Document:

Exhibit
10.11

 

STOCK
OPTION AGREEMENT

 

THIS
STOCK OPTION AGREEMENT is made as of the ___ day of ______, _____(the “Grant Date”) by and between
Propel Media, Inc., a Delaware corporation (the “Company”), and _______________
(“Employee”).

 

WHEREAS,
pursuant to the terms and conditions of the Company’s 2014 Long-Term Incentive Equity Plan (the “Plan”),
[and in accordance with that certain Employment Agreement (“Employment Agreement”), dated as of _______
___, ____, between the Company and the Employee,] the Board of Directors of the Company (the “Board”) authorized
the grant to the Employee of an option (the “Option”) to purchase an aggregate of __________ shares of the
authorized but unissued common stock of the Company, $.0001 par value (“Common Stock”), conditioned upon the
Employee’s acceptance thereof upon the terms and conditions set forth in this Agreement and subject to the terms of the
Plan (capitalized terms used herein and not otherwise defined have the meanings set forth in the Plan); and

 

WHEREAS,
the Employee desires to acquire the Option on the terms and conditions set forth in this Agreement and subject to the terms of
the Plan;

 

IT IS
AGREED:

 

1.            Grant of Stock Option. The Company hereby grants to the Employee the right and option to purchase all or any part of an
aggregate of _______ shares of the Common Stock (the “Option Shares”) on the terms and conditions set forth
herein and subject to the provisions of the Plan.

 

2.            [Non]-Incentive Stock Option. The Option represented hereby is [not] intended to be an Option that
qualifies as an “Incentive Stock Option” under Section 422 of the Internal Revenue Code of 1986, as amended.

 

3.            Exercise Price. The exercise price (the “Exercise Price”) of the Option is $____ per share, subject
to adjustment as hereinafter provided.

 

4.            Exercisability.
Subject to the terms and conditions of the Plan and this Agreement, this Option shall become exercisable as follows: _________.
After a portion of the Option becomes exercisable, it shall remain exercisable except as otherwise provided herein, until the
close of business on the day that is  ____ years from the Grant Date (the “Exercise Period”).

 

    	 

    	 

    

 

5.            Effect of Termination of Employment.

 

5.1.           
Termination Due to Death. If Employee’s employment by the Company terminates by reason of death, the portion of the
Option, if any, that was exercisable as of the date of death may thereafter be exercised by the legal representative of the estate
or by the legatee of the Employee under the will of the Employee, for a period of one year from the date of such death or until
the expiration of the Exercise Period, whichever period is shorter. The portion of the Option, if any, that was not exercisable
as of the date of death shall immediately terminate upon death.

 

5.2.           
Termination Due to Disability. If Employee’s employment by the Company terminates by reason of Disability, the portion
of the Option, if any, that was exercisable as of the date of termination of employment may thereafter be exercised by the Employee
or legal representative for a period of one year from the date of such termination or until the expiration of the Exercise Period,
whichever period is shorter. The portion of the Option, if any, that was not exercisable as of the date of Disability shall immediately
terminate upon disability.

 

5.3.           
Termination Due to Retirement. If Employee’s employment by the Company terminates due to Normal Retirement, then
the portion of the Option that was exercisable as of the date of termination of employment may be exercised for a period of one
year from the date of such termination or until the expiration of the Exercise Period, whichever is shorter. The portion of the
Option not yet exercisable on the date of termination of employment shall immediately expire.

 

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5.4.           Termination by the Company Without Cause [or by the Employee for Good Reason]. If Employee’s employment
is terminated by the Company without “Cause” [(as defined in the Employment Agreement) or by the Employee for “Good
Reason” (as defined in the Employment Agreement)], then [the Option shall become exercisable as to all the Option
Shares as of the date of termination, and the Option shall remain exercisable until the expiration of the Exercise Period.]/[the
portion of the Option that was exercisable as of the date of termination of employment may be exercised for a period of three
months from the date of such termination or until the expiration of the Exercise Period, whichever is shorter. The portion of
the Option not yet exercisable on the date of termination of employment shall immediately expire.]

 

5.4.1.     
[As used herein, “Cause” shall mean: (a) the refusal or failure by Employee to carry out specific directions
of the Employee’s supervisor which are of a material nature and consistent with Employee’s position at the Company;
(b) the commission by Employee of a material breach of any of the provisions of any agreement with the Company or of any written
policies or procedures of the Company; (c) fraud or dishonest action by Employee in Employee’s relations with the Company
or any of its subsidiaries or affiliates (“dishonest” for these purposes shall mean Employees knowingly or recklessly
making a material misstatement or omission for his personal benefit); or (d) the conviction of Employee of a felony under federal
or state law. Notwithstanding the foregoing, no “Cause” shall be deemed to exist with respect to Employee’s
acts described in clauses (a) or (b) above, unless the Company shall have given written notice to Employee within a period not
to exceed ten (10) calendar days of the initial existence of the occurrence, specifying the “Cause” with reasonable
particularity and, within thirty (30) calendar days after such notice, Employee shall not have cured or eliminated the problem
or thing giving rise to such “Cause”; provided, however, no more than two cure periods need be provided during any
twelve-month period.]

 

5.5.           
Other Termination.

 

5.5.1.     
If Employee’s employment is terminated for any reason other than (i) death, (ii) Disability, (iii) Normal Retirement, or
(iv) without Cause by the Company [or for Good Reason by the Employee], the Option shall expire on the date of termination
of employment.

