Document:

Settlement and License Agreement

 Exhibit 10.6 
 SETTLEMENT AND LICENSE AGREEMENT 
 This
SETTLEMENT AND LICENSE AGREEMENT (the “Agreement”) is entered into effective as of the 31st day of October 2005 (the “Effective
Date”) by BioForm Medical, Inc., a Delaware corporation, and BioForm Medical Europe B.V., a Netherlands Corporation (together “BioForm”), Artes Medical USA, Inc., a Delaware corporation (“Artes”) and Dr. Martin
Lemperle, a German national residing at **** Frankfurt am Main, Federal Republic of Germany (“Lemperle”). 
 WHEREAS, the
Parties are engaged in numerous Actions, as described more fully in Exhibit A; and, 
 WHEREAS, the Parties wish to resolve, compromise
and settle their differences on the terms and conditions set forth herein. 
 THEREFORE, in consideration of the mutual covenants contained
herein, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows: 
 1. Definitions. 
 1.1 “Actions” shall mean the legal proceedings involving the Parties identified in Exhibit A hereto. 
 1.2 “Affiliate” shall mean, with respect to any Party, any person or entity that, presently or in the future, directly or
indirectly Controls, is Controlled by, or is under common Control with, such Party. 
 1.3 “Control, Controlling,
Controls or Controlled” shall mean the ownership, directly or indirectly, of at least fifty percent (50%) of the equity or voting ownership interests of an entity. 
 1.4 “Exclusively Licensed Product” shall mean any existing or future implant product containing particles which
(i) are composed of any amount of calcium hydroxylapatite (“CaHA”) and (ii) have diameters between **** and **** microns. Exclusively Licensed Product may additionally contain a carrier or suspending agent of any composition.

 1.5 “Extension” shall have the meaning as set forth in Section 6.1. 
 1.6 “Ex-U.S. Royalty Obligation Term” shall mean, with respect to a country other than the United States, the period
beginning January 1, 2005 and ending upon the earlier of (i) December 8, 2009 or (ii) the first date on which, in such country, there is no non-United States Licensed Patent In Force and having at least one claim having
commensurate scope of coverage with any one of European Patent No. 0 406 375 B1 claims **** dependent claim **** to the extent it depends from the foregoing claims, dependent claim **** to the extent it depends from the foregoing claims,
and dependent claim **** to the extent it depends from the foregoing claims. 
  

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respect to the omitted portions. 
  

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 1.7 “In Force” shall mean, with respect to a patent, having at least one
claim that has neither expired, lapsed, been disclaimed, been permanently abandoned, nor been held invalid or otherwise unenforceable by a court, patent office or other governmental entity of competent jurisdiction. 
 1.8 “Intellectual Property” or “Intellectual Property Rights” shall mean any and all patents, business
processes, copyrights, data rights, trademarks, trade secrets, mask works, moral rights, know-how or any other proprietary right arising or enforceable under the laws of the United States, any other jurisdiction, or any bi-lateral or multi-lateral
treaty regime, including any registrations, applications or renewals for the foregoing. 
 1.9 “Lemperle
License” shall mean the Exclusive License Agreement between Dr. Martin Lemperle, **** Frankfurt, Germany and the Company Bristol-Myers Squibb Company, 100 Headquarters Park Drive, Skillman, New Jersey 08558, United States of America,
effective on or about February 10, 1997 and includes any and all amendments thereto. 
 1.10 “License”
shall have the meaning set forth in Section 3.1.1.2. 
 1.11 “Licensed Patents” shall mean German Patent
DE 38 41 401, United States Patent No. 5,344,452, European Patent No. 0 406 375 and all corresponding national patents in Austria (including Austrian Patent No. E119012), Belgium, France, Germany, Italy
(including Italian Patent No. 20087/BE/95), Liechtenstein, Luxembourg, Netherlands, Spain, Sweden, Switzerland and United Kingdom, Brazil Patent No. PI8907235-9, Hong Kong Patent No. 1004519 and Singapore Patent Application
No. 9790049-2; all patents or patent applications claiming priority to any of the foregoing; all divisional, continuations and continuations-in-part based on any of the foregoing; all patents issuing from any of the foregoing patent
applications; and all reissues, reexaminations, extensions and supplemental protection certificates resulting from any of the foregoing. 
 1.12 “Licensed Product” shall mean any and all Exclusively Licensed Products and Non-Exclusively Licensed Products. 
 1.13 “Manufacturing Sublicensee” shall mean a Third Party having a written sublicense under Section 11 from BioForm
that (i) manufactures Sublicensed Products, or (ii) sells to Third Parties Sublicensed Products not obtained from BioForm or its Affiliates. 
 1.14 “Pass-Through Royalty Report” shall have the meaning as set forth in Section 11.3.2. 
 1.15 “Net Sales” shall mean, with respect to the sale of any Licensed Products to any Third Party, the invoice price of such Licensed Products billed to such Third Party, less, as calculated according
to generally accepted accounting principles, (i) credits, allowances, discounts and rebates to and chargebacks for the account of such Third Party, and which are actually taken, for such Licensed Products; (ii) freight and insurance
charges invoiced for transporting such Licensed Products to such Third Party; (iii) sales, value-added and other direct taxes incurred; and (iv) customs duties, surcharges and other governmental charges incurred in connection with the

  

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exportation or importation of such Licensed Product. In the event that a Licensed Product is sold as part of a kit (e.g., an implant product plus a
needle or other delivery device) or otherwise in combination with another product (“Licensed Product Kit”), then the invoice price and the above-listed deductions (i)-(iv) for the Licensed Product in the Licensed Product Kit
shall be calculated by multiplying such invoice price less such deductions times the ratio A/(A+B) where A is the list price of the Licensed Product and B is the list price(s) of the other product(s) in the Licensed Product Kit. 
 1.16 “Non-Exclusively Licensed Product” shall mean any existing or future implant product which (i) is not an
Exclusively Licensed Product, (ii) contains non-polymeric particles having diameters between **** and **** microns, and (iii) is covered by a Valid Claim of a Licensed Patent. Non-Exclusively Licensed Product may additionally contain a
carrier or suspending agent of any composition. 
 1.17 “Party” shall mean BioForm, Artes or Lemperle, and
when used in the plural shall mean all three of them. 
 1.18 “Pass-Through Royalty” shall have the meaning
set forth in Section 11.3.1. 
 1.19 “Past Royalty” shall have the meaning set forth in Section 5.

 1.20 “Past Royalty Report” shall have the meaning set forth in Section 5. 
 1.21 “Records” shall have the meaning set forth in Section 7. 
 1.22 “Royalty” shall mean any of the Past Royalty, the Technology Access Fee, the Technology Transfer Fee or any Running
Royalty or Pass-Through Royalty. 
 1.23 “Royalty Base” shall have the meaning set forth in Section 6.1.

 1.24 “Running Royalty” shall have the meaning set forth in Section 6.1. 
 1.25 “Sale/Merger Event” shall mean the closing of (i) a sale or transfer of all or substantially all of
BioForm’s business assets related to Licensed Products including the License to a Third Party, (ii) the acquisition after the Effective Date by a Third Party of a Controlling interest in BioForm, or (iii) the merger or combination of
BioForm with a Third party in which the resulting entity is not Controlled by BioForm or the shareholders of BioForm immediately before the merger or combination. 
 1.26 “Sublicense Royalty Base” shall have the meaning set forth in Section 11.3.1. 
 1.27 “Sublicensed Product” shall mean any Licensed Product which does not contain any polymethylmethacrylate
(“PMMA”) and which does not contain substantially spherical particles (a) having diameters between **** and **** microns and (b) containing (i) solid polymeric materials, (ii) permanent, non-polymeric materials other
than (x) CaHA or (y) other calcium phosphate materials, such that the particles do not degrade in the body, or (iii) a polymeric material which is not derived from the carrier or other non-particulate component of the implant product.
Notwithstanding the foregoing, a Sublicensed Product may additionally contain a carrier or suspending agent of any composition including polymers (such as hyaluronic acid and/or carboxymethylcellulose) and materials which may form non-spherical
solids. 
  

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 1.28 “Technology Access Fee” shall have the meaning set forth in
Section 4. 
 1.29 “Technology Transfer Fee” shall have the meaning set forth in Section 9.

 1.30 “Third Party” shall mean any person or entity not a Party or an Affiliate of a Party. 
 1.31 “U.S. Royalty Obligation Term” shall mean the period commencing on January 1, 2005 and ending upon the earlier
of (i) September 5, 2011 or (ii) the first date on which there is no United States Licensed Patent In Force and having at least one claim having commensurate scope of coverage with any one of United States Patent No. 5,344,452
claims ****. 
 1.32 “Valid Claim” shall mean a claim in any patent In Force which has not been
disclaimed, revoked, held invalid, or otherwise declared unenforceable by a court, patent office or other governmental entity of competent jurisdiction. 
 2. Termination of Lemperle License. The Parties agree that the Lemperle License is terminated, has no force and effect, and all rights, remedies, and obligations set forth therein are null and void. 

3. License Grant to BioForm. 
 3.1 License Grant. 
 3.1.1 From Artes. 
 3.1.1.1 Artes hereby grants to BioForm an exclusive (including as to Artes and Lemperle), irrevocable, perpetual, world-wide,
royalty-bearing license under the Licensed Patents to make, have made, use, offer for sale, sell and import Exclusively Licensed Products for any purpose whatsoever. 
 3.1.1.2 Artes hereby grants to BioForm a non-exclusive, irrevocable, perpetual, world-wide, royalty-bearing license under the Licensed
Patents to make, have made, use, offer for sale, sell and import Non-Exclusively Licensed Products for any purpose whatsoever (together with the license granted in Section 3.1.1.1, the “License”). 
 3.1.2 From Lemperle. 
 3.1.2.1 Lemperle, to the extent that Lemperle holds any right or interest in the Licensed Patents, hereby grants to BioForm an exclusive (including as to Artes and Lemperle), irrevocable, perpetual, world-wide,
royalty-bearing to Artes, paid-up as to Lemperle license under the Licensed Patents to make, have made, use, offer for sale, sell and import Exclusively Licensed Products for any purpose whatsoever. 
  

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 3.1.2.2 Lemperle, to the extent that Lemperle holds any right or interest in the
Licensed Patents, hereby grants to BioForm a non-exclusive, irrevocable, perpetual, world-wide, royalty-bearing to Artes, paid-up as to Lemperle license under the Licensed Patents to make, have made, use, offer for sale, sell and import
Non-Exclusively Licensed Products for any purpose whatsoever. 
 3.2 Future Products of BioForm. Upon notice by Artes
to BioForm inquiring whether a specific product commercialized by BioForm is a Licensed Product, BioForm shall within thirty (30) calendar days provide a written response affirming or denying whether such product is a Licensed Product.

 3.3 Sublicenses. BioForm shall have the right to grant sublicenses under the terms and conditions set forth in
Section 11 of this Agreement. 
 4. Technology Access Fee. Within ten (10) business days after the Effective Date, BioForm
shall pay the sum of Two Million U.S. Dollars (US $2,000,000) to Artes (the “Technology Access Fee”). The Technology Access Fee shall be paid in immediately available funds via wire transfer to a bank in the United States for the
account of Artes as set forth in Exhibit C. 
 5. Past Royalty. Within ten (10) business days after the Effective Date,
BioForm shall pay Artes a royalty (the “Past Royalty”) of (i) ****% of BioForm’s Net Sales of Licensed Products in all countries where Licensed Patents were In Force during the calendar years 2003 and 2004, less (ii) ****
U.S. Dollars (US $****), and shall at that time submit to Artes a true, accurate and complete report, signed by an officer or manager of BioForm, containing the following information: the aggregate amount of its royalty-bearing Net Sales for
that two year period; the names of the countries in which such Net Sales occurred; and, the names of the Licensed Products sold (the “Past Royalty Report”). To the extent that the Past Royalty comprises Net Sales in foreign currencies, the
amount of such Net Sales shall be converted into U.S. dollars at the exchange rate which BioForm used for converting non-U.S. dollar denominated sales to U.S. dollars in the ordinary course of closing its books for its June 2005 fiscal year
end. The Past Royalty shall be paid in immediately available funds via wire transfer to a bank in the United States for the account of Artes as set forth in Exhibit C. 
 6. Running Royalty. 
 6.1 For Net Sales during the calendar year 2005 and following, BioForm will pay to Artes a royalty of ****% of the Royalty Base for each calendar year (“Running Royalty”). The “Royalty Base” for a calendar year shall be
BioForm and its Affiliate’s Net Sales in such calendar year of Licensed Products which arc either (i) sold to Third Parties in the U.S. prior to the end of the U.S. Royalty Obligation Term, or (ii) sold prior to the end of the
applicable Ex-U.S. Royalty Obligation Term to Third Parties outside the U.S. in countries where a Licensed Patent is In Force. In the event that a patent term extension or supplemental protection certificate is granted in a country with respect to a
Licensed Patent (“Extension”), then the term for which sales are included in the Royalty Base will be extended in the applicable country until the Extension expires, but only as to sales of Licensed Products that are (i) within the
scope of rights derived from such Extension and (ii) sold for uses covered by such Extension. If the Parties are not able to agree on the extent, if any, to which the Licensed Products sold are covered by such Extension, they will resolve their
disagreement in the manner set forth in Section 24. 
  

