Document:

Exhibit 10.13

 

SECURITY AGREEMENT

 

THIS SECURITY AGREEMENT (this “Agreement”)
is entered into as of June ____, 2015, by and among Creative Realities, Inc., a Minnesota corporation (the “Company”),
those subsidiaries of the Company signatory hereto (collectively referred to with the Company as the “Obligors”),
and Slipstream Communications, LLC, as “Purchaser” (such Purchaser referred to hereinafter as the “Secured
Party”) under that certain Securities Purchase Agreement by and among such Purchaser and the Creative Realities, dated
of even date herewith (the “Securities Purchase Agreement”). Capitalized terms not otherwise defined in
this Agreement shall have the meanings ascribed to them in the Securities Purchase Agreement.

 

NOW, THEREFORE, the Obligors agree with Secured
Party as follows:

 

1.            Definitions. All terms defined in the Uniform Commercial
Code of the State of Minnesota (the “UCC”) and used herein, unless otherwise defined herein, shall have
the same definitions herein as specified in the UCC.

 

2.            Security Interest. Each Obligor hereby grants Secured
Party a security interest in its accounts receivable, whether now owned or hereafter acquired or arising, including all proceeds
of such accounts receivable (collectively, the “Receivables Collateral”), and all property and assets and interest
in the property and assets of the Debtor whether now owned or hereafter acquired or existing, and wherever located including but
not limited to the following (each of the following terms having the meanings set forth in the UCC): all Accounts, Chattel Paper,
Contracts, Goods, Deposit Accounts, Documents, Equipment, Equity Interests, Fixtures, General Intangibles (including, without limitation,
any patents and patent applications, copyrights and trademarks), Instruments, Inventory, Investment Property and Proceeds of such
Obligor (all such assets being collectively referred to, together with the Receivables Collateral, as the “Collateral”).

 

3.            Obligations Secured. The security interest granted
in this Agreement shall secure all of the obligations of the Company under the Note or Notes offered and sold to the Secured Party
pursuant to the Securities Purchase Agreement, and all extensions, renewals or modifications thereof.

 

4.            Authorization to File Financing Statements. Each
Obligor hereby irrevocably authorizes Secured Party at any time and from time to time to file in such form and in such offices
as the Secured Party reasonably determine appropriate to perfect the security interests granted hereunder any initial financing
statements and amendments thereto (and continuations thereof) that (a) indicate the Collateral of the Obligor, and (b) contain
any other information required by Article 9 of the UCC or its equivalent in any foreign jurisdiction. The Obligors agree to furnish
any such information to Secured Party promptly upon request.

 

5.            Ownership. Each Obligor represents and warrants
that it owns and, to the extent that the Collateral is to be acquired after the date hereof, will own, the Collateral free from
encumbrance, except any encumbrances shown on Schedule 1 (“Permitted Encumbrances”). The Obligors will defend
the Collateral against all claims of all persons at any time claiming the Collateral or any interest in the Collateral, except
Secured Party and the parties whose obligations are secured by the Permitted Encumbrances.

 

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6.            Representations, Warranties and Covenants Concerning
Collateral. The Obligors represents and warrants that no financing statement covering the Collateral is on file in any public
office except those for Permitted Encumbrances. Each Obligor further warrants that (a) its exact legal name is as stated on the
signature page of this Agreement, (b) it is an organization duly incorporated and organized in the jurisdiction indicated on the
signature page of this Agreement, and (c) its place(s) of business, its chief executive office and its mailing address, are set
forth on the signature page of this Agreement. Each Obligor agrees that it will not change its name, any place of business, any
location of its collateral, its mailing address or its chief executive office without giving at least ten days prior written notice
to Secured Party. The Collateral is and will remain personal property. Each Obligor hereby appoints Secured Party as its attorneys-in-fact
to do all acts and things which Secured Party may deem necessary to perfect and to continue perfected the security interest created
hereby and to protect and to preserve the Collateral.

 

7.            Other Actions as to Collateral. The Obligors agree
to take any other action reasonably requested by Secured Party to ensure the attachment, perfection and priority of, and the ability
of Secured Party to enforce, Secured Party’ security interest in any and all of the Collateral.

 

8.            Inspection and Taxes. The Obligors will at all
reasonable times during normal business hours allow Secured Party and their agents, employees, attorneys or accountants to examine,
inspect and make extracts from the Obligors’ books and other records. Each Obligor will pay when due all taxes and assessments
on the Collateral that it owns.

 

9.            Costs. The Company agrees to pay all reasonable
out-of-pocket fees, costs and expenses incurred in connection with any filing required hereunder, including without limitation,
any financing statements pursuant to the UCC or similar laws, continuation statements, partial releases and/or termination statements
related thereto or any expenses of any searches reasonably required by the Secured Party. If the Company fails to perform any of
its duties hereunder, Secured Party may, but shall not be required to, do so on the Company’s behalf. If the Obligors default
under this Agreement, then the Obligors will pay the costs, including the reasonable actual attorneys’ fees, of Secured Party
incurred in enforcing this Agreement. Any amounts expended by Secured Party in performing the duties of the Obligors or enforcing
this Agreement shall be payable by the Obligors to Secured Party on demand.

 

10.          Default. The Company will be in default under
this Agreement upon the happening of any of the following events (each a “Default”): (a) an Obligor’s
failure to perform when due any of the obligations hereunder required to be performed by it (after giving effect to any applicable
cure period); (b) the occurrence of any “Event of Default” as defined in the Notes; or (c) any representation or warranty
made by the Obligors herein or in the Securities Purchase Agreement is false or misleading in any material respect.