 

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5.5.2.     
In the event the Employee’s employment is terminated by the Company for Cause, the Board, in its sole discretion, may annul
any award granted hereunder and require the Employee to return to the Company the economic benefit of any Option Shares purchased
hereunder by the Employee within the 6 month period prior to the date of termination. In such event, the Employee hereby agrees
to remit to the Company, in cash, an amount equal to the difference between the Fair Market Value of the Option Shares on the
date of termination (or the sales price of such Shares if the Option Shares were sold during such 6 month period) and the Exercise
Price of such Shares.

 

5.6.           
Competing With the Company. If Employee’s employment with the Company or a Subsidiary is terminated for any reason
whatsoever and [Employee violates any of the provisions of Section __ of the Employment Agreement]/[within 12 months after
the date thereof such Employee either (i) accepts employment with any competitor of, or otherwise engages in competition with,
the Company or any of its Subsidiaries, (ii) solicits any customers or employees of the Company or any of its Subsidiaries to
do business with or render services to the Holder or any business with which the Employee becomes affiliated or to which the Employee
renders services or (iii) uses or discloses to anyone outside the Company any confidential information or material of the Company
or any of its Subsidiaries in violation of the Company’s policies or any agreement between the Employee and the Company
or any of its Subsidiaries], the Board, in its sole discretion, may require the Employee to return to the Company the economic
value of any award that was realized or obtained by such Employee at any time during the period beginning on the date that is
6 months prior to the date such Employee’s employment is terminated; provided, however, that if Employee is a resident of
the State of California, such right must be exercised by the Company for cash within six months after the date of termination
of Employee’s service to the Company or within six months after exercise of the Option, whichever is later. In such event,
Employee agrees to remit the economic value to the Company in accordance with Section 5.5.2.

 

6.            Withholding
Tax. Not later than the date as of which an amount first becomes includible in the gross income of the Employee for Federal
income tax purposes with respect to the Option, the Employee shall pay to the Company, or make arrangements satisfactory to the
Board regarding the payment of, any Federal, state and local taxes of any kind required by law to be withheld or paid with respect
to such amount (“Withholding Tax”). The obligations of the Company under the Plan and pursuant to this Agreement
shall be conditional upon such payment or arrangements with the Company and the Company shall, to the extent permitted by law,
have the right to deduct any Withholding Taxes from any payment of any kind otherwise due to the Employee from the Company.

 

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7.            Adjustments.
In the event of any change in the shares of Common Stock of the Company as a whole occurring as the result of a common stock split,
or reverse split, common stock dividend payable on shares of Common Stock, combination or exchange of shares, or other extraordinary
or unusual event occurring after the grant of the Option, the Board shall determine, in its sole discretion, whether such change
equitably requires an adjustment in the terms of this Option or the aggregate number of shares reserved for issuance under the
Plan. Any such adjustments will be made by the Board, whose determination will be final, binding and conclusive.

 

8.            Method of Exercise.

 

8.1.           
Notice to the Company. The Option shall be exercised in whole or in part by written notice in substantially the form attached
hereto as Exhibit A directed to the Company at its principal place of business accompanied by full payment as hereinafter
provided of the exercise price for the number of Option Shares specified in the notice and of the Withholding Taxes, if any.

 

8.2.           
Delivery of Option Shares. The Company shall deliver a certificate for the Option Shares to the Employee as soon as practicable
after payment therefor.

 

8.3.           
Payment of Purchase Price.

 

8.3.1.     
Cash Payment. The Employee shall make cash payments by wire transfer, certified or bank check or personal check, in each
case payable to the order of the Company; the Company shall not be required to deliver certificates for Option Shares until the
Company has confirmed the receipt of good and available funds in payment of the purchase price thereof.

 

8.3.2.     
Cashless Payment. Provided that prior approval of the Company has been obtained, the Employee may use Common Stock of the
Company owned by him to pay the purchase price for the Option Shares by delivery of stock certificates in negotiable form which
are effective to transfer good and valid title thereto to the Company, free of any liens or encumbrances. Shares of Common Stock
used for this purpose shall be valued at the Fair Market Value.

 

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8.3.3.     
Payment of Withholding Tax. Any required Withholding Tax may be paid in cash or with Common Stock in accordance with Sections
8.3.1 and 8.3.2.

 

8.3.4.     
Exchange Act Compliance. Notwithstanding the foregoing, the Company shall have the right to reject payment in the form
of Common Stock if in the opinion of counsel for the Company, (i) it could result in an event of “recapture” under
Section 16(b) of the Securities Exchange Act of 1934; (ii) such shares of Common Stock may not be sold or transferred to the Company;
or (iii) such transfer could create legal difficulties for the Company.

 

9.            Transfer. [Except as may be set forth in the next sentence of this Section, the]/[The] Option shall not be transferable
by the Employee other than by will or by the laws of descent and distribution, and the Option shall be exercisable, during the
Employee’s lifetime, only by the Employee (or, to the extent of legal incapacity or incompetency, the Employee’s guardian
or legal representative). [Notwithstanding the foregoing, the Employee, with the approval of the Board, may transfer all or
a portion of the Option (i) (A) by gift, for no consideration, or (B) pursuant to a domestic relations order, in either case,
to or for the benefit of the Employee’s “Immediate Family” (as defined below), or (ii) to an entity in which
the Employee and/or members of Employee’s Immediate Family own more than fifty percent of the voting interest, in exchange
for an interest in that entity, subject to such limits as the Board may establish, and the transferee shall remain subject to
all the terms and conditions applicable to the Option prior to such transfer. The term “Immediate Family” shall mean
any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships, any person sharing
the Employee’s household (other than a tenant or employee), a trust in which these persons have more than fifty percent
beneficial interest, and a foundation in which these persons (or the Employee) control the management of the assets.]/[Notwithstanding
the foregoing, the Board may, in its sole discretion, permit transfer of the Option in a manner consistent with applicable tax
and securities law upon Employee’s request.]