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 6.2 If a Sale/Merger Event occurs after the Effective Date, the Running Royalty in the
year of the Sale/Merger Event and each calendar year thereafter shall be (i) the ****% royalty set forth in Subsection 6.1, plus (ii) an amount equal to ****% of that portion of the Royalty Base which is in excess of $**** million
U.S. dollars (US $****) in the calendar year; provided however, the Running Royalty on Net Sales occurring before the Sale/Merger Event shall be no more than ****%. Notwithstanding the foregoing, in the event of a Sale/Merger Event, the
Parties agree that any entity which acquires or merges with BioForm shall have (i) no Running Royalty obligation with respect to sales of any products which are sold for uses other than soft tissue augmentation (e.g., wrinkle-filling and
sphincter augmentation) (“Unrelated Products”), and (ii) no obligation under the covenant of Section 18.9 with respect to such Unrelated Products. For the avoidance of doubt, Unrelated Products (i) shall include dental
products and orthopedic products such as hip implants and bone graft, putty, or paste materials, but, notwithstanding the foregoing, (ii) shall not include Licensed Products which have been sold by BioForm prior to the Sale/Merger Event.

 6.3 BioForm shall pay the Running Royalty for a calendar year within **** calendar days after the end of that year,
and shall at that time submit to Artes a true, accurate and complete report, signed by an officer or manager of BioForm, containing the following information: the total amount of its royalty-bearing Net Sales for the year; the names of the countries
in which such Net Sales occurred; and, the names of the Licensed Products sold during the year (the “Royalty Report”). To the extent that the Running Royalty comprises Net Sales in foreign currencies, the amount of such Net Sales shall be
converted into U.S. dollars at the exchange rate which BioForm uses for converting non-U.S. dollar denominated sales to U.S. dollars in the ordinary course of closing its books. Running Royalty payments will be made in immediately available funds
via wire transfer to a bank in the United States for the account of Artes as set forth in Exhibit C. 
 6.4 In no
instance shall Artes be entitled (i) to collect a royalty for a sale of a unit of a Licensed Product following a prior royalty-bearing sale of such unit or (ii) to collect both a Running Royalty and a Pass-Through Royalty with respect to a
single sale or multiple sales of the same unit of a Licensed Product. 
 7. Records. BioForm and its Affiliates shall retain true,
accurate and complete books, records and other documents relating to Net Sales in sufficient detail to enable an independent auditor to verify a Royalty due and payable hereunder (“Records”) for two (2) years following the date such
Royalty is due. 
 8. Audits. Within twelve (12) months following the date that the Past Royalty or any Running Royalty is due,
Artes shall have the right upon fourteen (14) calendar days notice and through an independent auditor of its choosing to audit the Records for the purpose of determining the accuracy of such Royalty payment. Artes may not choose an auditor with
whom it has any other relationship. For purposes of such an audit, BioForm and its Affiliates shall cooperate with Artes’ auditor by providing access during regular business hours to the Records. The auditor must keep confidential the
information in the Records reviewed in the course of the audit and the auditor may 
  

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not disclose to Artes any information other than that required to be disclosed in the Royalty Report or Past Royalty Report and the amount of such Royalty
which is due or was overpaid, if any. In addition, Artes’ auditor shall provide BioForm notice of the results of its audit and all information in the Records disclosed to Artes. In the event that such audit reveals underpayment or overpayment,
payment or refund (whichever is called for), including interest at the rate of ****% per month on any such unpaid or overpaid amount, shall be made within **** calendar days of such notice. The cost for such an audit shall be at Artes’
sole expense, unless the audit shows an underpayment of more than **** percent (****%) of the total Royalties under audit, in which case BioForm shall bear the reasonable costs of the audit. If there is a disagreement between the Parties
regarding the auditor’s determination of the amount of royalties due for a relevant royalty period, then the Parties shall resolve their disagreement in the manner set forth in Section 24. 
 9. Technology Transfer Fee. In the event a Sale/Merger Event occurs prior to October 20, 2006, BioForm shall pay the sum of Two Million U.S.
Dollars (US $2,000,000) to Artes (the “Technology Transfer Fee”). The Technology Transfer Fee shall be paid within ten (10) business days following such Sale/Merger Event in immediately available funds via wire transfer to a bank
in the United States for the account of Artes as set forth in Exhibit C. 
 10. Marking. Beginning no later than one hundred
eighty (180) calendar days after the Effective Date, BioForm shall mark those Licensed Products which it manufactures or acquires in finished form from Third Parties in accordance with applicable patent marking laws on the packaging, product
inserts or the products themselves with the number(s) of the Licensed Patents In Force in the country in which the Licensed Products are sold. The obligation to mark Licensed Products sold in any specific country shall continue in that country only
so long as sales of such Licensed Product create a Running Royalty obligation. The marking obligation imposed by this Section 10 shall be satisfied if Licensed Products arc marked with (i) the number(s) of all United States Licensed
Patents In Force and (ii) the phrase (or one substantially similar to) “and foreign counterpart patents.” 
 11.
Sublicense. 
 11.1 BioForm shall have the right to grant sublicenses under the Licensed Patents to make, have made,
use, offer for sale, sell and import Sublicensed Products for any purpose whatsoever (“Sublicenses”). 
 11.2 Within
thirty (30) calendar days of the granting of a Sublicense to a Manufacturing Sublicensee, BioForm shall provide Artes with notice of the identity of such Manufacturing Sublicensee and, upon subsequent written request by Artes, copies of the
pages of such Sublicense containing the cover page, signatures, and the provisions required by Section 11.3 but redacted to remove all other provisions. 
  

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 11.3 All Sublicenses to a Manufacturing Sublicensee shall be in writing and contain the
following requirements: 
 11.3.1 That the Manufacturing Sublicensee shall pay directly to Artes a royalty of ****% of its
Sublicense Royalty Base for each calendar year, beginning with the year in which the Sublicense is granted (“Pass-Through Royalty”). The “Sublicense Royalty Base,” with respect to a Manufacturing Sublicensee, shall be such
Manufacturing Sublicensee’s Net Sales in such calendar year of Sublicensed Products not obtained from BioForm or its Affiliates and either (i) sold to Third Parties in the U.S. prior to the end of the U.S. Royalty Obligation Term or
(ii) sold to Third Parties outside the U.S. in countries where a Licensed Patent is In Force and prior to the end of the applicable Ex-U.S. Royalty Obligation Term. In the event that an Extension is granted, then the term for which sales are
included in the Sublicense Royalty Base will be extended in the applicable country until the Extension expires, but only as to sales of Sublicensed Products that are (i) within the scope of rights derived from such Extension and (ii) sold
for uses covered by such Extension. If the Manufacturing Sublicensee, BioForm and Artes are not able to agree on the extent, if any, to which the Sublicensed Products sold by such Manufacturing Sublicensee are covered by such Extension, they shall
resolve their disagreement by the dispute resolution provision set forth in Section 11.3.6. 
 11.3.2 That the
Manufacturing Sublicensee shall pay the Pass-Through Royalty for a calendar year within **** calendar days after the end of that year, and shall at that time submit to Artes a true, accurate and complete report, signed by an officer or manager of
such Manufacturing Sublicensee, containing the following information: the total amount of its royalty-bearing Net Sales for the year; the names of the countries in which such Net Sales occurred; and, the names of the Sublicensed Products which it
sold (the “Pass-Through Royalty Report”). To the extent that the Pass-Through Royalty comprises Net Sales in foreign currencies, the amount of such Net Sales shall be converted into U.S. dollars at the exchange rate which the Manufacturing
Sublicensee uses for converting non-U.S. dollar denominated sales to U.S. dollars in the ordinary course of closing its books. The Manufacturing Sublicensee Royalty will be paid in immediately available funds via wire transfer to a bank in the
United States for the account of Artes as set forth in Exhibit C. 
 11.3.3 That the Manufacturing Sublicensee shall
retain true, accurate and complete books, records and other documents relating to its Net Sales in sufficient detail to enable an independent auditor to verify a Pass-Through Royalty due and payable hereunder (“Manufacturing Sublicensee’s
Records”) for two (2) years following the date such Royalty is due. 
 11.3.4 That within twelve (12) months
following the date that a Pass-Through Royalty is due, Artes shall have the right upon fourteen (14) calendar days notice to the Manufacturing Sublicensee and BioForm and through an independent auditor of its choosing to audit the Manufacturing
Sublicensee’s Records for the purpose of determining the accuracy of such Pass-Through Royalty payment. Artes may not choose an auditor with whom it has any other relationship. For purposes of such an audit, the Manufacturing Sublicensee will
cooperate with Artes’ auditor by providing access during regular business hours to the Manufacturing Sublicensee’s Records. The auditor must keep confidential the information in the Manufacturing Sublicensee’s Records reviewed in the
course of the audit and the auditor may not disclose to Artes any 
  

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information other than that required to be disclosed in the Pass-Through Royalty Report and the amount of such Pass-Through Royalty which is due or was
overpaid, if any. In addition, Artes’ auditor shall provide the Manufacturing Sublicensee and BioForm notice of the results of its audit and all information in the Manufacturing Sublicensee’s Records disclosed to Artes. In the event that
such audit reveals underpayment or overpayment, the payment or refund (whichever is called for), including interest at the rate of ****% per month on any such unpaid or overpaid amount, shall be made within **** calendar days of such notice.
The cost for such an audit shall be at Artes’ sole expense, unless the audit shows an underpayment of more than **** percent (****%) of the total Royalties under audit, in which case the Manufacturing Sublicensee shall bear the reasonable
costs of the audit. If there is a disagreement between the Manufacturing Sublicensee, BioForm and Artes regarding the auditor’s determination of the amount of royalties due for a relevant royalty period, then they shall resolve their
disagreement by the dispute resolution provision set forth in Section 11.3.6. 
 11.3.5 That the Manufacturing
Sublicensee shall mark Sublicensed Products which it manufactures in accordance with applicable patent marking laws on the packaging, product inserts or the products themselves with the number(s) of the Licensed Patents In Force in the country in
which the Sublicensed Products are sold. The obligation to mark Sublicensed Products sold in any specific country shall continue in that country only so long as sales of such Sublicensed Product create a Pass-Through Royalty obligation. The marking
obligation imposed by this Section 11.3.5 shall be satisfied if Sublicensed Products are marked with (i) the number(s) of all United States Licensed Patents In Force and (ii) the phrase (or one substantially similar to) “and
foreign counterpart patents.” 
 11.3.6 That disputes between the Manufacturing Sublicensee and Artes shall be resolved
through binding arbitration according to a procedure equivalent to that set forth in Section 24. 
 11.3.7 That the
Manufacturing Sublicensee acknowledges the validity and enforceability of the Licensed Patents except that if the Manufacturing Sublicensee or its Affiliate is hereafter sued for infringement of any Licensed Patent then such acknowledgement will be
void and inadmissible as if it had never been made. 
 11.4 In the event that a Manufacturing Sublicensee fails to pay a
Pass-Through Royalty due to Artes, BioForm shall make such payment to Artes within **** calendar days of receipt of notice from Artes of the deficiency in payment. 
 12. Infringement and Litigation. 
 12.1 Royalty Reduction During Periods of Third
Party Infringement. BioForm may provide notice to Artes of any unlicensed sale of an implant product containing CaHA particles with diameters between **** and **** microns in a country in which a Licensed Patent is In Force by a Third Party with
whom BioForm does not have a contractual relationship (“Infringement”) whereupon the royalty obligation pursuant to Sections 6 and 11 shall be reduced by ****% for all sales occurring **** calendar days after such notice in the
countries in which the Infringement is occurring. Thereafter, (i) if Artes asserts a Licensed Patent against the Third Party infringer and any 
  

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such action results in stopping such Infringement, then the royalty reduction described in this Section 12.1 shall not apply to royalty bearing sales
made after such Infringement ceases, (ii) if BioForm asserts only a Licensed Patent against the Third Party infringer, and any such action results in stopping such Infringement, then the royalty reduction described in this Section 12.1
shall not apply to royalty bearing sales made after such Infringement ceases, or (iii) if BioForm asserts both a Licensed Patent and any BioForm Intellectual Property against the Third Party infringer, and any such action results in stopping
such Infringement, then the royalty reduction described in this Section 12.1 shall be reduced by half (i.e., the royalty reduction shall be ****%) with respect to royalty bearing sales made after such Infringement ceases. 
 12.2 Enforcement by Artes. Artes may bring suit at its own expense and for its own benefit in an effort to stop the Infringement,
and Artes shall retain any and all damages, including damages for harm to sales of BioForm, its Affiliates, or its sublicensees that are obtained by Artes in the course of its efforts to stop such Infringement. BioForm agrees to provide reasonable
cooperation and assistance to Artes in connection with any such enforcement action, including providing information about the infringing product, joining such action if necessary, and, upon Notice to BioForm during the ninety-day period (and
thereafter as reasonably necessary), providing to Artes a report of its sales of Licensed Products in all countries where BioForm has provided Notice that Infringement is occurring. 
 12.3 Enforcement by BioForm. 
 12.3.1 If at the time of or subsequent to a notice of an Infringement in the United States any of the following events has occurred: (i) the filing by Artes of a petition in bankruptcy, reorganization or similar
proceeding, or, if such a petition is filed against it, such petition is not dismissed within ninety (90) days, (ii) the discontinuation of Artes’ business, (iii) a receiver is appointed or there is an assignment for the benefit
of Artes’ creditors, or (iv) a custodian, receiver or trustee is appointed for Artes or a substantial portion of its business or assets, then BioForm, at its own expense and for its own benefit, may enforce and defend the Licensed Patents
in the United States and Artes shall cooperate and assist BioForm with any such action, including joining such action if necessary for purposes of standing; provided however, that the outcome of any such action shall not decrease the U.S.
Royalty Obligation Term, even in the event any or all of the claims of the applicable Licensed Patent are declared invalid or unenforceable. 
 12.3.2 In the event of an Infringement outside the United States and Artes does not commence an infringement action to stop such Infringement within ninety (90) days of receipt of notice of such Infringement and
continue to prosecute diligently such action thereafter, BioForm, at its own expense and for its own benefit, may enforce and defend the Licensed Patents against the parties responsible for such Infringement and Artes shall provide reasonable
cooperation and assistance to BioForm in connection with any such action, including joining such action if necessary; provided however, that the outcome of any such action brought by BioForm shall not decrease the Ex-U.S. Royalty Obligation
Term, even in the event any or all of the claims of the applicable Licensed Patent are declared invalid or unenforceable, and BioForm shall retain any damages, including damages for harm to sales of BioForm, its Affiliates, or its sublicensees that
are obtained by BioForm in the course of its efforts to stop such Infringement. 
  