 

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11.          Remedies. At any time during the continuance of
a Default, Secured Party may declare any or all monetary obligations under the Notes due and payable, and shall have the remedies
of a secured party under the Uniform Commercial Code. Secured Party may take possession of the Collateral with or without judicial
process. Secured Party may require the Obligors to assemble the Collateral and make it available to Secured Party. Secured Party
will give the Obligors reasonable notice of the time that any intended sale or disposition of the Collateral is to be made. The
requirements of reasonable notice shall be met if the notice is mailed, postage prepaid, to the applicable Obligor at least 20
calendar days before the time of the sale or disposition.

 

12.          No Waivers. No waiver by Secured Party of any
Default shall operate as a waiver of any other Default or of the same Default on a future occasion. The acceptance of this Agreement
will not waive or impair any other security that a Secured Party may have or hereafter acquire for the obligations secured hereunder,
nor will the taking of any additional security waive or impair the rights granted in this Agreement. Secured Party may resort to
any security they may have in any order they deems proper, and may apply any payments made on any part of the obligations secured
hereunder to any part of such obligations, despite any directions of any Obligor to the contrary. No delay or omission of the Secured
Party to exercise, and no course of dealing with respect to, any right, power or remedy accruing upon the occurrence and during
the continuance of any Default as aforesaid shall impair any such right, power or remedy or shall be construed to be a waiver of
any such Default or an acquiescence therein. The Secured Party may waive the obligation of the Obligors to perform covenants under
this Agreement, and may waive Defaults under this Agreement (including approving forbearances).

 

13.          Governing Law; Binding Effect. This Agreement
shall be governed by the laws of the State of New York without regard to its conflicts-of-law principles, and shall inure to the
benefit of, and bind, Secured Party and the Obligors and their respective successors and assigns. Each party agrees that all legal
proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement (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 Hennepin County, Minnesota. Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Hennepin County, Minnesota, 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 suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for
such proceeding, subject however, to the Consent to Jurisdiction provision of section 15 below. No provision of this Agreement
shall be amended or modified other than by a written instrument that refers to this Agreement and is signed by or on behalf of
Secured Party.

 

14.          Termination. This Agreement shall terminate upon
the indefeasible satisfaction and payment of all obligations owed to Secured Party by the Company under the Notes, but shall automatically
be reinstated with no further action by any party hereto, in the event any such payment is or is ordered to be returned by a Secured
Party for any reason whatsoever, including without limitation the insolvency, bankruptcy or reorganization of the Company, in which
case the Obligors shall sign and deliver to any Secured Party all documents, and shall do such other acts and things, as may be
necessary to reinstate and perfect such Secured Party’s security interest granted under this Agreement.

 

15.          Consent to Jurisdiction. AT THE OPTION OF SECURED
PARTY THIS AGREEMENT MAY BE ENFORCED IN ANY FEDERAL OR STATE COURT SITTING IN NEW YORK, NEW YORK, OR IN ANY OTHER JURISDICTION
WHERE THE COLLATERAL IS LOCATED; AND EACH PARTY CONSENTS TO THE JURISDICTION AND VENUE OF ANY SUCH COURT AND WAIVES ANY ARGUMENT
THAT VENUE IN SUCH FORUMS IS NOT CONVENIENT. IN THE EVENT ANY PARTY COMMENCES ANY ACTION IN ANOTHER JURISDICTION OR VENUE UNDER
ANY TORT OR CONTRACT THEORY ARISING DIRECTLY OR INDIRECTLY FROM THE RELATIONSHIP CREATED BY THIS AGREEMENT, SECURED PARTY AT ITS
OPTION SHALL BE ENTITLED TO HAVE THE CASE TRANSFERRED TO ONE OF THE JURISDICTIONS AND VENUES ABOVE DESCRIBED, OR IF SUCH TRANSFER
CANNOT BE ACCOMPLISHED UNDER APPLICABLE LAW, TO HAVE SUCH CASE DISMISSED WITHOUT PREJUDICE.

 

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IN WITNESS WHEREOF, the undersigned parties
have set their hands to this Security Agreement to be effective as of the date first set forth above.

 

	 	CREATIVE
    REALITIES, INC.
	 	 	 
	 	By:	 
	 	 	John
    Walpuck
	 	 	Chief
    Executive Officer
	 	 	 
	 	CREATIVE
    REALITIES, LLC
	 	 	 
	 	By:	 
	 	 	John
    Walpuck
	 	 	Chief
    Executive Officer
	 	 	 
	 	Wireless
    Ronin Technologies Canada, Inc.
	 	 	 
	 	By:	 
	 	 	John
    Walpuck
	 	 	Chief
    Executive Officer

 

OBLIGOR INFORMATION:

 

	Obligor	Jurisdiction of Organization; Type of Organization	Address
	Creative Realities, Inc.	Minnesota (corporation)	
        55 Broadway, 9th Floor

        New York, New York 10006

	Creative Realities, LLC	Delaware (limited liability company)	
        55 Broadway, 9th Floor

        New York, New York 10006

	Wireless Ronin Technologies Canada, Inc.	Canada (corporation)	4510 Rhodes Drive, Suite 800, Windsor, Ontario

 

    	 

    	 

    

 

Schedule 1 to Security Agreement

Permitted Encumbrances

 

UCC-1 in favor of Mill City Ventures (Minnesota
Filing No. 813237000022, filed February 23, 2015).

 

UCC-1 in favor of Dell Financial Services L.L.C.
(Minnesota Filing No. 8070012801654, filed January 21, 2015).

 

Lien granted in favor of Slipstream Communications,
LLC (in relating to a five-year $465,000 subordinated secured promissory note issued on May 20, 2015) [to be terminated by letter
agreement upon the Closing].Exhibit 10.14

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

THIS
EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into effective as of April 3, 2014, by
and between Wireless Ronin Technologies, Inc., a Minnesota corporation with a place of business at Baker Technology Plaza,
5929 Baker Road, Suite 475, Minnetonka, Minnesota 55345 (the “Company”), and John Walpuck, a resident
of the State of California (“Executive”).

