Document:

Exhibit 10.1 

 

Letter Agreement dated May 15,
2013 between Jones Lang LaSalle Incorporated

and Christie B. Kelly

 

May 9, 2013

 

Ms. Christie B. Kelly

[Address]

 

Dear Christie:

 

We are pleased to offer you the position of Executive Vice President
and Global Chief Financial Officer with Jones Lang LaSalle Incorporated (“Jones Lang LaSalle” or the “Company”).
You will report directly to the Chief Executive Officer. You will be designated as an International Director, which is the highest
level of officer rank within our Firm. You will also be member of our Global Executive Committee, which is our most senior internal
management group.

 

You shall have such duties, responsibilities, power and authority
as are provided to the Chief Financial Officer under the Company’s By-Laws and as are otherwise typically associated with
such position. During your employment, you shall devote your full time business efforts and energies to the business and affairs
of the Company and to the furtherance of its interests as directed by the Board of Directors (the Board) and the Chief Executive
Officer.

 

Notwithstanding the foregoing, you may devote reasonable time to
other activities involving professional, charitable, community, educational, religious and similar types of organizations, speaking
engagements, and similar types of activities, to the extent that such other activities do not, in the reasonable judgment of the
Chief Executive Officer, inhibit or prohibit the performance of your duties under this letter, or conflict in any material way
with the business of the Company.

 

Your employment will commence July 1, 2013 (the Employment Commencement
Date). This offer remains open for you to accept through May 15, 2013.

 

We have all enjoyed discussing how you can build a career with our
firm and we believe you will make substantial contributions to Jones Lang LaSalle’s continued success. We also think you
will benefit from our collaborative culture and from the breadth, depth and quality of the services we provide to our clients.

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Annual Base Salary 

 

During your employment, the Company will compensate you with a base
salary (Base Salary) at the rate of US$400,000 per annum, payable every other Friday in arrears less applicable payroll
deductions. The level of your Base Salary will remain in effect through December 31, 2014, after which it shall be subject to consideration
and approval by the Compensation Committee of the Board (the Compensation Committee) in accordance with the procedures it
establishes from time to time with respect to the establishment of executive compensation and based on your individual performance,
the financial performance of the Company and market considerations generally. We do not guarantee any compensation increases, and
compensation is generally subject to increase (or decrease) based on the above factors.

 

Target Annual Incentive Bonus 

 

During your employment, you shall be eligible to receive
an annual incentive bonus (Annual Bonus) pursuant to the Company’s annual bonus program. Your target Annual Bonus
amount shall be US$2,200,000, to be pro-rated for the remainder of the calendar year 2013 according to that portion of the year
you have worked for us based on your actual Employment Commencement Date, and shall be paid by March 31, 2014 at the same time
as we generally pay annual bonuses. A portion of each Annual Bonus, as determined by the Compensation Committee, will be delivered
in the form of restricted stock units. To make you whole for the amount of the annual bonus for 2013 that you will have forfeited
at your prior employer, in addition to the above amount we will also pay you, at the same time, the amount of US$280,000, which
reflects the expected amount of your annual bonus at your previous employer pro-rated for the expected portion of 2013 that you
will not have worked for us based on your anticipated Employment Commencement Date.

 

The payment of each target
Annual Bonus shall be subject to approval by the Compensation Committee, and shall be paid, to the extent thereof, subject to year
to year variations. Factors included in considering your individual Annual Bonus awards include, without limitation, your
performance against specific objective and subjective standards that will be developed between you and the Chief Executive Officer
in accordance with the Company’s Individual Performance Management Program (known as IPMP), subjective evaluation
by the Compensation Committee and the overall performance of the Company. A consideration of these factors may
lead to your receiving more than, or less than, your target Annual Bonus amount. 

 

It is the Company’s policy
to consider bonuses annually. To earn and be paid an Annual Bonus, individuals must generally be employed by the Company on the
date that annual bonuses are paid. If you leave the firm voluntarily for any reason prior to the date that bonuses are paid or
if your employment is terminated for cause in our discretion, you will not be paid any part of your Annual Bonus, pro rata or otherwise.