 

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10.          Company Representations. The Company hereby represents and warrants to the Employee that:

 

10.1.       
the Company, by appropriate and all required action, is duly authorized to enter into this Agreement and consummate all of the
transactions contemplated hereunder; and

 

10.2.       
the Option Shares, when issued and delivered by the Company to the Employee in accordance with the terms and conditions hereof,
will be duly and validly issued and fully paid and non-assessable.

 

11.          Employee
Representations. The Employee hereby represents and warrants to the Company that:

 

11.1.       
he is acquiring the Option and shall acquire the Option Shares for his own account and not with a view towards the distribution
thereof;

 

11.2.       
he has received a copy of the Plan as in effect as of the date of this Agreement;

 

11.3.       
he has received a copy of all reports and documents required to be filed by the Company with the Securities and Exchange Commission
pursuant to the Exchange Act, within the last 24 months and all reports issued by the Company to its stockholders;

 

11.4.       
he understands that he is subject to the Company’s Insider Trading Policy and has received a copy of such policy as of the
date of this Agreement;

 

11.5.       
he understands that he must bear the economic risk of the investment in the Option Shares, which cannot be sold by him unless
they are registered under the Securities Act of 1933 (“1933 Act”) or an exemption therefrom is available thereunder
and that the Company is under no obligation to register the Option Shares for sale under the 1933 Act;

 

11.6.       
in his position with the Company, he has had both the opportunity to ask questions and receive answers from the officers and directors
of the Company and all persons acting on its behalf concerning the terms and conditions of the offer made hereunder and to obtain
any additional information to the extent the Company possesses or may possess such information or can acquire it without unreasonable
effort or expense necessary to verify the accuracy of the information obtained pursuant to Section 11.3 above;

 

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11.7.       
he is aware that the Company shall place stop transfer orders with its transfer agent against the transfer of the Option Shares
in the absence of registration under the 1933 Act or an exemption therefrom as provided herein; and

 

11.8.       
if, at the time of issuance of the Option Shares, the issuance of such shares have not been registered under the 1933 Act, the
certificates evidencing the Option Shares shall bear the following legends:

 

“The
shares represented by this certificate have been acquired for investment and have not been registered under the Securities Act
of 1933. The shares may not be sold or transferred in the absence of such registration or an exemption therefrom under said Act.”

 

“The
shares represented by this certificate have been acquired pursuant to a Stock Option Agreement dated as of March 6, 2015, a copy
of which is on file with the Company, and may not be transferred, pledged or disposed of except in accordance with the terms and
conditions thereof."

 

12.          Restriction on Transfer of Option Shares. Anything in this Agreement to the contrary notwithstanding, the Employee hereby
agrees that he shall not sell, transfer by any means or otherwise dispose of the Option Shares acquired by him unless (i) the
Option Shares are registered under the 1933 Act, or in the event that they are not so registered, an exemption from the 1933 Act
registration requirements is available thereunder and the Employee has furnished the Company with notice of such proposed transfer
and the Company’s legal counsel, in its reasonable opinion, shall deem such proposed transfer to be so exempt, and (ii)
such transfer is in compliance with the Company’s Insider Trading Policy, as in effect at such time.

 

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13.          Miscellaneous.

 

13.1.       
Notices. All notices, requests, deliveries, payments, demands and other communications which are required or permitted
to be given under this Agreement shall be in writing and shall be either delivered personally or sent by registered or certified
mail, or by private courier to the parties at their respective addresses set forth herein, or to such other address as either
party shall have specified by notice in writing to the other. Notice shall be deemed duly given hereunder when delivered or mailed
as provided herein.

 

13.2.       
Conflicts with the Plan. In the event of a conflict between the provisions of the Plan and the provisions of this Agreement,
the provisions of the Plan shall in all respects be controlling.

 

13.3.       
Employee and Stockholder Rights. The Employee shall not have any of the rights of a stockholder with respect to the Option
Shares until such shares have been issued after the due exercise of the Option. Nothing contained in this Agreement shall be deemed
to confer upon Employee any right to continued employment with the Company or any subsidiary thereof, nor shall it interfere in
any way with the right of the Company to terminate Employee in accordance with the provisions regarding such termination set forth
in the Employment Agreement.

 

13.4.       
Waiver. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed
as a waiver of any other or subsequent breach.

 

13.5.       
Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter
hereof. This Agreement may not be amended except by writing executed by the Employee and the Company.

 

13.6.       
Binding Effect; Successors. This Agreement shall inure to the benefit of and be binding upon the parties hereto and, to
the extent not prohibited herein, their respective heirs, successors, assigns and representatives. Nothing in this Agreement,
expressed or implied, is intended to confer on any person other than the parties hereto and as provided above, their respective
heirs, successors, assigns and representatives any rights, remedies, obligations or liabilities.

 

13.7.       
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware (without
regard to choice of law provisions).

 

13.8.       
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way
limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement.

 

[Signature
Page Follows]

 

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IN WITNESS
WHEREOF, the parties hereto have signed this Agreement as of the day and year first above:

 

	 	PROPEL
    MEDIA, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	EMPLOYEE:
	 	 
	 	 

 

    	 

    	 

    

  

EXHIBIT
A

 

FORM
OF NOTICE OF EXERCISE OF OPTION

 

 

                                            

                DATE

 

PROPEL
MEDIA, INC.

525 Washington
Blvd, Suite 2620

Jersey
City, New Jersey 07310

Attention:
General Counsel

 

Re:      Purchase
of Option Shares

 

Gentlemen:

 

In accordance
with my Stock Option Agreement, dated as of _____________, with Propel Media, Inc. (“Company”), under the Company’s
2014 Long-Term Incentive Equity Plan, I hereby irrevocably elect to exercise the right to purchase _____________ shares of the
Company’s common stock, par value $.0001 per share (“Common Stock”), which are being purchased for investment
and not for resale.

