Document:

Exhibit 10.2

 

EXHIBIT B

 

SUBSIDIARY GUARANTEE

 

SUBSIDIARY GUARANTEE,
dated as of September 4, 2015 (this “Guarantee”), made by each of the signatories hereto (together with any
other entity that may become a party hereto as provided herein, the “Guarantors”), in favor of the purchasers
signatory (together with their permitted assigns, the “Purchasers”) to that certain Securities Purchase Agreement,
dated as of the date hereof, between Adaptive Medias, Inc., a Nevada corporation (the “Company”) and the Purchasers.

 

WITNESSETH:

 

WHEREAS, pursuant to
that certain Securities Purchase Agreement, dated as of the date hereof, by and between the Company and the Purchasers (the “Purchase
Agreement”), the Company has agreed to sell and issue to the Purchasers, and the Purchasers have agreed to purchase from
the Company the Debentures, subject to the terms and conditions set forth therein; and

 

WHEREAS, each Guarantor
will directly benefit from the extension of credit to the Company represented by the issuance of the Debentures; and

 

NOW, THEREFORE, in
consideration of the premises and to induce the Purchasers to enter into the Purchase Agreement and to carry out the transactions
contemplated thereby, each Guarantor hereby agrees with the Purchasers as follows:

 

1.           Definitions.
Unless otherwise defined herein, terms defined in the Purchase Agreement and used herein shall have the meanings given to them
in the Purchase Agreement. The words “hereof,” “herein,” “hereto” and “hereunder”
and words of similar import when used in this Guarantee shall refer to this Guarantee as a whole and not to any particular provision
of this Guarantee, and Section and Schedule references are to this Guarantee unless otherwise specified. The meanings given to
terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The following terms shall
have the following meanings:

 

“Guarantee”
means this Subsidiary Guarantee, as the same may be amended, supplemented or otherwise modified from time to time.

 

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“Obligations”
means, in addition to all other costs and expenses of collection incurred by Purchasers in enforcing any of such Obligations and/or
this Guarantee, all of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or several) due or
to become due, or that are now or may be hereafter contracted or acquired, or owing to, of the Company or any Guarantor to the
Purchasers, including, without limitation, all obligations under this Guarantee, the Debentures and any other instruments, agreements
or other documents executed and/or delivered in connection herewith or therewith, in each case, whether now or hereafter existing,
voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed with
others, and whether or not from time to time decreased or extinguished and later increased, created or incurred, and all or any
portion of such obligations or liabilities that are paid, to the extent all or any part of such payment is avoided or recovered
directly or indirectly from any of the Purchasers as a preference, fraudulent transfer or otherwise as such obligations may be
amended, supplemented, converted, extended or modified from time to time. Without limiting the generality of the foregoing, the
term “Obligations” shall include, without limitation: (i) principal of, and interest on the Debentures and the loans
extended pursuant thereto; (ii) any and all other fees, indemnities, costs, obligations and liabilities of the Company or any Guarantor
from time to time under or in connection with this Guarantee, the Debentures and any other instruments, agreements or other documents
executed and/or delivered in connection herewith or therewith; and (iii) all amounts (including but not limited to post-petition
interest) in respect of the foregoing that would be payable but for the fact that the obligations to pay such amounts are unenforceable
or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the Company or any Guarantor.

 

2.           Guarantee.

 

(a)          Guarantee.

 

(i)          The
Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantee to the Purchasers and their respective successors,
indorsees, transferees and assigns, the prompt and complete payment and performance when due (whether at the stated maturity, by
acceleration or otherwise) of the Obligations.

 

(ii)         Anything
herein or in any other Transaction Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder
and under the other Transaction Documents shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable
federal and state laws, including laws relating to the insolvency of debtors, fraudulent conveyance or transfer or laws affecting
the rights of creditors generally (after giving effect to the right of contribution established in Section 2(b)).

 

(iii)        Each
Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor
hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Purchasers hereunder.

 

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(iv)        The
guarantee contained in this Section 2 shall remain in full force and effect until all the Obligations and the obligations of each
Guarantor under the guarantee contained in this Section 2 shall have been satisfied by indefeasible payment in full.

 

(v)         No
payment made by the Company, any of the Guarantors, any other guarantor or any other Person or received or collected by the Purchasers
from the Company, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off
or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations shall be deemed
to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment
(other than any payment made by such Guarantor in respect of the Obligations or any payment received or collected from such Guarantor
in respect of the Obligations), remain liable for the Obligations up to the maximum liability of such Guarantor hereunder until
the Obligations are indefeasibly paid in full.

 

(vi)        Notwithstanding
anything to the contrary in this Guarantee, with respect to any defaulted non-monetary Obligations the specific performance of
which by the Guarantors is not reasonably possible (e.g. the issuance of the Company's Common Stock), the Guarantors shall only
be liable for making the Purchasers whole on a monetary basis for the Company's failure to perform such Obligations in accordance
with the Transaction Documents.

 

(b)          Right
of Contribution. Subject to Section 2(c), each Guarantor hereby agrees that to the extent that a Guarantor shall have paid
more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution
from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor's right
of contribution shall be subject to the terms and conditions of Section 2(c). The provisions of this Section 2(b) shall in no respect
limit the obligations and liabilities of any Guarantor to the Purchasers and each Guarantor shall remain liable to the Purchasers
for the full amount guaranteed by such Guarantor hereunder.

 

(c)          No
Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any Guarantor
by the Purchasers, no Guarantor shall be entitled to be subrogated to any of the rights of the Purchasers against the Company or
any other Guarantor or any collateral security or guarantee or right of offset held by the Purchasers for the payment of the Obligations,
nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Company or any other Guarantor in
respect of payments made by such Guarantor hereunder, until all amounts owing to the Purchasers by the Company on account of the
Obligations are indefeasibly paid in full. If any amount shall be paid to any Guarantor on account of such subrogation rights at
any time when all of the Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for
the Purchasers, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over
to the Purchasers in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Purchasers, if required),
to be applied against the Obligations, whether matured or unmatured, in such order as the Purchasers may determine.

 

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(d)          Amendments,
Etc. With Respect to the Obligations. Each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation
of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the
Obligations made by the Purchasers may be rescinded by the Purchasers and any of the Obligations continued, and the Obligations,
or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of
offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated,
compromised, waived, surrendered or released by the Purchasers, and the Purchase Agreement and the other Transaction Documents
and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in
whole or in part, as the Purchasers may deem advisable from time to time, and any collateral security, guarantee or right of offset
at any time held by the Purchasers for the payment of the Obligations may be sold, exchanged, waived, surrendered or released.
The Purchasers shall have no obligation to protect, secure, perfect or insure any Lien at any time held by them as security for
the Obligations or for the guarantee contained in this Section 2 or any property subject thereto.