 

BACKGROUND

 

The
Company desires to employ the Executive as its Chief Financial Officer and Chief Operating Officer, and Executive desires to accept
such employment. Among other things, this Agreement provides for base compensation for Executive, a term of employment and severance
payments in certain circumstances.

 

In
consideration of the foregoing, the Company and Executive hereby agree as follows:

 

Article
1

EMPLOYMENT

 

1.01         
The Company hereby agrees to employ Executive subject to and pursuant to the terms of this Agreement, and Executive agrees to
such employment as the Company’s Chief Financial Officer and Chief Operating Officer, and shall hold such titles under the
terms of this Agreement. The parties anticipate that Executive will initially perform his services primarily at the Company’s
current executive offices in Minnetonka, Minnesota, but that Executive shall also travel on business as advisable and at times
work remotely, with the expectation that Executive will use his good-faith business judgment to determine the appropriate locations
to effectively perform his services.

 

1.02         
Executive shall generally have the authority, responsibilities, and such duties as are customarily performed by the chief financial
officer and chief operating officer of a public company of similar size and industry. Executive shall also render such additional
services and duties within the scope of Executive’s experience and expertise as may be reasonably requested of him from
time to time by the Board of Directors of the Company (the “Board”). Furthermore, the Board may from time to
time in its discretion redefine the duties and responsibilities of Executive as it determines the needs of the Company require,
so long as such duties are generally consistent with the Executive’s title.

 

1.03         
Executive shall report to the Chief Executive Officer and the Board or any committee thereof as the Board shall direct, and shall
generally be subject to the direction, orders, and advice of the Board.

 

    	 

    	 

    

 

Article
2

BEST EFFORTS OF EXECUTIVE

 

2.01         
Executive shall use his best efforts, judgment, and abilities in the performance of his duties, services and responsibilities
for the Company.

 

2.02         
During the term of his employment, Executive shall devote substantially all of his business time and attention (other than during
periods of vacation, illness or disability) to the business of the Company and its subsidiaries and affiliates and shall not engage
in any substantial activity inconsistent with the foregoing, whether or not such activity shall be engaged in for pecuniary gain,
unless approved by the Board. Notwithstanding the foregoing, Executive may manage his personal investments, engage in educational,
charitable or other community activities, and business advisory capacities as long as such activities do not pose an actual or
apparent conflict of interest and do not interfere with Executive’s performance of his duties under this Agreement. Executive
represents that any outside professional activities with which he is currently involved or reasonably expects to become involved
do not conflict with the business and affairs of the Company or interfere with Executive’s performance of his duties hereunder.

 

Article
3

TERM AND NATURE OF EMPLOYMENT

 

3.01         
Executive’s employment on the basis described in this Agreement shall commence April 3, 2014, and will terminate on the
one-year anniversary of that date unless terminated earlier as described in this Agreement. Neither the Company nor Executive
shall be obligated to extend the term of this Agreement. However, the initial one-year term shall automatically be extended for
successive one-year periods unless the Company or Executive elects not to do so by giving written notice to the other not less
than 90 days prior to the end of the then-current term.

 

3.02         
The terms and conditions of this Agreement may be amended from time to time with the consent of the Company and Executive. All
such amendments shall be effective when memorialized by a written agreement between the Company and Executive, following approval
by the Board or the Board’s Compensation Committee (the “Committee”). Executive’s employment with
the Company shall at all times be on an “at will” basis, meaning that either Executive or the Company may terminate
the employment relationship at any time for any reason or no reason; provided, however, that Executive may be entitled to certain
compensation upon termination to the extent provided in Section 6.03.

 

Article
4

COMPENSATION AND BENEFITS

 

4.01         
During the initial term of employment, Executive shall be paid a base salary at an annualized rate of $240,000 per year (“Base
Salary”), payable in accordance with the Company’s established payroll periods, and reduced by all deductions
and withholdings required by law and as otherwise specified by Executive. The Board or Committee agrees to review Executive’s
performance and compensation in 2015 and annually thereafter. Executive’s Base Salary may be increased (but not decreased)
in the sole discretion of the Board or Committee; provided, however, that Executive’s Base Salary may be reduced in connection
with compensation reductions applied to all other senior executives of the Company.

 

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4.02         
During the term of employment, and in addition to payments of Base Salary set forth above, Executive shall be eligible to participate
in the performance-based cash bonus (e.g., the 2014 Senior Management Bonus Plan) or equity award plan for senior executives of
the Company, at the same relative cash bonus levels as the CEO, based upon achievement of individual and/or Company goals established
by the Board or Committee.

 

4.03         
During the term of employment, Executive shall be entitled to participate in employee benefit plans, policies, programs, perquisites
and arrangements, as the same may be provided and amended from time to time, that are provided generally to similarly situated
executive employees of the Company, to the extent Executive meets the eligibility and other requirements for any such plan, policy,
program, perquisite or arrangement. If Executive elects to not participate in the same health and dental insurance program of
the Company that is offered to and participated in by the Company’s Chief Executive Officer, if any, then the Company will
pay to Executive in cash that portion of the amount paid by the Company for the health and dental benefits of the Chief Executive
Officer, which is equal to the proportion that Executive’s then-current Base Salary bears to the then-current base salary
amount paid to the Chief Executive Officer.

 

4.04         
The Company shall reimburse Executive for all reasonable business expenses incurred by Executive in carrying out Executive’s
duties, services, and responsibilities under this Agreement, subject to Executive’s compliance with generally applicable
policies, practices and procedures of the Company (as the same may be changed from time to time) with respect to reimbursement
for, and submission of expense reports, receipts or similar documentation of, such expenses.