 

As payment
for my shares, enclosed is (check and complete applicable boxes):

 

	 	☐	a ☐
    personal     check or ☐ certified check or ☐ bank check payable to the order of “Propel Media, Inc.”
    in the sum     of $_____________;

 

	 	☐	confirmation of
    wire transfer in the amount of $_____________; and/or

 

	 	☐	with the consent
    of the Company, a certificate for _____________ shares of the Company’s Common Stock, free and clear of any encumbrances,
    duly endorsed, having a Fair Market Value (as such term is defined in the 2014 Long-Term Incentive Equity Plan) of $_____________.

 

I hereby
represent and warrant to, and agree with, the Company that:

 

	 	(i)	I am acquiring
    the Option Shares for my own account, for investment, and not with a view towards the distribution thereof;

 

	 	(ii)	I have received
    a copy of the Plan and all reports and documents required to be filed by the Company with the Commission pursuant to the Exchange
    Act within the last 24 months and all reports issued by the Company to its stockholders;

 

	 	(iii)	I understand that
    I must bear the economic risk of the investment in the Option Shares, which cannot be sold by me unless they are registered
    under the Securities Act of 1933 (“1933 Act”) or an exemption therefrom is available thereunder and that the Company
    is under no obligation to register the Option Shares for sale under the 1933 Act;

 

    	A-1

    	 

    

 

	 	(iv)	I agree that I
    will not sell, transfer by any means or otherwise dispose of the Option Shares acquired by me hereby except in accordance
    with Company’s policy, if any, regarding the sale and disposition of securities owned by employees and/or directors
    of the Company;

 

	 	(v)	in my position
    with the Company, I have had both the opportunity to ask questions and receive answers from the officers and directors of
    the Company and all persons acting on its behalf concerning the terms and conditions of the offer made hereunder and to obtain
    any additional information to the extent the Company possesses or may possess such information or can acquire it without unreasonable
    effort or expense necessary to verify the accuracy of the information obtained pursuant to clause (ii) above;

 

	 	(vi)	my rights with
    respect to the Option Shares shall, in all respects, be subject to the terms and conditions of the Company’s 2014 Long-Term
    Incentive Equity Plan and the Agreement.

 

	 	(vii)	I am aware that
    the Company shall place stop transfer orders with its transfer agent against the transfer of the Option Shares in the absence
    of registration under the 1933 Act or an exemption therefrom as provided herein; and

 

	 	(viii)	if, at the time
    of issuance of the Option Shares, the issuance of such shares have not been registered under the 1933 Act, the certificates
    evidencing the Option Shares shall bear the following legends:

 

“The
shares represented by this certificate have been acquired for investment and have not been registered under the Securities Act
of 1933. The shares may not be sold or transferred in the absence of such registration or an exemption therefrom under said Act.”

 

“The
shares represented by this certificate have been acquired pursuant to a Stock Option Agreement dated as of March 6, 2015, a copy
of which is on file with the Company, and may not be transferred, pledged or disposed of except in accordance with the terms and
conditions thereof."

 

	 	(ix)	I am aware and
    understand that I may be subject to an Insider Trading Policy.

 

    	A-2

    	 

    

 

Kindly
forward to me my certificate at your earliest convenience.

 

Very truly
yours,

 

	 	 	 
	(Signature)	 	(Address)
	 	 	 
	 	 	 
	(Print
    Name)	 	(Address)
	 	 	 
	 	 	 
	(Social
    Security Number)	 	 

 

 

 A-3Exhibit
10.18

 

EMPLOYMENT
AGREEMENT

 

AGREEMENT
dated as of March 6, 2015 between JARED POBRE, residing at the address on file with the Company (as defined below) (“Executive”),
and PROPEL MEDIA, INC., a Delaware corporation having its principal office at 525 Washington Blvd, Suite 2620, Jersey City, NJ
07310 (“Company”);

 

WHEREAS,
Executive is currently employed as Chief Executive Officer of Future Ads, LLC (“Future Ads”);

 

WHEREAS,
the Company has entered into a Unit Exchange Agreement (the “Exchange Agreement”), dated as of October 10, 2014, by
and among the Company, Kitara Media Corp. (“Kitara Media”), Future Ads and the members of Future Ads;

 

WHEREAS,
the Company desires to enter into a new employment agreement with Executive in connection with the consummation of the transactions
contemplated by the Exchange Agreement (the “Commencement Date”); and

 

WHEREAS,
Executive is willing to enter into such employment agreement on the terms, conditions and provisions hereinafter set forth.

 

NOW,
THEREFORE, in consideration of the mutual promises, terms, covenants and conditions set forth herein and the performance of each,
the parties hereby agree as follows:

 

IT
IS AGREED:

 

1.             Employment,
Duties and Acceptance.

 

1.1           
General. During the Term (as defined in Section 2), the Company shall employ Executive in the position of Executive Chairman
of the Company and such other positions as shall be given to Executive by the Board of Directors of the Company (the “Board”).
All of Executive’s powers and authority in any capacity shall at all times be subject to the direction and control of the
Board. The Board may assign to Executive such management and supervisory responsibilities and executive duties for the Company
or any subsidiary of the Company, including serving as an executive officer and/or director of any subsidiary, as are consistent
with Executive’s status as Executive Chairman. The Company and Executive acknowledge that Executive’s primary functions
and duties as Executive Chairman shall be similar to those customarily performed by comparable officers of similar companies.