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GEC Long-Term Incentive Plan 

 

As a member of the Global Executive Committee, you will be a participant
in the GEC Long-Term Incentive Plan, as it may be amended from time to time (the GEC LTIP), a copy of which has been provided
to you. Your participation level will be a 15% share of the GEC LTIP opportunity. You will be eligible for your first payment in
2014 based on 2013 results, to be pro-rated according to that portion of the year you have
worked for us based on your actual Employment Commencement Date.

 

Compensation for Loss
of Prior Potential Compensation

 

To compensate for the loss of potential compensation benefits that
you will realize by leaving your present employer, we will provide you with the following additional consideration in the event
that you actually begin employment with us:

 

		1)	Restricted stock units (RSUs) equivalent to US$1,000,000 upon the date you join the Firm. The number of underlying shares represented
by the RSU award will be determined based on the fair market value of our stock at the close of trading on the award date. Vesting
of the RSU award will occur 50% on the third anniversary of the Employment Commencement Date and the remainder vesting on the fifth
anniversary of the Employment Commencement Date, subject to other terms contained in our standard RSU award agreement used for
employee rewards.

 

		2)	At your election to be made prior to the Employment Commencement Date, either (i) promptly after the Employment Commencement
Date, a US$600,000 cash contribution to our deferred compensation plan for your benefit that vests on the first anniversary of
the Employment Commencement Date, or (ii) a cash payment to you subject to applicable withholding taxes, on or soon after the first
anniversary of the Employment Commencement Date.

 

		3)	At your election to be made prior to the Employment Commencement Date, either (i) promptly after the Employment Commencement
Date, a US$400,000 cash contribution to our deferred compensation plan for your benefit that vests on the second anniversary of
the Employment Commencement Date, or (ii) a cash payment to you subject to applicable withholding taxes, on or soon after the second
anniversary of the Employment Commencement Date.

 

In the event of your termination by us without Cause (as defined
in Appendix A to this letter) prior to the date of vesting of any of the above amounts, the RSUs will automatically vest and the
cash payments shall vest and/or be made in full. If you voluntarily terminate your employment without Good Reason (as defined in
Appendix A to this letter) prior to the date of the vesting of any of the above payments, however, you will forfeit any unvested
RSU awards and cash payments.

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In the event of your termination by us for Cause before the first
anniversary after the vesting or your receipt of the US$600,000 cash payment provided for above, then you will promptly repay such
amount to us.

 

For avoidance of doubt, because you are receiving the above amounts,
you will not receive the one-time stock grant otherwise normally associated with being designated as an International Director.

 

Benefits

 

Jones Lang LaSalle prides itself on being an Employer of Choice.
We are committed to supporting our employee’s personal needs in life while achieving business goals. We demonstrate our commitment
through flexible work arrangements and a comprehensive benefit program. We offer an “environment of health,” anchored
by our “Health Empowerment Program”. You may elect to participate in our benefits program, which includes medical,
dental, life, disability insurance, and a 401k savings and retirement plan. In addition, we provide options for wealth creation
and life management, including paid holidays and time off as needed and approved, subject to our standard policy for Directors.
Details of these benefits are included in the firm’s policies and benefits summaries
and plan descriptions, copies of which will be provided to you. 

 

Public Disclosures 

 

You understand that the Company
will file this letter publicly with the United States Securities and Exchange Commission (SEC) as part of its required disclosures
as a public company. This letter may also be disclosed as otherwise required by applicable laws or regulations. You also agree
that the Company may make such additional disclosures about you and your compensation from time to time as and to the extent required
by applicable laws and regulations and that you will provide the Company with all necessary information upon request. Your
position as an executive officer will also require us to publicly file reports about your interests in Jones Lang LaSalle common
stock with the SEC.