 

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(e)          Guarantee
Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of
any of the Obligations and notice of or proof of reliance by the Purchasers upon the guarantee contained in this Section 2 or
acceptance of the guarantee contained in this Section 2; the Obligations, and any of them, shall conclusively be deemed to
have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained
in this Section 2; and all dealings between the Company and any of the Guarantors, on the one hand, and the Purchasers, on
the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee
contained in this Section 2. Each Guarantor waives to the extent permitted by law diligence, presentment, protest, demand for
payment and notice of default or nonpayment to or upon the Company or any of the Guarantors with respect to the Obligations.
Each Guarantor understands and agrees that the guarantee contained in this Section 2 shall be construed as a continuing,
absolute and unconditional guarantee of payment and performance without regard to (a) the validity or enforceability of the
Purchase Agreement or any other Transaction Document, any of the Obligations or any other collateral security therefor
or guarantee or right of offset with respect thereto at any time or from time to time held by the Purchasers, (b) any
defense, set-off or counterclaim (other than a defense of payment or performance or fraud by Purchasers) which may at any
time be available to or be asserted by the Company or any other Person against the Purchasers, or (c) any other circumstance
whatsoever (with or without notice to or knowledge of the Company or such Guarantor) which constitutes, or might be construed
to constitute, an equitable or legal discharge of the Company for the Obligations, or of such Guarantor under the guarantee
contained in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing
its rights and remedies hereunder against any Guarantor, the Purchasers may, but shall be under no obligation to, make a
similar demand on or otherwise pursue such rights and remedies as they may have against the Company, any other Guarantor or
any other Person or against any collateral security or guarantee for the Obligations or any right of offset with respect
thereto, and any failure by the Purchasers to make any such demand, to pursue such other rights or remedies or to collect any
payments from the Company, any other Guarantor or any other Person or to realize upon any such collateral security or
guarantee or to exercise any such right of offset, or any release of the Company, any other Guarantor or any other Person or
any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability
hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law,
of the Purchasers against any Guarantor. For the purposes hereof, “demand” shall include the commencement and
continuance of any legal proceedings.

 

(f)          Reinstatement.
The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any time
payment, or any part thereof, of any of the Obligations is rescinded or must otherwise be restored or returned by the Purchasers
upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company or any Guarantor, or upon or as a result
of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Company or any Guarantor
or any substantial part of its property, or otherwise, all as though such payments had not been made.

 

(g)          Payments.
Each Guarantor hereby guarantees that payments hereunder will be paid to the Purchasers without set-off or counterclaim in U.S.
dollars at the address set forth or referred to in the Signature Pages to the Purchase Agreement.

 

3.            Representations
and Warranties. Each Guarantor hereby makes the following representations and warranties to Purchasers as of the date hereof:

 

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(a)          Organization
and Qualification. The Guarantor is a corporation, duly incorporated, validly existing and in good standing under the laws
of the applicable jurisdiction set forth on Schedule 1, with the requisite corporate power and authority to own and use its properties
and assets and to carry on its business as currently conducted. The Guarantor has no subsidiaries other than those identified as
such on the Disclosure Schedules to the Purchase Agreement. The Guarantor is duly qualified to do business and is in good standing
as a foreign corporation in each jurisdiction in which the nature of the business conducted or property owned by it makes such
qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not, individually
or in the aggregate, (x) adversely affect the legality, validity or enforceability of any of this Guaranty in any material respect,
(y) have a material adverse effect on the results of operations, assets, prospects, or financial condition of the Guarantor or
(z) adversely impair in any material respect the Guarantor's ability to perform fully on a timely basis its obligations under this
Guaranty (a “Material Adverse Effect”).

 

(b)          Authorization;
Enforcement. The Guarantor has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Guaranty, and otherwise to carry out its obligations hereunder. The execution and delivery of this Guaranty
by the Guarantor and the consummation by it of the transactions contemplated hereby have been duly authorized by all requisite
corporate action on the part of the Guarantor. This Guaranty has been duly executed and delivered by the Guarantor and constitutes
the valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating
to, or affecting generally the enforcement of, creditors' rights and remedies or by other equitable principles of general application.

 

(c)          No
Conflicts. The execution, delivery and performance of this Guaranty by the Guarantor and the consummation by the Guarantor
of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision of its Certificate of Incorporation
or By-laws or (ii) conflict with, constitute a default (or an event which with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Guarantor is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree
or other restriction of any court or governmental authority to which the Guarantor is subject (including Federal and State securities
laws and regulations), or by which any material property or asset of the Guarantor is bound or affected, except in the case of
each of clauses (ii) and (iii), such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations
as could not, individually or in the aggregate, have or result in a Material Adverse Effect. The business of the Guarantor is not
being conducted in violation of any law, ordinance or regulation of any governmental authority, except for violations which, individually
or in the aggregate, do not have a Material Adverse Effect.

 

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(d)          Consents
and Approvals. The Guarantor is not required to obtain any consent, waiver, authorization or order of, or make any filing or
registration with, any court or other federal, state, local, foreign or other governmental authority or other person in connection
with the execution, delivery and performance by the Guarantor of this Guaranty.

 

(e)          Purchase
Agreement. The representations and warranties of the Company set forth in the Purchase Agreement as they relate to such Guarantor,
each of which is hereby incorporated herein by reference, are true and correct as of each time such representations are deemed
to be made pursuant to such Purchase Agreement, and the Purchasers shall be entitled to rely on each of them as if they were fully
set forth herein, provided that each reference in each such representation and warranty to the Company's knowledge shall, for the
purposes of this Section 3, be deemed to be a reference to such Guarantor's knowledge.

 

(f)          Foreign
Law. Each Guarantor has consulted with appropriate foreign legal counsel with respect to any of the above representations for
which non-U.S. law is applicable. Such foreign counsel have advised each applicable Guarantor that such counsel knows of no reason
why any of the above representations would not be true and accurate. Such foreign counsel were provided with copies of this Subsidiary
Guarantee and the Transaction Documents prior to rendering their advice.