 

    	 

    	 

    

 

1.2           
Full-Time Position. Executive accepts such employment and agrees to devote substantially all of his business time, energies
and attention to the performance of his duties hereunder, except as otherwise approved by the Board. Nothing herein shall be construed
as preventing Executive from making and supervising personal investments or participating in the activities of not-for-profit
organizations, provided they will not interfere with the performance of Executive’s duties hereunder or violate the provisions
of Section 5.4 hereof.

 

1.3           
Location. Executive shall perform his duties hereunder at Future Ads’ offices located in Irvine, CA, except as approved
by the Board. Executive shall undertake such occasional travel, within or outside the United States, as is reasonably necessary
in the interests of the Company.

 

2.             Term.
The term of Executive’s employment hereunder shall commence on the Commencement Date and shall continue for three years
(“Term”) unless terminated earlier as hereinafter provided in this Agreement, or unless extended by mutual written
agreement of the Company and Executive. Unless the Company and Executive have otherwise agreed in writing, if Executive continues
to work for the Company after the expiration of the Term, his employment thereafter shall be under the same terms and conditions
provided for in this Agreement, except that his employment will be on an “at will” basis and the provisions of Sections
4.4, 4.5 and 4.6(c) shall no longer be in effect. Six months prior to the expiration of the Term, the Company and Executive shall
commence good faith negotiations for a written extension of this Agreement.

 

3.             Compensation
and Benefits.

 

3.1           
Salary. The Company shall pay to Executive a salary (“Base Salary”) at the annual rate of $250,000. Executive’s
compensation shall be paid in equal, periodic installments in accordance with the Company’s normal payroll procedures.

 

3.2           
 Performance Bonus.  Executive will be eligible to earn an annual bonus for each year employed by the Company
based upon Executive and the Company meeting certain performance objectives to be defined over a reasonable time frame.  The
bonus will be targeted to provide for a bonus equal to a certain percentage of Base Salary annually if the performance objectives
are met.  The bonus will be distributed upon the sooner of: (1) ninety (90) days following the end of the Company's
fiscal year end; and (2) after the filing by the Company of its Annual Report on Form 10-K.

 

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3.3           
Benefits. Executive shall be entitled to such medical, life, disability and other benefits as are generally afforded to
other executives of the Company, subject to applicable waiting periods and other conditions.

 

3.4           
Vacation; Personal Days. Executive shall be entitled to 20 paid vacation days in each year during the Term. Executive shall
be entitled to a reasonable number of other days off for religious and personal reasons, which shall not accrue or be paid off
in the event Executive’s employment is terminated.

 

3.5           
Expenses. The Company shall pay or reimburse Executive for all transportation, hotel and other expenses reasonably incurred
by Executive on business trips and for all other ordinary and reasonable out-of-pocket expenses actually incurred by him in the
conduct of the business of the Company against itemized vouchers submitted with respect to any such expenses and approved in accordance
with customary procedures.

 

4.             Termination.

 

4.1           
Death. If Executive dies during the Term, Executive’s employment hereunder shall terminate and the Company shall
pay to Executive’s estate the amount set forth in Section 4.6(a).

 

4.2           
Disability. The Company, by written notice to Executive, may terminate Executive’s employment hereunder if Executive
shall fail because of illness or incapacity to render services of the character contemplated by this Agreement for six (6) consecutive
months. Upon such termination, the Company shall pay to Executive the amount set forth in Section 4.6(a).

 

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4.3           
By Company for “Cause”. The Company, by written notice to Executive, may terminate Executive’s employment
hereunder for “Cause”. As used herein, “Cause” shall mean: (a) the refusal or failure by Executive to
carry out specific directions of the Board which are of a material nature and consistent with his status as Executive Chairman
(or whichever positions Executive holds at such time), or the refusal or failure by Executive to perform a material part of Executive’s
duties hereunder; (b) the commission by Executive of a material breach of any of the provisions of this Agreement; (c) fraud or
dishonest action by Executive in his relations with the Company or any of its subsidiaries or affiliates (“dishonest”
for these purposes shall mean Executive’s knowingly or recklessly making a material misstatement or omission for his personal
benefit); or (d) the conviction of Executive of a felony under federal or state law. Notwithstanding the foregoing, no “Cause”
for termination shall be deemed to exist with respect to Executive’s acts described in clauses (a) or (b) above, unless
the Company shall have given written notice to Executive within a period not to exceed ten (10) calendar days of the initial existence
of the occurrence, specifying the “Cause” with reasonable particularity and, within thirty (30) calendar days after
such notice, Executive shall not have cured or eliminated the problem or thing giving rise to such “Cause;” provided,
however, no more than two cure periods need be provided during any twelve-month period. Upon such termination, the Company shall
pay to Executive the amount set forth in Section 4.6(b).

 

4.4           
By Executive for “Good Reason”. The Executive, by written notice to the Company, may terminate Executive’s
employment hereunder if a “Good Reason” exists. For purposes of this Agreement, “Good Reason” shall mean
the occurrence of any of the following circumstances without the Executive’s prior written consent: (a) a substantial and
material adverse change in the nature of Executive’s title, duties and/or responsibilities with the Company that represents
a demotion from his title, duties or responsibilities as in effect immediately prior to such change (such change, a “Demotion”)
or the assignment to Executive of any duties materially inconsistent with Executive’s position, authority, duties and/or
responsibilities as contemplated by Section 1.1 hereof; (b) material breach of this Agreement by the Company; (c) a failure by
the Company to make any payment to Executive when due, unless the payment is not material and is being contested by the Company,
in good faith; or (d) a liquidation, bankruptcy or receivership of the Company. Notwithstanding the foregoing, no “Good
Reason” shall be deemed to exist with respect to the Company’s acts described in clauses (a), (b) or (c) above, unless
Executive shall have given written notice to the Company within a period not to exceed ten (10) calendar days of the Executive’s
knowledge of the initial existence of the occurrence, specifying the “Good Reason” with reasonable particularity and,
within thirty (30) calendar days after such notice, the Company shall not have cured or eliminated the problem or thing giving
rise to such “Good Reason”; provided, however, that no more than two cure periods shall be provided during any twelve-month
period of a breach of clauses (a), (b) or (c) above. Upon such termination, the Company shall pay to Executive the amount set
forth in Section 4.6(c).