 

Article
5

VACATION AND LEAVE OF ABSENCE

 

5.01         
Executive shall be entitled to 17 business days of paid time off (“PTO”) for each 12 months of employment,
in addition to the Company’s normal holidays. PTO includes sick days in excess of three sick days per calendar year provided
by the Company’s current sick leave policy, as well as leaves of absences and vacations. PTO will be scheduled after taking
into account the Executive’s duties and obligations at the Company. PTO and sick leave and all other leaves of absence will
be taken in accordance with the Company’s stated personnel policies and upon agreement with the Chief Executive Officer
or the Board. Upon termination or expiration of the Executive’s employment, Executive shall be entitled to compensation
for any accrued, unused PTO time in accordance with the Company’s PTO policy as of date of termination.

 

Article
6

TERMINATION

 

6.01         
The Company may terminate Executive’s employment at any time, with or without Cause (as defined in Section 6.07), upon written
notice to Executive. For the purposes of this Agreement, an election by the Company not to extend employment pursuant to Section
3.01 shall be deemed a termination without Cause.

 

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6.02         
Executive’s employment will terminate as of the date of the death or Disability of the Executive. “Disability”
shall mean a determination by the Board that Executive is unable to perform the essential functions of his job under this Agreement
due to illness, injury, or other condition of a physical or psychological nature, with or without a reasonable accommodation for
a period aggregating to 90 days in any 12-month period. Such determination shall be made in good faith by the Board, the decision
of which shall be conclusive and binding. For clarity, the essential function of Executive’s job specifically include, but
are not limited to, Executive’s consistent performance of his obligations under Sections 1.02, 2.01, and 2.02 of this Agreement.

 

6.03         
On any termination of employment, Executive will be entitled to receive:

 

	 	(a)	Base
    Salary for services performed through the date of such termination, payable on a pro-rated basis at the end of the month in
    which termination occurs;

 

	 	(b)	accrued
    and unpaid PTO in accordance with Article 5

 

	 	(c)	any
    interest that Executive may have as a terminated employee in the Company’s 401(k) plan or other plans in which he participated,
    but only as required or permitted under the terms of such plans; and

 

	 	(d)	a
    pro-rated portion of any bonus otherwise due under Section 4.02 above, provided such payment is consistent with the terms
    of such bonus plan. Any such bonus will be pro-rated based upon the number of full months Executive worked in the calendar
    year in which any such bonus was earned.

 

If
(x) Executive terminates Executive’s employment for Good Reason, (y) the Company terminates Executive’s employment
without Cause, or (z) Executive is an active and full-time employee at the time of a Change in Control (as defined in Section
6.09) and Executive’s employment is terminated within 12 months after the Change in Control for any reason (including Good
Reason) other than death, Disability or Cause, then, in addition to the amounts set forth in (a), (b), and (c) above, Executive
will be paid an amount equal to six months of his Base Salary, less customary withholdings; provided, however, that Executive
will be paid an amount equal to 12 months of his Base Salary, less customary withholdings, if a termination giving rise to Executive’s
right to severance payments hereunder occurs after the one-year anniversary of this Agreement. Such Base Salary will be paid in
equal monthly installments, subject to Article 7 of this Agreement. In addition, if Executive is eligible to and elects to continue
medical coverage from the Company as provided by law (commonly referred to as COBRA), and continues to pay Executive’s portion
of the monthly medical insurance premiums, the Company will continue to pay the Company’s portion of the monthly medical
insurance premiums paid at the time of termination for COBRA coverage for Executive and his eligible dependents for a period of
one year after termination of employment.

 

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Upon
a termination for any other reason, including a voluntary resignation without Good Reason or a termination for Cause, Executive
will receive only the amounts set forth in (a), (b) (c) and (d) above.

 

Notwithstanding
the foregoing, all pay and benefits to Executive upon termination will be conditioned on Executive signing and not rescinding
a conventional separation agreement and mutual release in form and substance acceptable to the Company, which agreement shall
include, at a minimum, a full and general release of all claims (including employment-related claims) to the greatest extent allowed
by applicable law, a covenant not to sue, and an agreement to be reasonably available for consultation and assistance to the Company
during any period in which severance is paid, and an agreement to return to the Company all Company property and copies thereof
in any form or media.

 

6.04         
During the term of his employment and for 12 months after the date of Executive’s termination of employment, (i) Executive
shall not, directly or indirectly, make or publish any disparaging statements (whether written or oral) regarding the Company
or any of its then-affiliated companies or businesses, or the affiliates, directors, officers, agents, principal shareholders
or customers of any of them and (ii) the Company’s directors and officers shall not directly or indirectly, make or publish
any disparaging statements (whether written or oral) regarding Executive. Information which a Company director or officer or Executive
is required to make or disclose regarding the other to comply with laws or regulations, or makes in a pleading on the advice of
litigation counsel, and information which a Company director or officer needs to disclose for legitimate business reasons (for
example disclosure to the Company’s insurers or business associates), shall not constitute a disparaging statement.

 

6.05         
Upon any termination of Executive’s employment with the Company, Executive will immediately return to the Company all equipment,
property and documents of the Company, including, specifically all property and documents containing any Confidential Information
(as defined in Section 8.01).

 

6.06         
Upon any termination of Executive’s employment with the Company, Executive shall be deemed to have resigned from all other
positions he then holds as an officer, employee or director or other independent contractor of the Company or any of its subsidiaries
or affiliates, unless otherwise agreed by the Company and Executive in writing, and Executive will execute all documents reasonably
requested of him to confirm such resignations.