 

4.            Covenants.

 

(a)      Each
Guarantor covenants and agrees with the Purchasers that, from and after the date of this Guarantee until the Obligations shall
have been indefeasibly paid in full, such Guarantor shall take, and/or shall refrain from taking, as the case may be, each commercially
reasonable action that is necessary to be taken or not taken, as the case may be, so that no Event
of Default (as defined in the Debentures) is caused by the failure to take such action or to refrain from taking such action by
such Guarantor.

 

(b)      So
long as any of the Obligations are outstanding, unless Purchasers holding at least 67% of the aggregate principal amount of the
then outstanding Debentures shall otherwise consent in writing, each Guarantor will not directly or indirectly on or after the
date of this Guarantee:

 

i.            other
than Permitted Indebtedness (as defined in the Debentures), enter into, create, incur, assume or suffer to exist any indebtedness
for borrowed money of any kind, including but not limited to, a guarantee, on or with respect to any of its property or assets
now owned or hereafter acquired or any interest therein or any income or profits therefrom;

 

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ii.         other
than Permitted Liens (as defined in the Debentures), enter into, create, incur, assume or suffer to exist any liens of any kind,
on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits
therefrom;

 

iii.         amend
its certificate of incorporation, bylaws or other charter documents so as to adversely affect any rights of any Purchaser;

 

iv.         repay,
repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its securities or debt
obligations;

 

v.           pay
cash dividends on any equity securities of the Company;

 

vi.         enter
into any transaction with any Affiliate of the Guarantor which would be required to be disclosed in any public filing of the Company
with the Commission, unless such transaction is made on an arm’s-length basis and expressly approved by a majority of the
disinterested directors of the Company (even if less than a quorum otherwise required for board approval); or

 

vii.         enter
into any agreement with respect to any of the foregoing.

 

5.            Miscellaneous.

 

(a)          Amendments
in Writing. None of the terms or provisions of this Guarantee may be waived, amended, supplemented or otherwise modified except
in writing by the Purchasers.

 

(b)          Notices.
All notices, requests and demands to or upon the Purchasers or any Guarantor hereunder shall be effected in the manner provided
for in the Purchase Agreement, provided that any such notice, request or demand to or upon any Guarantor shall be addressed to
such Guarantor at its notice address set forth on Schedule 5(b).

 

(c)          No
Waiver By Course Of Conduct; Cumulative Remedies. The Purchasers shall not by any act (except by a written instrument pursuant
to Section 5(a)), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced
in any default under the Transaction Documents or Event of Default. No failure to exercise, nor any delay in exercising, on the
part of the Purchasers, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise
of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. A waiver by the Purchasers of any right or remedy hereunder on any one occasion shall not be construed as a
bar to any right or remedy which the Purchasers would otherwise have on any future occasion. The rights and remedies herein provided
are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law.

 

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(d)          Enforcement
Expenses; Indemnification.

 

(i)          Each
Guarantor agrees to pay, or reimburse the Purchasers for, all its costs and expenses incurred in collecting against such Guarantor
under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Guarantee and the other Transaction
Documents to which such Guarantor is a party, including, without limitation, the reasonable fees and disbursements of counsel to
the Purchasers.

 

(ii)         Each
Guarantor agrees to pay, and to save the Purchasers harmless from, any and all liabilities with respect to, or resulting from any
delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable in connection
with any of the transactions contemplated by this Guarantee.

 

(iii)        Each
Guarantor agrees to pay, and to save the Purchasers harmless from, any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery,
enforcement, performance and administration of this Guarantee to the extent the Company would be required to do so pursuant to
the Purchase Agreement.

 

(iv)        The
agreements in this Section shall survive repayment of the Obligations and all other amounts payable under the Purchase Agreement
and the other Transaction Documents.

 

(e)          Successor
and Assigns. This Guarantee shall be binding upon the successors and assigns of each Guarantor and shall inure to the benefit
of the Purchasers and their respective successors and assigns; provided that no Guarantor may assign, transfer or delegate any
of its rights or obligations under this Guarantee without the prior written consent of the Purchasers.

 

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(f)          Set-Off.
Each Guarantor hereby irrevocably authorizes the Purchasers at any time and from time to time while an Event of Default under any
of the Transaction Documents shall have occurred and be continuing, without notice to such Guarantor or any other Guarantor, any
such notice being expressly waived by each Guarantor, to set-off and appropriate and apply any and all deposits, credits, indebtedness
or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time
held or owing by the Purchasers to or for the credit or the account of such Guarantor, or any part thereof in such amounts as the
Purchasers may elect, against and on account of the obligations and liabilities of such Guarantor to the Purchasers hereunder and
claims of every nature and description of the Purchasers against such Guarantor, in any currency, whether arising hereunder, under
the Purchase Agreement, any other Transaction Document or otherwise, as the Purchasers may elect, whether or not the Purchasers
have made any demand for payment and although such obligations, liabilities and claims may be contingent or unmatured. The Purchasers
shall notify such Guarantor promptly of any such set-off and the application made by the Purchasers of the proceeds thereof, provided
that the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Purchasers
under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) which
the Purchasers may have.

 

(g)          Counterparts.
This Guarantee may be executed by one or more of the parties to this Guarantee on any number of separate counterparts (including
by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

(h)          Severability.
Any provision of this Guarantee which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

(i)          Section
Headings. The Section headings used in this Guarantee are for convenience of reference only and are not to affect the construction
hereof or be taken into consideration in the interpretation hereof.

 

(j)          Integration.
This Guarantee and the other Transaction Documents represent the agreement of the Guarantors and the Purchasers with respect to
the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Purchasers
relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other Transaction Documents.

 

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(k)          Governing
Laws. All questions concerning the construction, validity, enforcement and interpretation of this Guarantee shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each of the Company and the Guarantors agree that all proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Guarantee (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
courts sitting in the City of New York, Borough of Manhattan. Each of the Company and the Guarantors hereby irrevocably submits
to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any proceeding, any claim that it is not personally subject to the jurisdiction
of any such court, that such proceeding is improper. Each party hereto hereby irrevocably waives personal service of process and
consents to process being served in any such proceeding by mailing a copy thereof via registered or certified mail or overnight
delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Guarantee and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to
the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating
to this Guarantee or the transactions contemplated hereby.

 

(l)          Acknowledgements.
Each Guarantor hereby acknowledges that:

 

(i)          it
has been advised by counsel in the negotiation, execution and delivery of this Guarantee and the other Transaction Documents to
which it is a party;

 

(ii)         the
Purchasers have no fiduciary relationship with or duty to any Guarantor arising out of or in connection with this Guarantee or
any of the other Transaction Documents, and the relationship between the Guarantors, on the one hand, and the Purchasers, on the
other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(iii)        no
joint venture is created hereby or by the other Transaction Documents or otherwise exists by virtue of the transactions contemplated
hereby among the Guarantors and the Purchasers.