 

    	4

    	 

    

 

4.5           
By Company Without “Cause”. The Company may terminate Executive’s employment hereunder without “Cause”
by giving at least thirty (30) days written notice to Executive. Upon such termination, the Company shall pay to Executive the
amount set forth in Section 4.6(c).

 

4.6           
Compensation Upon Termination. In the event that Executive’s employment hereunder is terminated, the Company shall
pay to Executive the following compensation:

 

(a)         
Payment Upon Death or Disability. In the event that Executive’s employment is terminated pursuant to Sections 4.1
or 4.2, the Company shall no longer be under any obligation to Executive or his legal representatives pursuant to this Agreement
except for: (i) the Base Salary due Executive pursuant to Section 3.1 hereof through the date of termination; (ii) all valid expense
reimbursements; and (iii) all accrued but unused vacation pay.

 

(b)         
Payment Upon Termination by the Company For “Cause”. In the event that the Company terminates Executive’s
employment hereunder pursuant to Section 4.3, the Company shall have no further obligations to the Executive hereunder, except
for: (i) the Base Salary due Executive pursuant to Section 3.1 hereof through the date of termination; (ii) all valid expense
reimbursements; and (iii) all unused vacation pay through the date of termination required by law to be paid.

 

(c)         
Payment Upon Termination by Company Without Cause or by Executive for Good Reason. In the event that Executive’s
employment is terminated pursuant to Sections 4.4 or 4.5, the Company shall have no further obligations to Executive hereunder
except for: (i) an aggregate amount equal to 100% of the Base Salary of Executive pursuant to Section 3.1 hereof, payable over
the course of 12 months in accordance with Section 3.1, subject to the Executive executing a general release in the form attached
hereto as Exhibit A; (ii) all valid expense reimbursements; (iii) all accrued but unused vacation pay; and (iv) all equity awards,
if any, shall fully vest and be exercisable at any time by Executive for a period of one year following termination.

 

    	5

    	 

    

 

(d)         
Executive shall have no duty to mitigate awards paid or payable to him pursuant to this Agreement, and any compensation paid or
payable to Executive from sources other than the Company will not offset or terminate the Company’s obligation to pay to
Executive the full amounts pursuant to this Agreement.

 

5.             Protection
of Confidential Information; Non-Competition.

 

5.1           
Acknowledgment. Executive acknowledges that:

 

(a)         
As a result of his employment with the Company, Executive has obtained and will obtain secret and confidential information concerning
the business of the Company and its subsidiaries (referred to collectively in this Section 5 as the “Company”), including,
without limitation, financial information, proprietary rights, trade secrets and “know-how,” customers and sources
(“Confidential Information”).

 

(b)         
The Company will suffer substantial damage which will be difficult to compute if, during the period of his employment with the
Company or thereafter, Executive should enter a business competitive with the Company or divulge Confidential Information.

 

(c)         
The provisions of this Agreement are reasonable and necessary for the protection of the business of the Company.

 

5.2           
Confidentiality. Executive agrees that he will not at any time, during the Term or thereafter, divulge to any person or
entity any Confidential Information obtained or learned by him as a result of his employment with the Company, except (i) in the
course of performing his duties hereunder, (ii) with the Company’s prior written consent; (iii) to the extent that any such
information is in the public domain other than as a result of Executive’s breach of any of his obligations hereunder; or
(iv) where required to be disclosed by court order, subpoena or other government process. If Executive shall be required to make
disclosure pursuant to the provisions of clause (iv) of the preceding sentence, Executive promptly, but in no event more than
48 hours after learning of such subpoena, court order, or other government process, shall notify, confirmed by mail, the Company
and, at the Company’s expense, Executive shall: (a) take all reasonably necessary and lawful steps required by the Company
to defend against the enforcement of such subpoena, court order or other government process, and (b) permit the Company to intervene
and participate with counsel of its choice in any proceeding relating to the enforcement thereof.

 

    	6

    	 

    

 

5.3           
Documents. Upon termination of his employment with the Company, Executive will promptly deliver to the Company all memoranda,
notes, records, reports, manuals, drawings, blueprints and other documents (and all copies thereof) relating to the business of
the Company and all property associated therewith, which he may then possess or have under his control; provided, however, that
Executive shall be entitled to retain copies of such documents reasonably necessary to document his financial relationship with
the Company.