 

Expense Reimbursement 

 

You will be authorized to incur reasonable expenses for entertainment,
traveling, meals, lodging, and similar items in promoting the Company’s business and for business communication costs, such
as cellular phone service, internet service, and a wireless e-mail device and service. The Company will reimburse you for all reasonable
expenses so incurred provided that such expenses are incurred and accounted for in accordance with the policies and procedures
established by the Company.

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Directors and Officers Insurance and By-Law Indemnification

 

You will be entitled to coverage under the commercial insurance
policies that the Company maintains from time to time with respect to liability for the actions of our Directors and Officers acting
in such capacities. In addition, you will be entitled to the indemnification provided under the Company’s By-Laws in effect
on the date of this letter, a copy of which has been provided to you.  During your employment and following any termination
of employment, such coverage and indemnification will be at least as favorable to you as that provided to any other new or continuing
Company executives.

 

Representations

 

As a condition of your employment with us, you represent that:

 

		·	You are aware of and understand all of the restrictions or obligations you may have to current
and prior employers.

		·	There are no restrictive covenants, court orders, laws or regulations, including non-solicitation,
confidentiality or non-compete agreements, that would prevent, restrict or hinder or interfere with your employment.

		·	You have no other obligations or commitments of any kind that would prevent, restrict, hinder or
interfere with your employment.

		·	During your employment with us, you will not violate any obligations or restrictions that relate
to your employment.

We encourage you to seek your own legal counsel if you have any
questions about any obligations or commitments you have that may affect your employment with us.

 

Confidentiality

 

During your employment with us, you will receive confidential, proprietary
or non-public information concerning Jones Lang LaSalle, its clients and/or employees. This may include pricing, client proposals,
compensation structures and performance evaluations, among many other types of information. You agree that:

 

·     
We have given this kind of information to you in strict confidence.

·     
You will keep all of it secret and confidential indefinitely.

		·	You will not disclose it, directly or indirectly, to anyone else or use it in any way except as
we may authorize within the scope of your employment.

		·	If at any time you are required by law to disclose such information, you will give reasonable advance
notice to Jones Lang LaSalle before you disclose it.

		·	Except as clearly necessary to carry out your job responsibilities, you will not attempt, or provide
information to others that would allow them to attempt, to access Jones Lang LaSalle's computer system or those computer systems
of Jones Lang LaSalle's clients.

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Non-Solicitation

 

As consideration for
your employment with us, you agree that while you work for us and for a period of twelve (12) months after your employment with
us terminates for any reason, you will not, either directly or indirectly, or on behalf of anyone else:

 

		·	Solicit or induce other Jones Lang LaSalle employees to leave their jobs; or

		·	Solicit or induce any clients that have existing or pending transactions or assignments with Jones
Lang LaSalle to discontinue or reduce (i) their transactions or assignments with us or (ii) their consideration of us for pending
transactions or assignments.

By accepting our offer of employment, you agree that the above restrictions
are fair and reasonable and are reasonably required for the protection of Jones Lang LaSalle.

 

Intellectual Property

 

If you agree to work for us, then by this letter you have agreed
to assign to Jones Lang LaSalle your entire right, title and interest in any invention or idea, patentable or not, that you create
or conceive of (i) during your employment by Jones Lang LaSalle and for six (6) months thereafter and (ii) which relates in any
manner to our actual or anticipated business, research or development, or is suggested by or results from any task we assigned
to you or any work you performed or on behalf of Jones Lang LaSalle.

 

You agree that you will promptly disclose to Jones Lang LaSalle
Legal Services any invention or idea contemplated above, and upon request, you will execute a specific assignment of title to Jones
Lang LaSalle, and do anything else reasonably necessary to enable Jones Lang LaSalle at its expense to secure a patent therefore
in the United States and in foreign countries.

 

Background Investigation

 

This employment offer is contingent upon your written consent to,
and successful completion of, as we may determine in our sole discretion, of a background investigation by a consumer reporting
agency and drug testing through urinalysis.

 

This offer is also subject
to the successful results, in our discretion, of discussions with professional references the names of whom have been provided
by you.