 

(m)          Additional
Guarantors. The Company shall cause each of its subsidiaries formed or acquired on or subsequent to the date hereof to become
a Guarantor for all purposes of this Guarantee by executing and delivering an

Assumption Agreement in the form of Annex 1 hereto.

 

(n)          Release
of Guarantors. Each Guarantor will be released from all liability hereunder concurrently with the indefeasible repayment in
full of all amounts owed under the Purchase Agreement, the Debentures and the other Transaction Documents.

 

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(o)          Seniority.
The Obligations of each of the Guarantors hereunder rank senior in priority to any other Indebtedness (as defined in the Purchase
Agreement) of such Guarantor.

 

(p)          WAIVER
OF JURY TRIAL. EACH GUARANTOR AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, THE PURCHASERS, HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTEE AND FOR ANY COUNTERCLAIM THEREIN.

 

*********************

 

(Signature
Pages Follow)

 

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IN WITNESS WHEREOF,
each of the undersigned has caused this Guarantee to be duly executed and delivered as of the date first above written.

 

	 	Media Graph, Inc.	 
	 	 	 	 
	 	By:	/s/ John Strong	 
	 	 	   Name: John Strong	 
	 	 	   Title:   Chief Executive Officer	 

 

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SCHEDULE 1

 

GUARANTORS

 

The following are the names, notice addresses
and jurisdiction of organization of each Guarantor.

 

	 	 	 	 	COMPANY	 
	 	 	JURISDICTION OF	 	OWNED BY	 
	 	 	INCORPORATION	 	PERCENTAGE	 
	 	 	 	 	 	 	 
	Media Graph, Inc.	 	Nevada	 	 	100	%

 

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Annex 1 to

SUBSIDIARY GUARANTEE

 

ASSUMPTION AGREEMENT, dated as of ____
__, ______ made by ______________________________, a ______________ corporation (the “Additional Guarantor”),
in favor of the Purchasers pursuant to the Purchase Agreement referred to below. All capitalized terms not defined herein shall
have the meaning ascribed to them in such Purchase Agreement.

 

WITNESSETH:

 

WHEREAS, Adaptive Medias,
Inc., a Nevada corporation (the “Company”) and the Purchasers have entered into a Securities Purchase Agreement,
dated as of ________ ___, 2015 (as amended, supplemented or otherwise modified from time to time, the “Purchase Agreement”);

 

WHEREAS, in connection
with the Purchase Agreement, the Subsidiaries of the Company (other than the Additional Guarantor) have entered into the Subsidiary
Guarantee, dated as of ______________ ____, 2015 (as amended, supplemented or otherwise modified from time to time, the “Guarantee”)
in favor of the Purchasers;

 

WHEREAS, the Purchase
Agreement requires the Additional Guarantor to become a party to the Guarantee; and

 

WHEREAS, the Additional
Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee;

 

NOW, THEREFORE, IT IS AGREED:

 

1.          Guarantee.
By executing and delivering this Assumption Agreement, the Additional Guarantor, as provided in Section 5(m) of the Guarantee,
hereby becomes a party to the Guarantee as a Guarantor thereunder with the same force and effect as if originally named therein
as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities
of a Guarantor thereunder. The information set forth in Annex 1 hereto is hereby added to the information set forth in Schedule
1 to the Guarantee. The Additional Guarantor hereby represents and warrants that each of the representations and warranties contained
in Section 3 of the Guarantee is true and correct on and as the date hereof as to such Additional Guarantor (after giving effect
to this Assumption Agreement) as if made on and as of such date.

 

2.          Governing
Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF NEW YORK.

 

    	 	15	 

     

    

 

IN WITNESS
WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above
written.

 

	 	[ADDITIONAL GUARANTOR]	 
	 	 	 	 
	 	By:	 	 

	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

 

    	 	16EX-10.1

 Exhibit 10.1 

SEPARATION AND RELEASE AGREEMENT 

This Separation and Release Agreement (this “Agreement”), dated effective as of September 15, 2015
(the “Termination Date”), confirms the following understandings and agreements between La Quinta Holdings Inc., LQ Management L.L.C., and LQ Services L.L.C. (collectively, the “Company”) and Wayne Goldberg
(hereinafter referred to as “you” or “your”). 
 WHEREAS, you executed that certain Amended and
Restated Employment Agreement, dated as of September 30, 2003, as amended by that certain First Amendment to Amended and Restated Employment Agreement, dated November 9, 2005 and that certain Second Amendment to Amended and Restated
Employment Agreement, dated January 25, 2006 (the “Employment Agreement”); 
 WHEREAS, among other positions,
you are currently serving as the Chief Executive Officer of La Quinta Holdings Inc.; and 
 WHEREAS, you and the Company have
mutually agreed that your employment with the Company and/or its direct and indirect parent(s), subsidiaries, and affiliates will terminate effective as of the Termination Date. 

NOW, THEREFORE, in consideration of the promises set forth herein, you and the Company agree as follows: 

1. Employment Status and Separation Payments. 

(a) You acknowledge your separation from employment and all directorships with the Company and its direct and indirect parent(s) and
subsidiaries and affiliates (excluding shareholders of the Company) (collectively, with the Company, the “Company Group”) effective as of the Termination Date, and after the Termination Date you will not represent yourself as
being an employee, officer, director, agent or representative of the Company or any other member of the Company Group. The Company agrees that, after the Termination Date, the Company Group will make all reasonable efforts to immediately cease using
your name or likeness in connection with the Company Group (other than as it relates to historical depictions) and holding you out as being a current employee, officer, director, agent or representative of the Company Group. 

