 

		10.1.	You
                                         (i) undertake any fraud or dishonest action in your relationship with the Company or
                                         any of its subsidiaries or affiliates (“fraud” for these purposes shall mean
                                         being convicted of any felony in which fraudulent behavior is an element of the crime
                                         and “dishonest” for these purposes shall mean knowingly or recklessly making
                                         of a material misstatement or omission for his personal benefit), (ii) are convicted
                                         of a felony under federal or state law, or (iii) are found by a court of competent jurisdiction
                                         to have materially breached or violated, or failed to comply in all material respects
                                         with, any representation, warranty, agreement or covenant of yours contained in your
                                         Employment Agreement (until terminated in accordance with Paragraph 1), this Separation
                                         Agreement or the Consulting Agreement (individually and collectively, the “Termination
                                         Conditions”). Notwithstanding the foregoing, this Separation Agreement shall not
                                         terminate as a result of any Termination Condition unless the Company shall have given
                                         written notice to you within a period not to exceed ten (10) calendar days after its
                                         chief executive officer acquires actual knowledge of the existence of such Termination
                                         Condition, specifying the Termination Condition with reasonable particularity and, within
                                         thirty (30) calendar days after such notice, you shall not have cured or eliminated the
                                         problem or thing giving rise to such Termination Condition.  

 

		10.2.	Your
                                         employment is terminated in accordance with your Employment Agreement prior to the Separation
                                         Date, whether involuntarily or voluntarily, for any reason whatsoever. For purposes of
                                         clarity, if your employment is terminated in accordance with your Employment Agreement
                                         prior to the Separation Date, this Separation Agreement will in no way impact the compensation
                                         due to you under Section 4 of your Employment Agreement.

 

		11.	Section
                                         409A. This Separation Agreement is intended to comply with Section 409A of the Internal
                                         Revenue Code of 1986, as amended (“Section 409A”) or an exemption
                                         thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding
                                         any other provision of this Separation Agreement, payments provided under this Separation
                                         Agreement may only be made upon an event and in a manner that complies with Section 409A
                                         or an applicable exemption. Any payments under this Separation Agreement that may be
                                         excluded from Section 409A either as separation pay due to an involuntary separation
                                         from service or as a short-term deferral shall be excluded from Section 409A to the maximum
                                         extent possible. For purposes of Section 409A, each installment payment provided under
                                         this Separation Agreement shall be treated as a separate payment. Any payments to be
                                         made under this Separation Agreement upon a termination of employment shall only be made
                                         upon a "separation from service" under Section 409A. Notwithstanding the foregoing,
                                         the Company makes no representations that the payments and benefits provided under this
                                         Separation Agreement comply with Section 409A and in no event shall the Company be liable
                                         for all or any portion of any taxes, penalties, interest or other expenses that may be
                                         incurred by the Company on account of non-compliance with Section 409A.

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		12.	Invalid
                                         Provisions. If any provision or portion of this Separation Agreement shall be held,
                                         for any reason, to be unenforceable or illegal, that provision or portion, to the extent
                                         that it is unenforceable or illegal, shall be severed from this Separation Agreement
                                         and the remainder shall be valid and enforceable between the parties just as if the provision
                                         or portion held to be illegal or unenforceable had never been included. If any court
                                         determines that any provision of this Separation Agreement is unenforceable because of
                                         the duration and scope of such provision, such court shall have the power to reduce the
                                         duration or scope of such provision, as the case may be, and in its reduced form, such
                                         provision shall then be enforceable.

		13.	Construction.
                                         The language of this Separation Agreement is to be construed as a whole according to
                                         its fair meaning and not strictly for or against any of the parties hereto.

		14.	Binding
                                         Agreement. This Separation Agreement and all of its terms shall be binding upon you,
                                         your spouse, your heirs, your estate, and your personal representatives, and upon the
                                         Company, its successors and assigns. For purposes of clarity, this Separation Agreement
                                         shall be binding upon successor entities to the Company including, but not limited to:
                                         all current and future subsidiaries of the Company, any future corporate parent to the
                                         Company or any of its subsidiaries, any entity created as the result of a merger or reverse
                                         merger with the Company, any entity which purchases or comes to own through any means
                                         a controlling interest in the Company or any of its subsidiaries, any entity which completes
                                         an asset purchase for all or substantially all of the Company’s assets, or any
                                         business or division which is spun-out of the Company.

		15.	Governing
                                         Law. This Separation Agreement shall be governed and construed under the laws of
                                         the State of New York applicable to agreements to be performed entirely therein, without
                                         regard to any provision of the doctrine of conflict of laws. Any suit, action or proceeding
                                         with respect to this agreement shall be brought exclusively in the courts of the State
                                         of New York or in the United States District Courts located in New York and each of the
                                         parties irrevocably consents to the jurisdiction of each such court in respect of any
                                         such action, suit or proceeding.