 

5.4           
Non-Competition. For and in consideration of the transactions contemplated by the Exchange Agreement and the consideration
the Executive will receive as a result thereby, Executive hereby agrees as follows:

 

(a)         
Executive shall not during the period of his employment by or with the Company and for the Applicable Period (defined below),
for himself or on behalf of, or in conjunction with, any other person, persons, company, partnership, limited liability company,
corporation or business of whatever nature:

 

(i)         
engage, as an officer, director, manager, member, shareholder, owner, partner, joint venturer, trustee, or in a managerial capacity,
whether as an employee, independent contractor, agent, consultant or advisor, or as a sales representative, in an entity that
designs, researches, develops, markets, sells or licenses products or services that are substantially similar to or competitive
with the business of the Company that is located within 75 miles of any market in which Company currently operates or has plans
to do business in at the time of termination;

 

(ii)        
call upon any person who is at that time, or within the preceding twelve (12) months has been, an employee of the Company, for
the purpose, or with the intent, of enticing such employee away from, or out of, the employ of the Company or for the purpose
of hiring such person for Executive or any other person or entity, unless any such person was terminated by the Company more than
six (6) months prior thereto;

 

    	7

    	 

    

 

(iii)       
call upon any person who, or entity that is then or that has been within one year prior to that time, a customer of the Company,
for the purpose of soliciting or selling products or services in competition with the Company; or

 

(iv)       
call upon any prospective acquisition or investment candidate, on the Executive’s own behalf or on behalf of any other person
or entity, which candidate was known by Executive to have, within the previous twelve (12) months, been called upon by the Company
or for which the Company made an acquisition or investment analysis or contemplated a joint marketing or joint venture arrangement
with, for the purpose of acquiring or investing or enticing such entity into a joint marketing or joint venture arrangement.

 

Nothing
herein shall prohibit the Executive from purchasing or owning securities representing less than 50% of the voting interests of
any corporation, limited liability company, partnership or other business entity, provided that (i) the Executive is not a controlling
person of, or a member of a group that controls, such entity and (ii) such entity does not engage in a business that competes
directly with the business of the Company.

 

For
purposes of this Section 5:

 

	 	●	the term
    “Company” shall be deemed to include the Company, Kitara Media, Future Ads and any of its respective subsidiaries;
    and

 

	 	●	the term
    “Applicable Period” shall mean two years from the consummation of the Exchange Agreement.

 

5.5           
Injunctive Relief. If Executive commits a breach, or threatens to commit a breach, of any of the provisions of Section
5.2 or 5.4, the Company shall have the right and remedy to seek to have the provisions of this Agreement specifically enforced
by any court having equity jurisdiction, it being acknowledged and agreed by Executive that the services being rendered hereunder
to the Company are of a special, unique and extraordinary character and that any such breach or threatened breach will cause irreparable
injury to the Company and that money damages will not provide an adequate remedy to the Company. The rights and remedies enumerated
in this Section 5.5 shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under
law or equity. In connection with any legal action or proceeding arising out of or relating to this Agreement, the prevailing
party in such action or proceeding shall be entitled to be reimbursed by the other party for the reasonable attorneys’ fees
and costs incurred by the prevailing party.

 

    	8

    	 

    

 

5.6           
Modification. If any provision of Section 5.2 or 5.4 is held to be unenforceable because of the scope, duration or area
of its applicability, the tribunal making such determination shall have the power to modify such scope, duration, or area, or
all of them, and such provision or provisions shall then be applicable in such modified form.

 

6.             Miscellaneous
Provisions.

 

6.1           
Survival. The provisions of Sections 4.6, 5 and 6 shall survive the termination of this Agreement for any reason.

 

6.2           
Notices. All notices provided for in this Agreement shall be in writing, and shall be deemed to have been duly given when
(i) delivered personally to the party to receive the same, or (ii) when mailed first class postage prepaid, by certified mail,
return receipt requested, addressed to the party to receive the same at his or its address set forth below, or such other address
as the party to receive the same shall have specified by written notice given in the manner provided for in this Section 6.1.
All notices shall be deemed to have been given as of the date of personal delivery or mailing thereof.

 

		If to
Executive:	Jared
Pobre

at
the address on file with the Company

 

with
a copy to:

 

Richard
Watts

1602
East Fourth Street

Santa
Ana, California 92701-5118

 

		If to
the Company:	Propel
Media, Inc.

2010
Main St., Suite #900

Irvine,
California 92614

Attention:
General Counsel

 

		With a
copy in either case to:	Graubard
Miller

405
Lexington Avenue

New
York, NY 10174

Attn:
David Alan Miller; Jeffrey M. Gallant

 

    	9

    	 

    

 

6.3           
Entire Agreement; Waiver. This Agreement sets forth the entire agreement of the parties relating to the employment of Executive
and is intended to supersede all prior negotiations, understandings and agreements between Executive and the Company or any of
its subsidiaries. No provisions of this Agreement may be waived or changed except by a writing by the party against whom such
waiver or change is sought to be enforced. The failure of any party to require performance of any provision hereof or thereof
shall in no manner affect the right at a later time to enforce such provision.

 

6.4           
Governing Law. All questions with respect to the construction of this Agreement, and the rights and obligations of the
parties hereunder, shall be determined in accordance with the law of the State of California applicable to agreements made and
to be performed entirely in California. Any action or proceeding by either of the parties to enforce this Agreement shall be brought
only in a state or federal court located in Orange County in the state of California. The parties hereby irrevocably submit to
the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or
proceeding in such venue.

 

6.5           
Binding Effect; Nonassignability. This Agreement shall inure to the benefit of and be binding upon the successors and assigns
of the Company. This Agreement shall not be assignable by Executive, but shall inure to the benefit of and be binding upon Executive’s
heirs and legal representatives.

 

6.6           
Severability. Should any provision of this Agreement become legally unenforceable, no other provision of this Agreement
shall be affected, and this Agreement shall continue as if the Agreement had been executed absent the unenforceable provision.

 

6.7           
Section 409A. This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code (“Section
409A”). To the extent that any payments and/or benefits provided hereunder are not considered compliant with Section 409A,
the parties agree that the Company shall take all actions necessary to make such payments and/or benefits become compliant.

 

    	10

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

 

	 	PROPEL MEDIA, INC.
	 	 