 

At Will Employment; GEC
Participant in Severance Plan

 

Your employment will not be for a fixed period of time, and it will
be “at will.” This means that you or the firm may terminate your employment, or the firm may change the terms and conditions
of your employment, at any time, with or without notice or cause.

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You will be entitled to severance benefits
as a member of the Global Executive Committee under our Severance Plan as in effect for our United States employees from time to
time, provided that no amendment may reduce any benefit for which you would be eligible under the Severance Plan as in effect on
the date of this letter. A copy of the current Plan has been provided to you. 

 

Code of Business Ethics; Company Policies

 

We strongly believe that compliance by its employees with all applicable
laws and ethical business practices is critical to our continued success. Accordingly, we will ask you to become familiar with
our Code of Business Ethics and to certify that you will always act in accordance with its provisions. Your compliance with the
Code is a condition to your continued employment. If you work for us, you also agree to become familiar and comply with our personnel
policies, including, our drug and alcohol, anti-harassment and information security policies. This information is included in the
new hire packet and is always available on our intranet.

 

Work Location and Travel

 

Your role will be based in Chicago. To accommodate your desire to
continue living in Indianapolis for the 2013/ 2014 school year, Jones Lang LaSalle will reimburse you
for reasonable travel expenses to and from, and for hotel accommodations in, Chicago for a period of 18 months.  Also during
that period, we will reimburse you for the reasonable costs of your re-location to Chicago pursuant to the terms of our policies,
which we have separately shared with you. 

 

All business expenditures are subject to the Jones Lang LaSalle
Travel policy. We expect that domestic US and international travel will comprise approximately 50% of your schedule.

 

Governing Law

 

This letter shall be governed
by and interpreted in accordance with the laws of the State of Illinois, United States, without regard to the choice of law provisions
thereof.

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We greatly look forward to welcoming you to the firm and are confident
that our shareholders, clients and employees will benefit from your leadership and that our relationship with you will be mutually
satisfying and rewarding.

 

If you wish to accept our offer, please sign this letter and return
it to me.

 

 

Yours sincerely,

Jones Lang LaSalle Incorporated

 

 

	By:	 	/s/ Colin Dyer	 
	 	 	Chief Executive Officer and President	 
	 	 	 	 
	Accepted By:	/s/ Christie B. Kelly	 
	 	 	
 

	 
	Date:	 	May 15, 2013	 

 

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Appendix A

 

For purposes of this letter, the following
capitalized terms shall have the respective definitions as indicated:

 

“Cause”
shall mean personal dishonesty or willful misconduct involving property or other assets of the Company or subsidiaries, breach
of fiduciary duty involving personal profit, intentional failure to perform stated duties or follow the lawful directives of the,
willful or reckless violation of any material law, rule, regulation (other than traffic violations or similar offenses) or material
breach by you of any provision of the terms of your employment; provided, however, for purposes of determining what shall constitute
“cause” it is understood and agreed that: (a) single or limited acts of poor business judgment unless such act or actions
involve personal profit or have a material adverse effect on the condition or operation of Company, business conduct which is consistent
with prior business conduct known to and acquiesced in by the Company, or business conduct consistent with a business plan or arrangement
described in advance to the Company and conducted with the acquiescence of the Company shall not be grounds for dismissal for “cause”;
(b) unless such conduct shall otherwise fall within the definition of “cause” hereunder, “intentional failure
to perform stated duties” shall include only acts or omissions continued for a period of 15 days following the receipt of
notice by you from the Company to cease and desist; and (c) “material breach of any provision of the terms of your employment”,
shall only include a breach involving personal profit, a breach having a material adverse effect on the condition or operation
of the Company or a breach continued by you for a period of 15 days following receipt by you of written notice of such breach from
Company.