(b) The Company agrees that it will: 

(i) provide you with the payments and benefits described on Exhibit A, attached hereto; and 

(ii) treat, for purposes of your participation in the La Quinta Holdings Inc. 2014 Omnibus Incentive Plan (the “2014
Plan”), your termination of employment as described herein as if you are being terminated by the Company without “Cause” or by you for “Good Reason” (a “Good Leaver Termination Event”). Consistent
therewith, Exhibit B, attached hereto, summarizes the acceleration applicable to your equity awards as a result of such Good Leaver Termination Event ((i) and (ii) together, the “Severance Benefits”). All of the
Severance Benefits referenced in Exhibit B, 

 
attached hereto, will fully vest and be owned by you on the Termination Date, and all legends and restrictions on your already-vested shares, equity awards, and the Severance Benefits referenced
in Exhibit B, attached hereto, will be removed upon delivery of a customary opinion to the Company. 
 (c) The Company will also
reimburse you for reasonable and customary business expenses incurred prior to the Termination Date pursuant to the terms of the Company’s business expense policy; provided that you submit a completed expense reimbursement form and
supporting documentation no later than thirty (30) days following the Termination Date. 
 (d) The Company will continue to indemnify
you in accordance with Article VI of the Employment Agreement and paragraph 4(e) of the 2014 Plan, with these provisions of which are incorporated by reference and made a part hereof. The Company warrants and represents that, throughout your term of
employment by or directorships with any of the Company Group, the Company Group has had in effect agreements, charters or by-laws, and insurance policies that comply with the requirements of Article VI of the Employment Agreement. The Company
further agrees to indemnify you and hold you harmless on an after-tax basis for the actual increase in federal, state or local income taxes payable by you to the extent attributable to any net increase in taxable income of LQ Management L.L.C.
(“LQM”) for any period or portion thereof ending on or prior to April 14, 2014 over the amount reflected on LQM’s IRS Form 1065 as filed for such period or portion, taking into account any tax benefits to you resulting
from (i) such increase in taxable income or increase in taxes payable or (ii) any reduction in taxable income of LQM for any other such period or portion from the amount reflected on LQM’s IRS Form 1065 as filed; and the Company shall
reimburse you for all reasonable fees (including, but not limited to, accountants’ and attorneys’ fees), bills, costs, expenses, taxes, interest, and penalties relating thereto, including, without limitation, any incurred in connection
with any and all claims, inquiries, investigations, or audits relating thereto (and subject to execution by you of any undertaking as required by applicable law). You shall provide reasonable evidence of any net increase in taxes as the Company
shall reasonably request. 
 (e) Subject to the provisions of paragraph 2 and your other rights referenced in this Agreement, you
acknowledge and agree that the payment(s) and other benefits provided pursuant to this paragraph 1 are in full discharge of any and all liabilities and obligations of the Company or any other member of the Company Group to you, monetarily or
with respect to employee benefits or otherwise, including but not limited to any and all obligations arising under the Employment Agreement, any other alleged written or oral employment agreement, policy, plan or procedure of the Company or any
other member of the Company Group and/or any alleged understanding or arrangement between you and the Company or any other member of the Company Group (other than claims for accrued and vested benefits under an employee benefit, insurance, or
pension plan of the Company or any other member of the Company Group (excluding any employee benefit plan providing severance or similar benefits), subject to the terms and conditions of such plan(s)). 

  
 -2- 

 2. Release and Waiver of Claims. 

(a) As used in this Agreement, the term “claims” will include all claims, covenants, warranties, promises, undertakings, actions,
suits, causes of action, obligations, debts, accounts, attorneys’ fees, judgments, losses and liabilities, of whatsoever kind or nature, in law, equity or otherwise. 

(b) You, for and on behalf of yourself and your heirs, administrators, executors and assigns, effective as of the date hereof, do fully and
forever release, remise and discharge the Company and any other member of the Company Group, and their respective current and former affiliates (including, The Blackstone Group L.P., and its affiliates), together with their respective current and
former officers, directors, partners, members, fiduciaries, counsel, employees, agents, executors, administrators, successors and assigns (collectively, and with the Company, the “Company Parties”) from any and all claims
whatsoever up to the date hereof which you had, may have had, or now have against the Company Parties, for or by reason of any matter, cause or thing whatsoever, including any claim arising out of or attributable to your employment or the
termination of your employment with the Company, whether for tort, breach of express or implied employment contract, intentional infliction of emotional distress, wrongful termination, unjust dismissal, defamation, libel or slander, or under any
federal, state or local law dealing with discrimination based on age, race, sex, national origin, handicap, religion, disability or sexual orientation; provided, however, that you, your heirs, administrators, executors and assigns do
not forfeit or release any rights under this Agreement or any legal claims or causes of action arising out of actions allegedly taken by any member of the Company Parties after the date of your execution of this Agreement. This release of claims
includes, but is not limited to, all claims arising under the Age Discrimination in Employment Act (“ADEA”), Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Civil Rights Act of 1991, the Family Medical
Leave Act, and the Equal Pay Act, each as may be amended from time to time, and all other federal, state and local laws, the common law and any other purported restriction on an employer’s right to terminate the employment of employees. The
parties intend the release contained herein to be a general release of any and all claims to the fullest extent permissible by law. 
 (c)
The Company, for and on behalf of itself and any other member of the Company Group, and their respective executors, administrators, successors and assigns (collectively, the “Company Releasing Parties”), effective as of the date
hereof, do fully and forever release, remise and discharge you, your heirs, administrators, executors, successors, assigns, partners, fiduciaries, counsel, employees and agents (collectively, the “Goldberg Released Parties”) from
any and all claims whatsoever up to the date hereof which the Company Releasing Parties had, may have had, or now have against the Goldberg Released Parties, for or by reason of any matter, cause or thing whatsoever, including any claim arising out
of or attributable to your employment or the termination of your employment with the Company Group, whether for tort, breach of express or implied employment contract, intentional infliction of emotional distress, wrongful termination, unjust
dismissal, defamation, libel or slander, or under any federal, state or local law dealing with discrimination based on age, race, sex, national origin, handicap, religion, disability or sexual orientation; provided, however, that none
of the members of the Company Group forfeit or release any right to recoup compensation under the La Quinta Holdings Inc. Incentive Compensation Clawback Policy (dated 03/03/2015 8:54 AM), any rights under this Agreement, any claims for fraud or a
willful criminal act by you, or any 