	 	/s/ Robert Regular
	 	By: Robert Regular, Chief Executive Officer
	 	
	 	/s/ Jared Pobre
	 	Jared Pobre

 

    	11

    	 

    

 

Exhibit
A

 

SETTLEMENT
AND GENERAL RELEASE agreement

 

THIS
SETTLEMENT AND GENERAL RELEASE AGREEMENT (this “Agreement”), is entered into on ____, 20__, between PROPEL MEDIA,
INC. (the “Company”) and JARED POBRE (the “Executive”).

 

1.           Severance.
In consideration for the agreements and releases by Executive set forth below, Company agrees that the Company shall pay Executive
the amounts required by Section 4.6(c) (“Severance Payments”) of the Employment Agreement by and between Company and
Executive dated January [__], 2015 (“Employment Agreement”). Executive acknowledges and agrees that, but for the execution
of this Agreement, Executive would not be entitled to the Severance Payments described above.

 

2.           Releases.
The Company, on behalf of itself and its current and former parents, subsidiaries and affiliates, and their respective officers,
directors, stockholders, partners, members, subagents, attorneys, representatives, insurers, trustees, successors, predecessors,
and assigns (collectively, the “Company Related Parties”), hereby releases and discharges Executive from any and all
obligations, debts, liabilities, demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises,
sums of money owed, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off,
demands and liabilities of every kind and nature and description whatsoever, which the releasing party ever had, now has or may
thereafter acquire, solely arising out of or based Executive’s employment with the Company (specifically excluding, however,
any claims for breach of any representation, warranty, obligation or covenant by the Executive contained in this Agreement).

 

Executive,
on behalf of himself and his heirs and personal representatives (collectively, the “Executive Related Parties” and
together with the Company Related Parties, the “Related Parties”), hereby releases and discharges the Company and
the Company Related Parties, from any and all obligations, debts, liabilities, demands, actions, causes of action, suits, covenants,
contracts, controversies, agreements, promises, sums of money owed, accounts, bills, reckonings, damages and any and all other
claims, counterclaims, defenses, rights of set-off, demands and liabilities of every kind and nature and description whatsoever,
which Executive ever had, now has or may thereafter acquire, solely arising out of or based upon Executive’s employment
with the Company (specifically excluding, however, any claims for breach of any representation, warranty, obligation or covenant
by the Company contained in this Agreement).

 

3.
          Agreement on Disclosure. Each of the parties agrees that in respect of matters relating to Executive’s employment
with the Company, that none of them will make disparaging remarks about the other.

 

    	A-1

    	 

    

 

4.
          Acknowledgement and Waiver.

 

(a)         Each
party, on behalf of itself and its Related Parties, with respect to the releases set forth in Section 2 above, understands, acknowledges
and agrees that said release may be pleaded (i) by any of the released parties as a full and complete defense and may be produced
by any such released party as a basis for an injunction against any action, suit or claim or other proceeding which may be instituted,
prosecuted or attempted in breach of the provisions of such release; or (ii) otherwise as a basis for enforcing the obligations
of the releasing parties hereunder. Each of the releasing parties hereby acknowledges that it is familiar with Section 1542 of
the Civil Code of the State of California, and any similar federal or state statute, which provides as follows:

 

“A
GENERAL RELEASE DOES NOT EXTEND TO 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 THIS SETTLEMENT WITH THE DEBTOR.”

 

(b)         Each
releasing party, on behalf of itself and its Related Parties, hereby waives and relinquishes any right or benefit which it has
or may have under Section 1542 of the Civil Code of the State of California or any similar provision of the statutory or non-statutory
law of any other jurisdiction with respect to the releases granted hereunder. In connection with such waiver and relinquishment,
each releasing party, on behalf of itself and its Related Parties, acknowledges that it is aware that it or its attorney or agents
may hereafter discover facts in addition to or different from those which it now knows or believes to exist with respect to the
subject matter of this Agreement, but that it is each releasing party’s intention hereby to release fully, finally and forever
the matters released herein, whether known or unknown, suspected or unsuspected, as set forth hereinabove, notwithstanding the
discovery or existence of any such additional or different facts.

 

5.           No
Transfer of Claims. Each releasing party under paragraph 2 hereunder hereby represents and warrants to each released party
that it and its Related Parties has never transferred any claims of the type released hereunder that it may have had against the
released parties to any other person or entity.

 

6.           Miscellaneous.

 

(a)         This
Agreement will inure to the benefit of and be binding upon the representatives, successors and assigns of each of the parties.

 

(b)         This
Agreement and the other agreements herein mentioned, contain the entire agreement between the parties relating to its subject
matter and supersede and cancel all prior contemporaneous written and oral agreements relating thereto. Any oral representation
or modification concerning this Agreement shall be of no force or effect. This Agreement can be modified only by a writing signed
by all of the parties.

 

(c)         This
Agreement will be construed for all purposes in accordance with the laws of the State of California, without giving effect to
its choice of law principles.

 

    	A-2

    	 

    

 

(d)         Nothing
in this Agreement is intended to constitute, or does constitute, any admission by the parties of any liability to each other or
violation of any law, statute, regulation, contract or legal obligation, all of which is expressly denied.

 

(e)         The
parties represent that they have read this Agreement, understand its terms and effect and enter into it knowingly and voluntarily.

 

(f)          Headings
in this Agreement are for convenience of reference only and are not part of the substance hereof or thereof.

 

(g)         This
Agreement may be signed in counterpart originals with the same force and effect as though a single original were executed.

 

    	A-3

    	 

    

 

[Signature
Page Next]

 

IN
WITNESS WHEREOF, the parties have executed this Settlement and General Release Agreement as of the date first set forth above.

 

	 	PROPEL MEDIA, INC.
	 	 
	 	 
	 	By: Robert Regular, Chief Executive Officer
	 	 
	 	 
	 	Jared Pobre

 

 

A-4

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