 

“Good
reason” shall mean without employee written consent: (i) any material failure by the Company to comply with the provisions
of this agreement which has not been cured within 30 days of notice by you of such failure; (ii) any material reduction in the
base salary paid to you (other than across-the-board reductions similarly affecting all or substantially all management employees);
(iii) any requirement by the Company that your primary office be relocated more than 50 miles from Chicago; (iv) any material reduction
in your title and duties, authority or responsibility, in any case other than a general reduction that is not targeted specifically
at you; or (v) a material reduction by the Company in the kind or level of employee benefits or perquisites to which you are entitled
immediately prior to such reductions with the result that your overall benefits and perquisites package is significantly reduced
(other than across-the-board reductions similarly affecting all or substantially all management employees).

 

For
avoidance of doubt, the above definitions are intended only to apply to the specific situations referred to in the letter. They
are not intended to replace or amend other definitions of the same terms that may be used in the Company’s severance or compensation
plans that may otherwise apply to you.

 

 

9EXHIBIT 10.1

 

AGREEMENT

 

This Agreement (“Agreement”) is made by
and between Insignia Systems, Inc. (“Company” or “Insignia”) with headquarters at 8799 Brooklyn Blvd.,
Minneapolis, Minnesota 55445 and Glen P. Dall (“Employee”).

 

RECITALS

 

WHEREAS, the Company desires to retain Employee
as an employee of the Company, and Employee desires to be so employed.

 

NOW, THEREFORE, in consideration of the mutual
promises and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Company and Employee (the “Parties”), intending to be legally bound, hereby agree as follows:

 

1.           Commencement
Date; Nature of Employment Relationship.

 

1.1        Commencement
Date.  This Agreement shall become effective on the date it is signed by the last of the Parties (the “Commencement
Date”).

 

1.2        Nature
of Employment Relationship. The Parties hereby acknowledge and agree that the nature of Employee’s employment relationship
with the Company is at-will, meaning that either Employee or the Company may terminate the employment relationship, with or without
cause, at any time for any reason or no reason, except for those reasons prohibited by applicable federal, state or local law or
regulation.

 

2.           Termination
of Employment by the Company.

 

2.1        Payment
upon Termination of Employment for Reasons Other Than Cause. Subject to Section 3 of this Agreement, the Parties hereby agree
that, in the event of the Company’s termination of Employee’s employment other than for Cause (as defined herein) Employee
shall receive a payment equal to Employee’s gross base annual salary in effect at the time of termination, plus an
amount equal to the bonus earned in the twelve (12) months prior to termination (represented by an amount equal to the sum
of a pro rata portion of the current fiscal year’s bonus earned and, as necessary, a remaining proportion of the previous
year’s earned bonus). By way of example, if Employee were terminated at the end of the
first quarter of a given fiscal year, the amount of bonus earned in the first quarter would be added to three-quarters of the bonus
earned the previous year. The total amount due pursuant to this Agreement shall not exceed $500,000.

 

Payment of any amount hereunder shall be subject to Section 409A of the
Internal Revenue Code as further set forth in Section 4 and all required tax withholdings.

 

		2.2	Cause.  For purposes of this Agreement, “Cause”
shall mean:

 

		2.2.1	Employee’s conviction of a felony;

 

		2.2.2	The willful and continued failure of Employee to perform Employee’s essential duties; or

 

		2.2.3	Gross misconduct which is materially injurious to the Company.

 

    	 

    	 

    

 

For purposes of this Section 2.2, an act or failure to act by Employee
shall not be “willful” unless it is done, or omitted to be done, in bad faith and without any reasonable belief that
Employee’s action or omission was in the best interests of the Company.

 

2.3        No
Right to Payment upon Termination for Cause. Employee hereby acknowledges and agrees, and hereby waives and releases the Company
from any formal or informal obligation, whether written or verbal, for payment of any amount if the Company terminates Employee’s
employment for Cause.

 

3.           Change
in Control Obligations. In the event of a change in control in the ownership of the Company and subsequent qualifying termination
of Employee’s employment, the Company’s obligations as they pertain to payment of any amount upon termination, including
but not limited to those set forth in Section 2.1 of this Agreement, shall be governed by the Change in Control Severance Agreement
(attached hereto as Exhibit A) and which shall supersede and terminate this Agreement. 