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 13. Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties
hereto and their respective successors and assigns. This Agreement may be assigned by BioForm to any BioForm Affiliate, or any Third Party that purchases or acquires by other means all or substantially all of BioForm’s business assets related
to Licensed Products, or as a result of a Sale/Merger Event. This Agreement may be assigned by Artes to any Artes Affiliate, or any Third Party that purchases or acquires by other means all or substantially all of Artes’ business assets related
to its implant business and to the Licensed Patents or as a result of a merger of Artes with a Third Party. Upon any assignment, the assigning Party shall provide notice thereof to the other Parties within fourteen (14) calendar days. Any
purported assignment of this Agreement in violation of this Section 13 shall be null and void and of no effect. 
 14. Releases of
Claims. 
 14.1 Artes’ Release of Claims Against BioForm. As of the Effective Date, Artes, on behalf of
itself, its predecessors, successors, Affiliates, assigns and all past and present related or affiliated persons or entities, and all of their respective past and present directors, managers, officers, agents, employees, attorneys, insurers,
successors and assigns (the “Artes Releasors”), acknowledges complete satisfaction of, and hereby releases, absolves and absolutely and forever discharges BioForm and all of its past and present parents, subsidiaries, directors, managers,
officers, partners, shareholders, agents, employees, attorneys, insurers, customers, distributors, and predecessors (the “BioForm Releasees”), separately and collectively, from, any and all manner of action or actions, cause or causes of
action, suits, debts, liens, contracts, agreements, promises, liabilities, claims, demands, damages, losses, attorney fees and other costs and expenses, whether now known or unknown, suspected or unsuspected, contingent or fixed, at law or in
equity, which the Artes Releasors ever had, now have or hereinafter can, shall or may claim to have against the BioForm Releasees, and which arose or occurred from the beginning of time to the Effective Date (the “Artes Released Claims”).
Additionally, the Artes Releasors hereby release, absolve and absolutely and forever discharge BioForm’s future parents, subsidiaries, successors and assigns, separately and collectively, from the Artes Released Claims. 
 14.2 BioForm’s Release of Claims Against Artes. As of the Effective Date, BioForm, on behalf of itself, its predecessors,
successors, Affiliates, assigns and all past and present related or affiliated persons or entities, and all of their respective past and present directors, managers, officers, agents, employees, attorneys, insurers, successors and assigns (the
“BioForm Releasors”), acknowledges complete satisfaction of, and hereby releases, absolves and absolutely and forever discharges Artes and all of its past and present parents, subsidiaries, directors, managers, officers, partners,
shareholders, agents, employees, attorneys, insurers, customers, distributors, and predecessors (the “Artes Releasees”), separately and collectively, from, any and all manner of action or actions, cause or causes of action, suits, debts,
liens, contracts, agreements, promises, liabilities, claims, demands, damages, losses, attorney fees and other costs and expenses, whether now known or unknown, suspected or unsuspected, contingent or fixed, at law or in equity, which the BioForm
Releasors ever had, now have or hereinafter can, shall or may claim to have against the Artes Releasees, and which arose or occurred from the beginning of time to the Effective Date (the “BioForm Released Claims Against Artes”).
Additionally, the BioForm Releasors hereby release, absolve and absolutely and forever discharge Artes’ future parents, subsidiaries, successors and assigns, separately and collectively, from the BioForm Released Claims Against Artes.

  

 -11- 

 14.3 Lemperle’s Release of Claims Against BioForm. As of the Effective Date,
Lemperle, on behalf of himself, and all of his agents, employees, attorneys, insurers, legal representatives, heirs, executors, successors and assigns (the “Lemperle Releasors”), acknowledges complete satisfaction of, and hereby releases,
absolves and absolutely and forever discharges the BioForm Releasees, separately and collectively, from, any and all manner of action or actions, cause or causes of action, suits, debts, liens, contracts, agreements, promises, liabilities, claims,
demands, damages, losses, attorney fees and other costs and expenses, whether now known or unknown, suspected or unsuspected, contingent or fixed, at law or in equity, which the Lemperle Releasors ever had, now have or hereinafter can, shall or may
claim to have against the BioForm Releasees, and which arose or occurred from the beginning of time to the Effective Date (“Lemperle’s Released Claims”). Additionally, the Lemperle Releasors hereby release, absolve and absolutely and
forever discharge BioForm’s future parents, subsidiaries, successors and assigns, separately and collectively, from the Lemperle Released Claims. 
 14.4 BioForm’s Release of Claims Against Lemperle. As of the Effective Date, the BioForm Releasors, acknowledge complete satisfaction of, and hereby release, absolve and absolutely and forever discharge
Lemperle and all of his agents, employees, attorneys, insurers, legal representatives, heirs, executors, customers, distributors, successors and assigns (the “Lemperle Releasees”), separately and collectively, from, any and all manner of
action or actions, cause or causes of action, suits, debts, liens, contracts, agreements, promises, liabilities, claims, demands, damages, losses, attorney fees and other costs and expenses, whether now known or unknown, suspected or unsuspected,
contingent or fixed, at law or in equity, which the BioForm Releasors ever had, now have or hereinafter can, shall or may claim to have against the Lemperle Releasees, and which arose or occurred from the beginning of time to the Effective Date (the
“BioForm Released Claims Against Lemperle”). Additionally, the BioForm Releasors hereby release, absolve and absolutely and forever discharge Lemperle’s future parents, subsidiaries, successors and assigns, separately and
collectively, from the BioForm Released Claims Against Lemperle. 
 15. Covenant Not to Sue. 
 15.1 Other than to enforce this Agreement, Artes and Lemperle covenant (i) not to sue BioForm, its Affiliates, officers, directors,
employees and agents with respect to any conduct occurring before the Effective Date and (ii) not to sue BioForm, its Affiliates, officers, directors, employees, agents, customers and distributors with respect to any claim arising out of any
activity with respect to any of BioForm’s Exclusively Licensed Products during the term of the License. 
 15.2 Other than to enforce this Agreement, BioForm covenants (i) not to sue
Lemperle, Artes or its Affiliates, officers, directors, employees and agents with respect to any conduct occurring before the Effective Date and (ii) not to sue Lemperle, Artes or its Affiliates, officers, directors, employees, agents,
customers and distributors with respect to any claim arising out of any activity with respect to any of Artes’ existing or future implant products containing PMMA particles having diameters between **** and **** microns in a collagen carrier
that is sold or manufactured by Artes during the term of the License, including, but not limited to ArteFill® in its current composition as of the Effective Date. 
  

 **** Certain information on this
page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

 -12- 

 16. Waiver of Unknown Claims. Each Party acknowledges that there is a risk that subsequent to the
execution of this Agreement it may discover, incur, suffer or sustain injury, loss, damage, costs, attorneys’ fees, expenses or any of these, which are in some way caused by or connected with its respective claims released in
Sections 14.1-14.4, and which at the Effective Date (i) exist but are unknown and unanticipated at the time this Agreement is signed, or (ii) are not presently capable of being ascertained; and, further, that there is a risk that such
damages as are known at the Effective Date may become more serious than any Party now expects or anticipates. Nevertheless, each Party acknowledges that this Agreement has been negotiated and agreed upon in light of that realization, and each Party
hereby expressly waives any rights it may have relating to its respective released claims, whether material or immaterial, suspected or unsuspected, known or unknown. In so doing, each Party has had the benefit of counsel, and has been advised of,
understands, and knowingly and specifically waives its rights under any rule or law holding that any release as contained in this Agreement does not extend to claims covered by that release which the creditor does not know or suspect to exist in his
favor at the time of executing the release, which if known by the releasor must have materially affected his settlement with the debtor, including California Civil Code section 1542, which provides as follows: 
 A general release does not extend to the claims which the creditor does not know or suspect to exist in his favor at the time of executing the release,
which if known by him must have materially affected his settlement with the debtor. 
 17. Cooperation. Each Party agrees to cooperate
fully with the other Parties and to take all additional actions that may be necessary or appropriate to give full force to the provisions and intent of this Agreement and that are not inconsistent with its provisions. 
 17.1 Dismissal of Actions. Each Party shall dismiss with prejudice and withdraw each and all of its claims in all of the Actions
and shall file all necessary documents to effect such dismissals and withdrawals, with each Party to bear its own costs, as follows: 
 17.1.1 Within five (5) business days after the Effective Date, Artes shall deliver to BioForm the fully executed papers necessary to dismiss with prejudice and withdraw S.D. Cal. Case No. 04-CV-1563 B (JFS). 

17.1.2 Within five (5) business days after the Effective Date, Artes and Lemperle shall deliver to BioForm the fully executed
papers necessary to dismiss with prejudice and withdraw Regional Court (Landgericht) D-60256 Frankfurt Am Main Case No. 2 06 O 515/04. 
 17.1.3 Within five (5) business days after the Effective Date, Lemperle shall deliver to BioForm the fully executed papers necessary to dismiss with prejudice and withdraw Regional Court (Landgericht) D-60256
Frankfurt Am Main Case No. 2-06 O 505/04. 
 17.1.4 BioForm’s counsel shall hold the papers delivered
pursuant to Sections 17.1.1, 17.1.2, and 17.1.3 and file them with the appropriate court only after confirming that the transferor bank has made the wire transfers of the Technology Access Fee and the Past Royalty pursuant to Sections 4
and 5. 
  

 -13- 

 17.1.5 Within ten (10) business days after the Effective Date, BioForm shall file
the papers necessary to dismiss with prejudice and withdraw: 
 17.1.5.1 San Diego Superior Case No. GIC-808958;

 17.1.5.2 San Diego Superior Case No. GIC-812596; 
 17.1.5.3 Regional Court (Landgericht) D-60256 Frankfurt Am Main Case No 2-06 O 549/04; 
 17.1.5.4 Its counterclaims in S.D. Cal. Case No. 04-CV-1563 B (JFS); 
 17.1.5.5 Its counterclaims in Regional Court (Landgericht) D-60256 Frankfurt Am Main Case No. 2-06 O 515/04; and,

 17.1.5.6 Case No 4 Ni 31/05 (EU), Federal Patent Court, Munich. 
 17.2 Consent Regarding Dismissal and Withdrawal. To the extent a Party’s consent is necessary for another Party’s
dismissal or withdrawal of one of the Actions (for example, where consent is required by the court), such consent shall be provided upon reasonable notice. 
 18. Representations and Warranties. 
 18.1 Litigation. Each Party represents
and warrants that it is not participating or assisting in any litigation, action or proceeding involving the other Parties, other than those identified above in Section 17.1. 
 18.2 Valid, Binding Agreement. Each Party represents and warrants that this Agreement constitutes a legal, valid and binding
obligation on it, enforceable against it in accordance with the Agreement’s terms. 
 18.3 Non-Transfer of Rights or
Interests. Each Party represents and warrants that it has not transferred or assigned, by operation of law or otherwise, any right to or interest in any of its respective Released Claims. 
 18.4 RadiesseTM and Coaptite®. BioForm represents and warrants that, with the exception of RadiesseTM Voice Gel, the implant products it markets as of the Effective Date and has previously marketed under the trade names Radiance, Radiance FN,
Aria, RadiesseTM and Coaptite® contain CaHA particles with diameters between **** and **** microns. 
 18.5 Licensed Patents. Lemperle, to his personal knowledge at the time of the patent purchase agreement between Artes and Lemperle
in July 2004, and Artes represent and warrant that the Licensed Patents are In Force only in the following countries: Austria, Belgium, France, Germany, Hong Kong, Italy, Liechtenstein, Luxembourg, Netherlands, Singapore, Spain, Sweden,
Switzerland, United Kingdom and the United States. Artes covenants to give notice promptly to BioForm in the event that any Licensed Patent is issued, granted, re-examined, reissued, or extended after the Effective Date. 
  