  
 -3- 

 
legal claims or causes of action arising out of actions allegedly taken by you after the date of your execution of this Agreement. The parties intend the release contained herein to be a general
release of any and all claims to the fullest extent permissible by law. 
 (d) By executing this Agreement, you specifically release all
claims against the Company Parties through the date hereof relating to your employment and its termination under ADEA, a United States federal statute that, among other things, prohibits discrimination on the basis of age in employment and employee
benefit plans, subject to paragraphs 2(e) and 2(f) and your other rights under this Agreement. 
 (e) Notwithstanding the foregoing and any
other provision in this Agreement, nothing in this Agreement shall be a waiver or release of: (i) your rights with respect to this Agreement, its enforcement or breach, or payment of amounts under this Agreement, (ii) your right to
benefits due to terminated employees under any employee benefit plan of the Company or any other member of the Company Group in which you participated (excluding any severance or similar plan or policy), in accordance with the terms thereof
(including your rights to elect COBRA coverage), (iii) any claims that cannot be waived by law including, without limitation any claims filed with the Equal Employment Opportunity Commission, the U.S. Department of Labor, or claims under the
ADEA that arise after the date of this Agreement, or (iv) your right of indemnification (including those under Article VI of the Employment Agreement) as provided by, and in accordance with the terms of, paragraph 1(d) above, the Employment
Agreement, the Company’s by-laws or a Company insurance policy providing such coverage. 
 (f) Nothing in this Agreement precludes you
from filing, or precludes you from obtaining the benefits offered to you in this Agreement for having filed, an administrative charge of discrimination or an administrative charge within the jurisdiction of either the National Labor Relations Board
or the Equal Employment Opportunity Commission (or other similar state or local agency) (“EEOC”). Additionally, nothing in this Agreement prohibits or impedes you from filing a charge or complaint, or communicating, with any
federal, state or local government or law enforcement office, official or agency (collectively, a “Governmental Entity”) with respect to possible violations of any U.S. federal, state or local law or regulation, or otherwise making
disclosures to any such Governmental Entity, in each case, that are protected under the whistleblower provisions of any such law or regulation, provided that (i) in each case, such communications and disclosures are consistent with
applicable law, relevant to the possible violations, and (ii) the information subject to such disclosure was not obtained by you through a communication that was subject to the attorney-client privilege, unless such disclosure of that
information would otherwise be permitted by an attorney pursuant to 17 CFR 205.3(d)(2), applicable state attorney conduct rules, or otherwise. Notwithstanding the foregoing, you understand that the Company does not authorize the waiver of the
attorney-client privilege or work product protection or any other privilege or protection belonging to the Company. With the exception of any of the foregoing claims, complaints or communications described in paragraph 2(e) and this paragraph 2(f),
you affirm that you have not filed or caused to be filed, and presently are not a party to, any claim, complaint, or action against the Company in any forum or form, nor have you purported to assign any claim or part thereof which is released
herein. Other than a benefit or remedy pursuant to Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act or any other provision of federal or state law 

  
 -4- 

 
pertaining to whistleblower incentives and protection, you promise never to seek or accept any damages, remedies, or other relief for yourself personally (any right to which you hereby waive and
promise never to seek or accept) with respect to any claim included in this paragraph 2(f), in any proceeding, including but not limited to, any EEOC proceeding. 

(g) You acknowledge and agree that by virtue of the foregoing, and subject to your rights referenced in paragraphs 2(e) and 2(f) and
otherwise in this Agreement, you have waived any relief available to you (including without limitation, monetary damages, equitable relief and reinstatement) under any of the claims and/or causes of action waived in this paragraph 2. Therefore, and
subject to your rights referenced in paragraphs 2(e) and 2(f) and otherwise in this Agreement, you agree that you will not accept any award or settlement from any source or proceeding (including but not limited to any proceeding brought by any other
person or by any government agency) with respect to any claim or right waived in this Agreement. 
 3. Knowing and Voluntary Waiver.
You expressly acknowledge and agree that you: 
 (a) Are able to read the language, and understand the meaning and effect, of this
Agreement; 
 (b) Have no physical or mental impairment of any kind that has interfered with your ability to read and understand the
meaning of this Agreement or its terms, and that you are not acting under the influence of any medication, drug or chemical of any type in entering into this Agreement; 

(c) Understand that, by entering into this Agreement, you do not waive rights or claims under ADEA that may arise after the date you execute
this Agreement; 
 (d) Had or could have the entire Review Period in which to review and consider this Agreement, and that if you execute
this Agreement prior to the expiration of the Review Period, you have voluntarily and knowingly waived the remainder of the Review Period; 

(e) Were advised to consult with your attorney regarding the terms and effect of this Agreement; and 

(f) Have signed this Agreement knowingly and voluntarily. 

4. No Suit. You represent and warrant that you have not previously filed, and to the maximum extent permitted by law agree that you
will not file a complaint, charge or lawsuit against any of the Company Parties for any of the claims released herein. 
 5. Binding
Nature, Successors and Assigns. The provisions hereof shall inure to the benefit of your heirs, executors, administrators, legal personal representatives and assigns and the Company Group’s successors and assigns. The provisions hereof
shall be binding upon your heirs, executors, administrators, legal personal representatives and assigns, as applicable, and the Company Group’s executors, administrators, legal representatives, successors and assigns, as applicable. 

  
 -5- 

 6. Severability. If any provision of this Agreement shall be held by any court of
competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect. The illegality or unenforceability of such provision, however, shall have no effect upon and shall not impair the enforceability of any
other provision of this Agreement. 
 7. Restrictive Covenants. 

(a) The provisions of Section 4.3 (Confidential Information) of the Employment Agreement are incorporated by reference and made a part
hereof. 
 (b) For the avoidance of doubt, the Company Group confirms that the restrictive covenants described in Section 4.4 of the
Employment Agreement, are terminated and of no further force or effect. 
 (c) You agree that: 

(i) during the period commencing on the Termination Date and ending on January 15, 2016, you shall not, individually or
on behalf of any person, firm, partnership, joint venture, association, corporation, company, enterprise, or entity, or as a sole proprietor, partner, stockholder, director, officer, principal, agent, or executive, or in any other capacity or
relationship, engage in any business activity that is materially competitive with the current business activities of the Company Group within the United States of America or any other jurisdiction in which any member of the Company Group engages in
business and derives a material portion of its revenues; and 
 (ii) during the one-year period commencing on the
Termination Date, you shall not, directly or indirectly, whether as an employee, consultant, independent contractor, partner, or joint venturer, solicit or induce, or in any manner attempt to solicit or induce, any person employed by, or as agent
of, the Company to terminate such person’s employment or agency, as the case may be, with the Company. 
 (d) You agree that from and
after the Termination Date, you will not, orally or in writing, disparage the Company Parties or otherwise take any action which could reasonably be expected to adversely affect the business reputation of the Company. The Company, on behalf of
itself and any other member of the Company Group, agrees that from and after the Termination Date, the Company Group and the directors and executive officers of the Company Group will not, orally or in writing, disparage you or your performance or
otherwise take any action which could reasonably be expected to adversely affect your personal or professional reputation. “Disparage” means negative, defamatory, injurious, or false statements. This paragraph 7 does not limit or hinder
your rights under Section 7 of the National Labor Relations Act, and does not bar you from making any truthful statements in any court proceeding or governmental investigation. Notwithstanding the foregoing, you and the Company mutually agree
that the other party will be entitled to describe your responsibilities and roles while employed by the Company and that you and the Company mutually agreed to terminate your employment with the Company. Your and the Company’s obligations under
this paragraph 7 shall not apply to disclosures required by applicable law, regulation or order of a court or governmental agency. 