 

6.07         
Any of the following events shall constitute “Cause”:

 

	 	(a)	any
    conviction or nolo contendere plea by Executive to a felony, gross misdemeanor, a misdemeanor involving moral turpitude, or
    any conduct by Executive that has or can reasonably be expected to have a detrimental effect on the Company or its image,
    or the image or reputation of its management, the Company’s customers, or its employees;

 

	 	(b)	any
    act of misconduct involving dishonesty which is injurious to the Company, any willful or gross negligence in the performance
    of duties, or any breach of fiduciary or other duty with respect to the Company;

 

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	 	(c)	any
    material breach of this Agreement or of the Company’s published or written rules, codes or polices; provided, however,
    that such breach shall not constitute Cause if Executive cures or remedies such breach within 15 days after written notice
    to Executive, without material harm or loss to the Company, unless (i) such breach is part of a pattern of chronic breaches
    of the same, which may (but shall not be required to) be evidenced by a report or warning letter given by the Company to Executive;
    or (ii) such breach is of a nature that it is reasonably deemed by the Board not to be curable, including situations where
    the Board reasonably determines that harm or loss to the Company has already occurred or can reasonably be expected to occur
    and cannot be eliminated by such cure;

 

	 	(d)	any
    act of insubordination by Executive; provided, however, an act of insubordination by Executive shall not constitute Cause
    if Executive cures or remedies such insubordination within 15 days after written notice to Executive, without material harm
    or loss to the Company, unless (i) such insubordination is a part of a pattern of chronic insubordination, which may be evidenced
    by a report or warning letter given by the Company to Executive; or (ii) such insubordination is of a nature that it is reasonably
    deemed by the Board not to be curable, including situations where the Board reasonably determines that harm or loss to the
    Company has already occurred or can reasonably be expected to occur and cannot be eliminated by such cure;

 

	 	(e)	any
    disclosure of any Company trade secret or Confidential Information other than for the legitimate business purposes of the
    Company or as required by law, or conduct constituting unfair competition with respect to the Company, including intentionally
    inducing a party to breach a contract with the Company; or

 

	 	(f)	a
    willful violation of federal or state securities laws or employment laws.

 

In
making such determination of Cause, the Board shall act in good faith and give Executive a reasonably detailed written notice
in advance of the termination. A resolution providing for the termination of Executive’s employment for Cause must be approved
by a majority of the members of the Board; provided, however, that if Executive is a member of the Board, he shall not vote on
the resolution shall not be deemed to be a member of the Board for purposes of whether a majority of its members have approved
such termination. Executive’s employment shall be deemed terminated for Cause upon the approval by the Board of a resolution
terminating Executive’s employment for Cause unless a later time or date is specified. For purposes of this Agreement, no
act or failure by the Executive shall be considered “willful” if such act is done by Executive in good faith in the
belief that such act is or was lawful and in the best interest of the Company or one or more of its businesses. In the event of
a termination for Cause, and not withstanding any contrary provision otherwise stated, Executive shall receive only those amounts
set forth in Section 6.03(a), (b), (c) and (d).

 

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6.08         
Executive may terminate his employment upon 60 days prior written notice to the Company for Good Reason. For purposes of this
Agreement, “Good Reason” means any of the following events or actions taken by the Company without Cause, and
without circumstances existing that would constitute Cause:

 

	 	(a)	the
    Company or any of its subsidiaries reduces Executive’s Base Salary, or otherwise changes benefits provided to Executive
    under compensation and benefit plans, arrangements, policies and procedures to be as a whole materially less favorable to
    Executive, other than reductions in Base Salary permitted under Section 4.01;

 

	 	(b)	without
    Executive’s express written consent, the Company or any of its subsidiaries significantly reduces Executive’s
    job authority and responsibility, except as permitted under Section 1.02;

 

	 	(c)	without
    Executive’s express written consent, the Company or any of its subsidiaries requires Executive to change the location
    of Executive’s job or office, to a location more than 50 miles from the location of Executive’s job or office
    immediately prior to such required change;

 

	 	(d)	a
    successor company fails or refuses to assume the Company’s obligations under this Agreement; or

 

	 	(e)	the
    Company or any successor company breaches any of the material provisions of this Agreement.

 

If
Executive intends to terminate this Agreement for Good Reason, Executive must give not less than 60 days prior written notice
to the Company of the facts or events giving rise to Good Reason, and must give such notice within 90 days following the facts
or event alleged to give rise to Good Reason. The Company shall, within such 60-day notice period, have the right to cure or remedy
events or any action or event constituting “Good Reason” within the meaning of this Section 6.08. The failure to give
such notice shall be deemed a waiver of the right to terminate this Agreement for Good Reason based on such fact or event.

 

6.09         
For purposes of this Agreement, “Change of Control” shall mean any one of the following:

 

	 	(a)	an
    acquisition by any individual, entity or group, within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
    Act of 1934 (the “Exchange Act”), of 50% or more of either: (1) the then-outstanding common stock
    of the Company (the “Stock”); or (2) the combined voting power of the Company’s outstanding voting
    securities, immediately after such acquisition, entitled to vote generally in the election of directors; provided, however,
    that the following acquisitions shall not constitute a Change of Control and shall be disregarded in determining whether any
    Change of Control shall have occurred: (i) any acquisition of Stock or other securities directly from the Company; (ii) any
    acquisition of Stock or other securities by the Company or any subsidiary; (iii) any acquisition of Stock or other securities
    by the trustee or other fiduciary of any employee benefit plan or trust sponsored by the Company or any subsidiary; or (iv) any
    acquisition of Stock or other securities by any corporation with respect to which, immediately after such acquisition, more
    than 50% of the Stock or other securities is beneficially owned by substantially all of the individuals and entities who were
    beneficial owners of Stock and other securities of the Company immediately prior to such acquisition in substantially similar
    proportions immediately before and after such acquisition;

 

    	7

    	 

    

 

	 	(b)	approval
    by the shareholders of the Company of a reorganization, merger, consolidation, liquidation, dissolution, sale or statutory
    exchange of Stock which changes the beneficial ownership of Stock and other securities so that after the immediately previous
    owners of 50% of the Stock and other voting securities do not own 50% of the Stock and other voting securities either legally
    or beneficially;

 

	 	(c)	the
    sale, transfer or other disposition of all or substantially all of the Company’s assets in a transaction with a third
    party, other than in connection with a joint venture or similar transaction, as reasonably determined by the Board; or

 

	 	(d)	a
    merger of the Company with another entity after which the pre-merger shareholders of the Company own less than 50% of the
    issued and outstanding voting securities of the surviving corporation.