		16.	Entire
                                         Agreement. The foregoing, together with the General Release, the Consulting Agreement,
                                         the Amended and Restated Stock Option Agreement and the provisions of your Employment
                                         Agreement which are incorporated herein by reference, constitute our entire agreement
                                         and supersedes any prior agreement or understanding with respect to your employment by
                                         the Company or the termination thereof. You acknowledge that the Company has not made,
                                         and in executing this Separation Agreement, you have not relied upon, any representations,
                                         promises or inducements, except to the extent that the same are expressly set forth in
                                         such agreements.

 

[Remainder
of page intentionally left blank]

 

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If
the foregoing is in accordance with your agreement and understanding, please sign below where indicated.

 

	 	Very truly yours,
	 	 
	 	KITARA MEDIA CORP.
	 	 
	 	By:	/s/
Robert Regular
	 	 	Name: Robert Regular
	 	 	Title: Chief Executive Officer 

 

	AGREED TO AND ACCEPTED:	 
	 	 
	/s/ Joshua
    Silberstein	 
	Joshua Silberstein	 

 

 

 6Exhibit 10.12 

 

KITARA
MEDIA CORP.

525
Washington Blvd.

Suite
2620 

Jersey
City, New Jersey 07310 

 

December
31, 2014

  

Mr. Joshua
Silberstein

 11
Hemlock Road

 Short
Hills, NJ 07078

 

Re:
Independent Consulting Agreement

  

Dear Mr.
Silberstein:

 

Effective
as of the date hereof (your “Separation Date”), you have resigned as President of, and terminated your employment
agreement (your “Employment Agreement”) with, Kitara Media Corp. (the “Company”). In connection
with your resignation, the Company and you executed a separation agreement (the “Separation Agreement”) which
provides for the execution by the Company and you of this independent consulting agreement (this “Consulting Agreement”)
upon execution by you of a general release (the “General Release”). The Company desires to retain you (“Consultant”)
to serve as an independent consultant to advise and assist the Company in connection with the Company’s business upon the
terms and conditions set forth in this Consulting Agreement.

 

1.Retention.
Consultant will be retained by the Company during the Term (as defined below) as an independent consultant, to provide advice
and assistance to the Company in connection with the Company’s business, customers and operations and to cooperate with
the Company with respect to matters relating to Consultant’s former employment by the Company (“Consulting Services”).
Consultant shall render Consulting Services to the Company as reasonably requested by the Company’s Chairman of the Board
and/or Chief Executive Officer, and will participate in meetings or conferences as may be reasonably requested by them. Consultant
shall be available to render Consulting Services for up to ten (10) hours per calendar month during regular business hours and
such other times as shall be mutually agreed to by the Company and Consultant. The services to be provided under this clause shall
only be rendered when they are expressly requested in writing by the Chairman of the Board and/or Chief Executive Officer of the
Company.

 

1.1Subject
to the terms and conditions of this Consulting Agreement and the Separation Agreement (including, without limitation, any restrictive
covenants), during the Term, Consultant (a) will not be required to render services exclusively to the Company, and (b) will be
free to accept other employment or to provide consulting or other personal services to third parties. Nothing in this Consulting
Agreement requires Consultant to divulge the confidential information of any employer or third parties by whom Consultant is retained.

 

1.2In
rendering the Consulting Services to the Company hereunder, Consultant will cooperate with the Company and its management, utilize
professional skill and diligence to provide the expertise required in connection with such services and at all times comply with
the Company’s Code of Ethics, Insider Trading Policy and other corporate policies and procedures as in effect from time
to time. The Company shall not be required to furnish Consultant with any equipment or facilities.

 

    	 

    	 

    

  

2.Term.
This Consulting Agreement shall become effective (the “Commencement Date”), on the business day following the
expiration of the seven (7) day revocation period provided for in the General Release (the “Revocation Period”),
subject to Consultant not having revoked the General Release prior to such date (“Revocation”), and shall terminate
nine (9) months following such date (the “Term”), unless this Consulting Agreement shall be sooner terminated
as provided for in Paragraph 7 below; provided, however, that if (i) the Special Conditions (as defined in Schedule 2 of the Separation
Agreement) shall not have occurred and (ii) Consultant shall obtain full-time employment with a third party, the Consulting Compensation
(as defined below) shall be adjusted to 50% of its original monthly value, a rate of $14,969 per month.

 

3.Compensation.
In addition to the Separation Benefits provided for in Paragraph 2 of the Separation Agreement, and in consideration of the
performance of the Consulting Services, during the Term, the Company shall pay to Consultant at the rate of $29,938 per month
(the “Consulting Compensation”), on the 15th day of each month (if such day is not a business day
the next business day after such day) during the Term.