 

4.           Delay
of Payment. Notwithstanding anything to the contrary, to the extent that Employee is a “key employee” pursuant
to the provisions of Section 409A of the Internal Revenue Code as of the date that any change in control benefits or other
deferred compensation becomes payable to the Employee hereunder, and such payments are required to be delayed until the date six
months following Employee’s termination of employment in order to avoid additional tax under Section 409A of the Code,
payment and provision of such amounts or other deferred compensation shall be delayed until the date six months after Employee’s
termination of employment.

 

5.           Confidentiality.

 

5.1        Confidential
Nature of Relationship.  Employee acknowledges that his or her employment by the Company creates a relationship of confidence
and trust with respect to Confidential Information (as hereinafter defined).  During his or her employment with the Company,
the Company agrees to provide Employee with access to Confidential Information.  Employee expressly undertakes to retain in
strict confidence all Confidential Information transmitted or disclosed to Employee by the Company or the Company’s clients,
and will never make any use of such information except as (and then, only to the extent) required to perform Employee’s duties
for the Company.  Employee will take such protective measures as may be reasonably necessary to preserve the secrecy and interest
of the Company in the Confidential Information.  If Employee becomes aware of any unauthorized use or disclosure of Confidential
Information by any person or entity, Employee will promptly and fully advise the Company of all facts known to Employee concerning
such unauthorized use or disclosure.

 

5.2        Definition. 
“Confidential Information” means all commercially sensitive information and data of a confidential nature, in their
broadest context, originated by, on behalf of or within the knowledge or possession of the Company or its clients (including any
subsidiary, division or legal affiliate thereof).  Without in any way limiting the foregoing, Confidential Information includes,
but is not limited to: information that has been designated as proprietary and/or confidential; information constituting trade
secrets; information of a confidential nature that, by the nature of the circumstances surrounding the disclosure, should in good
faith be treated as proprietary and/or confidential; and information and data conceived, discovered or developed in whole or in
part by Employee while employed by the Company. Confidential Information also includes (but is not limited to) identity, contact
and other information relating to the Company’s clients and customers, prospective clients and customers, strategic business
relationships, business opportunities, products, services, suppliers, personnel, pricing, recruiting strategies, job candidate
information, employee information, sales strategies, technology, methods, processes, research, development (including new products
or services in concept, planning or

 

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development), systems, techniques, finances, accounting, purchasing and
business plans or as further provided in any separate non-disclosure or confidentiality agreement with the Company.

 

5.3        Exclusions. 
Confidential Information does not include information which: (a) is generic; (b) is or becomes part of the public domain
through no act or omission of Employee; (c) was in Employee’s lawful possession prior to the disclosure and was not
obtained by Employee in breach, either directly or indirectly, of any obligation to the Company or any client of the Company’s;
(d) is lawfully disclosed to Employee by a third party without restriction on disclosure; or (e) is independently developed
by Employee using Employee’s own resources, entirely on Employee’s own time, and without the use of any Confidential
Information.

  

5.4        Additional
Confidentiality Agreements.  Employee agrees to execute, or as the case may be, comply with previously executed non-disclosure
and confidentiality agreements as the Company or its clients may request from time to time.

 

6.           Use
of Confidential or Material Non-Public Information; Code of Ethics and Company Policies.

 

6.1        Confidential
or Material, Non-Public Information.  Employee acknowledges that during and following Employee’s employment he or
she is prohibited from using or sharing any Confidential Information for personal gain or advantage (in securities transactions
or otherwise), or for the personal gain or advantage of anyone with whom Employee improperly shares such information.  Specifically
as to material, non-public information of the Company, Employee agrees to comply with the Company’s insider trading policy
in effect at the commencement of employment and as amended from time to time.

 

6.2       Code of Ethics
and Company Policies.  Employee agrees to fully comply with any Code of Ethics (or similar policy) of the Company either
having general applicability to its employees or specifically to Employee and to comply with all other company policies.