 

Notwithstanding
the foregoing, a “Change of Control” shall not be deemed to occur with respect to Executive if the acquisition
of a 50% or greater interest is by a group that includes Executive, nor shall it be deemed to occur if at least 50% of the voting
securities of the Company owned before the occurrence are beneficially owned subsequent to the occurrence by a group that includes
Executive.

 

6.10          The
provisions of Sections 6.04, 6.05 and 6.06 shall survive the termination of this Agreement.

 

Article
7

SEVERANCE PAYMENT

LIMITATIONS UNDER CODE SECTION 409A

 

7.01         
Notwithstanding any other provision of this Agreement, the Company and Executive intend that any payments, benefits or other provisions
applicable to this Agreement comply with the payout and other limitations and restrictions imposed under Section 409A of the Internal
Revenue Code (“Section 409A”), as clarified or modified by guidance from the U.S. Department of Treasury or
the Internal Revenue Service—in each case if and to the extent Section 409A is otherwise applicable to this Agreement and
such compliance is necessary to avoid the penalties otherwise imposed under Section 409A. In this regard, the Company and Executive
agree that the payments, benefits and other provisions applicable to this Agreement, and the terms of any deferral and other rights
regarding this Agreement, shall be deemed modified if and to the extent necessary to comply with the payout and other limitations
and restrictions imposed under Section 409A, as clarified or supplemented by guidance from the U.S. Department of Treasury or
the Internal Revenue Service—in each case if and to the extent Section 409A is otherwise applicable to this Agreement and
such compliance is necessary to avoid the penalties otherwise imposed under Section 409A.

 

    	8

    	 

    

 

7.02         
The Company may withhold from any amounts payable under this Agreement all federal, state, city or other taxes, and other amounts
required by applicable law to be withheld by the Company.

 

7.03         
The provisions of this Article 7 will be deemed to survive the termination of this Agreement for the purposes of satisfying the
obligations of the Company and Executive hereunder.

 

7.04         
Notwithstanding any provision in this Agreement to the contrary, the total severance benefit payable to the Executive during the
first six months following the Executive’s termination of employment shall not exceed the lesser of two times the Executive’s
annual compensation or the amount specified in Section 409A. Any amounts that cannot be paid because of this limitation shall
be paid in a lump sum on the first day of the seventh month following the Executive’s termination of employment. The remaining
amount shall be paid in installments for the duration of the non-compete period. Notwithstanding the above, if Executive terminates
employment for Good Reason, and such termination of employment does not constitute an “involuntary termination of employment”
under Section 409A, then no payment shall be made until the first day of the seventh month following the Executive’s termination
of employment. Any amounts that cannot be paid because of this limitation shall be paid in a lump sum on the first day of the
seventh month following Executive’s termination of employment.

 

Article
8

NONDISCLOSURE AND INVENTIONS

 

8.01         
Except as permitted or directed by the Company or as may be required in the proper discharge of Executive’s employment hereunder,
Executive shall not, during his employment or at any time thereafter, divulge, furnish or make accessible to anyone or use in
any way any Confidential Information. “Confidential Information” means any information or compilation of information
regarding the Company or its subsidiaries or affiliates that the Executive learns or develops during the course of his/her employment
that is not generally known by persons outside the Company (whether or not conceived, originated, discovered, or developed in
whole or in part by Executive). “Confidential Information” includes but is not limited to the following types of information
and other information of a similar nature (whether or not reduced to writing), all of which Executive agrees constitutes the valuable
trade secrets: research, designs, development, know how, computer programs and processes, marketing plans and techniques, existing
and contemplated products and services, potential and actual customer and product names and related information, prices, sales,
inventory, personnel, computer programs and related documentation, technical and strategic plans, and finances. “Confidential
Information” also includes any information of the foregoing nature that the Company treats as proprietary or designates
as Confidential Information, whether or not owned or developed by the Company. “Confidential Information” does not
include information that (a) is or becomes generally available to the public through no fault of Executive, (b) was known to Executive
prior to its disclosure by the Company, as demonstrated by files in existence at the time of the disclosure, (c) becomes known
to Executive, without restriction, from a source other than the Company, without breach of this Agreement by Executive and otherwise
not in violation of the Company’s rights, or (d) is explicitly approved for release by written authorization of the Company.

 

    	9

    	 

    

 

8.02         
Executive acknowledges and agrees that all inventions, innovations, improvements, developments, methods, designs, trade secrets,
analyses, drawings, reports and all similar related information (whether or not patentable) which relate to the Company’s
or any of its subsidiaries’ actual or anticipated business, research and development or existing products or services and
which are conceived, developed or made by Executive while employed by the Company or any of its subsidiaries (“Work Product”)
belong to the Company or such subsidiary. Executive shall promptly disclose such Work Product to the Board and, at the Company’s
expense, perform all actions reasonably requested by the Board (whether during or after employment by the Company) to establish
and confirm such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments). For
purposes of this Agreement, any Work Product or other discoveries relating to the business of the Company or any subsidiaries
on which Executive files or claims a copyright or files a patent application, during the Term of this Agreement , shall be presumed
to be Work Product conceived or developed by Executive in whole or in part during the term of his employment with the Company,
subject to proof to the contrary by good faith, written and duly corroborated records establishing that such Work Product was
conceived and made following termination of employment.