 **** Certain information on this
page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

 -14- 

 18.6 Third Party Infringement. BioForm represents and warrants that to its
knowledge there is no current Third Party Infringement of the Licensed Patents in any of the following countries: Austria, Belgium, France, Germany, Hong Kong, Italy, Liechtenstein, Luxembourg, Netherlands, Singapore, Spain, Sweden, Switzerland,
United Kingdom and the United States. 
 18.7 Assignment of Licensed Patents. Artes hereby covenants that it will not
transfer, assign or convey any right, title or interest to the Licensed Patents to Lemperle or any Third Party (“Licensed Patent Assignment”) without such party assuming the obligations of the Agreement, and that Artes shall provide notice
within fourteen (“14”) calendar days to BioForm of such Licensed Patent Assignment. 
 18.8 Coverage of Licensed
Patents. Artes represents and warrants that to its knowledge and belief the Licensed Patents cover Exclusively Licensed Products and hereby covenants that it will never take a contrary position. 
 18.9 Composition of Licensed Products. BioForm represents, warrants, and covenants that it will not make, have made, use, offer for
sale, sell or import, in any country where a Licensed Patent is In Force, a Licensed Product which contains any PMMA or contains substantially spherical particles with diameters between **** and **** microns and which particles contain
(i) solid polymeric materials, (ii) permanent non-polymeric materials other than (x) CaHA or (y) other calcium phosphate materials, such that the particles do not degrade in the body, or (iii) a polymeric material which is
not derived from the carrier or other non-particulate component of the implant product (collectively, “Polymeric Products”). Notwithstanding the foregoing, the covenant of this Section 18.9 shall not prevent BioForm from including in
a Licensed Product a carrier or suspending agent of any composition, including polymers (such as hyaluronic acid and/or carboxymethylcellulose (“CMC”)) and materials which may form non-spherical solids. Notwithstanding the foregoing, the
covenant of this section 18.9 shall not apply to the Polymeric Products of any entity which acquires or merges with BioForm to the extent that such Polymeric Products have been manufactured for commercial sale or sold in a country where a Licensed
Patent is In Force before the date of the applicable Sale/Merger Event, but the entity resulting from such Sale/Merger Event shall not have any right or license under the Licensed Patents pursuant to Section 3.1 or otherwise to make, have made,
use, offer for sale, sell or import such Polymeric Products. 
 18.10 Exclusion of Warranties. Nothing in this
Agreement shall be construed as a representation made, or warranty given, by Artes that any Licensed Patent is or will be valid or the use of the Licensed Patents as licensed hereunder will not infringe upon any Third Party’s Intellectual
Property Rights or any other right. Artes hereby disclaims any warranty, expressed or implied, as to any Licensed Product sold or placed in commerce by or on behalf of BioForm, its Affiliates or Sublicensees. 
  

 **** Certain information on this
page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

 -15- 

 18.11 Authority; Consents. 
 18.11.1 Each Party represents and warrants that it has obtained any and all consents or approvals that are necessary for it to enter into
this Agreement and that it has full and complete authority to enter into this Agreement. 
 18.11.2 Each Party represents and
warrants that the person signing this Agreement on its behalf has the full and complete authority to do so. 
 18.11.3 Artes
represents and warrants that Artes is the sole owner of the Licensed Patents and Artes has the sole and exclusive authority to grant the License under this Agreement. 
 18.11.4 Lemperle represents and warrants that (i) he has validly and legally transferred his entire ownership interest in all of the
Licensed Patents to Artes in July 2004, (ii) he has no further rights or interest in any of the Licensed Patents, and (iii) to his personal knowledge at the time of the patent purchase agreement between Artes and Lemperle in
July 2004, Artes is the sole owner of the Licensed Patents and Artes has the sole and exclusive authority to grant the License under this Agreement. 
 18.12 Advice of Counsel. Each Party represents and warrants that it has been fully advised by its attorneys about its rights and obligations with respect to the execution of this Agreement. 
 18.13 No Representations. BioForm, Artes, and Lemperle each acknowledge that no Party nor any agent or attorney thereof, has made
any promise, representation or warranty whatsoever, express or implied, written or oral, not contained herein concerning the subject matter hereof to induce it to execute this Agreement, and each acknowledges that it has not executed this Agreement
in reliance upon any promise, representation or warranty not contained herein. Each of the Parties further acknowledges that its execution of this Agreement is based upon independent investigation of the facts and is not based upon any
representation not contained herein. 
 18.14 No Admissions of Infringement. In the event of any arbitration or
litigation involving any of the Parties, neither the existence of, nor any provision of, nor compliance with, any provision of this Agreement shall be deemed an admission by BioForm that any of the Licensed Products are covered by any claim of the
Licensed Patents nor shall BioForm be estopped from denying infringement of any of the Licensed Patents as a consequence of its marking of any implant product with the numbers of any of the Licensed Patents. 
 19. Indemnification. BioForm shall defend, indemnify and hold harmless Lemperle, Artes, and Artes’ Affiliates, officers, directors,
employees, and agents, against all liabilities, demands, expenses, judgments, damages, third party suits, claims, actions or losses arising out of any claim of bodily injury arising from the use, design, manufacture, sale, or other disposition by
BioForm or its Affiliates of Licensed Product. 
  

 -16- 

 20. Acknowledgement of Validity. BioForm acknowledges the validity and enforceability of the
Licensed Patents except that if BioForm or an Affiliate of BioForm is hereafter sued for infringement of any Licensed Patent then this acknowledgement will be void and inadmissible as if it had never been made. 
 21. Mutual Non-Cooperation. 
 21.1 BioForm shall not (i) make any claim or allegation that the Licensed Patents are invalid except as required by generally accepted accounting principles, securities or other applicable law or court order; or (ii) cooperate
with or support any Third Party in its efforts to contest or oppose the validity or enforceability of any of the Licensed Patents; provided however, this Section shall not apply in the event that BioForm, a successor-in-interest or
assignee of BioForm, an Affiliate of any of the foregoing, or a Third Party with whom any of the foregoing has a written contractual relationship (e.g., a supplier, collaborator or customer) is sued or threatened with suit, for infringement
of any Licensed Patent. 
 21.2 Artes and Lemperle shall not (i) make any claim or allegation that any patent owned by
BioForm is invalid except as required by generally accepted accounting principles, securities or other applicable law or court order; or (ii) cooperate with or support any Third Party in its efforts to contest or oppose the validity or
enforceability of any patent owned by BioForm; provided however, this Section shall not apply with respect to any such patent which is asserted or threatened to be asserted for infringement against any of Artes or Lemperle,
successor-in-interest or assignee thereof, or a Third Party with whom any of the foregoing has written contractual relationship (e.g., a supplier, collaborator or customer). 
 22. Mutual Non-Disparagement. The Parties, and each of their officers, directors, employees, and agents (including distributors, scientific
advisory board members, independent consultants, and independent contractor sales/marketing/and promotional personnel) shall refrain from making any public statement containing untrue comments, either verbal or in writing, which disparage or
misrepresent another Party or its respective products. Nothing herein shall preclude Artes or BioForm from making product comparisons, using comparative advertising, discussing the differences or similarities between their respective products,
publishing data in peer-reviewed publications or scientific meetings, or otherwise promoting the sale of their respective products, so long as any such activities do not contain any untrue statements. 
 23. Agreed Public Statement: Confidentiality. The Parties shall limit their public statements regarding this settlement to that set forth in
Exhibit B hereto. Except as so stated, the Parties agree not to disclose to a Third Party any term of this Agreement, any amount of monies paid or owed under this Agreement, or any amount of Net Sales disclosed pursuant to this Agreement,
without the consent of the other Parties; provided however, that disclosure may be made (i) as required by securities or other applicable law or court order, or (ii) as reasonably necessary to actual or prospective business
partners, investors or collaborators under similar obligations of non-disclosure, or (iii) to a Party’s accountants, attorneys and other professional advisors under similar obligations of non-disclosure. 
  

 -17- 

 24. Dispute Resolution. 
 24.1 Arbitration Procedure. 
 24.1.1 In the event of any asserted breach, dispute, or disagreement arising from or relating to this Agreement or relating to the subject matter of this Agreement (a “Dispute”), the Parties shall have a
period of ninety (90) calendar days following receipt of notice of the dispute (the “Cure Period”) to cure or resolve the Dispute. 
 24.1.2 The Parties shall use their best efforts to settle or otherwise resolve the Dispute within the Cure Period. To that end, the Parties shall consult and negotiate with one another in good faith and attempt to
reach a mutually agreeable solution. In the event no cure or resolution of such a Dispute is achieved within the Cure Period, then a Party may seek formal resolution only through binding arbitration to be heard in California and administered by the
American Arbitration Association (“AAA”) in accordance with the provisions of its Commercial Arbitration Rules. The jurisdiction of the AAA over all Disputes arising under or relating to this Agreement shall be exclusive. 

24.1.3 With respect to any Dispute regarding a payment or amount of a Royalty, the dispute resolution procedures of this
Section 24 must be commenced within two (2) years of the date on which such Royalty was owed or alleged to be owed, or else such Dispute is waived. 
 24.2 Arbitration Awards. 
 24.2.1 Any arbitration award regarding a Dispute may be enforced in any court of competent jurisdiction; provided however, that so long as both BioForm and Artes each have their headquarters in California, any
and all suits to enforce an arbitration award against Artes or BioForm shall be brought in California. 
 24.2.2 The Parties
agree that an arbitrator shall not have the power to include in any arbitration award the termination, revocation, cancellation, rescission or modification of the License provided to BioForm herein, unless the arbitrator determines that the
Royalties were due but not paid and such disputed Royalties remain unpaid for **** calendar days following such arbitral determination. 
 24.2.3 The Parties agree that an arbitrator shall have the power to award consistent with the terms of the Agreement specific performance of any provision of the Agreement. 
 24.2.4 The arbitrator, or court upon enforcement, shall award to the prevailing party, if any, Costs and Fees. “Costs and Fees”
shall mean all reasonable expenses of the arbitration or court proceedings, including, but not limited to, the arbitrator’s fees, administrative fees, travel expenses, out-of-pocket expenses such as copying and telephone, court costs, witness
fees, expert witness and consultant fees, and reasonable attorneys’ fees. 
  

 **** Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with
respect to the omitted portions. 
  

 -18- 

 25. Term and Termination. This Agreement shall continue so long as there is at least one Licensed
Patent In Force. Except as provided expressly in this Section 25, neither Artes, Lemperle nor BioForm may terminate any of the provisions of the Agreement. 
 25.1 If BioForm fails to pay Artes an arbitral award of a Royalty awarded pursuant to the dispute resolution provisions of Section 24
within **** calendar days of such award, then and only then Artes shall have the right, in its sole discretion, to terminate the License together with the associated Royalty obligations. Except as so provided in Subsections 25.1 and 25.2, the
License shall not be terminated, revoked, cancelled or rescinded for any reason whatsoever, including any material breach. 
 25.2 In the event that (i) all Licensed Patents which are In Force are In Force by virtue solely of an Extension, and (ii) no such Extension covers a product of BioForm or its Manufacturing Sublicensees, BioForm shall have the
right to terminate the Agreement. 
 25.3 Notwithstanding the foregoing, the provisions of Sections 14 (including
Subsections), 15.1(i), 15.2(i), 16, 17 (including Subsections), and 23 shall survive any termination of this Agreement. Termination of the Agreement or the License shall not relieve BioForm of liability for any Running Royalty with respect to sales
occurring prior to such termination. 
 26. Additional Damages. In the event of an arbitral determination pursuant to Section 24
of any material breach of the Agreement or any breach of Sections 15, 21, 22, or 23 by any Party, or its respective officers, directors, employees, or agents, the Party found to have breached shall pay to the prevailing Party **** U.S.
dollars ($****) or actual damages according to proof, whichever is greater. 
 27. Reservation of Rights. All rights of Artes,
BioForm or Lemperle which are not expressly granted hereunder are reserved by the holder thereof and no additional, implied or other rights or obligations are created hereunder. 
 28. Attorneys’ Fees; Court Costs. The Parties agree that each Party shall bear its own attorneys’ fees, costs and related expenses
incurred in connection with the Actions and dismissal of the Actions pursuant to this Agreement, including the court costs, if any, of any Action a Party commenced. 
 29. Return of Documents. Each Party acknowledges its obligations under the Protective Order entered on September 11, 2003 in BioForm Inc. v. Artes Medical USA, Inc., et al, San Diego Superior
Case No. GIC-808958 (the “Protective Order”) to return or confirm the destruction of documents produced in that Action. Each Party shall fulfill its obligations in accordance with the Protective Order within forty-five (45)
calendar days of the Effective Date. 
 30. General Provisions. 
 30.1 Governing Law. This Agreement shall be deemed to have been executed and delivered within the State of California, and the
rights and obligations of the Parties hereunder shall be construed and enforced in accordance with, and governed by, the laws of the State of California without regard to principles of conflict of laws. 
  

 **** Certain information on this
page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

 -19- 

 30.2 Entire Agreement. This Agreement constitutes the entire agreement and
understanding between the Parties hereto with respect to the subject matters set forth herein, and supersedes and replaces any prior agreements and understandings, including the Lemperle License, whether oral or written, between and among the
Parties with respect to such matters. This Agreement’s validity and enforceability are not dependent or contingent upon the existence or accuracy of any certifications, representations or warranties not contained in this document. 