 

7.
          Return of Property. Upon any termination of employment
with the Company, Employee agrees to promptly return to the Company: (a) all materials of any kind in Employee’s
possession (or under Employee’s control) incorporating Confidential Information or otherwise relating to the
Company’s business (including but not limited to all such materials and/or information stored on any computer or other
electronic or other storage device owned or used by Employee); and (b) all Company property in
Employee’s possession, including (but not limited to) computers, cellular telephones, pagers, credit cards, keys,
records, files, manuals, books, forms, documents, letters, memoranda, data, tables, photographs, video tapes, audio tapes,
computer disks and other computer storage media, all materials that include trade secrets, and all copies, summaries or notes
of any of the foregoing.

 

8.           Non-solicitation;
Non-interference. Employee agrees that he or she shall not, at any time during the period beginning on the Commencement
Date and for one year following termination of employment engage in any of the following activities:

 

8.1        Directly
or indirectly (except on behalf of the Company), solicit or attempt to solicit, accept business from, divert or attempt to divert,
handle or attempt to handle or service or attempt to service, the account or business of any customer or client which as of the
date of termination or during the two years preceding termination (i) was a customer/client of the Company with which Employee
dealt or (ii) had been directly solicited by the Company with Employee’s knowledge or involvement with a view toward establishing
a customer/client relationship, or assist (either directly or indirectly) any other person engaged in any of the foregoing; or

 

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8.2        Directly
or indirectly recruit, solicit or hire any employee or independent contractor of the Company, or induce or attempt to induce any
such person to terminate his or her employment, or other to limit or cease his or her relationship with the Company, or assist
(either directly or indirectly) any other person engaged in any of the foregoing; or

 

8.3        Directly
or indirectly interfere or attempt to interfere in any way with the Company’s relationship with any of its actual or prospective
customers, clients, sales representatives, strategic business partners or suppliers, including but not limited to inducing or attempting
to induce any customers, clients, sales representatives, strategic business partners, suppliers, key advisors or consultants to
terminate or change the terms of their dealings with the Company, or assist any person engaged in any of the foregoing.

 

Employees represents and warrants that he or she has not engaged in any
of the activities set forth in Sections 8.1-8.3 prior to and including the date of signature of this Agreement.

 

9.           Assignment.
This Agreement sets forth personal obligations of Employee, which may not be transferred, delegated or assigned by Employee. 
The Company may assign this Agreement to any successor or affiliate.

 

10.         Survival.
The rights and obligations set forth in Sections 6-8 and 13-14 shall survive the termination or expiration of this Agreement. 
Such provisions of this Agreement shall survive termination of Employee’s employment regardless of whether Employee resigns
or is involuntarily discharged.

 

11.         Miscellaneous.

 

11.1       Headings;
Construction.  The headings of Sections and paragraphs herein are included solely for convenience of reference and shall
not control the meaning or interpretation of any of the provisions of this Agreement.  This Agreement shall be construed without
regard to any presumption or other rule requiring construction hereof against the party causing this Agreement to be drafted.

 

11.2       Benefit. 
Subject to Section 9, nothing in this Agreement, expressed or implied, is intended to confer on any person other than the
parties hereto, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

 

11.3       Waiver. 
Any delay by either party in asserting a right under this Agreement or any failure by either party to assert a right under this
Agreement will not constitute a waiver by the asserting party of any right hereunder, and the asserting party may subsequently
assert any or all of its rights hereunder as if the delay or failure to assert rights had not occurred.

 

11.4       Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which shall constitute one
and the same instrument.

 

11.5       Severability. 
If the final determination of a court of competent jurisdiction declares, after the expiration of the time within which judicial
review (if permitted) of such determination may be perfected, that any term or provision hereof is invalid or unenforceable, (a) the
remaining terms and provisions hereof shall be unimpaired, and (b) the invalid or unenforceable term or provision shall be
deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of the
invalid or unenforceable term or provision.

 

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12.         Entire Agreement;
Amendment.