 

Notwithstanding
the foregoing, the Company advises Executive, and Executive understands and agrees, that the foregoing does not apply to inventions
or other discoveries for which no equipment, supplies, facility or trade secret information of the Company was used and that was
developed entirely on Executive’s own time, and (a) that does not relate (i) directly to the Company’s business or
(ii) to the Company’s actual or demonstrably anticipated business research or development, or (b) that does not result from
any work performed by Executive for the Company.

 

8.03         
In the event of a breach or threatened breach by Executive of the provisions of this Article 8, the Company shall be entitled
to an injunction restraining Executive from directly or indirectly disclosing, disseminating, lecturing upon, publishing or using
such confidential, trade secret or proprietary information (whether in whole or in part) and restraining Executive from rendering
any services or participating with any person, firm, corporation, association or other entity to whom such knowledge or information
(whether in whole or in part) has been disclosed, without the posting of a bond or other security. Nothing herein shall be construed
as prohibiting the Company from pursuing any other equitable or legal remedies available to it for such breach or threatened breach,
including the recovery of damages from Executive.

 

8.04         
Executive agrees that all notes, data, reference materials, documents, business plans, business and financial records, computer
programs, and other materials that in any way incorporate, embody, or reflect any of the Confidential Information, whether prepared
by Executive or others, are the exclusive property of the Company, and Executive agrees to forthwith deliver to the Company all
such materials, including all copies or memorializations thereof, in Executive’s possession or control, whenever requested
to do so by the Company, and in any event, upon termination of Executive’s employment with the Company.

 

    	10

    	 

    

 

8.05         
The Executive understands and agrees that any violation of this Article 8 while employed by the Company may result in immediate
disciplinary action by the Company, including termination of employment for Cause.

 

8.06         
The provisions of this Article 8 shall survive termination of this Agreement indefinitely.

 

Article
9

NON-COMPETITION, NON-INTERFERENCE AND NON-SOLICITATION

 

9.01         
In further consideration of the compensation and benefits that have been provided to Executive and will be provided to Executive
hereunder, Executive acknowledges that in the course of his employment with the Company he will become familiar with Confidential
Information and that his services have been and will be of a special, unique and extraordinary value to the Company, and therefore,
Executive agrees that, during the period of his employment, and for a period of one year following the termination of Executive’s
employment with the Company, he shall not directly or indirectly own any interest in, manage, control, participate in, consult
with, render services for, or in any manner engage in any business competing with the business of the Company, its subsidiaries
or affiliates, as defined below, and as such businesses exist or are developing during the period of his employment, within any
geographical area in which the Company or its subsidiaries or affiliates engage or have defined plans to engage in such businesses.
Nothing herein shall prevent Executive from being a passive owner of not more than 2% of the outstanding stock of any class of
a corporation which is publicly traded, so long as Executive has no participation in the business of such corporation. For the
purposes of this Agreement, “business” or “business of the Company” means, with respect to and including
the Company and its subsidiaries or affiliates, the design, development, marketing and sale of digital signage products and solutions.

 

9.02         
Executive agrees that during the term of his employment and for a period of one year after the termination of Executive’s
employment he will not directly or indirectly (i) in any way interfere or attempt to interfere with the Company’s relationships
with any of its current or potential customers, vendors, investors, business partners, or (ii) employ or attempt to employ any
of the Company’s employees, including those who were employees at the Company during the 12 months prior to Employee’s
termination at the Company, on behalf of any other entity, whether or not such entity competes with the Company.

 

9.03         
Executive agrees that breach by him of the provisions of this Article 9 will cause the Company irreparable harm that is not fully
remedied by monetary damages. In the event of a breach or threatened breach by Executive of the provisions of this Article 9,
the Company shall be entitled to an injunction restraining Executive from directly or indirectly competing or recruiting as prohibited
herein, without posting a bond or other security, and, if the Company is successful in establishing a breach, to its reasonable
attorneys’ fees and costs. Nothing herein shall be construed as prohibiting the Company from pursuing any other equitable
or legal remedies available to it for such breach or threatened breach, including the recovery of damages from Executive.

 

    	11

    	 

    

 

9.04         
Executive understands and agrees that any violation of this Article 9 while employed by the Company may result in immediate disciplinary
action by the Company, including termination of employment for Cause.

 

9.05         
Executive acknowledges that the covenants in this Article 9 have been conditions of, and were incidents to, his initial employment,
and that these covenants are supported by additional and adequate consideration and are fully enforceable in accordance with their
terms.

 

9.06         
The obligations contained in this Article 9 shall survive the termination of this Agreement as described in this Article 9.

 

Article
10

MISCELLANEOUS

 

10.01      
Governing Law. This Agreement shall be governed and construed according to the laws of the State of Minnesota without regard to
conflicts-of-law provisions. The Company and Executive agree that if any action is brought pursuant to this Agreement that is
not otherwise required to be resolved by arbitration pursuant to Section 10.06, such dispute shall be resolved only in the District
Court of Hennepin County, Minnesota, or the United States District Court for Minnesota, and each party hereto unconditionally
(a) submits for itself in any proceeding relating to this Agreement, or for recognition and enforcement of any judgment in respect
thereof, to the exclusive jurisdiction of the Hennepin County, Minnesota District Courts or the United States Federal District
Court for Minnesota, and agrees that all claims in respect to any such proceeding shall be heard and determined in Hennepin County,
Minnesota District Court or, to the extent permitted by law, in such federal court, (b) consents that any such proceeding may
and shall be brought in such courts and waives any objection that it may now or thereafter have to the venue or jurisdiction of
any such proceeding in any such court or that such proceeding was brought in an inconvenient court and agrees not to plead or
claim the same; (c) waives all right to trial by jury in any proceeding (whether based on contract, tort or otherwise) arising
out of or relating to this Agreement, or its performance under or the enforcement of this Agreement; (d) agrees that service of
process in any such proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to such party at its address as provided in Section 10.08; and (e) agrees that nothing
in this Agreement shall affect the right to effect service of process in any other manner permitted by the laws of the State of
Minnesota.