 

4.Expenses/Disbursements.
The Company will reimburse Consultant, in accordance with Company policy, for expenses and/or disbursements reasonably incurred
by Consultant during the Term in connection with the performance of the Consulting Services requested to be performed by the Company,
provided that such expenses and/or disbursements that exceed $100 shall have been authorized and approved in advance in writing
by the Company.

 

5.Independent
Contractor. Consultant is not and will not be deemed to be an employee of the Company by virtue of his retention hereunder
or the performance of the Consulting Services, but will, for all purposes, be deemed an independent contractor. The Company will
not deduct withholding or other payroll or related taxes from any payments to be made to the Consultant under this Consulting
Agreement. Consultant acknowledges that he will not be entitled to participate in any retirement or other employee benefit plans
which may be available to the Company’s employees. Consultant acknowledges that the Consulting Compensation payable to Consultant
under this Consulting Agreement has been established on the basis that he is an independent contractor and is responsible for
the payment of all taxes. Contractor agrees to comply with all applicable federal, state and local laws and regulations relating
to the performance of his services hereunder.

 

5.1Except
as otherwise specifically authorized by the Company, (i) Consultant will not be deemed to have been granted any right or authority
to assume or create any obligation or responsibility on behalf or in the name of the Company, (ii) Consultant will make no representations,
warranties or commitments purporting to be binding upon the Company, and (iii) Consultant will not execute any agreement on behalf
of the Company nor hold himself out as having such authority.

 

5.2Consultant’s
sole entitlement pursuant to this Consulting Agreement shall be to receive payment of the Consulting Compensation. For the avoidance
of doubt, the foregoing limitation shall in no way restrict Consultant’s right to receive the Separation Benefits provided
for in Paragraph 2 of the Separation Agreement and the benefits set forth in the Amended and Restated Stock Option Agreement.
The Company shall not be liable to Consultant for any damage, loss, cost or expense (whether general, special or consequential)
suffered or incurred by Consultant for any reason, including without limitation, by reason of the lawful termination of this Consulting
Agreement, for loss of anticipated profits or goodwill, damage to business reputation or any investments or expenditures made
or incurred by Consultant in anticipation of the continuation of this Consulting Agreement.

 

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6.Protection
of Confidential Information.

 

6.1Consultant
acknowledges that: (a) as a result of his prior employment and current engagement by the Company, Consultant has obtained and
may obtain secret and confidential information concerning the business of the Company, including, without limitation, financial
information, proprietary rights, trade secrets and “know-how,” customers and sources (“Confidential Information”);
(b) the Company will suffer substantial damage which will be difficult to compute if, during the period of his engagement by the
Company or thereafter, Consultant should divulge Confidential Information; and (c) the provisions of this Paragraph 6 are reasonable
and necessary for the protection of the business of the Company.

 

6.2Consultant
agrees that he will not at any time, during the Term or thereafter, divulge to any person or entity any Confidential Information
obtained or learned by him as a result of his engagement by the Company, except (i) as is required in the course of performing
his Consulting Services hereunder, (ii) with the Company’s prior written consent, (iii) to the extent that any such information
is in the public domain other than as a result of Consultant’s breach of any of his obligations hereunder, or (iv) where
required to be disclosed by court order, subpoena or other government process. If Consultant shall be required to make disclosure
pursuant to the provisions of clause (iv) of the preceding sentence, Consultant promptly, but in no event more than forty-eight
(48) hours after learning of such subpoena, court order, or other government process, shall notify, confirmed by mail, the Company
and, at the Company’s expense, Consultant shall (a) take all reasonably necessary and lawful steps required by the Company
to defend against the enforcement of such subpoena, court order or other government process, and (b) permit the Company to intervene
and participate with counsel of its choice in any proceeding relating to the enforcement thereof.

 

6.3Upon
termination of his engagement under this Consulting Agreement, Consultant will promptly deliver to the Company all memoranda,
notes, records, reports, manuals, drawings, blueprints and other documents (and all copies thereof) relating to the business of
the Company and all property associated therewith, which he may then possess or have under his control; provided, however, that
Consultant shall be entitled to retain copies of such documents reasonably necessary to document his financial relationship with
the Company.

 

6.4If
Consultant commits a breach, or threatens to commit a breach, of any of the provisions of Paragraph 6.2, the Company shall have
the right and remedy to seek to have the provisions of this Consulting Agreement specifically enforced by any court having equity
jurisdiction, it being acknowledged and agreed by Consultant that the services being rendered hereunder to the Company are of
a special, unique and extraordinary character and that any such breach or threatened breach will cause irreparable injury to the
Company and that money damages will not provide an adequate remedy to the Company. The rights and remedies enumerated in this
Paragraph 6.5 shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or
equity.

 

6.5If
any provision of Paragraph 6.2 is held to be unenforceable because of the scope, duration or area of its applicability, the tribunal
making such determination shall have the power to modify such scope, duration, or area, or all of them, and such provision or
provisions shall then be applicable in such modified form.