30.3 Written Modification Required. This Agreement may not be altered, amended, modified or otherwise changed, except by a
writing duly executed by the Parties hereto, or their authorized representatives. Accordingly, each of the Parties acknowledges and agrees that it will not make any claim that this Agreement has been orally altered or modified in any respect
whatsoever. 
 30.4 Severability. If any provision of this Agreement or the application thereof is held invalid, the
invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or application, and to this end the provisions of this Agreement are declared to be severable. 
 30.5 Construction of Agreement. Each Party has cooperated in the drafting and preparation of this Agreement. Therefore, the Parties
agree that the rule of contra proferentem or interpretation against the Party who caused any uncertainty to exist shall not apply to this Agreement. 
 30.6 No Admission of Liability. This Agreement involves the settlement and compromise of disputed claims and does not constitute an admission by a Party of any of the matters alleged by another Party or any
violation of any law, regulation, or ordinance (including any United States, German or other international, national, state or territorial law), or of any liability or wrongdoing whatsoever. 
 30.7 Relationship of the Parties. In making and performing this Agreement, BioForm, Artes, and Lemperle are acting, and shall be
treated as independent contractors and entities to one another, and nothing contained in this Agreement shall be construed or implied to create any agency, partnership, joint venture, or employer and employee relationship between BioForm, Artes, and
Lemperle in any respect. 
 30.8 Headings. All headings and titles contained in this Agreement are for convenience and
ease of reference, and are not to be considered in the construction or interpretation of any provision of this Agreement. 
 30.9 Deadlines. If the date by which any action (e.g., a payment) pursuant to this Agreement must occur (a “Deadline”) falls on a Saturday, Sunday or a holiday, then the Deadline shall be extended to the next day
that is not a Saturday, Sunday or a holiday. 
 30.10 Use of Name. No right, express or implied, is granted to any
Party by this Agreement to use in any manner any name, trademark or trade name of other party or its affiliates without the prior written consent of the other Parties. 
  

 -20- 

 30.11 Waiver. The waiver of any breach of any term or provision of this Agreement
shall not be construed to constitute, nor shall it constitute, a waiver of any other breach of this Agreement. A waiver of any breach of any term or provision of this Agreement shall not be binding unless in writing and signed by the Party waiving
the breach. 
 30.12 Notice. All notices under this Agreement must be in writing and in English and shall be effective
upon receipt if given by overnight courier or by certified or registered mail addressed to the respective Parties as follows: 
 For Artes:

 Artes Medical, Inc. 
 5870
Pacific Center Blvd. 
 San Diego, CA 92121 
 Attn: Mr. Stefan Lemperle 
 With a copy to: 
 Kurt M. Kjelland 
 Heller Ehrman LLP

 4350 La Jolla Village Drive 
 San Diego, CA 92122 
 For BioForm: 
 BioForm Medical, Inc. 
 1875 S. Grant Street, Suite 110 
 San Mateo, CA 94402 
 Attn: Mr. Steven L.
Basta 
 With a copy to: 
 Kirke
M. Hasson 
 Pillsbury Winthrop Shaw Pittman LLP 
 50 Fremont Street 
 San Francisco, CA 94105 
 For Lemperle: 
 Martin Lemperle 

**** 
 60323 Frankfurt am Main 

Federal Republic of Germany 
  

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treatment has been requested with respect to the omitted portions. 
  

 -21- 

 With a copy to: 
 Dr. Thomas Drosdeck 
 Beiten Burkhardt 
 Rechtsanwaltsgesellschaft mbH 
 Bockenheimer
Anlage 15 
 Mozartplatz 
 60322
Frankfurt am Main 
 Germany 
 30.13 Execution by Counterpart. This Agreement may be executed in counterparts, and each counterpart, when executed, shall have the efficacy of a signed original. Photographic copies or facsimiles of such
signed counterparts may be used in lieu of the originals for any purpose. 
  

 -22- 

 Each of the undersigned declares under penalty of perjury that each has read the foregoing Agreement, and
accepts and agrees to be bound by the provisions it contains and hereby executes it voluntarily with full understanding of its consequences. 
  

									
	ARTES MEDICAL USA, INC.	 		 	BIOFORM MEDICAL, INC.
					
	By:	 	/s/ Stefan Lemperle, M.D.	 		 	By:	 	/s/ Steven Basta
	Name:	 	Stefan Lemperle, M.D.	 		 	Name:	 	Steven Basta
	Title:	 	President and CEO	 		 	Title:	 	President and CEO
	Date:	 	October 31, 2005	 		 	Date:	 	October 26, 2005

  

	
	/s/ Martin Lemperle
	Dr. Martin Lemperle
	Date: October 27, 2005

 EXHIBIT A 
 ACTIONS 
  

	 	•	 	 BioForm Inc. v. Artes Medical USA, Inc. et al, San Diego Superior Case No. GIC-808958; 

  

	 	•	 	 BioForm Inc. v. Martin Lemperle et al, San Diego Superior Case No. GIC-812596, consolidated with San Diego Superior Court Case No. GIC-808958 for all
purposes; 

  

	 	•	 	 Artes Medical USA, Inc. v. BioForm Medical, Inc., S.D. Cal. Case No. 04-CV-1563 B (JFS) 

  

	 	•	 	 Dr. Martin Lemperle v. BioForm Medical, Inc., Regional Court (Landgericht) D-60256 Frankfurt Am Main, Case No. 2-06 O 505/04;

  

	 	•	 	 Dr. Martin Lemperle and Artes Medical USA, Inc. v. BioForm Medical Europe B.V. and BioForm Medical, Inc., Regional Court (Landgericht) D-60256
Frankfurt Am Main Case No. 2-06 0 515/04; 

  

	 	•	 	 BioForm Medical, Inc.v. Dr. Martin Lemperle and Artes Medical USA, Inc., Regional Court (Landgericht) D-60256 Frankfurt Am Main Case
No. 2-06 O 549/04; and, 

  

	 	•	 	 BioForm Medical, Inc. v. Artes Medical USA, Inc., Federal Patent Court, Munich, Case No. 4 Ni 31/05 (EU).

 EXHIBIT B 
 BioForm Medical, Inc., Artes Medical USA, Inc. and Dr. Martin Lemperle, one of Artes’
founders, have resolved all of their outstanding disputes and litigation matters. According to the terms of the settlement, Artes has granted to BioForm an exclusive license under certain Artes patents to make and sell implant products containing
Calcium Hydroxylapatite particles, including BioForm’s Coaptite® and RadiesseTM products and a non-exclusive license under the same patents to make and sell certain other
non-polymeric implant products. BioForm has agreed to pay Artes a settlement amount plus past and future royalties. 

 EXHIBIT C 
 ARTES MEDICAL, INC. 
 SILICON VALLEY BANK 
 WIRE TRANSFER INSTRUCTIONS 
 DOMESTIC WIRE TRANSFER:

 Instruct the paying financial institution or the payor to route all domestic wire transfers via FEDWIRE to the following ABA number: 
  

			
	TO:	  	 ****

	ROUTING & TRANSIT #:	  	 ****

	FOR CREDIT OF:	  	 ****

	CREDIT ACCOUNT #	  	 ****

	BY ORDER OF:	  	[NAME OF SENDER]

 INTERNATIONAL WIRE TRANSFER: 
 Instruct the paying financial institution to advise their U.S. correspondent to pay as follows: 
  

			
	PAY TO:	  	 ****

		  	 ****

		  	 ****

	ROUTING & TRANSIT #:	  	 ****

	SWIFT CODE:	  	                    ****
	FOR CREDIT OF:	  	 ****

	FINAL CREDIT ACCOUNT #:	  	 ****

	BY ORDER OF:	  	[NAME OF SENDER]

 For all incoming foreign currency wires, contact the International Department at
(408) 654-7774 for settlement instructions. 
  

 **** Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with
respect to the omitted portions.Employment Agreement between the Company and Thomas M. Arnost

 EXHIBIT 10.1 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (the “Agreement”) is entered
into as of May 9, 2007, (“Effective Date”), by and between Thomas M. Arnost, residing at 5226 Shoshone Avenue, Encino, California 91316, (“Employee”), and Equity Media Holdings Corporation, a Delaware
corporation (“Company”). 
 WITNESSETH: 
 WHEREAS, pursuant to the closing of the merger between Coconut Palm Acquisition Corporation and Equity Broadcasting Corporation, pursuant to that certain Agreement and Plan of Merger dated April 7, 2006, as
amended on May 5, 2006 and September 14, 2006, the Company desires to employ Employee and to assure Employee’s continued employment by the Company on the terms and conditions of this Agreement, and Employee desires to be employed by
the Company on the terms and condition of this Agreement; and 
 WHEREAS, the Company recognizes that Employee has a great deal of knowledge,
experience and expertise in the broadcasting industry and anticipates that Employee will contribute to the future growth and success of the broadcasting business of the Company; 
 NOW, THEREFORE, in consideration of Employee’s employment with the Company, the mutual covenants contained in this Agreement and other good and
valuable consideration, the receipt and sufficiency of which the Company and Employee acknowledge, Employee and the Company agree as follows: 
 1. Position; Duties. Employee shall serve as the President/Chief Executive Officer of the Broadcast Station Group and President of the RTN Station Group. Employee’s primary office, and the primary office of one
(1) administrative assistant whom the Company will hire to assist Employee in his duties, will be in Los Angeles, California, though Employee will also perform services as appropriate in/from the Little Rock, Arkansas, South Florida and New
York offices. The primary office in Los Angeles, California, will be in Univision Communications, Inc.’s (“Univision”), office space in Los Angeles, California, leased from Univision by the Company on such terms as may be
mutually-agreed by Univision and the Company. Employee agrees to perform faithfully and diligently the job duties and to carry out the responsibilities of that position and such other duties and responsibilities traditionally associated with such
position as may be determined by the CEO of the Company. Employee may perform his job duties, as appropriate, from his home office in Encino, California. Employee’s duties may include, but are not limited to: 
 (a) managing the Spanish- and English-language station sales efforts; 
 (b) managing the General Sales Managers and General Managers at the individual stations; 
  

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 (c) developing short and long term strategic plans to have the Company’s station
sales meet growth and profitability objectives; 
 (d) providing strategic advice, assisting in negotiations, and conducting
due diligence on prospective station acquisition targets; 
 (e) assisting in interacting with internal and external
constituencies, including investors, public accountants, legal counsel and Wall Street analysts, to keep them informed of the Company’s stations’ present and projected financial condition; 
 (f) assisting in managing earnings guidance reporting; and 
 (g) assisting in enhancing credibility to raise capital for planned business expansion. 
 2. Employee’s Effort. Employee shall faithfully and diligently perform his duties in the capacity as an employee and in such capacity shall
devote his full working time and best efforts, skill and attention to his performance of the position under the Agreement and to the business and interests of the Company. Employee may serve on the board of directors, or on commitees of such board
of directors (or any similar positions), of any for-profit, charitable or civic entity; provided, however, that Employee shall not serve on any board of directors if such service would be inconsistent with or would interfere with his duties
and responsibilities to the Company. 
 3. Salary. 
 (a) Until such time as the Company attains a positive EBITDA, the Company shall pay Employee a base salary (the “Salary”) of $350,000.00 per year, payable in equal installments in accordance with the
Company’s normal payroll schedule and subject to applicable withholding and other taxes. Upon the attainment of a positive EBITDA, the Company agrees to consult in good faith with the Employee regarding an increase in Employee’s Salary to
reflect the performance of the Company and agrees to recommend such increase to the Compensation Committee. For purposes of this Section 3, EBITDA shall mean, as to any fiscal year in question, the net income of the Company, calculated based on
the fiscal year–end audited financial statements of the Company in accordance with generally accepted accounting principles, but before application of any deductions or increases to such net income in respect of amounts paid or accrued or
received in such fiscal year for: (a) income taxes; (b) net interest expense; (c) depreciation; and (d) amortization of intangibles or other assets. 
  

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 (b) In addition to the Salary, the Employee shall be entitled to an annual bonus in respect of each
fiscal year of the Company in an amount equal to: 
 (i)(A) For Fiscal Year 2007, up to Fifty percent (50%) of the
Employee’s then-current Salary during such fiscal year (“First-Year Bonus”), and (B) for Fiscal Year 2008, between Fifty-One (51%) percent and 100% of the Employee’s then-current Salary during such fiscal year
(“Second-Year Bonus”); provided however, that the Employee’s eligibility for any such First-Year Bonus and/or Second-Year Bonus shall be subject to the attainment by the Company of certain goals and objectives mutually
agreed upon by the Employee and the Company in respect of each fiscal year and approved by the Compensation Committee; and provided further, that for Fiscal Year 2008, the Company shall consider, among other factors, whether the Company has
reached positive net income for the fiscal year or is trending towards positive net income during any portion of the fiscal year in determining the Employee’s eligibility for the Second-Year Bonus. The parties shall endeavor in good faith to
agree upon the goals and objectives as soon as reasonably practicable following the date of this Agreement (for 2007) and within the applicable fiscal year (for 2008), as the case may be; and 
 (ii) For Fiscal Years 2009 and 2010, between Fifty-One (51%) percent and 100% of the Employee’s then-current Salary during such
fiscal year (“Target Bonus”), provided however, that eligibility for any such Target Bonus shall be subject to the attainment by the Company of positive net income during the applicable fiscal year. The exact percentage of
Target Bonus to be paid shall be established by the Company in consultation with the Employee and approved by the Compensation Committee. 
 The bonuses described in this Section shall be paid as soon as practicable following the end of the fiscal year to
which they relate, and in no event later than the 30th day of the third month following the end of the applicable fiscal year. Any bonuses for Fiscal Years
2007 and 2010 shall be adjusted to the reflect the number of days during the applicable fiscal year that the Employee is employed by the Company under this Agreement. Further, in the event that the Company terminates the Employee’s employment
without Good Cause (as defined by Section 5(b) of this Agreement) or with Good Cause due to Death or Disability or the Employee terminates his employment with Good Cause (as defined by Section 5(c) of this Agreement) during any fiscal year
in question, and subject to the Employee’s execution (and non-revocation, if applicable) of the Company’s standard waiver and release (in a form substantially similar to the waiver and release attached to this Agreement as Exhibit A), the
Employee will be eligible for the First-Year Bonus, Second-Year Bonus, or Target Bonus, on a prorated basis (“Prorated Bonus”), as determined at the conclusion of the applicable fiscal year and based on the criteria delineated in
Section 3(b)(i, ii). Any Prorated Bonus will be paid on the same terms as such bonus would have been paid had the Employee remained in the Company’s employ. In the event that the Company terminates the Employee’s employment with Good
Cause (other than for Death or Disability) or the Employee terminates his employment without Good Cause, the Employee shall not be deemed to have earned and shall not be entitled to payment for any portion of any First-Year Bonus, Second-Year Bonus
or Target Bonus during the fiscal year in question. 
  