  
 -6- 

 (e) You and the Company acknowledge and agree that each of your and the Company’s
respective remedies at law for a breach or threatened breach of any of the provisions of this paragraph 7 would be inadequate and you and the Company Group would suffer substantial, continuing, and irreparable damages as a result of such breach or
threatened breach. In recognition of this fact, you and the Company agree that in the event of such a breach or threatened breach, in addition to any remedies at law, you and the Company, without posting any bond, shall respectively be entitled to
obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available by a court of appropriate jurisdiction without the necessity of
proving irreparable harm or injury as a result of such breach or threatened breach. 
 (f) It is the desire and intent of the parties to
this Agreement that the provisions of this Agreement shall be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. If for any reason any provision of this
Agreement is determined to be invalid or unenforceable, or excessively broad as to duration, scope, activity or subject, in whole or in part, such determination will not affect any other provision of this Agreement or the remaining portion of this
Agreement, and the provision in question shall be modified by the court so as to be rendered enforceable to the maximum extent compatible with applicable law. 

8. Cooperation. You agree that, after the Termination Date, you shall reasonably cooperate with the Company in the defense or
prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while you were employed by the Company; provided, however, that
such cooperation shall not materially and adversely affect you or expose you to an increased probability of civil or criminal litigation. Your cooperation in connection with such claims or actions shall include, but not be limited to, being
available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. After the Termination Date, you also shall cooperate fully with the Company in connection with any
investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while you were employed by the Company. The Company shall also provide you with
compensation on an hourly basis (to be derived from your current or last applicable level of base compensation, as paid by the Company) for requested litigation and regulatory cooperation that occurs after the Termination Date, and reimburse you for
all costs and expenses incurred in connection with your performance under this paragraph, including, but not limited to, reasonable attorneys’ fees and costs. 

9. Return of Property. You agree that you will promptly return to the Company all property belonging to the Company and/or any other
member of the Company Group, including but not limited to all proprietary and/or confidential information and documents (including any copies thereof) in any form belonging to the Company, keys, card access to the building and office floors,
Employee Handbook, phone card, computer user name and password, disks and/or voicemail code. You may retain your Company-provided computer and cellular telephone (including telephone number) and other home office equipment; provided, that you
provide such items to the Company to remove all proprietary and/or confidential information and documents in any form belonging to the Company Group on the Termination Date. 

  
 -7- 

 10. Press Release. You and the Company agree that the press release issued will be in the
form attached hereto as Exhibit C. 
 11. Non-Admission. Nothing contained in this Agreement will be deemed or construed as an
admission of wrongdoing or liability on the part of you or any member of the Company Group. 
 12. Counterparts. This Agreement may
be executed in counterparts, each of which shall be deemed an original, and all counterparts so executed shall constitute one agreement binding on all of the parties hereto, notwithstanding that all of the parties are not signatory to the same
counterpart. This Agreement may be executed either by original or facsimile, either of which will be equally binding. 
 13. Entire
Agreement. This Agreement constitutes the entire understanding and agreement of the parties hereto regarding the termination of your employment. This Agreement supersedes all prior negotiations, discussions, correspondence, communications,
understandings and agreements between the parties relating to the subject matter of this Agreement, including, without limitation, the Employment Agreement (other than the provisions of the Employment Agreement or other documents that are expressly
referenced in this Agreement and incorporated herein by reference). Nothing in this Agreement is intended to amend or alter any of your rights relating to your equity holdings in the Company or Severance Benefits, including under the 2014 Plan, and
your rights will, to the extent applicable, expressly survive the execution of this Agreement in accordance with the terms thereof and with the terms of this Agreement. 

14. Taxes. The Company may withhold from any payments made under this Agreement applicable taxes, including but not limited to income,
employment, and social insurance taxes, as shall be required by law. You acknowledge and represent that the Company has not provided any tax advice to you in connection with this Agreement and you have been advised by the Company to seek tax advice
from your own tax advisors regarding this Agreement and payments and benefits that may be made to you pursuant to this Agreement. 
 15.
Governing Law; Jurisdiction. EXCEPT WHERE PREEMPTED BY FEDERAL LAW, THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH FEDERAL LAW AND THE LAWS OF THE STATE OF TEXAS, APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT
STATE. 
 16. Opportunity for Review; Acceptance. You have through the twenty-first
(21st) day following the date hereof (the “Review Period”) to review and consider this Agreement. To accept this Agreement, and the terms and conditions contained
herein, prior to the expiration of the Review Period, you must execute and date this Agreement where indicated below and return the executed copy of this Agreement to the Company, to the attention of the Company’s General Counsel.
Notwithstanding anything contained herein to the contrary, this Agreement will not become effective or enforceable for a period of seven (7) calendar days following the date of its execution (the “Revocation Period”),
during which time you may revoke 

  
 -8- 

 
your acceptance of this Agreement by notifying the General Counsel, in writing, via facsimile at (214) 492-6500. To be effective, such revocation must be sent to the Company no later than
5:00 p.m. on the seventh (7th) calendar day following its execution. Provided that this Agreement is executed and you do not revoke it, the eighth (8th) day following the date on which this Agreement is executed shall be its effective date (the “Effective Date”). In the event of your failure to execute and deliver this
Agreement prior to the expiration of the Review Period, or if you otherwise revoke this Agreement during the Revocation Period, this Agreement will be null and void and of no effect, and the Company will have no obligations hereunder. 

*            *           
 * 

  
 -9- 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth
below. 
  

					
	LA QUINTA HOLDINGS INC.
		
	By:      	 	 /s/ Mark Chloupek

		 	Name:	 	Mark Chloupek
		 	Title:	 	Executive Vice President and General Counsel
		 	Date:	 	September 16, 2015
	
	LQ MANAGEMENT L.L.C.
		
	By:      	 	 /s/ Mark Chloupek

		 	Name:	 	Mark Chloupek
		 	Title:	 	Vice President
		 	Date:	 	September 16, 2015
	
	LQ SERVICES L.L.C.
		