 

12.1        Entire
Agreement.  Both Employee and the Company agree that this Agreement and the exhibits, if any, to this Agreement constitute
the entire agreement between them with respect to the subject matter hereof.  There were no inducements or representations
leading to the execution of this Agreement except as stated in this Agreement.  Accordingly, this Agreement (together with
the exhibits to this Agreement) expressly supersedes any and all prior oral and written agreements, representations and promises
between the Parties relating to termination of the Employee’s employment with the Company.

 

12.2        Amendment. 
This Agreement may be amended or modified only with the written consent of both Employee and the Company.  No oral waiver,
amendment or modification will be effective under any circumstances whatsoever.

 

13.        Notices. Any
notice hereunder by either party to the other shall be given in writing by personal delivery (by express courier or otherwise)
or certified U.S. mail, return receipt requested.  If addressed to Employee, the notice shall be delivered or mailed to Employee
at the address most recently communicated in writing by Employee to the Company, or if addressed to the Company, the notice shall
be delivered or mailed to the Company at its executive offices to the attention of the CEO of the Company.  A notice shall
be deemed given, if by personal delivery, on the date of such delivery or, if by certified mail, on the date shown on the applicable
return receipt.

 

14.        Governing Law and
Disputes; Arbitration.

 

14.1        Governing
Law and Disputes.  The Company is headquartered in Minneapolis, Minnesota and the Parties expect that many of Employee’s
contacts with the Company will occur through or in connection with its Minneapolis office.  Therefore, the Parties agree that
this Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of Minnesota, as such
laws are applied to agreements entered into and to be performed entirely within Minnesota between Minnesota residents, without
reference to principles of conflicts or choice of law under which the law of any other jurisdiction would apply.  Except (and
only) as set forth in Section 14.2 below, the undersigned each irrevocably consent to the jurisdiction of the United States
District Court for the District of Minnesota and the courts of the State of Minnesota in any suit, action or proceeding brought
under, based on or related to or in connection with this Agreement, and each of the undersigned agrees that either of the aforesaid
courts will be the exclusive original forum for any such action.

 

14.2        Arbitration. 
Any dispute arising out of this Agreement, shall be discussed between the disputing parties in a good faith effort to arrive at
a mutual settlement of any such controversy.  If, notwithstanding, such dispute cannot be resolved, such dispute shall be
settled by binding arbitration.  Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction
thereof.  The arbitrator shall be a retired state or federal judge or an attorney who has practiced business or employment
law or business or employment litigation for at least 10 years.  If the Parties cannot agree on an arbitrator within 20 days,
any party may request that the chief judge of the District Court for Hennepin County, Minnesota, select an arbitrator.  Arbitration
will be conducted pursuant to the provisions of this Agreement, and the Commercial Arbitration Rules of the American Arbitration
Association, unless such rules are inconsistent with the provisions of this Agreement.  Limited civil discovery shall
be permitted for the production of documents and taking of depositions.  Unresolved discovery disputes may be brought to the
attention of the arbitrator who may dispose of such dispute.  The arbitrator shall have the authority to award any remedy
or relief that a court of this state could order or grant; provided, however, that punitive or exemplary damages shall not be awarded. 
The Company shall pay the fees and expenses of the arbitrator.  Unless otherwise agreed by the Parties, the exclusive location
of any arbitration proceedings shall be Hennepin County, Minnesota.

 

    	5

    	 

    

 

14.3        Incorporation
by Reference. The following exhibit is hereby incorporated by reference and is an integral part of this Agreement:

 

Exhibit A – Amended Change in Control Severance Agreement
dated September 1, 2010. 

 

IN WITNESS WHEREOF, the Parties have executed
this Agreement by their signatures below, to become effective on the Commencement Date noted above:

 

	Insignia Systems, Inc.	 	  	Glen P. Dall
	 	 	 	 	 
	By:	 /s/ Scott Drill	 	By:	/s/ Glen P. Dall
	 	 	 	 	 
	Its:  	Chief Executive Officer	 	Dated:    	5/13/2013
	 	 	 	 	 
	Dated:    	5/14/2013	 	 	 

 

 

 

 

 

 

 

 

    	6

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