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 (c) On the Effective Date of this Agreement, the Company will issue to Employee options to purchase
750,000 shares of the Company’s common stock, subject to the terms and conditions of the Employee’s Stock Option Agreement with the Company and the 2007 Stock Incentive Plan. The options will be priced as determined by the Compensation
Committee of the Company’s Board of Directors. The options shall vest in four equal installments of 187,500 shares each, commencing on the Effective Date of this Agreement (“Grant Date”) and continuing on each of the three
succeeding anniversaries of the Grant Date; provided, however, that: 
 (1) if Employee’s employment is terminated
by the Company or this Agreement is not renewed by the Company after the initial 3-year term (on terms comparable to the current Agreement), in both instances, for any reason other than for a reason constituting Good Cause under Section 5(b) of
this Agreement, or if the Employee terminates his employment or does not renew this Agreement (on terms comparable to the current Agreement), in both instances, for a reason constituting Good Cause under Section 5(c) of this Agreement, all
remaining, unvested stock options shall vest immediately upon the earlier of such termination or the expiration date of this Agreement; 
 (2) if Employee’s employment is terminated by the Company or this Agreement is not renewed by the Company after the initial 3-year term (on terms comparable to the current Agreement), in both instances, for a
reason constituting Good Cause under Section 5(b), or if the Employee terminates his employment or does not renew this Agreement (on terms comparable to the current Agreement), in both instances, for any reason other than for a reason
constituting Good Cause under Section 5(c) of this Agreement, all remaining, unvested options shall expire immediately upon the earlier of such termination or the expiration date of this Agreement. 
 4. Benefits. 
 (a) The Company shall
notify Employee on or about the beginning of each calendar year with respect to the holiday schedule (including the Company’s policy for allowing personal holidays) for the coming year, and the Employee shall be entitled to take advantage of
such holidays in accordance with the Company’s policies. 
 (b) Employee shall accrue twenty-five (25) paid vacation days each
calendar year, to be taken at such times as the Employee and the Company shall mutually determine and provided that no vacation time shall significantly interfere with the duties required to be rendered by the Employee under this Agreement. Any
vacation time not taken by the Employee during any calendar year may be carried forward into any succeeding calendar year to a maximum of two times the Employee’s yearly vacation accrual, at which time Employee shall cease to accrue further
vacation benefits until the unused vacation accrued drops below the maximum. 
  

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 (c) Employee shall be entitled to sick leave and emergency leave according to the regular policies and
procedures of the Company. Additional sick leave or emergency leave over and above paid leave provided by the Company, if any, shall be unpaid and shall be granted in accordance with applicable local, state, or federal laws or, if no such law is
applicable, at the discretion of the CEO of the Company. 
 (d) The Employee shall be entitled to participate in other employee benefits
plans of the Company which are available to similarly-situated executives, including all health and welfare plans, subject to the terms and conditions of such plans as may be in effect from time to time. Employee shall be responsible for payment of
any federal or state income tax imposed upon these benefits. Nothing in this Agreement shall preclude the Company from amending or terminating any such plan at any time. 
 (e) Employee shall be entitled to reimbursement for all reasonable expenses, including travel and entertainment expenses and administrative expenses attendant to performing services from his Encino, California, home
office, incurred by Employee in the performance of Employee’s duties. Employee will maintain records and written receipts as required by the Company’s policy and reasonably requested by the Company to substantiate such expenses.

 (f) Employee shall be entitled to participate in any Company stock option plan, as may be in effect from time to time, in accordance with
the terms and conditions of any such plan. Nothing in this Agreement shall preclude the Company from amending or terminating any such plan at any time. 
 5. Term; Termination. Except for earlier termination as provided in this Section 5, Employee’s employment under this Agreement shall commence on the Effective Date and shall terminate effective upon
the close of business on the third anniversary of the Effective Date (the “Expiration Date”), unless extended by written agreement of the parties in a separate instrument provided to the other party no later than three
(3) months prior to the applicable Expiration Date. In addition, Sections 7 through 12 of this Agreement shall survive the expiration or termination of the Employee’s employment and shall survive the expiration or termination of this
Agreement (pursuant to this Section 5 or otherwise), in accordance with the terms of such Sections. 
 (a) Termination with Notice by
Either Party. The Company or Employee may terminate this Agreement for any reason or no reason upon sixty (60) days prior written notice to the other. 
 (i) If the Company terminates the employment of Employee without “Good Cause” (as herein defined) or the Employee terminates his employment with “Good Cause” (as herein defined), and
subject to the Employee’s execution (and non-revocation, if applicable) of the Company’s standard waiver and release (in a form substantially similar to the waiver and release attached to this Agreement as Exhibit A), the Company shall pay
Employee severance compensation, calculated using the rate of Salary in effect as of the date of the termination (“Severance Payments”), in an amount equal to the greater of twelve (12) months of 

  

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Employee’s Salary or the amount of Employee’s Salary remaining owing under this 3-year Agreement (“Severance Period”), payable in
the manner and at such times as the Salary otherwise would have been payable to the Employee under this Agreement were the Employee to have continued employment with the Company; provided, however, that if at any time during the Severance
Period, the Employee obtains employment in the broadcasting industry, the Company’s obligation, if any, to make the Severance Payments shall immediately cease. Prior to beginning any employment, the Employee may submit a written request to the
Company as to whether, in the Company’s sole determination, the Company considers such employment to be “in the broadcasting industry” (“Employee’s Request”). The Employee’s Request must be in writing, dated
and signed by the Employee, and state sufficient information concerning the prospective employment as is necessary for the Company to make a decision. The Company’s response shall also be written and shall be rendered within a reasonable time
after receipt of the Employee’s Request. 
 (ii) Further, if at any time during the period that the Company is obligated to pay
severance compensation under this Agreement, the CEO of the Company reasonably determines that the Employee has breached any obligation provided for in Sections 7 though 12 of this Agreement, in addition to any other rights and remedies the Company
may have, the Company’s obligation to make such Severance Payments shall immediately terminate. If the Company terminates the employment of Employee with Good Cause or the Employee terminates his employment with the Company without Good Cause,
the Company shall not be under any obligation to pay Employee, and Employee shall not be entitled to, any such Severance Payments. 
 (b)
Termination for Good Cause by Company. In the case of the Company terminating this Agreement, “Good Cause” means any one or more of the following: 
 (1) a material breach or default by Employee of any material term of this Agreement (except any breach of Sections 7 through 12 or any breach or default
which is caused by the physical disability or death of Employee), which breach or default remains uncured after twenty (20) days following the Employee’s receipt from the Company of written notice specifying such breach or default, if
subject to cure; 
 (2) any breach by the Employee of any of the obligations stated in Sections 7 through 12 of this Agreement; 

(3) any continuing willful failure or refusal by the Employee to perform the material duties of his position or any material violation by the
Employee of the Company’s discrimination, harassment, or retaliation policies or procedures, as may be established from time to time; 
  

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 (4) any willful misconduct that is a violation of the laws, rules, regulations or orders of any
governmental agency applicable to the Company or that is economically injurious to the Company; 
 (5) any breach of a fiduciary duty, as
defined by applicable state law, owed by Employee to the Company or any of its affiliates; 
 (6) any conviction of, withhold of
adjudication as to, or plea of no contest (nolo contendre) to a felony, other than a felony for driving under the influence of alcohol (not involving serious bodily injury or death), or the commission by the Employee of an act of fraud,
misappropriation of funds, embezzlement or any other crime in connection with Employee’s duties; 
 (7) the Employee shall be unable,
or fail, to perform the essential functions of his position, with or without reasonable accommodation, for any period of six months, to the extent termination for such disability is in accordance with applicable law; or 
 (8) the death of the Employee, in which event, any outstanding expenses, wages, benefits, bonuses, options, or other obligations owed to the Employee at
the time of his death shall be paid to the Employee’s spouse or estate, or designee. 
 In the event of a termination for Good Cause, the Company will
pay Employee any outstanding expenses, wages, benefits, bonuses, options, or other obligations owed through the date of Employee’s termination. 
 (c) Termination for Good Cause by Employee. In the case of the Employee terminating this Agreement, “Good Cause” means any one or more of the following: 
 (1) a material breach or default by the Company of any material term of this Agreement, which breach or default remains uncured after twenty
(20) days following the Company’s receipt from the Employee of written notice specifying such breach or default; 
 (2) a change
in the Employee’s title as stated by this Agreement or a material reduction in the Employee’s duties and responsibilities under this Agreement; or 
 (3) a reduction in Salary. 
 6. Change in Control and Other Grounds Entitling Employee to Terminate.
“Change in Control” shall mean: (a) any sale, lease, exchange or other transfer (in one transaction or a series of transactions) of all or substantially all of the assets of the Company; (b) any consolidation or merger
or other business combination of the Company with any other entity where the shareholders of the Company, immediately prior to the consolidation or merger or other business combination would not, immediately after the consolidation or merger or
other 

  

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business combination, beneficially own, directly or indirectly, shares representing fifty percent (50%) of the combined voting power of all of the
outstanding securities of the entity issuing cash or securities in the consolidation or merger or other business combination (or its ultimate parent corporation, if any); or (c) the Board of Directors of the Company adopts a resolution to the
effect that a “Change In Control” has occurred for purposes of this Agreement. Notwithstanding the foregoing, no transaction shall be deemed to constitute a “Change in Control” for purposes of this Agreement if such transaction
involves the broadcasting industry or Royal Palm Capital Partners, LLC, or any affiliate thereof. Upon a Change in Control, 100% of all unvested stock options and/or restricted shares held by Employee shall immediately vest. Upon a Change in
Control, Employee shall have sixty days to give 60 days notice of termination of employment by reason of such Change in Control, and such termination shall be deemed having been made by Employee with Good Cause. Nothing stated in this Section 6
shall operate to reduce or eliminate the severance obligations of the Company to the Employee pursuant to Section 5(a) to the extent the Company terminates the employment of Employee without Good Cause whether in connection with a Change in
Control or otherwise. 
 7. Confidentiality. Employee shall keep confidential, except as the Company may otherwise consent in writing,
and not divulge, communicate, disclose, or use to the detriment of the Company or for the benefit of any other person or persons, misuse in any way, or make any use of, except for the benefit of the Company, at any time either during the term of
this Agreement or at any time thereafter, any Confidential Information (as defined herein). For purposes of this Agreement, “Confidential Information” means information disclosed to the Employee or known by the Employee as a consequence of
or through the unique position of his employment with the Company (including information conceived, originated, discovered or developed by the Employee) prior to or after the date hereof, and not generally or publicly known, about the Company or its
business, including, without limitation, trade secrets, knowledge, data or other information of the Company relating to the products, processes, know how, technical data, designs, formulas, test data, customer lists, business plans, marketing plans
and strategies, and product pricing strategies or other subject matter pertaining to any business of the Company or any of its clients, customers, consultants, licensees or affiliates which Employee may produce, obtain or otherwise learn of during
the course of Employee’s performance of services, including information expressly deemed to be confidential by the Company. Employee shall not deliver, reproduce, or in any way allow any such Confidential Information to be delivered to or used
by any third parties without the specific direction or consent of a duly authorized representative of the Company, except in connection with the discharge of his duties hereunder. Any Confidential Information or data now or hereafter acquired by the
Employee with respect to the business of the Company (which shall include, but not be limited to, information concerning the Company’s financial condition, prospects, technology, customers, suppliers, sources of leads and methods of doing
business) shall be deemed a valuable, special and unique asset of the Company that is received by the Employee in confidence and as a fiduciary, and Employee shall remain a fiduciary to the Company with respect to all of such information.
Notwithstanding anything to the contrary herein, Employee shall not have any obligation to keep confidential any information (and the term “Confidential Information” shall 

  

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not be deemed to include any information) that (a) is generally available to the public through no fault or wrongful act of Employee in breach of the
terms hereof, (b) is disseminated by the Company or any of its affiliates publicly without requiring confidentiality, (c) is required by law or regulation to be disclosed by Employee, (d) is required to be disclosed by Employee to any
government agency or person to whom disclosure is required by judicial or administrative process, or (e) is within Employee’s knowledge, experience and expertise in the broadcasting industry that he possessed at the time of this Agreement;
provided that such knowledge, experience and expertise shall not be used in violation of the restrictive covenants set forth in Sections 7 through 12 of this Agreement. This Section shall survive the expiration or termination of the Employee’s
employment and shall survive the expiration or termination of this Agreement. 
 8. Return of Confidential Material. Upon the
completion or other termination of Employee’s services for the Company, Employee shall promptly surrender and deliver to the Company all records, materials, equipment, drawings, documents, notes and books and data of any nature pertaining to
any invention, trade secret or Confidential Information of the Company or to Employee’s services, and Employee will not take with him any description containing or pertaining to any Confidential Information, knowledge or data of the Company
which Employee may produce or obtain during the course of his services. This Section shall survive the expiration or termination of the Employee’s employment and shall survive the expiration or termination of this Agreement. 
 9. Non-Interference. Employee agrees that the Company has invested substantial time, effort and expense in compiling its Confidential Information
and in assembling its present staff of personnel. In order to protect the confidentiality of the Company’s Confidential Information, Employee agrees that during the Applicable Non-Interference Period (as defined below), Employee shall not do
the following: 
 (a) approach, contact, or otherwise communicate in any way with any customer of the Company with the use or assistance of
Confidential Information of the Company that Employee obtained during his/her employment with Company for the purpose of engaging in or assisting others in soliciting business from that customer; 
 (b) solicit, approach, counsel or attempt to induce any employee or contractor of the Company who is then in the employ of Company to leave the employ of
Company; 
 (c) divert or attempt to divert from the Company any business relationship; interfere with any business relationship of the
Company; or engage in conduct that is contrary to the Company’s business interests; or 
 (d) aid, assist or counsel any other person,
firm or corporation to do any of the above. 
  