	By:      	 	 /s/ Mark Chloupek

		 	Name:	 	Mark Chloupek
		 	Title:	 	Vice President
		 	Date:	 	September 16, 2015

 [Signature Page to Separation and Release Agreement] 

 
			
	
	 /s/ Wayne Goldberg

Wayne Goldberg

	Date: September 16, 2015

 [Signature Page to Separation and Release Agreement] 

 EXHIBIT A 

Schedule of Severance Payments 

Severance Payments Calculation: 
  

					
	 Base Salary:
	  	$	840,000.00	  
	 Annual Bonus:
	  	$	1,680,000.00	  
	 Sum of Base Salary and Annual Bonus
	  	$	2,520,000.00	  
	 Total Severance Payments
	  	$	7,560,000.00	  
	 (Three Times the Sum of Base Salary and Annual Bonus)
	  			

 Timing of Severance Payment: 

The Severance Payment shall be made on the next regularly scheduled payroll date following the Effective Date (as defined in the Separation and Release
Agreement to which this Exhibit A is attached). 
 Benefit Continuation: 

The Company shall arrange to provide, for twelve (12) months following the Termination Date, insurance benefits (medical, dental, life and disability) on
the same terms and conditions applicable to active executive officers of the Company. Such benefits shall be discontinued prior to the end of such twelve (12)-month period if you receive comparable coverage from a subsequent employer (except to the
extent that the subsequent employer does not cover any preexisting medical or a previously covered member of your family). 
 Taxes: 

All severance payments and benefits are subject to applicable withholdings per paragraph 14 of the Separation and Release Agreement to which this Exhibit A is
attached. 

 EXHIBIT B 

Acceleration Applicable to Equity Awards 
  

			
	 Equity Award
	  	Acceleration of Equity Award
	2014 Equity Awards
	Share Distribution Acknowledgement	  	N/A
	 Restricted Stock Award

(IPO Grant)
	  	N/A
	 Restricted Stock Award

(Retention Grant)
	  	177,966 shares
	 Restricted Stock Award

(Time-Based)
	  	11,765 shares
	Performance Share Unit Award	  	46,695 shares
	2015 Equity Awards
	 Restricted Stock Award

(Time-Based)
	  	9,824.33 shares
	Performance Share Unit Award	  	13,871 shares
	Total	  	260,121.33 shares

 

 
 La Quinta Holdings Appoints CFO Keith Cline As Interim President & CEO 

- Wayne Goldberg Steps Down From Leadership Positions In The Company - 

IRVING, Texas (September 17, 2015) – La Quinta Holdings Inc. (NYSE: LQ) announced today that Wayne Goldberg has stepped down from his leadership
positions in the Company by mutual agreement with the Company’s Board of Directors. The Board has appointed Keith Cline, the Chief Financial Officer, as interim President and Chief Executive Officer, effective immediately. The Board, working
with leading executive search firm Korn Ferry, will lead the search for a permanent CEO. 
 “La Quinta has an exceptionally strong and
experienced management team in place to continue the Company’s robust franchise growth, deliver the outstanding experiences its guests have come to expect, and drive shareholder value,” Mitesh Shah,
Chairman of the Board, said. “We appreciate Wayne’s more than 15 years of service to La Quinta, during which time he helped the Company reach many milestones, along with guiding the Company
through its successful initial public offering. The Board has confidence in the Company’s management team to execute their strategic plan and we know that Keith will continue to build on the Company’s unique culture of
innovation and customer service.” 
 Mr. Goldberg joined the Company in 2000 and has served as President and CEO since 2006. In announcing his
departure, Mr. Goldberg reported that he has fulfilled his goals at La Quinta. During Mr. Goldberg’s tenure, La Quinta experienced substantial growth, introduced new brand standards, and became known for its technological capabilities. 

“I am proud of the progress that has occurred over the past years at La Quinta,” Mr. Goldberg said. “I believe the Company is well positioned
for the future. As such, it is a good time for me to look forward and explore new opportunities.” 
 Mr. Cline has served as La Quinta’s Executive
Vice President and Chief Financial Officer since January 2013, and helped to lead the Company through its successful initial public offering in April 2014. From 2011 to 2013, prior to joining La Quinta, he was Chief Administrative Officer and Chief
Financial Officer at Charming Charlie, Inc., and from 2006 to 2011, Mr. Cline was Senior Vice President of Finance at Express, Inc. (NYSE: EXPR). Mr. Cline began his career at Arthur Andersen & Company and held financial leadership roles at The
J.M. Smucker Company (NYSE: SJM), FedEx (NYSE: FDX), Custom Critical, and L Brands, Inc. (NYSE: LB). 

 “We will continue to execute our growth strategy through our capital light franchising business, optimize
the value of our owned hotel portfolio, and ensure that the La Quinta brand remains a leader in the midscale and upper midscale segments of the lodging industry,” Mr. Cline said. 

Forward-Looking Statements 
 This press release contains
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to,
statements regarding our transition to new leadership of the Company, performance of our business, our financial results, our liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by
the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,”
“predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and
uncertainties, including those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission (“SEC”), as such factors
may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ
materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We
undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. 

About La Quinta Holdings Inc. 
 La Quinta Holdings Inc.
(LQ) is a leading owner, operator and franchisor of select-service hotels primarily serving the upper-midscale and midscale segments. The Company’s owned and franchised portfolio consists of more than 875 properties representing over 87,000
rooms located in 47 US states, Canada, Mexico and Honduras. These properties operate under the La Quinta Inn & SuitesTM, La Quinta
InnTM and LQ HotelTM brands. La Quinta’s team is committed to providing guests with a refreshing and engaging experience. For more
information, please visit: www.LQ.com. 
 From time to time, La Quinta may use its website as a distribution channel of material company information.
Financial and other important information regarding the Company is routinely accessible through and posted on our website at www.lq.com/investorrelations. In addition, you may automatically receive email alerts and other information about La
Quinta when you enroll your email address by visiting the Email Notification section at www.lq.com/investorrelations. 

 Contacts: 

Investor Relations 
 214-492-6896 

investor.relations@laquinta.com 
 Media: 

Phil Denning – 646-277-1258 
 Jason Chudoba –
646-277-1249 
 Phil.Denning@icrinc.com 

Jason.Chudoba@icrinc.com 
 Travis J. Carter, on behalf of
Wayne Goldberg 
 214-653-4856 
 tcarter@brewerattorneys.com

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