 

10.02      
Successors. This Agreement is personal to Executive and Executive may not assign or transfer any part of his rights or duties
hereunder, or any compensation due to him hereunder, to any other person or entity. This Agreement may be assigned by the Company.
The Company shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise,
of all or substantially all the business or assets of the Company, expressly and unconditionally to assume and agree to perform
the Company’s obligations under this Agreement, in the same manner and to the same extent that the Company would be required
to perform if no such succession or assignment had taken place. In such event, the term “Company,” as used in this
Agreement, shall mean the Company as defined above and any successor or assignee to its business or assets that by reason hereof
becomes bound by the terms and provisions of this Agreement.

 

    	12

    	 

    

 

10.03      
Waiver. The waiver by the Company of the breach or nonperformance of any provision of this Agreement by Executive will not operate
or be construed as a waiver of any future breach or nonperformance under any such provision or any other provision of this Agreement
or any similar agreement with any other Executive

 

10.04      
Entire Agreement; Modification. This Agreement supersedes, revokes and replaces any and all prior oral or written understandings,
if any, between the parties relating to the subject matter of this Agreement. The parties agree that this Agreement: (a) is the
entire understanding and agreement between the parties; and (b) is the complete and exclusive statement of the terms and conditions
thereof, and there are no other written or oral agreements in regard to the subject matter of this Agreement. Except for modifications
described in Section 1.02, 3.01 and 4.01, this Agreement shall not be changed or modified except by a written document signed
by the parties hereto.

 

10.05      
Severability and Blue Penciling. To the extent that any provision of this Agreement shall be determined to be invalid or unenforceable
as written, the validity and enforceability of the remainder of such provision and of this Agreement shall be unaffected. If any
particular provision of this Agreement shall be adjudicated to be invalid or unenforceable, the Company and Executive specifically
authorize the tribunal making such determination to edit the invalid or unenforceable provision to allow this Agreement, and the
provisions thereof, to be valid and enforceable to the fullest extent allowed by law or public policy.

 

10.06      
Arbitration. Any dispute, claim or controversy arising under this Agreement shall, at the request of any party hereto be resolved
by binding arbitration in Hennepin County, Minnesota by a single arbitrator selected by the Company and Executive, with arbitration
governed by The United States Arbitration Act (Title 9, U.S. Code); provided, however, that a dispute, claim or controversy shall
be subject to adjudication by a court in any proceeding against the Company or Executive involving third parties (in addition
to the Company or Executive). Such arbitrator shall be a disinterested person who is either an attorney, retired judge or labor
relations arbitrator. In the event the Company and Executive are unable to agree upon such arbitrator, the arbitrator shall, upon
petition by either the Company or Executive, be designated by a judge of the Hennepin County District Court. The arbitrator shall
have the authority to make awards of damages as would any court in Minnesota having jurisdiction over a dispute between employer
and Executive, except that the arbitrator may not make an award of exemplary damages or consequential damages. In addition, the
Company and Executive agree that all other matters arising out of Executive’s employment relationship with the Company shall
be arbitrable, unless otherwise restricted by law.

 

	 	(a)	In
    any arbitration proceeding, each party shall pay the fees and expenses of its or his own legal counsel.

 

    	13

    	 

    

 

	 	(b)	The
    arbitrator, in his or her discretion, shall award legal fees and expenses and costs of the arbitration, including the arbitrator’s
    fee, to a party who substantially prevails in its claims in such proceeding.

 

	 	(c)	Notwithstanding
    this Section 10.06, in the event of alleged noncompliance or violation, as the case may be, of Articles 8 or 9 of this Agreement,
    the Company may, at its discretion, alternatively apply to a court of competent jurisdiction for a temporary restraining order,
    injunctive and/or such other legal and equitable remedies as may be appropriate.

 

10.07      
Legal Fees. If any contest or dispute shall arise between the Company and Executive regarding any provision of this Agreement,
and such dispute results in court proceedings or arbitration, a party that prevails with respect to a claim brought and pursued
in connection with such dispute shall be entitled to recover its legal fees and expenses reasonably incurred in connection with
such dispute. Such reimbursement shall be made as soon as practicable following the resolution of the dispute (whether or not
appealed) to the extent a party receives documented evidence of such fees and expenses.

 

10.08      
Notices. For purposes of this Agreement, notices and all other communications provided for herein shall be in writing and shall
be deemed to have been duly given when personally delivered or sent by certified mail, return receipt requested, postage prepaid,
addressed to Executive at his residence address appearing on the records of the Company and to the Company at its then-current
executive offices to the attention of the Chief Executive Officer or Board. All notices and communications shall be deemed to
have been received on the date of delivery thereof or on the third business day after the mailing thereof, except that notice
of change of address shall be effective only upon actual receipt. No objection to the method of delivery may be made if the written
notice or other communication is actually received.

 

10.09      
Survival. The provisions of this Article 10 shall survive the termination of this Agreement, indefinitely.

  

*
* * * * * *

 

    	14

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Employment Agreement to be effective as of the date first set forth above.

 

	 	WIRELESS
    RONIN TECHNOLOGIES, INC.:
	 	 
	 	/s/
    Scott Koller
	 	Scott
    Koller, Chief Executive Officer
	 	 
	 	EXECUTIVE:
	 	 
	 	/s/
    John Walpuck
	 	John
    Walpuck

 

  

Signature
Page – Executive Employment Agreement

(John Walpuck)

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