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 For purposes of this Agreement, “Applicable Non-Interference Period” shall mean the following: the greater of
the one (1) year period immediately following the Employee’s cessation of employment with the Company for any reason or the time period during which the Employee is eligible to receive and/or is receiving any type of payments from the
Company, severance or otherwise. This Section shall survive the expiration or termination of the Employee’s employment and shall survive the expiration or termination of this Agreement. 
 10. Other Obligations. 
 (a) Employee
acknowledges that the Company from time to time may have agreements with other persons, which impose obligations or restrictions on the Company made during the course of work thereunder or regarding the confidential nature of such work. Employee
will be bound by all such obligations and restrictions and will take all action necessary to discharge the obligations of the Company thereunder. 
 (b) The Company agrees that it shall provide Employee and enter into with Employee the Company’s standard form of indemnification agreement providing adequate indemnification of and liability insurance for Employee to the same extent
that it provides indemnification of and liability insurance for its other senior executives and members of the Company’s Board of Directors. 
 (c) Employee promises and represents that his employment with the Company is not in conflict with any obligations he owes to any other person or entity. Employee will notify the Company in writing before performing or causing to be
performed any work for or on behalf of the Company which appears to be in conflict with: (1) rights of any nature owned or claimed by Employee in any invention or idea or confidential information conceived by him prior to beginning work with
the Company; (2) rights arising out of obligations incurred by Employee prior to beginning work for the Company; or (3) Employee’s obligations to the Company under this Agreement. In the event of Employee’s failure to give notice
of any such conflict, the Company may conclude that no such conflict exists, and Employee agrees, in such event, to make no claim against the Company with respect to the use of any such invention or idea or confidential information by the Company.

 This Section shall survive the expiration or termination of the Employee’s employment and shall survive the expiration or termination of this
Agreement. 
 11. Trade Secrets of Others. Employee represents that his performance of all the terms of this Agreement as employee to
the Company does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by Employee in confidence or in trust. Employee will not enter into any agreement, either written or oral, which is in
conflict with this Agreement. This Section shall survive the expiration or termination of the Employee’s employment and shall survive the expiration or termination of this Agreement. 
  

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 12. Other Provisions Relating to Intellectual Property. 
 (a) Ownership of Developments. All copyrights, patents, trade secrets, or other intellectual property rights associated with any ideas, concepts,
techniques, inventions, processes, or works of authorship developed or created by the Employee during the course of performing work for the Company or its clients (collectively, the “Work Product”) shall belong exclusively to the Company
and shall, to the extent possible, be considered a work made by the Employee for hire for the Company within the meaning of Title 17 of the United States Code. To the extent the Work Product may not be considered work made by the Employee for hire
for the Company, the Employee agrees to assign, and automatically assign at the time of creation of the Work Product, without any requirement of further consideration, any right, title, or interest the Employee may have in such Work Product. Upon
the request of the Company, the Employee shall take such further actions, including execution and delivery of instruments of conveyance, as may be appropriate to give full and proper effect to such assignment. The assignment of inventions under this
Agreement does not apply to an invention which qualifies fully for protection under section 2870 California Labor Code, to the extent applicable, which pertains to any rights Employee may have acquired in connection with an invention, discovery or
improvement that was developed entirely on Employee’s own time for which no equipment, supplies, facilities or trade secret information of the Company was used and (a) that does not relate directly or indirectly to the business of the
Company or to the its actual or demonstrably anticipated research or development, or (b) that does not result from any work performed by the Employee for the Company. 
 (b) Books and Records. All books, records, and accounts relating in any manner to the customers or clients of the Company, whether prepared by the
Employee or otherwise coming into the Employee’s possession, shall be the exclusive property of the Company and shall be returned immediately to the Company on termination of the Employee’s employment hereunder or on the Company’s
request at any time. 
 (c) Definition of Company. Solely for purposes of Sections 7 through 12, the term “Company” also
shall include any existing or future subsidiaries or affiliates of the Company that are operating during the time periods described herein and any other entities that directly or indirectly, through one or more intermediaries, control, are
controlled by or are under common control with the Company during the periods described herein. 
 (d) Acknowledgment by the Employee.
The Employee acknowledges and confirms that: (1) the restrictive covenants contained in Sections 7 through 12 are reasonably necessary to protect the legitimate business interests of the Company; and (b) the restrictions contained in
Sections 7 through 12 (including without limitation the length of the term of such provisions) are not overbroad, overlong, or unfair and are not the result of overreaching, duress or coercion of any kind. The Employee further acknowledges and
confirms that his full, uninhibited and faithful observance of each of the covenants contained in Sections 7 through 12 

  

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will not cause him any undue hardship, financial or otherwise, and that enforcement of each of the covenants contained herein will not impair his ability to
obtain employment commensurate with his abilities and on terms fully acceptable to him or otherwise to obtain income required for the comfortable support of him and his family and the satisfaction of the needs of his creditors. The Employee
acknowledges and confirms that his special knowledge of the business of the Company is such as would cause the Company serious injury or loss if he were to use such ability and knowledge to the benefit of a competitor or were to compete with the
Company in violation of the terms of Sections 7 through 12. The Employee further acknowledges that the restrictions contained in Sections 7 through 12 are intended to be, and shall be, for the benefit of and shall be enforceable by, the
Company’s successors and assigns. The Employee acknowledges that his obligations under Sections 7 through 12 of this Agreement are independent of any obligation the Company might owe to him, whether under this Agreement or otherwise.

 (e) Reformation by Court. In the event that a court of competent jurisdiction shall determine that any provision of Sections 7
through 12 is invalid or more restrictive than permitted under the governing law of such jurisdiction, then only as to enforcement of Sections 7 through 12 within the jurisdiction of such court, such provision shall be interpreted and enforced as if
it provided for the maximum restriction permitted under such governing law. 
 (f) Extension of Time. If the Employee shall be in
violation of any provision of Sections 7 through 12, then each time limitation set forth in Sections 7 through 12 shall be extended for a period of time equal to the period of time during which such violation or violations occur. If the Company
seeks injunctive relief from such violation in any court, then the covenants set forth in these Sections 7 through 12 shall be extended for a period of time equal to the pendency of such proceeding including all appeals by the Employee. 

(g) Injunction. It is recognized and hereby acknowledged by the parties hereto that a breach by the Employee of any of the covenants contained
in Sections 7 through 12 of this Agreement will cause irreparable harm and damage to the Company, the monetary amount of which may be virtually impossible to ascertain. As a result, the Employee recognizes and hereby acknowledges that the Company
shall be entitled to an injunction from any court of competent jurisdiction enjoining and restraining any violation of any or all of the covenants contained in Sections 7 through 12 of this Agreement by the Employee or any of his affiliates,
associates, partners or agents, either directly or indirectly, and that such right to injunction shall be cumulative and in addition to whatever other remedies the Company may possess. 
 (h) Survival. The provisions of Sections 7 through 12 shall survive the expiration or termination of the Employee’s employment and shall
survive the expiration or termination of this Agreement. 
 13. Modification. This Agreement may not be changed, modified, released,
discharged, abandoned, or otherwise amended, in whole or in part, except by an instrument in 

  

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writing, signed by Employee and by the Company. Any subsequent change or changes in Employee’s relationship with the Company or Employee’s
compensation shall not affect the validity or scope of this Agreement. 
 14. Entire Agreement. Employee acknowledges receipt of this
Agreement, and agrees that with respect to the subject matter thereof, it is Employee’s entire agreement with the Company, superseding any previous oral or written communications, representations, understandings with the Company or any office
or representative thereof. Each party to the Agreement acknowledges that, in executing this Agreement, such party has had the opportunity to seek the advice of independent legal counsel, and has read and understood all of the terms and provisions of
the Agreement. 
 15. Severability. In the event that any paragraph or provision of this Agreement shall be held to be illegal or
unenforceable, the entire Agreement shall not fall on account thereof, but shall otherwise remain in full force and effect, and such paragraph or provision shall be enforced to the maximum extent permissible. 
 16. Successors and Assigns. This Agreement shall be binding upon Employee’s heirs, executors, administrators or other legal representatives
and is for the benefit of the Company, its successors and assigns. This Agreement shall be binding upon the Company’s successors and assigns. 
 17. Governing Law. This Agreement shall be governed by the laws of the State of Florida without regard to conflicts of laws principles. 
 18. Counterparts. This Agreement may be signed in counterparts and by facsimile transmission, each of which shall be deemed an original and both of which shall together constitute one agreement. 
 19. No Waiver. No waiver by either party hereto of any breach of this Agreement by the other party hereto shall constitute a waiver of any
subsequent breach. 
 20. Notice. Any notice hereby required or permitted to be given shall be sufficiently given if in writing and
upon mailing by Federal Express, next day delivery, or registered or certified mail, postage prepaid, to either party at the address of such party or such other address as shall have been designated by written notice by such party to the other
party. 
 21. Arbitration. 
 21.1 Exclusive Remedy. The parties recognize that litigation in federal or state courts or before federal or state administrative agencies of disputes arising out of the Employee’s employment with the Company or out of
this Agreement, or the Employee’s termination of employment or termination of this Agreement, may not be in the best interests of either the 

  

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Employee or the Company, and may result in unnecessary costs, delays, complexities, and uncertainty. The parties agree that, except as otherwise provided by
this Section, any dispute between the parties arising out of or relating to the Employee’s employment, or to the negotiation, execution, performance or termination of this Agreement or the Employee’s employment, including, but not limited
to, any claim arising out of this Agreement, claims under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990,
Section 1981 of the Civil Rights Act of 1966, as amended, the Family and Medical Leave Act, the Employee Retirement Income Security Act, and any similar federal, state or local law, statute, regulation, or any common law doctrine, whether that
dispute arises during or after employment, shall be resolved by arbitration in the Palm Beach County area, in accordance with the National Employment Arbitration Rules of the American Arbitration Association, as modified by the provisions of this
Section 21. Except as set forth below with respect to Sections 7 through 12 of this Agreement, the parties each further agree that the arbitration provisions of this Agreement shall provide each party with its exclusive remedy, and each party
expressly waives any right it might have to seek redress in any other forum, except as otherwise expressly provided in this Agreement. The provisions of this Section 21 shall not apply to any damages or injunctions that may be sought with
respect to disputes arising out of or relating to Sections 7 through 12 of this Agreement. As concerns any damages or injunctions that may be sought with respect to disputes arising out of or relating to Sections 7 through 12, the Employee agrees to
submit to the exclusive jurisdiction of the State of Florida; agrees that any such dispute shall be heard by a JUDGE AND NOT A JURY; agrees that any suit shall be brought exclusively in any state or federal court of competent jurisdiction in
Palm Beach County, Florida; and agrees that the prevailing party shall be entitled to an award of reasonable attorneys’ fees and costs. The parties acknowledge and agree that their obligations under this arbitration agreement shall survive the
expiration or termination of the Employee’s employment and shall survive the expiration or termination of this Agreement. By election of arbitration as the means for final settlement of all claims, except as otherwise provided herein, the
parties hereby waive their respective rights to, and agree not to, sue each other in any action in a Federal, State or local court with respect to such claims, but may seek to enforce in court an arbitration award rendered pursuant to this
Agreement. The parties specifically agree to waive their respective rights to a trial by jury, and further agree that no demand, request or motion will be made for trial by jury. 
 21.2 Arbitration Procedure and Arbitrator’s Authority. In the arbitration proceeding, each party shall be entitled to engage in any
type of discovery permitted by the Federal Rules of Civil Procedure, to retain its own counsel, to present evidence and cross-examine witnesses, to purchase a stenographic record of the proceedings, and to submit post-hearing briefs. In reaching
his/her decision, the arbitrator shall have no authority to add to, detract from, or otherwise modify any provision of this Agreement. The arbitrator shall submit with the award a written opinion which shall include findings of fact and conclusions
of law. Judgment upon the award rendered by the arbitrator may be entered in any court having competent jurisdiction. 
  