 

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6.6The
provisions of this Paragraph 6 shall survive the termination of this Consulting Agreement.

 

7.Termination.

 

7.1This
Consulting Agreement shall terminate automatically if Consultant revokes the General Release. The Company may terminate this Consulting
Agreement under any circumstances that would allow the Separation Agreement to be terminated under the terms of Section 10.1 of
the Separation Agreement. Consultant may terminate this Consulting Agreement and his retention hereunder for any reason upon ten
(10) day’s written notice to the Company. If, prior to the scheduled expiration of the Term, this Consulting Agreement and
Consultant’s retention hereunder is terminated by the Company pursuant to this Section 7.1 or if Consultant chooses to terminate
this Consulting Agreement and his retention hereunder, then Consultant will be entitled to receive only the Consulting Compensation
actually earned and payable to him through the date of termination.

 

7.2If
the Company terminates this Consulting Agreement for any reason other than those delineated in Section 7.1 of this Consulting
Agreement, then Consultant shall be entitled to receive the Consulting Compensation for the remainder of the Term when, as and
to the extent that the same would otherwise have been earned and payable in accordance with the terms hereof.

 

8.Binding
Agreement. This Consulting Agreement and all of its terms shall be binding upon the Consultant, the Consultant’s
spouse, the Consultant’s heirs, the Consultant’s estate, and the Consultant’s personal representatives, and
upon the Company, its successors and assigns. For purposes of clarity, this Consulting Agreement shall be binding upon successor
entities to the Company including, but not limited to: all current and future subsidiaries of the Company, any future corporate
parent to the Company or any of its subsidiaries, any entity created as the result of a merger or reverse merger with the Company,
any entity which purchases or comes to own through any means a controlling interest in the Company or any of its subsidiaries,
any entity which completes an asset purchase for all or substantially all of the Company’s assets, or any business or division
which is spun-out of the Company. The performance of Consultant’s personal services under this Consulting Agreement shall
not otherwise be delegated, subcontracted or assigned and may be performed only by him.

 

9.Notices.
Any notice required, permitted or desired to be given pursuant to any of the provisions of this Consulting Agreement shall be
deemed to have been sufficiently given or served for all purposes if delivered in person or sent by certified mail, return receipt
requested, postage and fees prepaid, or by national overnight delivery prepaid service to the parties at their addresses set forth
above. Either of the parties hereto may at any time and from time to time hereafter change the address to which notice shall be
sent hereunder by notice to the other party given under this Paragraph 9. The date of the giving of any notice delivered in person
or by overnight delivery shall be the date upon which that notice is delivered. The date of the giving of any notice sent by mail
shall be the date upon which that notice is received (which may be evidenced by the return receipt.)

 

10.Governing
Law. This Consulting Agreement shall be governed and construed under the laws of the State of New York applicable to agreements
to be performed entirely therein, without regard to any provision of the doctrine of conflict of laws. Any suit, action or proceeding
with respect to this agreement shall be brought exclusively in the courts of the State of New York or in the United States District
Courts located in New York, and each of the parties irrevocably consents to the jurisdiction of each such court in respect of
any such action, suit or proceeding.

 

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11.Entire
Agreement. The foregoing, together with the General Release, the Separation Agreement, the Amended and Restated Stock
Option Agreement and the provisions of your Employment Agreement which are incorporated herein by reference, constitute our entire
agreement and supersedes any prior agreement or understanding with respect to your employment by the Company or the termination
thereof. You acknowledge that the Company has not made, and in executing this Consulting Agreement, you have not relied upon,
any representations, promises or inducements, except to the extent that the same are expressly set forth in such agreements.

 

12.Partial
Invalidity. If any clause, paragraph, section or part of this Consulting Agreement is held or declared to be void, invalid
or illegal for any reason by any court of competent jurisdiction, such provision will be ineffective but will not in any way invalidate
or affect any other clause, paragraph, section or part of this agreement.

 

13.Binding
Effect. This document is not intended to constitute an agreement, commitment, or offer binding upon the Company until
and unless executed and delivered on behalf of the Company, and no representative of the Company has authority to make any commitment
or to give any assurance to the contrary.

 

[Remainder
of Page Intentionally Left Blank]

 

    	5

    	 

    

 

If
the foregoing correctly sets forth our understanding and agreement, please sign where indicated below.

 

	 	Very truly yours,
	 	 
	 	KITARA MEDIA CORP.
	 	 
	 	By:	/s/
Robert Regular
	 	 	Name: Robert Regular
	 	 	Title: Chief Executive Officer

 

	AGREED TO AND ACCEPTED:	 
	 	 
	/s/ Joshua
    Silberstein	 
	Joshua Silberstein	 

 

 

6

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