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 21.3. Effect of Arbitrator’s Decision: Arbitrator’s Fees. The decision of the
arbitrator shall be final and binding between the parties as to all claims which were or could have been raised in connection with the dispute, to the full extent permitted by law. In all cases in which applicable federal law precludes a waiver of
judicial remedies, the parties agree that the decision of the arbitrator shall be a condition precedent to the institution or maintenance of any legal, equitable, administrative, or other formal proceeding by the Employee in connection with the
dispute, and that the decision and opinion of the arbitrator may be presented in any other forum on the merits of the dispute. If the arbitrator finds that the Employee was terminated in violation of law or this Agreement, the parties agree that the
arbitrator acting hereunder shall be empowered to provide the Employee with any remedy available should the matter have been tried in a court, including equitable and/or legal remedies, compensatory damages and back pay. The arbitrator’s fees
and expenses and all administrative fees and expenses associated with the filing of the arbitration (the “Fees”) shall be borne by the non-prevailing party. 
 22. Assignment. The Company shall have the right to assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any corporation or other entity which is a wholly-owned
subsidiary of the Company or with or into which the Company may hereafter merge or consolidate or to which the Company may transfer all or substantially all of its assets, if in any such case said corporation or other entity shall by operation of
law or expressly in writing assume all obligations of the Company hereunder as fully as if it had been originally made a party hereto. The Employee may not assign or transfer this Agreement or any rights or obligations hereunder. 
 23. Waiver of Jury Trial. The Employee hereby knowingly, voluntarily and intentionally waives any right that the Employee may have to a trial by
jury in respect of any litigation based hereon, or arising out of, under or in connection with this Agreement and any agreement, document or instrument contemplated to be executed in connection herewith, or any course of conduct, course of dealing
statements (whether verbal or written) or actions of any party hereto. 
 24. Attorneys’ Fees and Costs. The Company will pay
directly or reimburse Employee for any reasonable advisory and attorneys’ fees and costs incurred by Employee in negotiating the terms of this Agreement prior to Employee’s execution of this Agreement. 
 [Signatures on following page] 
  

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 The undersigned have executed this Agreement as of the date first forth above. 
  

			
	EQUITY MEDIA HOLDINGS CORPORATION (“Company”)
		
	By:	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	THOMAS M. ARNOST (“Employee”)
		
	By:	 	 

  

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 EXHIBIT A 
 SEPARATION AGREEMENT AND GENERAL RELEASE 
 This Separation Agreement and General Release (the
“Agreement”) is entered into by and between
                                        
(“Employee”) and Equity Media Holdings Corporation, a Delaware corporation (“Company”). 
 RECITALS 
 WHEREAS, the Company has decided to terminate the Employee’s employment relationship with the
Company; and 
 WHEREAS, the parties desire to resolve all matters between them, including all matters related to and/or arising out of
Employee’s employment with the Company (including, without limitation, the ending of Employee’s employment with the Company), and the facts and circumstances underlying the same, and to settle and compromise any and all claims and
differences between them, of any sort, origin, or description. 
 NOW, THEREFORE, in consideration of the premises and of the mutual promises
and agreements contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Employee and the Company agree as follows: 
 1. Termination of Employment: As of [INSERT DATE], Employee’s employment with the Company has been terminated. Employee shall
no longer be eligible to participate in, or be covered by, any employee benefit plan or program offered by or through the Company, and he shall not receive any benefits or payments from the Company, except as otherwise specified in this Agreement.

 2. Payments: Employee shall be paid through his last day of employment in accordance with the Company’s normal payroll cycle.
In addition, the Company shall pay Employee [INSERT TERMS OF SEVERANCE PAYMENTS HERE] (“Severance Payment”), less appropriate deductions and withholdings. 
 3. Benefits; Stock Options: [INSERT TERMS REGARDING BENEFITS; STOCK OPTIONS] The Company does not make any representations to
Employee about the tax implications of the vesting or exercise of stock options under this Agreement, and Employee acknowledges that he has had the opportunity to meet with an attorney, accountant and/or tax professional to discuss this Agreement.
Employee shall indemnify Employee with respect to any tax consequences caused by the vesting and exercise of Company stock options. 
 4.
General Waiver and Release of All Claims: [TO BE MODIFIED AS NECESSARY TO COMPORT WITH APPLICABLE STATE AND LOCAL LAWS AND TO COMPLY WITH THEN-CURRENT STATE OF THE LAW] In exchange for the 

  

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promises contained in this Agreement, Employee agrees that Employee or any person acting by, through, or under Employee, VOLUNTARILY, KNOWINGLY AND WILLINGLY
RELEASES AND FOREVER DISCHARGES the Company, including its parent and subsidiary corporations, affiliates, all related domestic and foreign businesses, entities, corporations, and partnerships, including but not limited to
                                        
                                        
                                        
                                        
         , as well as all current and former directors, officers, executives, shareholders, partners, employees, successors in interest, predecessors, representatives, agents, insurers, attorneys,
divisions, joint venturers, investors, and assigns and each of them (collectively “Company Releasees”), FROM ANY AND ALL CLAIMS OR OBLIGATIONS OF ANY KIND OR NATURE WHATSOEVER whether now known or unknown and later discovered, suspected or
unsuspected, which arose on or before the Effective Date (as defined below) of this Agreement. Employee understands that this release includes but is not limited to any right that Employee may have relating in any way to Employee’s employment
by the Company or the conclusion of such employment, including without limitation any claims under the law of contracts or torts, the Age Discrimination in Employment Act of 1967, as amended (29 U.S.C. Sections 621 et. seq.), including the Older
Workers Benefit Protection Act of 1990; Title VII of the Civil Rights Act of 1964, as amended (42 U.S.C. Sections 2000e et. seq.), including the Civil Rights Act of 1991 and the Civil Rights Acts of 1886, 1970 and 1971 (42 U.S.C. Sections 1981 et.
seq.); the Americans With Disabilities Act (42 U.S.C. Sections 12101 et. seq.); and the Rehabilitation Act of 1973; or any other federal, state, or local statutory or common laws relating to discrimination or employment. Employee declares and
represents that the Employee has been paid all wages or other compensation owed by any or all of the Company Releasees and represents that he has not suffered and on-the-job injuries or work-related accidents or injuries, occupational diseases or
disabilities, whether temporary, permanent, partial, or total, for which the Employee has not been fully compensated. Employee further agrees that he has been granted all leave, including all leave under the Family and Medical Leave Act, to which he
may have been entitled, if any. 
 Employees agrees that he will not institute any action or actions, cause or causes of action (in law or in
equity), suits, debts, liens, claims, demands, now known or unknown and later discovered, suspected or unsuspected, fixed or contingent which Employee may have or claim to have in state or federal court, or with any state, federal or local
government agency or with any administrative or advisory body arising from or attributable to any or all of the Company Releasees, including but not limited to, all employee benefit plans sponsored or administered by Company. Employee also agrees
that if a claim is prosecuted in Employee’s name before any court or administrative agency, Employee waives and agrees not to take any award of money or other damages from such suit. Employee also agrees that if a claim is prosecuted in
Employee’s name, Employee will immediately request, in writing, that the claim on Employee’s behalf be withdrawn. Employee also agrees that Employee is waiving on behalf of Employee and Employee’s attorneys all claims for
attorneys’ fees, expenses and court costs, including the same at all appellate levels. 
 5. Review and Revocation: Employee
acknowledges that he has been advised in writing to consult with an attorney before signing this Agreement and that he has been afforded the opportunity to consider the terms of this Agreement for twenty-one (21) days prior to its 

  

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	EMPLOYEE	 		 	COMPANY

 
execution. The Employee understands that he can use all or any part of this 21-day period to decide whether to sign this Agreement. The Employee and Company
agree that any material or non-material changes which may be made in this Agreement after the Agreement is initially provided to the Employee shall not re-start the running of the 21-day period. Employee further acknowledges that he has read this
Agreement in its entirety; that he fully understands all of its terms and their significance; that he has signed it voluntarily and of his own free will; and that he intends to abide by its provisions without exception. 
 6. Effective Date and Revocation: So long as Employee does not revoke this Agreement, this Agreement shall become effective on the eighth day
following the date the Employee signs this Agreement (“Effective Date”). For a period of seven (7) days following the date the Employee signs this Agreement, the Employee may revoke this Agreement by providing written notice of
revocation to: [INSERT CONTACT PERSON] In the event that Employee revokes the Agreement prior to the eighth day after his execution of it, this Agreement and the promises contained herein shall automatically be null and void.

 7. No Admission of Liability: The Execution of this Agreement does not constitute an admission by any Company Releasee or Employee
of any violation of any civil rights or other employment discrimination statute, or any other legal statute, provision, regulation, ordinance, order or action under common law or of any wrongdoing of any kind, and this Agreement shall not be offered
or used to establish any such liability. 
 8. Non-disparagement; No re-Employment: Employee agrees not to take any action or make or
condone any communication, written or otherwise, that disparages, criticizes or otherwise reflects adversely or encourages any adverse action against any Company Releasee. In response to inquiries from third parties, Employee shall state only that
the Employee separated from the Company on mutually acceptable terms, except to the extent that Employee has authorized the disclosure of additional information regarding his employment and/or separation from employment, which information shall be
authorized by Employee specifically and in writing. Employee also agrees that he will not seek reemployment with the Company or work on the property of the Company or any related entity as a contractor or in any other capacity at any time in the
future. 
 9. Restrictive Covenants: Notwithstanding anything in this Agreement, and specifically notwithstanding the “Entire
Agreement” clause of this Agreement, any and all restrictive covenants, including but not limited to any non-competition, non-solicitation, or confidentiality covenants, included in any agreement by and between the Employee and the Company (or
any entity related to the Company), including but not limited to [INSERT EXPRESS REFERENCES TO EMPLOYMENT AGREEMENT(S), STOCK OPTION AGREEMENT(S), AND OTHER SOURCES OF RESTRICTIVE COVENANTS HERE], shall survive the execution and
delivery of this Agreement and shall continue in full force and effect in accordance with their terms subsequent to the Effective Date of this Agreement. 
 10. Return of Property: Employee agrees that all property of the Company or any related entity, including but not limited to any trade secrets, confidential information, business documents, books, records,
accounts, credit cards, and/or equipment, has been returned to the Company as of the date the Employee executes this Agreement. 
  

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 11. Cooperation: Employee agrees to cooperate with the Company and its attorneys in connection
with any threatened or pending litigation against the Company or its Affiliates, and to make himself, upon reasonable notice, to prepare for and appear at deposition or trial in connection with any such matters. 
 12. Severability: In the event that any provision of this Agreement shall be held to be illegal or unenforceable, the entire Agreement shall not
fall on account thereof, but shall otherwise remain in full force and effect, and such paragraph or provision shall be enforced to the maximum extent permissible. 
 13. Entire Agreement: This Agreement constitutes the complete understanding between the parties and supersedes all prior agreements between the parties, except the [INSERT BY EXPRESS REFERENCE ANY
AGREEMENTS THAT ARE TO SURVIVE THIS AGREEMENT, INCLUDING BUT NOT LIMITED TO ANY RESTRICTIVE COVENANTS INCLUDED IN ANY SUCH AGREEMENTS]. Employee acknowledges the Company has not made any representation to him other than as set forth herein.
Any modification of this Agreement shall be in writing and signed by each of the parties. 
 14. Governing Law; Jurisdiction and
Venue: This Agreement shall be governed by and construed in accordance with the laws of the State of Florida without regard to conflicts of laws principles. Employee agrees to submit to the exclusive jurisdiction of the State of Florida; agrees
that any such dispute shall be heard by a JUDGE AND NOT A JURY; agrees that any suit shall be brought exclusively in any state or federal court of competent jurisdiction in Palm Beach County, Florida; and agrees that the prevailing party
shall be entitled to an award of reasonable attorneys’ fees and costs. 
 15. Successors and Assigns: The Company may assign this
Agreement. The Employee shall not assign this Agreement. This Agreement shall be binding upon, inure to the benefit of, and be enforceable by the Company and its successors and assigns. 
 16. Confidentiality: This Agreement is confidential and shall not be disclosed by Employee to any other person, company or entity. The Agreement
may be used as evidence only in a subsequent proceeding in which any of the parties allege a breach of this Agreement. 
 [Signatures on
following page] 
  

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	EMPLOYEE	 		 	COMPANY

 The undersigned have executed this Agreement as of the date first forth above. 
  

	
	 EQUITY MEDIA HOLDINGS CORPORATION

	 (“Company”)

	
	 By:
                                        
                                        
           ,

	 in his/her capacity as authorized representative of the
 Company

	
	 Print Name:  
                                        
                                  

	
	 Title:                                     
                                        
             

	
	 Date:                                     
                                        
             

	
	 THOMAS M. ARNOST (“Employee”)

	
	 By:                                      
                                        
               

	
	 Print Name:                                    
                                         

	
	 Date:                                     
                                        
             

  

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